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Supreme Court Orders Stanbic IBTC Bank to Pay Customer N2.5Bn Damages

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Supreme Court of Nigeria has affirmed the judgement of a Federal High Court sitting in Lagos, Southwest Nigeria that ordered Stanbic IBTC bank Plc to pay one of its customers, Mr Patrick Akinkuotu and his company Long Term Global Capital Limited the sum of N2.5 billion for breach of contract.

 

The judgement of the apex court arose from the judgement of a Federal High Court in Lagos, who had earlier awarded the N2.5 billion as damages against the bank.

 

The case of Akinkuotu and his company against Stanbic IBTC bank Plc as presented by their lawyer, Chief Felix Fagbohungbe SAN was that, the bank granted overdraft facility of N600 million to Long Term Capital Ltd on the 11th of April, 2007.

 

The bank also granted two additional facilities of N400 million and N250 million to Akinkuotu on the 11th of May, 2007 and 17th of July, 2007 respectively. The facilities were for a term of 365 days with an option of rollover among other terms.

 

Upon application by Akinkuotu, the facilities granted them were merged and same were secured with shares held by them in various companies. The bank, upon instruction received via e-mail sold 28,745,400 units of GTB PLC shares held by Akinkuotu and his company at the sum of N267,775,799.21.

 

The Plaintiffs became aggrieved and contended that the proceed of the shares sold by the bank was very low. They also contended that they have liquidated the overdraft facilities granted them by Stanbic IBTC bank Plc, consequently they sued the bank for breach of contract and claimed damages for loss of business opportunity.

 

Fagbohungbe, SAN on his part, argued that the case of his client was that of gross negligence and unprofessionally selling the shares separately owned by Mr Akinkuotu and his company at significantly lower and unauthorized prices whilst purportedly acting on Mr Akinkuotu’s unsigned e-mail alone between him and the officer of the bank Mr.N.Udoh while ignoring entirely the specific terms of the sale mandate officially issued by his clients

 

The trial court while entering judgement in their favour awarded them N2.5 billion damages, and said “The law stipulates that court should discountenance an unsigned document as its contents cannot override a duly executed mandate in the circumstances”

 

Dissatisfied with the judgement of the court, Stanbic IBTC bank Plc appealed the judgement, however, its case was dismissed by the Court of Appeal.

 

Thereafter, the bank took its case to Supreme Court, the court after appraising the facts and submission of Fagbohungbe appearing with Barrister Abayomi Adeniran as presented on behalf of Akinkuotu and his company and O. Ayanlaja, SAN appearing with Tayo Oyetibo, SAN for Stanbic IBTC Plc, in a judgment delivered by five panel members of judges dismissed the appeal of the bank for lacking in merit and awarded cost of N50,000 in favour of Akinkuotu and his company and against Stanbic IBTC Bank Plc .

 

 


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E-Business

Report Shows Start-ups Fuel Innovations in Africa

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Bloomberg has released its second annual “25 African Startups to Watch” list, underscoring the growing influence of venture-backed innovation across the continent.

Published thursday, the list highlights companies building solutions in “environments where infrastructure or systems have failed to deliver.”

The featured start-ups build solutions to challenges such as accessing healthcare in Chad, moving goods in Kenya, securing loans in South Africa, and safeguarding borders in Nigeria.

Nigeria, South Africa and Kenya jointly lead with four companies each, reflecting the ongoing strength of Africa’s three most visible start-up ecosystems.

The 25 companies span 13 countries and sectors including healthcare, fintech, security, climate resilience, waste management, and transport.

Nigeria’s four startups are 10mg Health, Remedial Health, Sycamore and Terra Industries, covering areas from healthcare financing and pharmaceutical supply chain integrity to digital lending and defence technology.

South Africa’s contingent includes Omnisient, Amesect, AURA and Jem. Omnisient uses grocery purchase data and AI to extend credit to those outside traditional financial systems.

Kenya’s notable four include Zeraki, a school-data analytics platform partnering with Safaricom to reach secondary students across the country.

According to Bloomberg, a defining theme this year is the source of funding.

Nearly half of the total capital raised by these start-ups came from African investors, marking a shift from previous years when international capital predominantly drove early growth.

International backers such as 8VC, controlled by Palantir Technologies co-founder Joe Lonsdale, and Google continue to see value in investing in African companies, Bloomberg noted.

