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Kunle Adedeji’s Stanbic IBTC Holdings Faces 405 Legal Battles, Budgets N260bn For Litigation

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By Adeyemi Obadimu (VERON)



STANBIC IBTC Holdings PLC is embroiled in a legal storm, with a staggering 405 lawsuits piling up against the financial giant, NEWSEXTRA learnt.



To this end, the company has set aside a colossal N260 billion to deal with its mounting legal troubles, raising serious concerns about its corporate governance and financial stability.



The Group’s litigation portfolio, as of September 30, 2024, includes claims totaling N260,820,169,869.44; USD$ 1,942,819.15 & GB £75,840.71



Despite these overwhelming figures, the bank’s leadership remains adamant that these legal battles will not impact its financial health—a claim that rings hollow given the sheer volume and value of pending cases.



AMCON Dispute Highlights Questionable Dealings

One of the most alarming cases is the ongoing legal clash with the Asset Management Corporation of Nigeria (AMCON). The dispute, which dates back to December 2012, revolves around a questionable transaction where STANBIC IBTC allegedly sold non-performing loans to AMCON at an inflated valuation of N10 billion. AMCON later challenged this valuation, unilaterally revising the figure down to N5.7 billion and accusing the bank of misrepresentation.



When AMCON sought to recover what it claimed was an overpayment, STANBIC IBTC refused, leading to a drawn-out legal battle.



In a shocking turn, the Central Bank of Nigeria (CBN) intervened in July 2019, directly debiting the bank’s account to recover N4 billion. This unprecedented action suggests serious regulatory concerns about STANBIC IBTC’s financial dealings.



While the bank initially lost its case at the Federal High Court, the Appeal Court overturned the decision in 2022, ruling that AMCON had no authority to reverse the sale outside the 12-month window set by its own regulations.



However, AMCON has now escalated the case to the Supreme Court, where a final ruling is expected in 2025. This prolonged legal battle raises significant doubts about the integrity of STANBIC IBTC’s financial transactions and its ability to operate within regulatory frameworks.



A Pattern of Legal Controversy

The AMCON dispute is just one of hundreds of lawsuits against the bank, painting a troubling picture of a financial institution mired in legal uncertainty.



With N260 billion set aside for litigation, it is evident that STANBIC IBTC anticipates more legal woes ahead. According to market observers, he sheer volume of claims suggests a pattern of corporate missteps, raising red flags for investors and stakeholders alike.



Despite the bank’s assurances that these lawsuits will not materially affect its financial position, the market remains skeptical. If the Supreme Court rules against STANBIC IBTC in the AMCON case, analysts believe this could set a precedent for further liabilities, potentially, destabilising the bank’s financial standing.



What Lies Ahead for STANBIC IBTC?

As the company faces increased legal scrutiny, its reputation hangs in the balance. Investors and customers are left questioning whether the bank is truly as stable as it claims, or if it is merely masking deeper financial troubles.



With the Supreme Court set to weigh in on the AMCON case in 2025, STANBIC IBTC’s future remains uncertain.



For now, the bank continues to operate under the cloud of litigation, with hundreds of billions of naira earmarked for legal battles. Whether it emerges unscathed or suffers a financial hit remains to be seen, but one thing is clear: STANBIC IBTC’s legal troubles are far from over.

In the ordinary course of business, the Group is exposed to various actual and potential claims, lawsuits, and other proceedings that relate to alleged errors, omissions, and breaches. The Directors are satisfied, based on present information and the advice of legal counsel, that no material loss is likely to be incurred by the Group in respect of these claims.

The Group’s litigation portfolio as of 30 September 2024 comprised 405 cases, with a total claim value of monetary claims against the Group was .

While the total claims filed against the Group are substantial, the Directors believe that the ultimate resolution of these matters will not have a significant adverse effect on the Group’s financial position or profitability. The Group has made adequate provisions where necessary, and management continues to monitor and review legal risks proactively.

