“Calm Down, Wait for Facts!” — Oba Solomon Weighs In on Verydarkman Arrest, GTBank Boycott

Controversial Nigerian preacher, Oba Solomon, has called for calm amid rising public outrage and online campaigns following the arrest of popular social media critic Verydarkman (VDM), which has sparked mass calls to boycott Guaranty Trust Bank (GTBank).

VDM was reportedly apprehended after visiting a GTBank branch with his mother to resolve issues related to unexplained debits. While the exact reason for his detention remains unclear, speculation that the bank collaborated with the Economic and Financial Crimes Commission (EFCC) to arrest one of its own customers has ignited a firestorm of backlash online.

But as hashtags trend and tempers flare, Oba Solomon is urging Nigerians not to jump to conclusions.

“I cannot tell the government to release VDM until I know his offence. Nobody is above the law,” he said in a viral video posted Saturday evening.

Breaking ranks with many social media influencers and online commentators, Solomon refrained from condemning either the EFCC or GTBank, instead urging Nigerians to wait for an official statement expected on Monday from the anti-graft agency.

“Everybody should calm down and wait till Monday when the EFCC will release the official statement on why he was arrested. If they fail to do that, we can then swear for them,” he added, injecting his characteristic mix of bluntness and satire.

The preacher emphasized the importance of due process and warned against rushing to vilify institutions without verified facts.

“The government can arrest anyone, anywhere. But let us not make noise without evidence. Let’s hear from them first.”

As tensions continue to mount and digital protests against GTBank gain momentum, Oba Solomon’s remarks serve as a rare voice of caution—reminding Nigerians that clarity, not chaos, should lead the conversation.

ZENITH BANK DELIGHTS SHAREHOLDERS WITH DIVIDEND PAYOUT OF N195.67 BILLION, PROMISES QUANTUM LEAP IN FUTURE

Dividends shareholders of Zenith Bank Plc, at the 34th Annual General Meeting (AGM) held at the Civic Centre, Victoria Island, Lagos, on Tuesday, April 29, 2025, approved the proposed final dividend payment of NGN4.00 per share, bringing the total dividend for the 2024 financial year to NGN5.00 per share, with a total value of NGN195.67 billion.The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, thanked the shareholders for their unflinching support and commitment, which have been responsible for the bank’s stellar performance over the years.

He noted that despite challenges globally in 2024, Zenith Bank was able to leverage the opportunities within the environment of each subsidiary to record a performance that solidly attests to the bank’s resilience as a brand.The Group Managing Director/Chief Executive Officer, Dame Dr. Adaora Umeoji, OON, expressed her appreciation to the shareholders for their commitment and support, promising quantum leap in dividends going forward.

According to her, “This is the first time that I am addressing the Annual General Meeting (AGM) in my capacity as the first female GMD/CEO of Zenith Bank. I would like to thank you for your confidence and support that has placed me in this position today”.

She further said that “Zenith Bank is committed to, not only meeting your expectations, but exceeding them. We are focused on running a very efficient and sustainable institution that is resilient and will ensure that our institution outlives many generations to come”.

Talking specifically about dividend, she emphasized that “If you look at our dividends trajectory, payments over the period have always increased and we will continue to maintain this record. We have successfully completed our recapitalization exercise, achieving 160% subscription. Therefore, we are not under any pressure to go back for the second time to raise funds. Zenith Bank has sufficient capital buffer to do business and we will continue to delight our shareholders. We are committed to growing our topline organically while adhering to our strict corporate governance culture.”

Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), applauded the Group Managing Director for her efforts in ensuring the growth of the bank’s financial indices.

He said, “We are very happy that the bank is paying us N5. Most importantly the GMD/CEO, Dame Dr. Adaora Umeoji, has done so well. In the past year, she won the award for the Banker of the Year which is very commendable, and all the bank’s indices have gone up; we are now experiencing trillions in profit against N676 billion the previous year, and the shareholder’s funds, the gross earnings – everything now is in trillions. I think this is very commendable. The bank has won so many awards – no bank in Nigeria has won such qualitative awards like they have.

