Bank
Access Bank Win Against Sonny Odogwu’s Estate As Court Orders him To Pay N26bn Debt
Access Bank Win Against Sonny Odogwu’s Estate As Court Orders him To Pay N26bn Debt
Justice Daniel Osiagor of the Federal High Court, Lagos today upheld the N26 billion debt claim by Access Bank PlC against the estate of the late Ide Ahaba of Asaba, Chief Sonny Odogwu.
Osiagor upheld the bank’s claim after dismissing the preliminary objection filed by the estate of the late Chief Sonny Odogwu challenging the claim of the bank adding that a consent judgement had earlier been entered in which parties to the debt agreed on the payment of N12 billion as full and final payment.
The defendants in the preliminary objection added that having taking benefit of the consent judgement, the plaintiff can’t turn around and ask the court to set aside same.
However, Access Bank it it’s claim before the court said the said judgement was floored in that it was delivered by a court that lacked jurisdiction to entertain it at the time it was entered as consent judgement.
The bank through it’s counsel, Kemi Balogun, SAN said the matter having been placed at the bossom of the Court of Appeal , the lower court which entered the consent judgement as the judgement of the court is Functus Officio ( lacked jurisdiction) and that the only court that has the power to adjudicate on such matter at that level is the appellate court.
Justice Osiagor while dismissing the objection of the defendants nullified the consent judgement entered by Justice Rilwan Aikawa which sanctioned the consent judgement on the ground that it lacked jurisdiction to grant such order as it is functus officio of the matter as at the time he granted the order.
The judge then affirmed the earlier judgement of justice Saliu Saidu which ordered the defendants to pay it’s outstanding indebtedness of N26 billion.
Justice Osiagor however ruled that the payment must be less all amount earleir paid to the judgement creditor
The court also award a cost of N200,000 against the defendants’.
It would be recalled that Access Bank Plc and the late Ide Ahaba of Asaba, Chief Sonny Odogwu, entered into a N26 billion loan agreement when he was alive. The late businessman wanted to use the facility to build luxury apartments to be known as Le Meridien Grand Towers in highbrow Ikoyi, Lagos.
In line with global best practices, the bank demanded for collateral security.
Thus Odogwu mortgaged prime properties in Lagos, Abuja, Dubai, and Los Angeles to Access Bank in return for the facility. After the death of the businessman, the mortgaged properties eventually become a subject of litigation
Trouble started when the estate of the late Chief Odogwu, reacted angrily to a move by Access Bank to take over the uncompleted property due to the non performance of the loan.
The defendants’ went to town with a statement that the property was not part of the consent agreement reached by both parties, and registered as a judgment of Federal High Court, Lagos. The release signed by the estate lawyer, Chief Anthony Idigbe SAN was published by various media platforms on Tuesday.
Reacting to the statement, Access Bank said that the Ikoyi property was not the only one that fell within the purview of the November 3, 2015 Federal High Court judgment that ordered the bank to take over the properties used it as collateral in lieu of the N26 billion loan facility.
Other properties include Berendo Property located in Los Angeles, State of California, United States of America, Unit No: FN428, The Fairmont Palm Residence (North), Dubai, United Arab Emirates, Asokoro Shopping weMall, Abuja, 1 Happy Home Street, Kirikiri, Lagos, properties located at Kingsway and Lawrence Roads, Ikoyi Lagos.
Access bank also stated that it is is the successor in title to Diamond Bank Plc following its merger with Diamond Bank Plc.2
The crux of the matter was that former Diamond Bank PlC granted facilities to the Judgment Debtors for the construction of a property to be known as Le Meridien Grand Towers located and lying at 31-35 Ikoyi Crescent, Lagos and registered as No. 17 at page 17 in volume 100 at the Federal Lands Registry, Ikoyi, Lagos. The property is mortgaged to the bank as collateral for the facilities.
However, litigation that ensued over the inability of company, Robert Dyson & Diket Limited to liquidate the facility, Access Bank secured a Judgment in the sum of N26,229,943,035.22 consequent upon a Federal High Court judgment in Suit No. FHC/L/CS/1633/2014 delivered on 3rd November 2015 against Robert Dyson & Diket Limited & 2 Ors (the Judgment Debtors) in relation to the Project Finance for development of a seven-star hotel and residences (“the Project”).