(S)newsextra

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Banking and Finance

20 New Millionaires Emerge from Fidelity Bank GAIM 6 Promo

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L-R: Oyinkan Kusamotu, Principal Legal Officer, Lagos State Lotteries and Gaming Authority; Adetunji Mustafa, Divisional Head, Strategy, Innovation and Business Transformation, Fidelity Bank Plc; Aboluwade Margaret, South-West Zonal Coordinator, Federal Competition and Consumer Protection Council [FCCPC]; Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc; Chetachi Okechukwu, Regional Bank Head, Ikoyi, Fidelity Bank; and Aigbadon Ehi, Surveillance and Investigation Officer, FCCPC; at the second and third Monthly draws of the Fidelity Bank, Get Alert In Millions Season 6 (GAIM 6) promo in Lagos recently.

Fidelity Bank Plc has announced 20 new millionaires at the 2nd and 3rd monthly draws of its Get Alert in Millions Season 6 (GAIM 6) promo held at the bank corporate head office in Lagos.

The 20 lucky winners, randomly selected through an electronic draw across Lagos, North, Abuja, South-West, South-South, and South-East zones, will be rewarded with the sum of one million naira each.

Speaking at the draws, the promo Chairperson and Executive Director for Lagos and South-West, Fidelity Bank Plc, Dr. Ken Opara represented by the Regional Bank Head, Ikoyi, Chetachi Okechukwu, noted that the GAIM 6 promo was designed to reward customers’ loyalty, encourage a savings culture, and promote financial inclusion across the country.

According to Opara, “Fidelity Bank is dedicated to the financial well-being of our customers and this commitment inspired the launch of the GAIM Promo, designed to cultivate a strong culture of savings.

“Through this promo, customers have the chance to win substantial cash prizes up to N10 million by saving and transacting with their Fidelity Bank Savings accounts. In addition to the monetary rewards, winners will receive complimentary financial advisory services to secure and grow their wealth for the future.”

The monthly draws was monitored by the representatives of relevant regulatory bodies, including the South-West Zonal Coordinator, Federal Competition and Consumer Protection Council (FCCPC), Mrs. Aboluwade Margaret; and the Principal Legal Officer, Lagos State Lotteries and Gaming Authority, Oyinkan Kusamotu.

Since the campaign launched in November 2024, Fidelity Bank has disbursed N19.75 million to 869 customers across different categories. The GAIM 6 campaign, which will run until August 2025, is set to reward lucky customers with a total of N159 million.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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Banking and Finance

Unity Bank Hosts IWD Webinar, Commits to Accelerating Action Towards Gender Equality

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Lagos.14.03.2025. Unity Bank Plc has reaffirmed its commitment to women’s empowerment with a series of high-impact initiatives designed to inspire action toward gender equality and sustainable development.

The Bank hosted a webinar with the theme: “Unleashing Women’s Potential,” pivoted by the Unity Bank Women Network as it was marking this year’s International Women’s Day, 

Being one of the Bank’s thought leadership on self-reliance, opportunity and equity, the webinar featured influential female leaders, including Gbemi Olateru-Olagbegi, a Nigerian entrepreneur and media personality, and Oluwabusayo Adegoke, a certified life coach and Strategy Consultant, who shared perspectives on women’s leadership, financial inclusion, and breaking barriers in male-dominated industries. The event provided an opportunity for professionals, entrepreneurs, and young women to gain valuable insights into personal and professional development.

The Bank also spotlighted women making significant contributions to their communities, particularly those driving change through education, mentorship, and financial empowerment. Among them were Abisoye Ajayi-Akinfolarin, a trailblazer empowering girls through technology; Tejumoluwa Olaobaju, an advocate leading the fight against period poverty in her community; and Chioma Ohakwe, a champion of inclusivity and women’s empowerment through targeted skill acquisition programmes for girls and women. 

Speaking on the Bank’s commitment to gender equity, Mrs. Particia Ahunanya, Unity Bank’s Chief Compliance Officer and Chair of Unity Bank Women’s Network, stated: “Our commitment to financial inclusion and gender equity has made Unity Bank remain in the vanguard of championing opportunities for empowering women across all sectors. This is in view of the realization that women are crucial drivers of economic growth and societal transformation. Through initiatives like the ‘Unleashing Women’s Potential’ webinar and our community spotlights, the Bank is focused on promoting more initiatives to drive impact among the female gender”.

