Business
Fraudulent Land Transaction: Diamond Bank in Legal Battle to Save Regional Office.
A Lagos High Court, sitting at Ikeja, south west Nigeria, has adjourned for ruling to decide either to stay the execution of its judgement or not in a case of illegal acquiring landed property of a deceased Lagos businessman by Diamond bank Plc.
The court adjourned for ruling after hearing the argument of the two parties, Diamond bank contended that been dissatisfied with the judgement of the court has lodged an appeal at the appellate court while the claimants are claiming that the claimants should relinquish the possession of the house while the appeal is on going.
The court presided over by Justice Atinuke Oluyemi in a judgement delivered sometimes last year barred Diamond Bank Plc and Ablag Company Nigeria Limited from trespassing on a landed property located at 105, St. Finbarrs Road, near CMS Grammar School, Bariga Lagos state.
In her judgment, Justice Oluyemi upheld the case of the claimants, saying that the purported purchase of the property between 2006 and 2007 by the bank was invalid.
The court also awarded a cost of N50,000 against bank and the company.
Justice Oluyemi affirmed that the property located on 105, St. Finbarrs’ road, Bariga, Lagos, covered by a Deed of Conveyance dated November 20, 1967, and registered as number 25, at page 25 in volume 1292 in the office of the Land Registry, Alausa, Lagos, was legally vested in the property owners’ deceased father, Anicetus Ibhagbe Eikore.
“From the evidence before the court, I concur with the claimant’s final written address. The case of claimant succeeds. The property located on 105, St. Finbarrs’ road, Bariga, Lagos, covered by a Deed of Conveyance dated November 20, 1967, and registered as number 25, at page 25 in volume 1292 in the office of the Land Registry, Alausa, Lagos, is for the children of the deceased,” Justice Oluyemi said.
Diamond Bank Plc was dragged before the court by ten children of a deceased Lagos businessman Anicetus Ibhagbe Eikore, for allegedly demolishing their family house and using the land to build its regional headquarters.
The court was urged to resolve the controversy that led to the whole transaction, as the bank in its statement of defence averred that they purchased the house from the deceased in 2007 and thereafter erected its own building. But the children of the deceased averred that it was not possible for their father who died at Lagos Teaching Hospital, LUTH, Idi-Araba in Lagos on 2 November, 1990 at the age of 80 years with a letter of confirmation of death from the same hospital to have sold his house to the bank in 2007,seventeen years after his death,thereby alleging fraud.
Consequently, in a bid to reclaim their inheritance from Diamond Bank Plc the family of the late Anicetus Ibhagbe Eikore, commenced a legal battle before a High Court of Lagos, sitting at Ikeja, against the bank.
Joined as co-defendant in the suit is a limited liability company, Ablag Company Nigeria Limited, which was alleged to have served as vendor for the purchase of the property.
The deceased’s family of 10 among whom are Mrs. Rita Obhimon, Tony Eikore, Mrs. Veronica Afamah, Boniface Eikore, Miss Agnes Eikore, Augustine Eikore, Mrs. Philomena Adebowale, Mrs. Bose Isibor, Mrs. Ede Agbonhese, and Miss Lucy Eikore, in an amended statement of claim filed before the court by their lawyer, Barrister Jide Zaid, stated that the land and building was legally vested in their deceased father, the late Anicetus Ibhagbe Eikore, who died intestate on November 2, 1990.The claimants also stated that upon the death of their father in 1990, they mutually allowed the eldest son in the family, John Osemeahon Eikore, to live in the property in order to protect the estate on their behalf and that the said John Eikore was living in the property since 1991, until sometime in December 2007, when one of them, Miss Lucy Eikore told them that the said property had been demolished and rebuilt by Diamond Bank as its Regional headquarters office.
After notifying the family members, they called on their eldest brother, John Eikore informing him of the alleged unlawful trespass by the bank on their land.They added that all efforts made to invite the said John Eikore to a family meeting for the purpose of clarifying his dealing with the bank in respect of the property proved abortive, as his new residence and whereabouts became unknown to them.The claimants also stated that the bank’s dealing in respect of their family property is unlawful, reckless, speculative and gold-digging, as diligent and honest enquiry by the bank or its solicitors would have revealed that Mr. John Eikore could not have posed as the owner of their family property which was duly registered in 1967 and that subsequent investigation into the bank’s acts of trespassing on their land revealed that second defendant Ablag Nigeria Limited acted as front for some directors of the bank who purportedly bought the house with a deposit of N100,000, from a man who claimed to be their late father, Mr. Anicetus Eikore, who died intestate on November 2, 1990.They further stated that Slag Company,subsequently sold their family house to the Bank for the sum of N25 million, out of which they gave the impersonator and his agent the sum of N16,900,000 thereby making a whopping profit of N8 million from the illegal deal with the family property.
