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 Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