Unity Bank’s IWD 2025 initiatives align with its broader vision of supporting women in leadership, business, and entrepreneurship. Through gender-focused initiatives – particularly with products like the Yanga Account – the bank is committed to driving financial inclusion and empowering women to actively participate in economic and financial systems. By providing tailored financial solutions, Unity Bank aims to create equal opportunities for women to thrive, grow, and succeed.

As the global conversation on gender equality continues to gain momentum, Unity Bank calls on stakeholders across industries to accelerate actions toward creating a more inclusive society without limitations.

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Banking and Finance

Fidelity Splashes Millions of Naira on Youth Corps Members with GAIM 6

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L – R: Branch Leader, Fidelity Bank Plc, Nanka Close, Wuse, Abuja, Vincent Ijioma; GAIM 6 NYSC Empowerment Grant winner, Bomane-Aziba Koromo; and Zonal Inspector, NYSC Zone 3, Abuja, Adama Usman, at the Fidelity Bank GAIM 6 NYSC Empowerment Grant prize presentation ceremony for Q1 in Abuja recently.

Fidelity Bank Plc has reaffirmed its commitment to financial inclusion, youth empowerment, and promoting a healthy savings culture by rewarding nine National Youth Service Corps (NYSC) members with N500,000 business grants each.

The grants were awarded under the Get Alert in Millions Season Six (GAIM 6) promo, an initiative designed to reward loyal customers with cash prizes totaling N159 million. The promo, which runs from November 2024 to August 2025, targets various categories of customers, including NYSC members, students, and general customers.

Mr. Osita Ede, Divisional Head of Product Development at Fidelity Bank Plc, stated that this season of the GAIM promo aims to enhance the opportunities for loyal customers to win.

“When we launched the GAIM 6 promotion in November 2024, we unequivocally stated that this campaign season is intended to promote inclusivity. Consequently, we have increased the total prize money to N159 million and added additional draws, beyond the weekly and monthly draws featured in previous seasons.

“Now, we have specific draws catering to various segments of our customer base including women, students, youth corps members, and traders. It is important to note that these categories of customers also stand the chance to win millions of naira in the monthly and grand draws which we will be hosting till 20 August 2025,” explained Ede.

Nine NYSC customers were selected through a random electronic draw in the first quarter of the GAIM 6 campaign, from various branches nationwide. They are: Oluwatosin Emmanuel Olowolayemo and Ekpeno Aniekan George, both from Uyo 2 Branch; Derryk Chidubem Okafor from Trans-Ekulu Branch; Aliyu Idris Adamu from Tudun-Wada Kaduna Branch; Bomane-Aziba Koromo from Nanka Close, Wuse Branch; Asabe Grace Adamu from University of Maiduguri Branch; David Agbai Agwu from Oshogbo Branch; Abdullahi Opeyemi Olajuwon from Airport Road, Lagos Branch; and Eghosa George Orhue from Ado Ekiti Branch.

Expressing his gratitude and excitement, one of the recipients of the entrepreneurship grant, Chidubem Okafor, appreciated Fidelity Bank for the grant, noting that the funds will enable him to achieve his entrepreneurial dreams.

His words, “At first, I thought it was a scam when they introduced the initiative at our orientation camp, but today, I am truly honored to receive this support from Fidelity Bank. This grant will go a long way in helping me achieve my entrepreneurial dreams, and I promise to make the most of it,”

Similarly, David Agwu, who also emerged a winner in the draw, expressed his surprise at the unexpected win, saying, “When I received the call, I thought it was a prank. I never applied for anything, so it was hard to believe. But when they sent me proof, I realized it was real. I am truly grateful for this opportunity. My plan is to invest the money in vocational training and digital skills development, particularly in fashion and painting in order to establish a sustainable business”.

Beyond the N500,000 entrepreneurship grant, the winners will also enjoy free business advisory and training sessions at the newly launched Fidelity SME Hub, located at 22, Lanre Awolokun Street, Gbagada Phase 2, Lagos.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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