E-Financial
Firm Calls First Bank Out over Alleged IP Infringement, Demands N125m
Xtreme Cr8tivity Xpressions Limited, design and innovation firm, has threatened to drag First Bank Plc to court over alleged unauathorised use of its intellectual property (IP).
Design and innovation firm is also demanding N125 million from the bank for allegedly using its IP for its 125 anniversary celebration without authorization on the bank’s website, T-shirts, buildings and other merchandising benefits.
Xtreme Cr8tivity Xpressions, a start-up claimed that it is being muscled out of business by First Bank.
First Bank is yet to react to the allegations when Nigeria CommunicationsWeek contacted the bank.
Mrs Folake Ani-Mumuney, group Head, Marketing and Corporate Communications, however responded to a follow-up email saying “This is to confirm receipt in the first instance and to loop my colleague Ismail who is our Head of Media. I shall also forward this to our legal team who to my knowledge have engaged appropriately and as is our standard practice. Given there is legal engagement already this approach is therefore a surprise to me”
Mrs Ani-Mumuney did not get back at the time of filing this report even after another reminder.
On its part, Xtreme Cr8tivity Xpressions through Gee Law Firm, its lawyers claimed it has written to the bank thrice on the issue.
The first letter dated August 28, 2019, addressed to the managing director of First Bank, and signed by Femi Mathew Adedoyin of Gee Law Firm read:
DEMAND FOR PAYMENT OF THE SUM OF ONE HUNDRED AND TWENTY FIVE MILLION NAIRA N125,000,000 TO XTREME CR8TIVITY XPRESSIONS LTD FOR THE DESIGN OF THE 125 ANNIVERSARY DIARY LOGO AND UNAUTHORISED USAGE OF WEBSITES, T-SHIRTS, BUIDLINGS AND OTHER MERCHANDISING BENEFITS BY FIRST BANK PLC WITHOUT THE CONSENT OF OUR CLIENT.
We have been consulted and our legal services retained by XTREME CR8TIVITY XPRESSIONS LTD (A design and innovation firm) of N0. 97, Channels Television Road, Isheri OPIC Extension, Ogun State (hereinafter referred to as “Our Client”) and on her behalf we write in connection with the above subject matter.
Itis the brief our Client that sometime in 2018, our Client having become aware of the impending 125th anniversary celebration of First Bank Pls, came up with a diary concept and special anniversary logo badge. Our Client made representation to the Bank and it was wholly welcomed and our Client was requested by the Bank to come up with different styles and patterns which if finally accepted by the Bank our Client will be fully paid.
In response to the demand of the Bank, our Client set out and made different molds at our Client’s costs. After same was submitted to the Bank, invoice was sent to the Bank’s negotiation team. For about three months our Client did not get any response from the Bank until a terse email was sent with a request that our Client varies the price for the anniversary diary project to half the price quoted in the invoice submitted by our Client. Our Client was shocked beyond words.
It was at a meeting later summoned by the top management of the Bank that our Client was informed that the Bank had secured another vendor to produce massively and our client was given a small quantity as a shared contract with the new vendor.
Our Client was surprised to note that the logo badge that was made by our Client was tweaked and used maximally for the 125thAnniversary on every medium available (Website, T-shirts, FBN Holdings Diaries, Backdrops, Envelopes, Headquarter buildings etc).
It was most shocking to our Client that the Bank that prides herself as one building a sound reputation with the highest standard of responsible behavior could desecrate the intellectual property of another without compensation.
In view of the above representation Sir, it is the instruction of our Client that we demand, and we hereby demand as follows;
- a) The payment of the sum of Twenty FiveMillion Naira (N25,000,000.00) being our Client’s due for relief design and logo.
- b) The payment of the sum of One Hundred Million Naira (N100,000,000.00) being damages for copyright infringement in the logo and design of our Client.
- c) FINALLY, the withdrawal of all materials bearing the design and logo the property of our Client from all internal and external outlets including the print and electronic media.