The claimants added that their late father who died intestate on November 2, 1990, could not have possibly sold or transferred any valid legal equitable title to either Diamond Bank or Ablag Company in 2006 or 2007, and that the purported unregistered and undated Deeds of Assignment between their father and the defendants is incurably defective, null and void. Consequently, the claimants were seeking a declaration that their family property could not have been sold or transferred to the defendants in 2006 or 2007 by their late father who died intestate on November 2, 1990. They were also seeking a declaration that the purported sale of their family property to the bank is invalid, null and void, therefore urging the court to issue an order setting aside the purported sale or transfer of the their family property to the defendants. They also sought an order of perpetual injunction restraining the defendants, whether by themselves, their agents or privies or by any person acting on their behalf from trespassing on their family property.
An order compelling the bank to vacate and give up vacant possession of their family property and the sum of N50 million as damages jointly and severally against the defendants for their alleged unlawful act of trespassing and shady dealing on their family land.
However, the defendants in their response to the suit, while denying the claimants’ amended statement of claim, insisted that they bought the property from the claimants’ late father in 2007.Diamond Bank in its statement of defence filed before the court by its lawyer, Segun Ololade, while denying all the claims of the claimants stated that it bought the property from the second defendant, Ablag Company Limited, who originally bought same from the late Anicetus Ibhagbe Eikore wherein purchase receipt, deed of sale and necessary documents to further support the fact that the deceased was the owner of the property was supplied to Ablag company by the claimants’ late father who also swore to an affidavit on January 11, 2007 and that it was upon the purchase of the said land from the claimants’ late father, that the second defendant proceeded to perfect the transactions. The bank also stated that before the execution of the necessary documents between the claimants’ late father to vest title of the property on the defendant, they took reasonable steps to conduct necessary searches and investigations of the said property and found out that the property was duly registered in the name of the claimants’ late father. The bank added that they bought the land without notice of any encumbrance. The bank therefore urged the court to dismiss the claimants’ suit with substantive cost, as it was not properly constituted and also being frivolous, vexatious, and abuse of court process. Also, the second defendant,
However Ablag Company Limited, in its statement of defence filed by its lawyer, Wole Ajayi, equally urged the court to dismiss the claimants’ suit with substantive cost for being frivolous, vexatious, gold-digging and fraudulent calculated to embarrass them and mislead the court.
It also contended that the claimants’ late father, Mr. Anicetus Ibhagbe Eikore in his capacity as the owner of the said property in the suit, sold the property to it in 2007 which it later directly transferred to the bank.
It added that the claimants’ late father on January 11, 2007, personally produced and swore to an affidavit in respect of the property and later with a police report by himself all in respect of the property in dispute.
According to Shokishombolonews.com
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025
By femi Oyewale
Business
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
In celebration of the season of love, Adron Homes and Properties has announced the launch of its special Valentine campaign, “Love for Love” Promo, a customer-centric initiative designed to reward Nigerians who choose to express love through smart, lasting real estate investments.
The Love for Love Promo offers clients attractive discounts, flexible payment options, and an array of exclusive gift items, reinforcing Adron Homes’ commitment to making property ownership both rewarding and accessible. The campaign runs throughout the Valentine season and applies to the company’s wide portfolio of estates and housing projects strategically located across Nigeria.
Speaking on the promo, the company’s Managing Director, Mrs Adenike Ajobo, stated that the initiative is aimed at encouraging individuals and families to move beyond conventional Valentine gifts by investing in assets that secure their future. According to the company, love is best demonstrated through stability, legacy, and long-term value—principles that real estate ownership represents.
Under the promo structure, clients who make a payment of ₦100,000 receive cake, chocolates, and a bottle of wine, while those who pay ₦200,000 are rewarded with a Love Hamper. Payments of ₦500,000 attract a Love Hamper plus cake, and clients who pay ₦1,000,000 enjoy a choice of a Samsung phone or a Love Hamper with cake.
