E-Financial
Ecobank Nigeria to Appeal Honeywell’s Purported N72 billion Court Judgement

Ecobank Nigeria Limited says it will appeal a judgement by the Federal High Court in Lagos, presided over by Hon. Justice Liman, which delivered a judgment in favour of Honeywell Flour against the bank and ordered it to pay the sum of N72 billion.
The bank said it believe that the judgment is perverse and cannot stand the test of time. It also noted that it would vigorously challenge same, and remain confident that it can reverse this judgment at the higher courts.
Sources from the bank stated that the instant suit was an action filed in 2018 for the enforcement of the Bank’s Undertaking as to Damages which was filed in pursuance of its Winding Up Petition and the Ex-Parte Orders which were granted in favour of the Bank.
“We challenged the action through a Notice of Preliminary Objection dated 16th October, 2018 whereby we challenged the jurisdiction of the Federal High Court, as (among other reasons), the action did not fall within the provisions of Section 251 (d) of the Constitution, being that the subject matter of the suit was for the Claim of Damages arising out of an Ex-Parte Order, as opposed to a Banker-Customer relationship.
Trial was concluded in this matter since 9th March, 2021 and the parties adopted their final written addresses alongside our Notice of Preliminary objection on the 16th March, 2022, the Court then adjourned the matter to 27th May, 2022 for judgment. While the court failed to deliver judgment on the said date, the registrar of the court promised to inform counsel whenever the judgement was ready”.
“In the wake of the Supreme Court’s decision in the Bank’s favour, in Suit No. SC/CV/210/2021 which was delivered on 27th January 2023, the bank further filed a Motion on notice dated 9th March, 2023 to dismiss the Suit on the grounds that same has become academic as a result of the judgment entered in favour of Ecobank wherein the Supreme Court held that Honeywell remained indebted to the Bank.
“The Court heard motion dated 9th March, 2023 and adjourned to 23th June, 2023 for ruling on our two applications and also for delivery of judgment.
“The Court consequently delivered the said ruling/judgment today July 18 via a virtual proceeding at about 4pm.
“In its Judgment, the Court dismissed the two applications we filed, holding that it has jurisdiction to entertain the suit and also that the suit had not become academic”.
According to the bank, In reaching its judgment, the Court ignored/refused (among others): Submissions showing that the Ex-Parte Orders were discharged on points of law and not that it was frivolously obtained by the Bank; that the Ex-Parte Order lasted for less than 2 weeks, contrary to the Claim of Honeywell which was said to have covered the period of three years; that the documents presented by Honeywell particularly the annual returns did not show the alleged damage, hence same was indeed non-existent; that documents from various other Banks who were served with the ex-parte order showed that the Honeywell companies were indeed highly indebted to them, hence there was no way the Ex-Parte Orders would have frozen funds in the said Banks; and more importantly, the Court refused all the objections regarding the documents maliciously prepared by Honeywell for the sole purpose of instituting the Suit and claiming unjustifiable sums from the Bank.
The bank reiterated that it is a member of the Ecobank Group, the Pan-African Bank which is proudly and fully committed to transparency in all the countries where it operates, and abide by laws and regulations. It believes that this matter should be conclusively determined in line with the applicable judicial process.
E-Financial
Fidelity Bank Raises ₦232Bn in First Phase of Capital Raising

Fidelity Bank Plc, Leading financial institution, has announced the successful conclusion of the first tranche of its equity capital raise through its Public Offer and Rights Issue (the Combined Offer) following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN), and approval of the Basis of Allotment by the Securities and Exchange Commission (SEC).
A total of 108,046 applications for 23,791,687,463 Ordinary Shares totaling ₦231,968,952,764.25 were received on the Public Offer. Out of these, 107,588 applications for 23,768,724,000 Ordinary Shares totaling ₦231,745,059,000.00 were found to be valid based on the terms of the Offer and the CBN’s verification. However, 458 invalid applications for 22,765,143 Ordinary Shares totaling ₦221,960,144.25 were rejected, while 548 applications which included odd lots amounting to 198,320 Ordinary Shares (i.e. ₦1,933,620.00) were also rejected. The Public Offer was 237% subscribed and 150% allotted.
With respect to the Rights Issue, 7,559 applications for 4,430,290,237 Ordinary Shares totaling ₦40,980,184,692.25 were received of which 656 applications for 23,037,442 Ordinary Shares totaling ₦213,096,338.50 were invalid based on the terms of the Rights Issue. The Rights Issue was 137.73% subscribed and 100% allotted.
“We are delighted to announce the successful completion of the first phase of our capital raising initiatives through a Public Offer and Rights Issue. The positive result recorded in our Combined Offer is a testament to the strength of the Fidelity Bank franchise in the capital market. It is both gratifying and humbling to note this level of investor confidence in our Bank.
“We extend sincere gratitude to our investors for their continued confidence in the Bank, as evidenced by the 237.92% and 137.73% oversubscription of our Public Offer and Rights Issue respectively. As we go into the next phase of our capital raising drive, we reaffirm our commitment to providing cutting-edge financial solutions to our customers and sustainable returns to our stakeholders”, commented Dr Nneka Onyeali-Ikpe, OON, Managing Director and Chief Executive Officer, Fidelity Bank Plc.
The funds realised from this initial phase of capital raising will be deployed to local and international business expansion, enhancement of technology infrastructure and deepening customer service initiatives.
With the successful conclusion of the first phase of capital raising, the Board of Directors recently obtained the approval of shareholders to commence the second phase and is confident of meeting the new regulatory capital for banks with international authorisation before the CBN’s deadline of March 31, 2026.
Following the CBN’s publication of the revised minimum capital requirement for banks in March 2024, Fidelity Bank with its combined offer of June 2024, became the first financial institution undertake a public offer on the Nigerian Exchange Group.
From an offer price of N9.75 per share for the Public Offer and N9.25 per share for the Rights Issue in June 2024, the Bank’s shares traded at a high of N21.15 on February 7, 2025, a growth rate of over 116%, the highest for any financial institution in the banking industry.
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.
E-Financial
FG Seeks Fresh $580m Loan from World Bank

