A High Court of the Federal Capital Territory, presided by Justice Christopher Oba, has ordered Globus Bank Ltd to pay a total of N256 million to an Abuja-based company, Haril Global Solutions Ltd, for breaching a contractual agreement.

In the suit marked; FCT/HC/CV/1456/2026, Haril Global Solution Ltd, Chinedu Mba, Idris Olayiwola and the Economic and Financial Crimes Commission (EFCC), were listed as Defendants to the counterclaim filed by the bank.

The Claimant filed the suit by way of Writ of Summons, wherein it complained of breach of contractual agreement and wrongful deductions running into millions of naira by the bank.

Delivering judgement on the matter, Justice Oba declared that there was a valid and subsisting contract between the Claimant and the Defendant, pursuant to the letter of offer of facility dated July 4, 2023, signed by both the Claimant and the Defendant and the Overdraft Facility Agreement executed between the Claimant and the Defendant dated July 4, 2023.

Subsequently, the Court made a declaration that the Claimant is entitled to the return of the Debt Service Reserve Fee Sum of One Hundred and Nine Million Naira (N109M) wrongfully withdrawn by the Defendant from the Claimant’s Debt Service Reserve Account with account number 4000006572 and transferred to the Claimant’s Overdraft with account number 1000085336 on December 29, 2023, contrary to the Overdraft facility Agreement executed between the Claimant and the Defendant dated July 4, 2023 and the letter of offer of facility dated July 4, 2023.

The Court also mandated the Defendant to return the sum of Twenty-Six Million, Seventy-Six Thousand, Three Hundred and Eighty-Eight Naira Thirty-Two, kobo (N26,076,388.32) wrongfully withdrawn on January 31, 2024, from the account of the Claimant with account number 1000085336 as interest despite the fact that a Post-No-Debit has been placed on the Claimant’s account as a result of which the Claimant could not carry out his business.

In addition, the Judge ordered Globus Bank to return the sum of Fifteen Million Naira (N15,000,000.00) wrongfully withdrawn from the account of the Claimant on February 6, 2024, with account number 1000085336, with interest despite the fact that a Post-No-debit has been placed on the Claimant as a result of which the Claimant could not carry out its business.

The Court equally ordered the Defendant to pay the Claimant Five Million Naira (N5M) as general damages for breach of contract, as well as pay the Claimant the sum of One Million Naira (N1m) as the cost of this suit.

According to the Court, the Defendant breached the accepted Letter of offer of facility dated July 4, 2023, overdraft facility agreement executed between the Claimant and the Defendant dated July 4, 2023.

“A declaration of this honourable court is hereby made that the contract between the Claimant and the Defendant pursuant to the Letter of offer of facility dated the 4th July, 2023, and the Overdraft Facility Agreement executed between the Claimant and the Defendant dated 4th day of July 2023, is discharged by the breach occasioned by the Defendant.

“A declaration of this Honourable Court is hereby made that the defendant is liable to the Claimant for breach of contract thus liable to pay the Claimant general damages for breach of contract.

However, the court dismissed the counterclaim by Globus Bank on the ground that it failed to adduce credible evidence to establish its claims for fraud or unlawful interference with the contract terms by Haril Global Solutions Ltd.

The Counter-Claimant had alleged that the Claimant manipulated the system by debiting other merchants to credit its own account.

“However, no evidence was led to show which specific merchants were debited or to provide testimony from such third parties, the court stated.

Regarding the Police investigation report (Ex Q1-2), the court stated that the report did not indict the Claimant for the alleged fraud, noting that the report mentioned a figure of N900 million, which was vastly different from the N2.5 billion sought in the Counter-Claim.

The Judge held that the Police Investigation Report was a mere report and not a judicial pronouncement that the court can use to determine the allegation of fraud against the Claimant.

“Consequently, the Counter-Claimant has failed to provide cogent, credible, and compelling evidence to establish its claims for fraud or unlawful interference with trade.

“The reliefs sought in the Counter-Claim are declaratory and monetary in nature, and such reliefs cannot be granted on the basis of unsupported allegations or documents that have been expunged by the Court.

“In the circumstances, I find that the Counter-Claimant has failed to discharge both the legal and evidential burden of proof required by law.