TAKE NOTICE that should the Bank failed, refused or neglected to pay the above sum totaling One Hundred and Twenty Five Million Naira (N125,000,000.00) to our Client within fourteen (14) days from the date of the receipt of this letter, we shall be left with no other viable option than to set in motion the legal machinery to recover same in a Court of competent jurisdiction with substantial cost.
In its second letter dated November 7, 2019 to the managing director of First Bank and signed by Nosakhare Uwadiae for Gee Law Firm, reiterated its demands.
The letter read:
RE: DEMAND FOR PAYMENT OF THE SUM OF ONE HUNDRED AND TWENTY FIVE MILLION NAIRA N125,000,000 TO XTREME CR8TIVITY XPRESSIONS LTD FOR THE DESIGN OF THE 125 ANNIVERSARY DIARY LOGO AND UNAUTHORISED USAGE OF WEBSITES, T-SHIRTS, BUIDLINGS AND OTHER MERCHANDISING BENEFITS BY FIRST BANK PLC WITHOUT THE CONSENT OF OUR CLIENT.
The above subject matter refers.
You will recall that a letter dated 18thSeptember, 2019 was sent to you via a courier service company in response to your request that we furnish your Bank with a hardcopy of the logo, the unauthorized usage of which our Client; XTREME CR8TIVITY XPRESSIONS complained.
We are however surprised that since the delivery of our letter with the copies of the logo to your Bank through the courier service company; we have not received any comprehensive response from your Bank.
Please note that if within fourteen (14) days of the receipt of this reminder a response is not received from your Bank, we shall be left with no other viable option than to approach the appropriate court with requisite jurisdiction to ventilate the grievances of our Client without any further recourse to your Bank.
Securities and Exchange Commission (SEC) has commenced the implementation of a fully electronic registration system for capital market operators, marking a major milestone in its digital transformation drive aimed at improving regulatory efficiency, reducing processing time and strengthening oversight of Nigeria’s capital market.
The new electronic registration (e-Registration) platform, deployed through the Commission’s ePortal, allows designated regulatory services to be completed entirely online, eliminating manual processes for services covered in the current phase.
The initiative comes as the SEC intensifies reforms to modernise the Nigerian capital market, enhance the ease of doing business and leverage technology to improve service delivery to market participants.
In a statement issued on Wednesday, the Commission said Capital Market Operators (CMOs) can now complete designated post-registration processes electronically, from application submission and regulatory review to approvals and the communication of regulatory decisions.
According to the regulator, the platform is designed to simplify interactions between operators and the Commission, reduce administrative bottlenecks, shorten processing timelines and give applicants real-time visibility into the status of their applications.
The SEC said the transition to a fully digital registration process would also improve operational efficiency by introducing standardised workflows, electronic documentation, secure digital record management and stronger audit trails, while enhancing regulatory oversight.
“The new platform represents a major step towards creating a seamless digital regulatory ecosystem that enhances operational efficiency while strengthening regulatory effectiveness,” the Commission stated.
Beyond improving efficiency, the regulator said the platform would reinforce the integrity of regulatory processes by minimising delays associated with paper-based documentation and improving the quality of regulatory data used for supervision and decision-making.
It added that the digital system would provide a stronger foundation for regulatory analytics and future technology-driven innovations aimed at enhancing market oversight.
The Commission explained that the implementation is being rolled out in phases to ensure a smooth transition for market participants while safeguarding the stability and integrity of regulatory processes.
For now, the e-Registration platform is limited to post-registration services for existing Capital Market Operators.
entrants seeking registration in the Nigerian capital market are not yet covered under the current phase, adding that electronic processing for new registrations will be introduced at a later date.
The Commission urged all licensed operators to familiarise themselves with the new platform and comply with implementation timelines to ensure a seamless migration to the digital system.
The latest move forms part of the SEC’s broader reform agenda to modernise market infrastructure, improve transparency and strengthen investor confidence as Nigeria seeks to deepen its capital market and enhance its competitiveness in the global financial system.
Market observers believe the digital registration initiative is expected to reduce compliance costs, improve regulatory turnaround time and support a more efficient operating environment for licensed operators, while reinforcing the Commission’s push towards a technology-driven capital market ecosystem.