Federal government of Nigeria is seeking two fresh loans totaling $580m from the World Bank in March 2025.
The loans are for: Accelerating Nutrition Results in Nigeria 2.0; and HOPE for Quality Basic Education for All, are expected to receive final approvals on March 27 and March 20, 2025, respectively.
According to the report on World Bank’s website, the funding will be used to improve nutrition and education initiatives, with two projects currently awaiting approval.
The HOPE for Quality Basic Education for All programme has a commitment of $552.18m, with $500m coming from the World Bank and an additional $54m from other sources.
The initiative is designed to tackle Nigeria’s education crisis, where over 17 million children remain out of school.
It is expected to enhance early childhood education, primary and junior secondary schooling, as well as expand access to learning resources.
The programme will be implemented by the Federal Ministry of Finance in collaboration with the Federal Ministry of Education and the Universal Basic Education Commission.
The project remains in the ‘Concept Review’ phase, requiring further consultations before being finalised.
The second loan project, the Accelerating Nutrition Results in Nigeria 2.0 project, is expected to secure $80m from the World Bank to address malnutrition and food insecurity.
The $232m was approved on June 27, 2018, for the Accelerating Nutrition Results in Nigeria.
This initial loan project was faced with a number of challenges, leading to some changes, including the cancellation of some amount from the total approved loan.
However, the Federal Government is currently engaging the World Bank to get an extra loan for a second part of this project.
The approval day for the second part was moved from February 20, 2025, to March 20.
As Nigeria continues to struggle with a high rate of stunting among children, the project seeks to improve access to quality nutrition services, particularly for pregnant women, lactating mothers, adolescent girls, and children under five.
It will be implemented through primary healthcare facilities and community-based programmes.
Also, it will include interventions such as nutrition-smart agriculture to bolster household food security and dietary diversity.
Part of the funding will support project management, government coordination, and data-driven decision-making to enhance long-term sustainability.
This project is currently at the ‘Decision Meeting’ stage, indicating it is closer to final approval compared to the education initiative.
The approval of these loans is expected to enhance Nigeria’s human capital development by improving education and nutrition outcomes.
The World Bank has been a key development partner, funding various projects to address socioeconomic challenges in the country.
However, concerns persist over Nigeria’s growing debt burden, with economists questioning the government’s borrowing strategy.
The Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.95bn from the World Bank in about 18 months.
Not less than 10 loan projects have been approved by the World Bank under the current administration.
According to data from the external debt report released by the Debt Management Office, the World Bank’s share of Nigeria’s debt totals $17.32bn, with the majority owed to the International Development Association, which accounts for $16.84bn, which represents 39.14 per cent of Nigeria’s total external debt.
The International Bank for Reconstruction and Development, another arm of the World Bank, is owed $485.08m, or 1.13 per cent.
The Federal Government had earlier spent $3.58bn servicing its foreign debt in the first nine months of 2024, representing a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.
This was according to data from the Central Bank of Nigeria on international payment statistics.
The significant rise in external debt service payments shows the mounting pressure on Nigeria’s fiscal balance amid ongoing economic challenges.
The World Bank, in its recent International Debt Report, revealed that developing nations spent an unprecedented $1.4tn on foreign debt servicing in 2023, driven by a surge in interest rates to their highest levels in 20 years.
Interest payments alone reached $406bn, a nearly 30 per cent increase from the previous year, severely impacting spending in critical sectors such as health, education, and environmental programs.
According to the report, the most vulnerable economies, those eligible for loans from the World Bank’s International Development Association, bore the brunt of the financial strain.
E-Financial
Leadway Group Launches Campaign to Drive Financial Inclusion

Leadway Group, one of Nigeria’s non-banking financial services provider, has launched a nationwide retail campaign to drive financial inclusion and enhance awareness of its comprehensive suite of insurance solutions.
The company said the initiative underscored its commitment to delivering accessible and tailored financial products designed to meet the diverse needs of Nigerians.
It said the campaign, tagged “No Looseguard”, is a collaborative effort among Leadway Group’s five subsidiaries and business extensions which include Leadway Assurance Company (LAC), Leadway Asset Management (LAM), Leadway Pensure (LP), Leadway Capital and Trust (LCT), and Leadway Health (LH).
Together, these entities offer a holistic approach to financial security and wellbeing, ensuring that Nigerians have access to robust insurance, investment, pension, trust, and health solutions.
Leadway said the campaign aimed to educate Nigerians on the importance of proactive planning for wealth creation, risk management, retirement security, wealth protection, wealth transfer, and physical well-being. It emphasised that the tools for effective planning were available to Nigerians through the comprehensive one-stop shop offered by the Leadway Group.
Speaking on the campaign, Diana Mulili, Head of Digital Business at Leadway, highlighted the significance of intentional life decision-making and the group’s commitment to empowering individuals to make smarter choices for their financial security, fulfilled living and peace of mind, despite life’s uncertainties.
“Nigerians need to take deliberate steps to secure their financial future and overall well-being. As the campaign rightly states, ‘Life comes at you fast,’ so don’t lose guard; because if you snooze, you lose,” she stated.
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