E-Financial
Court Strikes Out N47.1Bn Theft Charge against Akingbola
Court of appeal in Lagos on Wednesday struck out a N47.1 billion theft charge against Erastus Akingbola, former managing director of Intercontinental Bank Plc.
Akingbola was charged by the Economic and Financial Crimes Commission (EFCC) alongside Bayo Dada, general manager of Probics Securities Ltd, before a Lagos High Court in Ikeja.
They were charged on 22 counts bordering on stealing and obtaining money by false pretences. Wole Olanipekun (SAN) and Taiwo Osipitan (SAN), counsels to the appellants, had challenged the jurisdiction of the court to entertain the charge preferred against them.
In a ruling delivered on May 2, 2014, Justice Lateef Lawal-Akapo, the trial court judge, dismissed their applications, holding that it was competent to entertain the charges preferred against the appellants.
The lower court then assumed jurisdiction in the matter. Dissatisfied with the ruling of the court, the appellants filed two separate appeals, urging the appellate court to set aside the decision of the lower court.
Delivering a unanimous decision on Wednesday, the appellate court allowed the appeal on the grounds that the subject matter of the alleged offences related to banking operations and capital issues were under the jurisdiction of the federal high court.
Justice Amina Augie, who delivered the lead judgment, held that the lower court judge took a narrow view of the issue when it assumed jurisdiction on the case.
Augie held that by failing to take notice of the decision of the appellate court in the case of Okey Nwosu vs EFCC, even when it was brought to his notice, the lower court judge erred.
She noted that the appellate court had, in Okey Nwosu’s case, held that the Ikeja high court, Lagos, where the charges were instituted against the defendants, had no jurisdiction over capital market-related issues.
Augie held that the refusal of the lower court to abide by the principle of Stare decisis was tantamount to judicial rascality, saying it would encourage the lower court to take up arms against the appellate court.
The court held that the subject matter of the alleged offences related to banking operations and capital market issues was outside the jurisdiction of the Lagos High Court.
It, therefore, held that the lower court failed in its duty as an unbiased umpire when it refused to study thoroughly the processes presented before it. Earlier in his submission, Olanipekun had urged the court to allow the appeal and set aside the decision of the lower court.
He argued that the trial judge erred in law when he assumed jurisdiction over the charge before him despite clear provisions of Section 251 of the constitution and Section 8(1) of the Federal High Court Act. Olanipekun submitted that Section 251 of the constitution vested exclusive jurisdiction in the federal high court over the subject matter, stressing that Section 272(1) of the constitution, which provided for the jurisdiction of the state high court, was subject to Section 251.
He further submitted that the lower court erred in law and came to a perverse decision in its interpretation and application of the word ‘’also’’, as used in Section 251(3) of the constitution. Olanipekun told the court that there was a similar charge involving Akingbola and the EFCC, which he said was currently pending before the federal high court in Lagos.
He also argued that the main witnesses listed in the proof of evidence at the federal high court were the same witnesses listed in the proof of evidence before the court.
The judgement of the appellate court was also adopted by Justice Samuel Oseji and Justice Abimbola Obaseki-Adejumo
ChatPay has launched Africa’s conversational banking platform, enabling individuals and businesses to access financial services through WhatsApp.
The Lagos-based fintech startup, is in controlled rollout, connecting WhatsApp to linked-bank management, airtime and supported electricity payments through simple conversations.
The company said the platform is designed to enable users to send money, pay bills, buy airtime and manage business transactions within WhatsApp conversations, subject to the completion of regulatory approvals and integration with licensed banking partners.
According to ChatPay, the platform is operated by CP Technology Limited and is currently undergoing a phased rollout ahead of its planned public launch.
The company said the initiative is intended to simplify access to financial services by leveraging WhatsApp, which it estimates is used by more than 50 million Nigerians monthly.
Speaking on the idea behind the platform, Adeoluwasubomi Odebunmi, product lead and co-founder, said the concept emerged while she was studying Software Engineering at Babcock University.
“I saw the gap while I was still in school—how much friction there was just to move money. I didn’t want to just study the problem. I wanted to help fix it,” she said.
Odebunmi said she had previously worked on software solutions spanning e-commerce, real estate management, school administration and artificial intelligence applications before co-founding ChatPay.
Aseoluwa Siyanbola, growth lead and co-founder, said his experience managing Nigerian bank accounts while studying abroad highlighted some of the challenges users face with digital banking services.
According to him, difficulties such as one-time password (OTP) failures and inconsistent banking applications inspired the team to explore conversational banking solutions.
“We each encountered similar challenges and came together to build a solution that simplifies everyday financial transactions,” he said.
cAbraham William, tech lead and co-founder, said the company is focused on improving access to financial services through a platform that many Nigerians already use daily.
“We want to make financial services easier to access by allowing people to carry out transactions through a familiar messaging platform,” he said.
William said he oversees the company’s engineering, technology strategy and system architecture.
ChatPay said its services will be introduced in phases as regulatory requirements are met and integrations with banking partners are completed.
The company added that its newly launched “Founding 2,500” programme will enable selected early users to test features, provide feedback and participate in product development before the platform’s wider rollout.
According to the company, interested users can register for the waitlist and the Founding 2,500 programme through its website.