Elon Musk’s social media company X, formerly known as Twitter, launched its own bank account-like product where users can send money to one another.
The service, known as X Money, is not a new bank.
X Money is using technology and banking services provided by Cross River Bank, and branding that backbone as X Money.
It is common for new financial companies to use a traditional bank’s backbone to launch its services, as chartering a new bank is a timely and costly process.
Currently X Money is invite only, and users will receive a “X”-branded Visa debit card that is useable at any ATM.
Users of X will be able to send money to other X users in real-time, the company said. Invitations are only available to X’s paying members presently
In order to attract customers, X Money is offering a 6% yield on deposits and 3% cashback on eligible purchases.
In order to earn the 6% yield, a customer would need to deposit at least $1,000 into an account.
Customers would also have to be signed up for X’s premium services, which is at least $8 a month. It would require at least a deposit of $1,600 in order to cover X’s premium services cost.
Musk has long talked about turning X into an “everything app” that would include financial services.
Musk has his origins in financial services, creating one of the first online banks under the brand X.com. That company was later bought and merged into what is now known as PayPal.
It’s still early for X Money, but the company is entering into a competitive market, dominated by PayPal’s Venmo money transfer service and other peer-to-peer money transfer services like Zelle and Cash App.
Central Bank of Nigeria (CBN) imposed N430 million in penalties on financial institutions in 2025 over delays in resolving customer complaints and failure to comply with its directives, underscoring a tougher regulatory stance on consumer protection in the banking sector.
The sanctions were disclosed in the apex bank’s 2025 Annual Report, which showed that 21 penalties worth N430 million were imposed on financial institutions during the review period for infractions linked to complaints management.
According to Nairametrics, the report stated that the affected institutions were sanctioned for “delays in resolving customer complaints to failure to comply with the Bank’s directives.”
The report read, “the Bank imposed 21 penalties on financial institutions to the tune of N430.00 million, for infractions ranging from delays in resolving customer complaints to failure to comply with the Bank’s directives.”
The latest enforcement action comes as the CBN recorded a rise in the number of complaints lodged by users of financial services, suggesting greater reliance on the regulator’s consumer protection framework.
According to the report, the CBN received 23,129 complaints from consumers of financial services in 2025, representing a 10.53% increase from the 20,925 complaints recorded in 2024.
The apex bank attributed the increase to growing public awareness and stronger confidence in its complaint resolution process rather than a deterioration in banking services.
The report stated, “The Bank received a total of 23,129 complaints from consumers of financial services in 2025, a rise of 10.53%, above the 20,925 in 2024. The trend reflected increased awareness and improved confidence in the Bank’s consumer complaint resolution process.”
It added that 18,824 complaints were successfully resolved during the year, representing a 9.36% increase from the 17,213 complaints resolved in 2024.
The report also showed a sharp increase in the value of claims handled by the regulator.
Claims denominated in local currency rose to N40.61 billion in 2025 from N17.13 billion a year earlier, while foreign currency claims climbed to $344.2 million from $1.06 million.
consumers recovered N19.12 billion and $329.3 million in refunds during the year, compared with N9.66 billion and $0.67 million refunded in 2024.
Beyond the N430 million sanctions relating to customer complaints, the CBN disclosed that it imposed another 11 penalties worth N1.26 billion on financial institutions for regulatory breaches and failure to respond to regulatory queries.
The report indicates that complaints management formed part of a wider overhaul of the CBN’s supervisory and market conduct framework in 2025.
In 2022, the CBN issued a guide on how aggrieved customers can complain about financial institutions such as commercial banks.
The regulator established a dedicated Compliance Department to strengthen oversight of financial crime, market conduct, complaints management, advertising standards, cybersecurity, data protection and corporate governance across CBN-regulated institutions.
Olayemi Cardoso, governor, CBN, recently said that the CBN and deposit money banks are reviewing excessive transaction alerts and customer charges amid complaints from bank users over confusing debit notifications and deductions.
Cardoso said the apex bank had set up a quarterly engagement structure involving its consumer protection team, deposit money banks and the top 10 microfinance banks to address unresolved customer complaints.
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