By Aduragbemi Omiyale

Eurobond worth $125 million was recently sold to investors cutting across Africa, the United Kingdom, Europe, the United States, Asia, and the Middle East by Ecobank Transnational Incorporated (ETI).

The debt instrument was issued by the financial institution at an improved yield of 9.375 per cent. It is part of the company’s $400 million 10.125 per cent notes due October 15, 2029 and will be consolidated and form a single series.

Business Post reports that the net proceeds from the issuance of the paper will be used for general corporate purposes primarily to refinance upcoming debt maturities.

A statement from the firm disclosed that investor demand was robust, achieving a final orderbook oversubscription rate of more than 2x, with strong participation from asset managers, banks, and development finance institutions.

The joint lead managers and joint bookrunners for the exercise were Absa, Africa Finance Corporation, African Export-Import Bank, Mashreq, and Standard Chartered Bank, while the financial adviser was Renaissance Capital Africa, with Ecobank Development Corporation as the co-manager.

“This successful tap further strengthens ETI’s financial position in line with its strategic objectives and reflects the institution’s commitment to proactively manage its balance sheet by diversifying funding sources and extending the average debt maturity profile of the group,” the Chief Financial Officer of ETI, Mr Ayo Adepoju, said.

Also, the chief executive of the firm, Mr Jeremy Awori, said, “We are encouraged by the strong support received from international investors, which underscores their continued belief in Ecobank’s resilience and progress in executing our Growth, Transformation and Returns (GTR) strategy. This tap enhances our financial flexibility and further reinforces our presence in the global capital markets.”

By Aduragbemi Omiyale

The chief executive of Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, has demonstrated strong confidence in the financial institution by making additional investment in the company.

The banking executive, on Monday, May 19, 2025, amid reports of a purported bankruptcy rumour over a Supreme Court judgement debt, acquired addition 18 million shares of the firm at N20.35 per unit.

In a notice to the Nigerian Exchange (NGX) Limited on Tuesday, it was disclosed that the transaction was carried out a day earlier at the exchange.

The total value of the purchase, according to the disclosure, was worth about N366.3 million, underscoring her unwavering confidence in the organisation despite the panic created by the reports.

Mrs Onyeali-Ikpe’s latest acquisition is not an isolated gesture, as between November 21 and 22, 2024, she purchased 15 million shares worth N239.4 million, and subsequently added another 10 million shares valued at N157.9 million on November 26 and 27, 2024, reflecting a consistent pattern of personal commitment to the bank’s long-term success.

Her continued investment in Fidelity Bank during a period of legal scrutiny exemplifies strategic leadership and personal commitment.

These actions not only reinforce investor confidence but also underscore the bank’s robust financial standing and resilience.

As the institution looks to closing out the legal process as mandated by the court, stakeholders can take solace in the demonstrated strength and stability at the helm of Fidelity Bank.

The legacy debt in question involved the defunct FSB International Bank, which Fidelity Bank acquired in 2005.

The lender gave a $3 million loan to G. Cappa Plc in 2002 and was secured with mortgage on a property located in Ikoyi, Lagos, but the it defaulted on the repayment of the credit facility and in a bid to prevent FSB from selling the mortgaged property to repay the loan, G. Cappa commenced an action against FSB at the Federal High Court, Lagos, to stop the sale.

The Federal High Court in its judgment ruled that the FSB as legal mortgagor rightfully sold the leased interest in the property to Sagecom in 2011, but declined to order vacant possession of the property and directed the issue of vacant possession to the Lagos State High Court.

In the meantime, G. Cappa remained in possession of the property and kept collecting rents therefrom, and in 2011, Sagecom instituted an action against the bank and G. Cappa at the Lagos State High Court seeking damages against lender for breach of contract and for possession of the property.

The claim was for liquidated damages calculated as rentals on the several component apartments in the property plus interest on same over different time frames.

On Monday, it was reported that Fidelity Bank has been asked by the apex court to pay the company N225 billion as damages over the transaction.

