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E-Financial

Adekanye, Former CRO @ NIBSS Takes Legal Action for Wrongful Termination

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Temidayo Adekanye,
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Temidayo Adekanye,  a former chief risk officer of the Nigeria Inter-Bank Settlement System (NIBSS), has filed a lawsuit against the organization for alleged unlawful termination of his employment.

Adekanye, Former CRO @ NIBSS Takes Legal Action for Wrongful Termination

Temidayo Adekanye,

Adekanye is seeking an order of court directing NIBSS to pay him the sum of N1 billion “for wrongful termination of employment and for breach of contract of employment”.

He was employed by NIBSS via a letter of employment dated December 7, 2020, as the chief risk and compliance officer and his employment took effect from January 15, 2021.

In his statement of fact attached to the suit, the claimant said throughout the period of his employment, he served the NIBSS “diligently and was never involved in any disciplinary misconduct of any kind”.

However, he said despite his “excellent record”, the defendant unlawfully terminated his employment via a letter dated  January 15, 2024 “without stating any reason whatsoever or howsoever”.

The claimant said the termination was due to his alertness of informing the management “about serious financial misappropriation including but not limited to fundamental governance, transparency and fraud-related issues in the organization”.

He said in the absence of feasible action after raising initial concerns, he subsequently escalated his complaints to the board audit and risk committee on November 13, 2023, but that instead of an investigation, his appointment was unjustly terminated.

“Rather than act swiftly on the concerns raised by him, the defendant changed its corporate structure and organogram to eliminate the claimant’s office in a calculated attempt to oust his jurisdiction and stultify his duties as the Chief Risk and Compliance Officer,” the court papers read.

“The claimant was sidelined and his responsibilities and departments were taken away from him. The Executive Management Committee (Exco) was reconstituted with the claimant completely obliterated from meetings and his 2024 upfront payment unjustifiably withheld. Thereafter, the letter terminating his employment on the 15th of January 2024.”

Adekanye stated that he was invited for a meeting at 10 am on January 15 alongside the head of human resources, HOD legal/company secretary and chief financial officer.

He said while the meeting was ongoing, “three armed men in military attire claiming to be officers of the Department of State Service (DSS) busted into the conference room, showed their ID cards”, and ordered him to hand over all his mobile devices and laptops.

He said he was offered to resign with the payment of the sum of N160 Million as pay-off package or risk the immediate termination of his appointment.

“His request to enable him time to weigh and consider the offer was refused and on the spot he was given the letter dated 15th January 2024 terminating his employment ignobly,” the court papers read.

Following the averments made, Adekanye wants the court to declare the termination of his appointment as “unlawful, wrongful and unjustified”.

“An order of court reinstating the claimant to his position as though he had never been terminated,” Adekanye sought.

“An order of court directing the defendant pay to the claimant all his salaries, allowances and or other perquisites accruable to his office from the date of the purported termination until judgment is delivered.

“An order of court that the claimant is entitled to all the promotions which he would have had but for the purported termination.”

Aside the N1 billion the claimant is seeking, he wants the court to further order the defendant to pay N250 million as special and general damages as well as another N150 million as exemplary damages for the infringement of his fundamental rights.

Also, he wants the defendant to pay N10 million as the cost of litigation.

Alternatively, Adekanye is praying the court to issue an order directing the defendant to pay him the full amount of salaries, allowances and other emoluments which he would have earned of the unexpired remaining years on the attainment of 60 years.

He also wants “an order of court that the defendant shall pay to the claimant such sum accruable as entitlements inclusive of all emoluments and 2% of the defendant’s Profit Before Tax declared for the year 2023 and other entitlements applicable to the claimant in the circumstances”.

Adekanye filed the suit marked NICN/LA/56/2024 on March 21 before the national industrial court in Lagos through his counsel, Wahab Shittu, a senior advocate of Nigeria.


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E-Financial

Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges

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Eight leading Nigerian banks collectively set aside N156 billion as impairment charges on their credit and financial assets, marking a significant financial impact amidst a challenging economic environment, in the opening quarter of 2025.

Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges

Known commonly as loan losses or credit impairments, these charges highlight the banks’ defensive measures against risks arising from inflation, naira depreciation, and tightened liquidity affecting consumers and businesses alike.

The level of impairment varied considerably across institutions, reflecting divergent risk appetites and credit management practices.

Zenith Bank led with the highest provision of N49.38 billion, an 11.8 percent reduction from the previous year’s N55.97 billion.

This decline may suggest enhanced asset quality or more rigorous loan recovery tactics.

Broken down, loans and advances contributed N35.95 billion to impairments, while investment securities and treasury bills added N7.1 billion and N2.16 billion respectively.