Founded by Odebunmi, Siyanbola and William, ChatPay said its long-term goal is to expand conversational banking services beyond Nigeria into other African markets after its domestic rollout.
United Bank for Africa (UBA) Plc has been named Nigeria’s Best Bank for Retail Banking and Best Bank for Sustainability Leadership (ESG) at the 2026 Euromoney Awards for Excellence, reinforcing its position as one of Africa’s leading financial institutions.
The awards were presented on July 17 at The Peninsula London in the United Kingdom, recognising financial institutions that have demonstrated outstanding performance, innovation, customer impact and sustainable banking practices.
The double recognition highlights UBA’s growing influence in retail banking and its commitment to advancing environmental, social and governance (ESG) principles across its operations.
According to Euromoney, UBA distinguished itself through a series of sustainability initiatives, including the introduction of a Green Financing Facility designed to support households and businesses transitioning to renewable energy.
The publication also cited the bank’s ₦5 billion financing programme, implemented in partnership with the Bank of Industry (BOI), to provide funding for women-owned businesses.
Euromoney further recognised UBA’s commitment to achieving net-zero carbon emissions by 2050, describing it as a demonstration of the bank’s long-term sustainability strategy.
The publication also highlighted the bank’s efforts to integrate sustainability into its operations through the deployment of solar-powered energy solutions across 50 branches and comprehensive ESG capacity-building programmes that have trained more than 16,000 employees across the UBA Group.
In the retail banking category, Euromoney noted that UBA continued to consolidate its position as one of Africa’s largest retail banking institutions.
According to the publication, the bank expanded its customer base to more than 37 million by the end of 2025, while retail banking revenue increased more than fourfold to ₦429.5 billion.
The awards also recognised UBA’s continued investment in digital banking innovation, particularly enhancements to its artificial intelligence-powered chatbot, LEO.
Euromoney noted that LEO became Africa’s first AI-powered banking platform to facilitate cross-border money transfers in local currencies through the Pan-African Payment and Settlement System (PAPSS).
Commenting on the awards, UBA’s Group Managing Director and Chief Executive Officer, Mr Oliver Alawuba, described the recognition as a validation of the bank’s commitment to delivering value to customers while promoting sustainable development across Africa.
“To be recognised as Nigeria’s Best Bank for both ESG and Retail Banking in the same year sends a powerful message that sustainable banking and commercial success are mutually reinforcing.
“At UBA, we are committed to financing Africa’s future, supporting businesses and communities, promoting financial inclusion, and delivering innovative banking solutions that improve lives.
“These awards belong to our customers for their confidence in us and to every member of the UBA family whose dedication continues to make our vision a reality,” he said.
Also speaking, UBA’s Group Head, Marketing, Brand and Corporate Communications, Mrs Alero Ladipo, said the awards reflected the bank’s unwavering commitment to putting customers at the centre of its operations.
According to her, every innovation, investment and banking solution introduced by UBA is aimed at creating exceptional value for customers while expanding access to financial services.
“These awards are a powerful affirmation of our Customer First philosophy.
“Whether it is supporting entrepreneurs with access to finance, enabling seamless digital payments, advancing clean energy financing or expanding financial inclusion across Africa, UBA remains focused on delivering meaningful impact.
“We are honoured that one of the world’s most respected financial publications has recognised these efforts,” she said.
UBA currently operates in 20 African countries, as well as the United Kingdom, United States, France and the United Arab Emirates, serving more than 45 million customers through a combination of digital banking platforms and physical branch networks.
The bank said it remains committed to strengthening financial inclusion, driving innovation and supporting sustainable economic development across Africa and beyond.
Nigeria Deposit Insurance Corporation (NDIC) has begun paying insured deposits to customers of the 46 recently failed microfinance banks.
Mr Thompson Sunday, managing director and chief executive, NDIC, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja.
The interview took place on the sidelines of the International Association of Deposit Insurers Africa Regional Committee meeting.
Sunday said the corporation was using the Nigeria Inter-Bank Settlement System (NIBBS) and customers’ Bank Verification Numbers (BVN) for the payments.
He said the NDIC had traced depositors’ alternative bank accounts and credited them directly without requiring physical visits.
He advised depositors without BVNs to visit the nearest NDIC zonal office for verification and payment processing
“The CBN revoked the licences of the 46 microfinance banks on July 1, 2026,” he said.
He said the NDIC automatically became the provisional liquidator after the revocation, in line with the law.
Sunday said the corporation had commenced payment of the insured maximum deposit of N2 million to eligible customers.
He explained that further payments would depend on the recovery of the failed banks’ assets and outstanding debts.
He said proceeds realised from recoveries would be distributed as liquidation dividends to eligible depositors.
Sunday cited Heritage Bank, Aso Savings and Union Homes as examples of the NDIC’s prompt reimbursement efforts.
He said insured depositors of Heritage Bank were paid within four days of the revocation of its licence.
He added that customers of Aso Savings and Union Homes received payments within 72 hours.
“The law allows us 30 days, but we are working to surpass our previous records,” he said.
The Central Bank of Nigeria (CBN) revoked the banks’ licences for failing to meet regulatory requirements for continued operations.
The apex bank said the action was aimed at protecting depositors, strengthening financial stability and ensuring regulatory compliance.
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