Reacting to this, the bank said it has approached the court for interpretation of the judgement because of some “significant ambiguities” resulting in difficulties in calculating the actual financial liability to G.Cappa due to “the exchange rate as of 2005 when the incident and cause of action arose,”

By Adedapo Adesanya

The Federal High Court in Abuja yesterday fixed Monday, May 26, to hear a suit filed by the Nigeria Inter-Bank Settlement System (NIBSS) Plc against the Central Bank of Nigeria (CBN) and other government agencies

NIBSS, in the suit, is seeking an order to prevent any institution from challenging its statutory authority to maintain and manage the Bank Verification Number (BVN) database in Nigeria.

Justice James Omotosho fixed the date after dismissing an application for joinder filed by the Incorporated Trustees of Data Privacy Lawyers Association (DPLAN).

NIBSS, through its lawyer, Mr Ademola Esan (SAN), had sued the Incorporated Trustees of Digital Rights Lawyers Initiative (ITDRLI), the CBN, and the Attorney-General of the Federation (AGF) as 1st to 3rd defendants.

NIBSS sought a declaration that it is statutorily empowered to maintain and manage the BVN database.

It said this is pursuant to the Central Bank Act 2007, the Banks and Other Financial Institutions Act 2020, and the Revised Regulatory Framework for the Bank Verification Number (BVN) Operations and Watchlist for the Nigerian Banking Industry 2021.

“Pursuant to the provisions of the framework, NIBSS, as a designated participant in BVN operations, is statutorily authorised to manage and maintain the BVN database and ensure its seamless operation, among other functions,” it added.

It, therefore, accused ITDRLI (1st defendant) of filing multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and alleging that such management violates constitutional privacy rights.

However, ITDRLI denied the allegations in it court processes, asking the court to dismiss the suit.

In April, Mr Ayomide Ahmed, who appeared for DPLAN urged the court to join his client as defendant in the suit.

Mr Ahmed argued that the outcome of the case would impact the rights of his client and its members, especially regarding the BVN, in light of the relief sought by NIBSS to bar any institution from challenging its authority.

He stated that DPLAN is an association of experts in privacy and data protection, whose members are directly affected by the subject matter due to their objectives and ownership of bank accounts.

However, counsel for the CBN, Mr Abdulfatai Oyedele, prayed the court to dismiss DPLAN’s application for joinder.

Mr Oyedele argued that any party seeking to join a suit must attach a proposed defence.

He argued that DPLAN had failed to do so.

On his part, NIBSS’ lawyer, Mr Esan, also urged the court to discountenance DPLAN’s application.

The lawyer alleged that the chairman of the party seeking joinder was also the counsel for the 1st defendant and one of its trustees.

“What they do is to sue all over the country. The matter is never heard on its merit.

“They withdraw, and when the case is finally about to be heard, they bring an application to delay the hearing,” he said.

He urged the court not to waste judicial time and to dismiss the joinder application.

Justice Omotosho, while delivering the ruling on application for joinder on Monday, said the sole issue to determine was whether the plea for joinder by DPLAN was “meritorious.”

The judge held that only proper and necessary parties could be permitted by law to join a case.

“A necessary party is a party whose right will be affected by the order of a court,” he said.

He said that while it was clear that the suit by NIBSS sought judicial pronouncement regarding its BVN management, the issue could be determined by the court in the absence of DPLAN.

The judge further held that the party seeking to be joined cannot join the suit to protect the personal interests of its members, as this would imply that every Nigerian is a potential defendant in the suit.

He said that the presence of the AGF in the suit was sufficient to defend the BVN management suit on behalf of Nigerians.

“I cannot see how the interest of the applicant (DPLAN) will be jeopardised if it is not joined. This process is unnecessary,” the judge ruled.

Justice Omotosho stated that the group’s motion for joinder had no basis in law.

The judge, who dismissed the motion, adjourned the matter until May 26 for the hearing of the substantive suit by NIBSS.