Following the Judgment, Robert Dyson entered an Appeal against the said judgment and a motion staying the execution of same in APPEAL NO: CA/L/1151/2015 – ROBERT DYSON & DIKET LIMITED & 2 ORS. V. DIAMOND BANK PLC & 3 ORS.
The Judgment Debtors also filed a Counter-Claim against the Access Bank in the State High Court: SUIT NO: LD/1666CMW/2016 – LEADWAY CAPITAL & TRUSTS LIMITED V. DIAMOND BANK PLC & 2 ORS.
Alpha Morgan Bank Rolls Out Mobile App for Android & iOS — Instant Account Opening on Alpha Morgan Bank Mobile App
Alpha Morgan Bank officially launched its mobile banking application, marking a major milestone in the Bank’s mission to simplify banking experiences for individuals and businesses across Nigeria. The Alpha Morgan Banking App is available for download on both Goole Play Store and iOS App Store.
Built around the principles of simplicity and user-centric innovation, the Alpha Morgan App allows customers to take full control of their finances from the palm of their hand anytime and anywhere. With features that meet the evolving needs of modern banking users, the app provides a secure, intuitive, and efficient digital banking experience, designed to make everyday banking fast, simple, and secure.
Users can enjoy instant onboarding and account access, seamless fund transfers both within and outside Alpha Morgan Bank network and effortless bill payments. The app also offers real-time transaction history for easy tracking, secure login options including biometric authentication, and round-the-clock access to customer service support, all tailored to delivering Satisfying Banking at your fingertips.
According to Mr. Ade Buraimo, Managing Director/CEO of Alpha Morgan Bank, “The launch of the Alpha Morgan App is a digital convenience and a significant step forward in our broader mission of delivering satisfying banking to every customer.”
This digital rollout also complements Alpha Morgan Bank’s commitment to flexible and accessible banking across Nigeria’s diverse population.
Customers can now download the Alpha Morgan App on Google Play Store and iOS App store.
Scan to download Alpha Morgan Bank App
FirstBank Agric and Export Conference: Charting a New Course for Non-Oil Exports
Lagos, 11 August 2025 – FirstBank, the premier West African financial institution and financial inclusion service provider is proud to announce the 2025 edition of the FirstBank Agric and Export Conference themed “The Fundamentals of Building a Non-Oil Export Driven Economy“, which will take place on Tuesday, August 19, 2025, at the Eko Convention Centre. Building on the momentum of previous successful editions, this year’s Expo reaffirms the Bank’s commitment to supporting Nigeria’s agricultural and non-oil export sectors as key drivers of economic development.
The FirstBank Agric and Export Conference aims to keep Nigerians abreast of emerging trends in the agricultural and non- oil export sector, whilst providing them insights into how innovative solutions can contribute to the overall development of the economy, and the nation at large. The conference will adopt a hybrid format, allowing most participants to join virtually while principal stakeholders attend in person. Attendees will have the opportunity to explore exhibition booths featuring major organizations and associations from industry. The event will feature a keynote speech, Goodwill messages, Plenary discussions, where select Speakers will expound on the theme and technical sessions to be handled by subject matter Specialists in the Agriculture and Export Value Chain.
Expected guest speakers include the Honourable Minister of Agriculture & Food Security, Senator Abubakar Kyari as the keynote speaker while the plenary and technical sessions will be enriched by insights from industry leaders like the MD Bank of Agriculture (BOA), Mr. Jafar Abubakar Umar; MD/CEO Nigerian Export-Import Bank (NEXIM), Mr. Abba Bello; National Action Committee on AfCFTA, Mr. Segun Awolowo; President, All Farmers Association of Nigeria, Architect Kabir Ibrahim, CEO Nigerian Export Promotion Council (NEPC), Mrs. Nonye Ayeni and a host of others. These renowned speakers will contribute their expertise and perspectives throughout the various sessions, ensuring participants gain valuable knowledge to enhance their roles within the agricultural and export value chain
Speaking on the Conference, Olusegun Alebiosu, Managing Director, FirstBank Group stated, “The FirstBank Agric and Export Conference is a strategic platform for stakeholders to converge, share knowledge, and drive strategies that can unlock the full potential of Nigeria’s agricultural sector and non-oil export industry. Through this platform, FirstBank is empowering customers and stakeholders by providing them with actionable insights, innovative solutions, and valuable connections that can help them navigate the complexities of the agricultural and nonoil export sectors. In addition, we aim to deliver tangible benefits to our customers, enhance their business prospects, and create lasting value for our stakeholders, while contributing to the growth and development of Nigeria’s economy.”