Despite heavy provisioning, Zenith recorded a notable 20.7 percent increase in post-tax profit, soaring from N258.34 billion to N311.83 billion.

Similar trends emerged at First HoldCo, which posted N37.25 billion in impairment (down 11.2 percent), driven mainly by loans and advances provisions of N41.23 billion.

Offsetting this were write-offs and reversals that mitigated losses.

First HoldCo’s profit, however, fell to N171.10 billion from N208.11 billion.

Access Holdings and Guaranty Trust Holding Company also demonstrated reduced impairment charges, indicating stronger credit monitoring.

Access’s net provision dropped 4.5 percent to N21.77 billion, while Guaranty Trust’s impairment stabilized near last year’s N13.42 billion figure.

Yet, Guaranty Trust’s profit plunged 43.6 percent to N258.03 billion, a striking contrast to other banks’ profit growth.

On the other hand, United Bank for Africa (UBA) faced a staggering 332.2 percent surge in impairment, from N3.28 billion to N14.18 billion—pointing to amplified credit risks possibly driven by external economic pressures.

Nonetheless, UBA recorded a 33.1 percent profit uptick to N189.84 billion.

FCMB’s impairment charge fell notably by nearly 60 percent to N9.52 billion, aided by significant recoveries of previously written-off loans, boosting its profit to N32.23 billion.

Meanwhile, Fidelity Bank and Wema Bank posted sharp rises in impairment—285.8 percent and 64.7 percent increases respectively—reflecting heightened write-downs that underscore growing risk exposure amidst portfolio expansions.

Overall, while the cumulative impairment charge diminished by 5.2 percent compared to Q1 2024, individual bank results were mixed, embodying the varied strategies and external pressures in Nigeria’s banking sector.

 

 


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E-Financial

SEC Flags FF Tiffany as Ponzi Scheme

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Securities and Exchange Commission (SEC) has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.

SEC Flags FF Tiffany as Ponzi Scheme

A statement by SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.

The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.

The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.

According to SEC, those found culpable will be prosecuted in accordance with Investment and Securities Act (ISA) and regulatory provisions.

SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.

”These schemes are not registered with the SEC and do not offer investor protection under the law.

“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.

The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.

SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.

 

 

 

 


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E-Financial

AccionMonie App to Empower Low-Income Households

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Accion Microfinance Bank has unveiled AccionMonie, a next-generation digital financial services platform aimed at empowering individuals, micro, small, and medium enterprises (MSMEs), as well as low-income households across Nigeria.

Speaking at the official launch in Abuja, Chief Executive Officer of Accion MfB, Taiwo Joda, described the introduction of AccionMonie as a significant milestone and a testament to the bank’s culture of innovation, designed to meet the evolving needs of its customers.

“At Accion Microfinance Bank, we believe in the potential of every MSME to drive inclusive economic growth. That is why we are committed to empowering them with the financial support they need to grow, innovate, and make a lasting impact in their communities and beyond,” Joda said.

He added that the app provides instant access to essential services including loans, savings, and other forms of financial support.

According to Joda, AccionMonie is a strategic component of the bank’s “Always There to Lend You a Hand” campaign, which underscores its commitment to small business development and the economic upliftment of underserved households. The campaign positions Accion MfB as not only a financial institution but also a trusted partner in its customers’ journey to prosperity.

Highlighting the economic role of MSMEs in Nigeria, he noted that with an estimated 37 million MSMEs, the sector accounts for 86% of employment and contributes 48% to Nigeria’s Gross Domestic Product (GDP). However, these enterprises continue to face major challenges such as limited access to finance, inadequate infrastructure, and an unfavourable business environment.

Also speaking at the launch, the bank’s Chief Commercial Officer, Stephen Olalere, said the combination of AccionMonie and the bank’s expansive network of over 74 branches across 12 states will help bridge the gap in financial service delivery to small businesses.

“The platform’s user-friendly features are designed to simplify payments and offer vital support to businesses and individuals alike,” he said.

Paul Ehiagbonare, Chief Digital Officer of the bank, described the launch as a bold step toward digital leadership and financial empowerment.

“For us, AccionMonie reflects customer empowerment through digital tools and technologies. It offers a range of customer-focused features designed to promote financial inclusion,” he said.

One of its standout features is Save2Loan, which allows users to save between ₦50,000 and ₦250,000 over a 90-day period and become eligible for a loan worth twice their saved amount. This, Ehiagbonare explained, will help promote a savings culture while enhancing credit access.

In addition, customers can conveniently fund their AccionMonie accounts using any debit card, eliminating the need for physical visits or long queues in banking halls.

 


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