Banking
Zenith Bank: Justice Abike-Fadipe Expresses Shock, Anger over Fake Story
By Modupe Gbadeyanka
Justice Olubunmi Abike-Fadipe of the Ikeja Special Offences Court, Lagos has expressed shock and anger over the misinterpretation of judgement she recently delivered involving Zenith Bank Plc.
The respected legal practitioner said she was taken aback by the reports by some online new platforms (Business Post not included) over the issue.
However, she has promised to go after those behind the reports, releasing the certified true copy (CTC) of the ruling.
It was reported that the judge accused Zenith Bank of bribing both the judges and lawyers for 11 years to pervert justice while delivering a judgment on Tuesday, March 8, 2022, in a suit marked LD/ADR/186/2014 between Real Integrated and Hospitality Limited as claimant and Zenith Bank Plc and State Universal Basic Education (SUBEB) as first and second defendants respectively.
“My recommendation is that Zenith Bank is a fraud and people must be very careful in their dealings with the bank,” Justice Abike-Fadipe was quoted as saying in one of such publications.
“This they have done for 11 years. So many lawyers and judges have been bribed in this matter just perverting justice. What is more embarrassing, the current governor of the Central Bank of Nigeria, Godwin Emefiele was the one who came to navigate and begged for the deposit. He has not been able to do anything to Zenith Bank because he was the managing director of the bank at the time of this transaction,” she was further accused of saying.
But in the CTC, there was nowhere the judge made any of such statement as she did not accuse Zenith Bank of bribing judges and lawyers for 11 years to fraudulently alter the course of justice, as claimed by the blogs.
“The 1st defendant has been the beneficiary of the malevolent game of chess it plunged both claimant and the 2nd defendant into, holding the sum of N872,780,552.84 in its custody without paying interest thereon from 17th February 2011 until 2nd February 2016 when the court ordered that the money be paid into an interest yielding account in the names of the claimant and the 2nd defendant pending determination of the suit, which order was curiously varied by the consent of all the parties on 20th September 2016 so that the money remained in the 1st defendant’s custody without interest.
“The act of the 1st defendant was unconscionable and detrimental to the goodwill of the claimant and its trade credit with its customers. It was a deliberate and malicious act against the interest of the claimant and the 1st defendant continues to enjoy the largesse in bad faith.
“Exhibits C4 and C5 clearly state that the funds to be transferred were to offset part of the claimant’s indebtedness for the importation of dictionaries, but the 1st defendant was impervious to this need. I, therefore, find and hold that the claimant is entitled to substantial damages against the 1st defendant for the injury caused to it,” the CTC indicated what the judge actually said.
She made the comments while granting the claimants four reliefs.
The reliefs were that the 1st defendant (Zenith Bank) was in breach of contract when on 7th October, 2011 it refused the claimant to draw from its account No. 1012465427 “despite the fact that the said account was in enough credit to cover the withdrawals sought to be made on the said date.”
The judge further restrained the bank “from disturbing or refusing the claimant from operating its account No. 1012465427 in the 1st defendant’s bank or from honouring the claimant’s transfer or payment obligations to third parties from the said account as long as same is in credit.”
It granted an “interest of 15% per annum on the sum of N872,780,552.84 from 7th October 2011 when the 1st defendant denied the claimant access to the funds in its account which was in credit at that date till judgment.
“Interest on the judgment sum at the rate of 10% per annum from judgment date till final liquidation thereof.
“Costs of this action in the sum of N2.5million.”
By Aduragbemi Omiyale
In the 2024 financial year, Access Holdings Plc excited its shareholders with a strong performance, driven by diversified income streams amid despite inflationary and macroeconomic challenges.
This resulted in a 19 per cent increase in profit before tax to N867.0 billion as the next profit went up to N642.2 billion.
Business Post observed that the company’s dynamic trading strategy spurred an 88 per cent year-on-year rise in gross earnings to N4.878 trillion from N2.594 trillion in 2023, with interest income growing by 110 per cent to N3.480 trillion and non-interest income jumping by 47.8 per cent to N1.397 trillion, supported by robust retail banking activities, and digital expansion.
In the year, total assets grew by 55.5 per cent to N41.498 trillion, and customer deposits rose by 47 per cent to N22.525 trillion, while shareholders’ funds also increased by 72 per cent to N3.760 trillion.
Last year, the group made a significant social and environmental impact across the continent, touching millions of lives and earning multiple industry accolades.
Through various corporate social investment initiatives in education, entrepreneurship, health, and the environment, it reached over 21 million individuals across Africa.
Its employee wellness programmes also covered 28,000 staff across operating entities. Access Bank, the flagship subsidiary, through its W-Initiative, disbursed loans to over a million women-led SMEs, advancing financial inclusion and gender empowerment.
The organisation’s efforts attracted prestigious recognition and awards, including three Euromoney Awards for Excellence (notably ‘Best Bank for ESG’); International Finance Award for ‘Most Innovative Bank for Community Development and Community Engagement’; and World Economic Magazine Award for ‘Most Sustainable Bank’.
In terms of economic sustainability, Access Bank recorded strong strides through its Economic, Social and Governance (ESG) programmes. It facilitated $437.42 million in DFI inflows to support MSMEs across Africa, disbursed 1.6 million digital loans to low-income individuals, and booked its first N1.4 billion diaspora mortgage loan.