The rewards become increasingly premium as commitment grows. Clients who pay ₦5,000,000 receive either an iPad or an all-expenses-paid romantic getaway for a couple at one of Nigeria’s finest hotels, which includes two nights’ accommodation, special treats, and a Love Hamper. A payment of ₦10,000,000 comes with a choice of a Samsung Z Fold 7, three nights at a top-tier resort in Nigeria, or a full solar power installation.
For high-value investors, the Love for Love Promo delivers exceptional lifestyle experiences. Clients who pay ₦30,000,000 on land are rewarded with a three-night couple’s trip to Doha, Qatar, or South Africa, while purchasers of any Adron Homes house valued at ₦50,000,000 receive a double-door refrigerator.
The promo covers Adron Homes’ estates located in Lagos, Shimawa, Sagamu, Atan–Ota, Papalanto, Abeokuta, Ibadan, Osun, Ekiti, Abuja, Nasarawa, and Niger States, offering clients the opportunity to invest in fast-growing, strategically positioned communities nationwide.
Adron Homes reiterated that beyond the incentives, the campaign underscores the company’s strong reputation for secure land titles, affordable pricing, strategic locations, and a proven legacy in real estate development.
As Valentine’s Day approaches, Adron Homes encourages Nigerians at home and in the diaspora to take advantage of the Love for Love Promo to enjoy exceptional value, exclusive rewards, and the opportunity to build a future rooted in love, security, and prosperity.
*Why Nigeria’s Banks Still on Shaky Ground with Big Profits, Weak Capital*
*BY BLAISE UDUNZE*
Despite the fragile 2024 economy grappling with inflation, currency volatility, and weak growth, Nigeria’s banking industry was widely portrayed as successful and strong amid triumphal headlines. The figures appeared to signal strength, resilience, and superior management as the Tier-1 banks such as Access Bank, Zenith Bank, GTBank, UBA, and First Bank of Nigeria, collectively reported profits approaching, and in some cases exceeding, N1 trillion. Surprisingly, a year later, these same banks touted as sound and solid are locked in a frenetic race to the capital markets, issuing rights offers and public placements back-to-back to meet the Central Bank of Nigeria’s N500 billion recapitalisation thresholds.
The contradiction is glaring. If Nigeria’s biggest banks are so profitable, why are they unable to internally fund their new capital requirements? Why have no fewer than 27 banks tapped the capital market in quick succession despite repeated assurances of balance-sheet robustness? And more fundamentally, what do these record profits actually say about the real health of the banking system?
The recapitalisation directive announced by the CBN in 2024 was ambitious by design. Banks with international licences were required to raise minimum capital to N500 billion by March 2026, while national and regional banks faced lower but still substantial thresholds ranging from N200 billion to N50 billion, respectively. Looking at the policy, it was sold as a modern reform meant to make banks stronger, more resilient in tough times, and better able to support major long-term economic development. In theory, strong banks should welcome such reforms. In practice, the scramble that followed has exposed uncomfortable truths about the structure of bank profitability in Nigeria.
At the heart of the inconsistency is a fundamental misunderstanding often encouraged by the banks themselves between profits and capital. Unknown to many, profitability, no matter how impressive, does not automatically translate into regulatory capital. Primarily, the CBN’s recapitalisation framework actually focuses on money paid in by shareholders when buying shares, fresh equity injected by investors over retained earnings or profits that exist mainly on paper.
This distinction matters because much of the profit surge recorded in 2024 and early 2025 was neither cash-generative nor sustainably repeatable. A significant portion of those headline banks’ profits reported actually came from foreign exchange revaluation gains following the sharp fall of the naira after exchange-rate unification. The industry witnessed that banks’ holding dollar-denominated assets their books showed bigger numbers as their balance sheets swell in naira terms, creating enormous paper profits without a corresponding improvement in underlying operational strength. These gains inflated income statements but did little to strengthen core capital, especially after the CBN barred banks from using FX revaluation gains for dividends or routine operations. In effect, banks looked richer without becoming stronger.
Beyond FX effects, Nigerian banks have increasingly relied on non-interest income fees, charges, and transaction levies to drive profitability. While this model is lucrative, it does not necessarily deepen financial intermediation or expand productive lending. High profits built on customer charges rather than loan growth offer limited support for long-term balance-sheet expansion. They also leave banks vulnerable when macroeconomic conditions shift, as is now happening.