To participate in the FirstBank Agric and Export Conference, interested participants can click on https://firstbanknigeria.zoom.us/webinar/register/WN_Lit8tD6KSm6kzLMcyHwo8Q to register.
The FirstBank Agric and Export Conference is one of the Bank’s key initiatives to promote collaboration and innovation within the agricultural and non- oil export sectors. By providing a strategic platform for stakeholders, the conference aims to enhance the competitiveness of customers and partners in the global market. With agriculture identified as the most viable alternative to oil for generating foreign exchange earnings, this initiative supports economic diversification and is poised to accelerate national growth and development.
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Wema Bank Releases unaudited results for H1 2025, Profit Before Tax climbs 231% to N101.2billion
Wema Bank Releases unaudited results for H1 2025, Profit Before Tax climbs 231% to N101.2billion.
Wema Bank Plc, Nigeria’s oldest indigenous bank, most resilient and pioneer of Africa’s first fully digital bank, ALAT, has released its unaudited consolidated financial statements for the half-year period ended June 30, 2025, to the Nigerian Exchange Group (NGX).
On track to set an unprecedented benchmark, Wema Bank’s H1 2025 Unaudited Financial Results reported remarkable financial upturns including a Profit Before Tax (PBT) of ₦101.2 billion, representing a 231% increase compared to ₦30.55 billion recorded in the corresponding period of H1 2024. The Bank’s Gross Earnings also rose to ₦303.20 billion, reflecting a 70% increase from H1 2024’s ₦178.63 billion. Interest Income grew by 65% year-on-year to ₦240.12 billion (H1 2024: ₦145.53 billion), while Non-Interest Income surged by 91% year-on-year to ₦63.08 billion (H1 2024: ₦33.10 billion).
Wema Bank’s balance sheet remained robust and well-structured, with total assets rising from ₦3.585 trillion in HI 2024 to ₦3.963 trillion in H1 2025; deposit base growing by 3% from ₦2.523 trillion in FY 2024 to ₦2.60trillion, and Loans and Advances growing by 19% to ₦1.426 trillion in H1 2025, compared to ₦1.201trillion reported in FY 2024. The Bank’s Non-Performing Loan (NPL) ratio stood at 3.17% as at H1 2025, reflecting the Bank’s continued focus on maintaining asset quality. These indicators not only reflect Wema Bank’s resilience and efficiency, but also its strong capacity to sustain its growth momentum and continue to deliver optimum value to its stakeholders.
Commenting on the outstanding results, Wema Bank’s Managing Director/CEO, Moruf Oseni, affirmed the Bank’s commitment to maintaining the upward growth trajectory in its financials and delivering optimum value to every stakeholder of Wema Bank. According to him, “For 80 years, Wema Bank has redefined impossible, consistently breaking new ground and raising the bar in delivering positive impact. 3 years ago, we took our Profit Before Tax from ₦14.75 billion in 2022 to ₦43.59 billion in 2023, and in 2024, our PBT stood at an impressive ₦102 billion. Now, just halfway through 2025, we have achieved over 99% of our 2024 full-year PBT in just H1, and for us, this is just a starting point”.
“As a Bank, we have remained committed to surpassing expectations and redefining limitations and this is a standard we are prepared to uphold relentlessly. Wema Bank is the Bank that works for all and we will continue to pull all stops in delivering optimum value to every stakeholder, from our shareholders to customers, employees, partners, regulators, and every person and institution who has played a part in our 80-year journey and beyond,” Oseni concluded.
For 8 decades, Wema Bank has built a legacy of empowering lives, breaking untapped ground, setting industry standards, proving unmatched resilience and delivering unparalleled value to Nigerians of all ages, from all walks of life and across diverse verticals and industries. These Unaudited Financial Results further reflect the Bank’s strength and capacity to sustain its legacy in the decades to come.
Other key profitability and efficiency metrics that further underscore the Bank’s performance, as recorded in the H1 2025 Unaudited Results, include a 60.40% growth in Return on Average Equity (ROAE), 4.64% growth in Return on Average Assets (ROAA), 13.68% growth in Capital Adequacy Ratio (CAR) and 47.55% growth in Cost-to-Income Ratio.
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