The company also achieved a 13.4 per cent reduction in operational emissions, planted 57,302 trees, and enabled solar power adoption for 226 homes and businesses. Its headquarters was awarded the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for sustainable design and construction standards.
In addition, Access employees contributed 228,500 volunteer hours to various community development programmes, reinforcing the Group’s commitment to inclusive and purpose-driven impact.
The firm is focused on delivering sustainable returns to shareholders, while reinvesting in innovation, infrastructure, and cross-border expansion. Its banking subsidiary launched operations in Hong Kong, received regulatory approval in Malta, and successfully integrated its operations in Zambia and Tanzania, expanding its global footprint.
Access Bank posted significant gains across all performance metrics, with interest income growing by 110 per cent and fees and commissions rising by 81 per cent. International subsidiaries contributed 48.5 per cent to the banking segment’s PBT, demonstrating strong execution across key markets.
In 2024, Access Holdings also became the first institution to meet the Central Bank of Nigeria’s recapitalisation directive, raising N351 billion through a rights issue. The proceeds are being strategically deployed to strengthen digital infrastructure, enhance liquidity, and fuel long-term growth.
Looking ahead, Access Holdings remains committed to building a more inclusive, sustainable, and profitable future, delivering value not just to shareholders, but to society and the environment at large.
By Aduragbemi Omiyale
An initiative aimed to challenge business leaders and innovators to transcend current horizons has been introduced by Stanbic IBTC Bank through a thematic campaign known as There is Possible, Then There is More.
The idea is to a mindset of amplified possibility, sustained growth, and transformative partnerships, with Stanbic IBTC Bank positioned as a pivotal enabler.
With this campaign, Stanbic IBTC Bank is positioning itself as a trusted ally for Nigerian CEOs who want to do more, become more, and achieve more.
The Executive Director for Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, said, “As a bank, our mission is to not only meet the financing needs of Nigerian CEOs, but to inspire them to reach for more.
“We understand the challenges they face and the aspirations they hold, and we are equipped to support their ambitions, and extend them even further thereby, helping them to achieve exponential growth.”
He emphasised that, “This campaign is evidence of our commitment to being more than just a bank; we want to be the partner that propels our customers beyond their goals.
“We empower our clients with the tools and resources necessary for success by fostering collaboration and mutual growth and this proactive approach underscores our commitment to supporting business leaders and inspiring them to dream bigger and achieve greater heights in their respective industries.”
Business Post reports that the campaign officially debuted with a striking teaser, with An Open Letter to All CEOs on key digital platforms, digital out-of-home screens, and social media feeds. For days, the public speculated. This week, the letter was finally revealed—and with it, a most human and resonant message.
The Open Letter to CEOs is more than just an advertising creative campaign; it is a genuine call to action.
In it, Stanbic IBTC Bank acknowledges the resilience and achievements of Nigerian business owners even in the face of adversity. But it also dares to ask: What more could be achieved with the right support, partnership, and financial foresight?
Overall, Stanbic IBTC Bank’s vision reflects a deep understanding of the crucial role that financial institutions play in the broader economic ecosystem—one where banks serve as catalysts for growth and achievement.
From trade financing to investment advice, capacity development to transactional banking, Stanbic IBTC Bank offers a suite of solutions designed specifically to meet the evolving needs of today’s CEOs — from start-ups and SMEs to established corporations and multinationals.
By Adedapo Adesanya
The acquisition of the National Bank of Kenya by Access Bank Plc may linger a bit because securing the approval of the Central Bank of Nigeria (CBN) may be a challenge despite its Kenyan counterpart giving its blessings to the transaction.
Recall that on Monday, the Central Bank of Kenya (CBK) and the National Treasury approved the deal which will see KCB sell 100 per cent of NBK at 1.25 its book value to the Nigerian lender which had both signed an agreement for the purchase in March 2024.
Though the CBK has given its approval, the CBN also needed to authorise the acquisition for it to be completed.
Reports suggest the deal appears to have halted as the Nigerian apex bank flagged it for regulatory breaches and failure to receive proper notice.
It also said there were missing disclosures and a non-compliant structure and has asked both parties to resubmit the deal.
This development put a snag in Access Bank’s second acquisition in Kenya for the Nigerian bank after it bought Transnational Bank Limited in 2019.
Access Bank has plans to double the share of assets outside its home market by 2027 and has seen deal build on the bank’s growing operations in the Democratic Republic of Congo and Rwanda.
However, one of these may not happen as the CBN reportedly wants Access Bank to exit the Democratic Republic of Congo and shut down its London office as part of broader efforts to streamline Nigerian banks’ foreign operations.
Access Bank has been on a Mergers and Acquisition (M&A) streak across the continent, acquiring Grobank in South Africa, BancABC in Botswana and Mozambique, Diamond Bank in Nigeria, and Finibanco Angola in line with the visions of its late founder, Mr Herbert Wigwe.
It also has plans to buy Standard Chartered subsidiaries in Cameroon, The Gambia, and Tanzania (it has already completed acquisitions in Angola and Sierra Leone) as well as an 80 per cent stake in Finance Trust Bank (FTB) of Uganda which was announced in January 2024 and has gotten partial approval from Uganda’s financial authorities but has pending approval from the CBN and Bank of Uganda.
At the time of this report, both the CBN and Access Bank could not be reached by Business Post for comments on this development.
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