Indeed, the recapitalisation exercise coincides with a turning point in the monetary cycle. The extraordinary conditions that supported bank earnings in 2024 and 2025 are beginning to unwind. Analysts now warn that Nigerian banks are approaching earnings reset, as net interest margins the backbone of traditional banking profitability, come under sustained pressure.
Renaissance Capital, in a January note, projects that major banks including Zenith, GTCO, Access Holdings, and UBA will struggle to deliver earnings growth in 2026 comparable to recent performance.
In a real sense, the CBN is expected to lower interest rates by 400 to 500 basis points because inflation is slowing down, and this means that banks will earn less on loans and government bonds, but they may not be able to quickly lower the interest they pay on deposits or other debts. The cash reserve requirements are still elevated, which does not earn interest; banks can’t easily increase or expand lending investments to make up for lower returns. The implications are significant. Net interest margin, the difference between what banks earn on loans and investments and what they pay on deposits, is poised to contract. Deposit competition is intensifying as lenders fight to shore up liquidity ahead of recapitalisation deadlines, pushing up funding costs. At the same time, yields on treasury bills and bonds, long a safe and lucrative haven for banks are expected to soften in a lower-rate environment. The result is a narrowing profit cushion just as banks are being asked to carry far larger equity bases.
Compounding this challenge is the fading of FX revaluation windfalls. With the naira relatively more stable in early 2026, the non-cash gains that once flattered bank earnings have largely evaporated. What remains is the less glamorous reality of core banking operations: credit risk management, cost efficiency, and genuine loan growth in a sluggish economy. In this new environment, maintaining headline profits will be far harder, even before accounting for the dilutive impact of recapitalisation.
That dilution is another underappreciated consequence of the capital rush. Massive share issuances mean that even if banks manage to sustain absolute profit levels, earnings per share and return on equity are likely to decline. Zenith, Access, UBA, and others are dramatically increasing their share counts. The same earnings pie is now being divided among many more shareholders, making individual returns leaner than during the pre-recapitalisation boom. For investors, the optics of strong profits may soon give way to the reality of weaker per-share performance.
Yet banks have pressed ahead, not only out of regulatory necessity but also strategic calculation.
During this period of recapitalization, investors are interested in the stock market with optimism, especially about bank shares, as banks are raising fresh capital, and this makes it easier to attract investments. This has become a season for the management teams to seize the moment to raise funds at relatively attractive valuations, strengthen ownership positions, and position themselves for post-recapitalisation dominance. In several cases, major shareholders and insiders have increased their stakes, as projected in the media, signalling confidence in long-term prospects even as near-term returns face pressure.
There is also a broader structural ambition at play. Well-capitalised banks can take on larger single obligor exposures, finance infrastructure projects, expand regionally, and compete more credibly with pan-African and global peers. From this perspective, recapitalisation is not merely about compliance but about reshaping the competitive hierarchy of Nigerian banking. What will be witnessed in the industry is that those who succeed will emerge larger, fewer, and more powerful. Those that fail will be forced into consolidation, retreat, or irrelevance.
For the wider economy, the outcome is ambiguous. Stronger banks with deeper capital buffers could improve systemic stability and enhance Nigeria’s ability to fund long-term development. The point is that while merging or consolidating banks may make them safer, it can also harm the market and the economy because it will reduce competition, let a few banks dominate, and encourage them to earn easy money from bonds and fees instead of funding real businesses. The truth be told, injecting more capital into the banks without complementary reforms in credit infrastructure, risk-sharing mechanisms, and fiscal discipline, isn’t enough as the aforementioned reforms are also needed.
The rush as exposed in this period, is that the moment Nigerian banks started raising new capital, the glaring reality behind their reported profits became clearer, that profits weren’t purely from good management, while the financial industry is not as sound and strong as its headline figures. The fact that trillion-naira profit banks must return repeatedly to shareholders for fresh capital is not a sign of excess strength, but of structural imbalance.
With the deadline for banks to raise new capital coming soon, by 31 March 2026, the focus has shifted from just raising N500 billion. N200 billion or N50 billion to think about the future shape and quality of Nigeria’s financial industry, or what it will actually look like afterward. Will recapitalisation mark a turning point toward deeper intermediation, lower dependence on speculative gains, and stronger support for economic growth? Or will it simply reset the numbers while leaving underlying incentives unchanged?
The answer will define the next chapter of Nigerian banking long after the capital market roadshows have ended and the profit headlines have faded.
Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]
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