The report also highlights that start-ups across the continent almost doubled their debt fundraising in 2025, even as equity financing from venture capital firms declined.

Separately, the Start-up Ecosystem Report 2026 states that Kenya has overtaken Nigeria as Africa’s top startup investment destination, attracting $984 million in 2025.

Jennifer Zabasajja, Bloomberg Television’s chief Africa correspondent and anchor, highlighted the dual significance of the list, the variety of solutions being built and the growing role of African-sourced capital in backing them.

She noted that the list comes at a consequential moment, one shaped by global disruptions, from the conflict in Iran to sweeping cuts in US foreign healthcare assistance, that have made the case for African-owned capital more urgent than ever before.


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NDPC Raises Alarm: Fake News, Data Abuse Could Destroy Nigeria’s 2027 Elections

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Nigeria Data Protection Commission has warned that the growing misuse of personal data and digital platforms could undermine Nigeria’s democratic process ahead of the 2027 general elections.

NDPC Raises Alarm: Fake News, Data Abuse Could Destroy Nigeria’s 2027 Elections

NDPC

The warning was delivered during the 2026 Press Week organised by the FCT Council of the Nigeria Union of Journalists in Abuja.

Speaking at the event, Vincent Olatunji, national commissioner and chief executive officer,  NDPC, who was represented by Itunu Dosekun, head of Media Unit at the commission, said disinformation and unlawful exploitation of personal data posed serious threats to credible elections.

The event had the theme: “2027 Election: Defending Democracy in the Era of Disinformation.”

Dosekun said the struggle for credible elections was no longer confined to polling units, noting that digital platforms had become major channels for manipulated narratives, fake news, propaganda and AI-generated misinformation.

According to him, the rapid growth of social media platforms, messaging applications and data-driven political campaigns has created vulnerabilities capable of influencing voter perception and weakening public trust in democratic institutions.

He warned that the abuse of personal data for political profiling and psychological targeting had become one of the most dangerous threats facing democracies worldwide.

“The misuse of citizens’ personal information carries serious social implications, especially for vulnerable groups who may not fully understand how their data is harvested, processed and weaponised online,” he said.

Dosekun noted that coordinated disinformation campaigns could inflame ethnic tensions, spread fear and discourage civic participation, particularly among young Nigerians.

He described the Nigeria Data Protection Act, 2023, as a critical legal framework aimed at protecting citizens against unlawful data processing and digital exploitation.

According to him, the law gives Nigerians greater control over their personal information while placing obligations on organisations, institutions and political actors to handle data responsibly.

Dosekun also called for stronger collaboration among political parties, media organisations, technology firms, civil society groups and citizens to promote responsible digital behaviour ahead of the elections.

He stressed the role of journalists and media professionals in combating fake news, fact-checking information and safeguarding public discourse.

According to him, protecting personal data should not only be seen as a privacy issue but also as a democratic responsibility necessary for maintaining public confidence, national stability and electoral credibility.

Stakeholders at the event emphasised the need for improved digital literacy, stronger regulation and increased public awareness to prevent the abuse of digital platforms during future elections.


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Anthropic Raises $65 Bn to Expand AI Research, Innovation

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Anthropic, artificial Intelligence company, has said that  it has secured sixty-five billion dollars in a new funding round, raising the company’s valuation to about nine hundred and sixty-five billion dollars.

Anthropic Raises $ 65 Bn to Expand AI Research, Innovation

The development places the company ahead of its rival, OpenAI, maker of ChatGPT, which was valued at about eight hundred and fifty-two billion dollars earlier this year.

Anthropic, founded by former OpenAI employees and led by Dario Amodei, chief executive officer, has emerged as one of the leading firms in the global Artificial Intelligence industry.

The company is widely recognised for its advanced coding capabilities and generative AI models, particularly its AI assistant known as Claude.

Unlike some competitors focusing mainly on general consumers, Anthropic has concentrated on delivering AI solutions to enterprise and business clients.

The company also says it places strong emphasis on AI safety while expanding its products and services amid growing competition in the sector.

Krishna Rao, chief financial officer of Anthropic, said the new funding would support the company’s research efforts and help meet rising global demand for its AI technologies.

Reports indicate that the investment round attracted major Silicon Valley venture capital firms, including Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.


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