“I hereby dismiss the counter-claim in its entirety for lack of merit. On the whole, the case of the Claimant succeeds” Justice Oba said.

The Africa Finance Corporation (AFC), said its board has approved a commitment of $100 million to invest in Africa-focused technology fund managers.

The commitment comes amidst growing interest in the continent’s nascent digital economy and concerns about the inability to mainstream its funding.

The digital economy is projected to contribute over $700 billion to the continent’s output by 2050, with many analysts tipping it as the biggest thing to happen to the continent’s economy in the next few years.

Driven by a digitally connected youth population, it is expected to drive the much-needed demographic dividends.

Home to about 530 million young people between 15 and 35, with a third of the population unemployed, the growth in interest in different areas of the fast-growing digital economy could help the continent tackle youth restiveness.

Even with the momentum, a statement by the AFC said, a persistent gap in long-term institutional capital continues to constrain the development and scaling of high-potential technology businesses.

With the commitment, the AFC will deploy catalytic capital in leading Africa-focused technology funds and African-owned fund managers, it stated.

The corporation aims to address the under representation of local capital in venture funding by triggering more participation from African institutional investors and deepening local ownership within the ecosystem.

It is hoping to capitalize on the growing African venture capital ecosystem, which has demonstrated real potential.

The continent has produced nine unicorns, with some of its leading fund managers generating returns of up to 128 times the capital originally invested, reports have said.

Last year alone, African start-ups raised $3.8 billion, even as local institutional capital remains significantly unavailable across many fund cap tables.

Most of the venture funding comes from international sources, a trend the AFC’s commitment is designed to change.

President and CEO of the AFC, Samaila Zubairu, said: “Across the continent, young Africans are not waiting for the digital economy to arrive; they are seizing the moment — adopting technology, creating markets and solving real economic problems faster than infrastructure has kept pace.

That is the investment signal. The AFC’s $100 million Africa-focused Technology Fund will accelerate the convergence of growing demand, rapid technology adoption, youthful demographics and the enabling infrastructure we are building.

“Digital infrastructure is now as fundamental to Africa’s transformation as roads, rail, ports and power – enabling productivity, payments, logistics, services, data and cross-border trade, while creating jobs and industrial scale.”

As part of the initial deployment, AFC has made anchor commitments to Lightrock Africa Fund II and Future Africa Fund III, positioning the Corporation across the full innovation lifecycle – from early-stage venture capital through to growth-stage scaling, the statement said.

The initial commitments represent the first tranche of a broader deployment, while the organisation said it is actively evaluating a pipeline of additional Africa-focused funds spanning a range of strategies and stages.

Nigeria Revenue Service (NRS), in collaboration with the Joint Revenue Board (JRB), has announced the implementation of a nationwide Taxpayer Identification (Tax ID) system, mandating all taxable persons in the country to obtain a unified tax identity.

The directive, unveiled in a public notice issued on Monday, is anchored in sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025.

The provisions require every individual and entity liable to tax in Nigeria to register for a Tax ID as part of broader reforms aimed at strengthening tax administration.

According to the notice, the Tax ID will function as a single, consolidated identifier for taxpayers, enabling seamless interaction with tax authorities across federal, state, and local levels.

The authorities said the system is designed to eliminate duplication of records, improve data integrity, and enhance the overall efficiency of tax-related processes.

The initiative forms part of ongoing efforts by regulators to deepen transparency, boost compliance, and curb revenue leakages within the tax ecosystem.

By harmonising taxpayer data across all tiers of government, officials expect improved accountability and more accurate tracking of tax obligations.

Under the new framework, the Tax ID will replace the existing Taxpayer Identification Number (TIN) validation system currently in use. Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations relying on the TIN Validation API have been directed to transition to the new Tax ID infrastructure.

The NRS and JRB also advised organisations requiring system integration or validation services to engage with designated departments within both agencies for access to the Tax ID Application Programming Interface (API) and related technical guidelines.

Authorities say the reform will simplify registration, filing, and payment processes for taxpayers, while providing the government with a more robust mechanism for revenue assurance and fiscal planning.

The rollout signals a significant step in Nigeria’s ongoing tax modernisation agenda, as policymakers seek to expand the tax base and improve non-oil revenue mobilisation amid evolving economic pressures.