They also surpassed the capitalization threshold of CBN by 160% – this is unprecedented. We are very happy with their performance.”Speaking on the dividend payout, Alhaji Otunba Mukhtar Mukhtar, Chairman, Trusted Shareholders Association of Nigeria, said “The consistency of Zenith Bank dividend payout has never been matched in Nigeria. Since the inception of this bank, they have kept giving shareholders a consistent dividend payout, and this has made shareholders to be richer, happier, and more excited at the hardwork, performance and commitment of the bank.

We are very happy. If you look at the Profit Before Tax (PBT) and the Profit After Tax (PAT), they have been able to cross the N1 trillion. threshold. They have given us a Profit Before Tax of N1.3 trillion, which is very commendable. The shareholders, as you have seen at the meeting, have expressed their happiness and joy about this performance. I am grateful to the Chairman, Dr. Jim Ovia, CFR, the Management and the Board for such an outstanding performance.”Ambassador Dr. Olatunde Okelana, the Balogun Olugbon of Orile- Igbon, Oyo State, also commented on the bank’s dividend payout. In his words, “Zenith Bank investment has been the best for me. I want to believe that whoever has not invested in Zenith Bank has lost. Their dividend policy is very palatable, very beautiful in the banking industry and the lady at the helm of affairs is performing wonderfully well. She is one of the best female CEOs in the banking Industry in Nigeria. I am a capitalist, so I invest where my money can give me beautiful returns. I want to tell you that Zenith Bank has been the best in the capital market and it is the best investment. Dr. Jim Ovia, CFR, the Founder & Chairman, is a benefit to mankind, he has done the best by giving us Zenith Bank. 99.9% of my savings is in Zenith Bank, because I have confidence in them and in the Management led by Dame Dr. Adaora. I want to encourage many Nigerians to invest in Zenith Bank so that they too can reap the fruit of their labor as soon as possible.

I am very happy to be a shareholder of this bank.Chief Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, praised the Chairman and Management of Zenith Bank for their consistent delivery of value to shareholders. He noted, “The dividend we received this year of N5 has been a promise which they have given to us at several forums which they have called at different times, and we thank them for not failing us in their promise. I am very proud to be a shareholder of Zenith Bank, and also their customer. The bank is a very reliable bank – if you keep your investments in Zenith Bank, you can go to sleep because there is always somebody there watching your investment for you.”The bank’s robust financial performance in 2024 alluded to its commitment to continually delivering value to its investors in spite of challenging macroeconomic conditions. Zenith Bank Group achieved a remarkable double-digit growth of 86% in gross earnings, from NGN2.13 trillion in the previous year to NGN3.97 trillion in 2024.

This was driven by a 138% increase in interest income, supported by investment in high-yield government securities, and growth in the Bank’s loan book. Customer deposits grew by 45%, reflecting the bank’s market leadership and customers’ trust. Total assets rose by 47%, underpinned by a strong liquidity position and effective balance sheet management.Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognized as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; and Best Bank in Nigeria for four times in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards.

Supreme Court sets aside N22trn judgement against Union Bank

The Supreme Court has set aside a Federal High Court judgement in which over N22 trillion was awarded against Union Bank and other parties since 2014.
The judgement arose from a suit instituted by a company known as Visana Nigeria Limited which claimed that Union Bank was indebted to it in the sum of approximately $8 million at an interest rate of 2.5 per cent per month compounded from January 2000 until judgement and thereafter at 10 per cent per annum from the date of judgement until the sum was fully paid.

Delivering the lead judgement of the Supreme Court, with which four other Justices agreed, Justice Stephen Jonah Adah regretted how non-adherence to a settled judicial precedent by the two lower courts had caused a simple matter to be in court for over 25 years.
The final determination of the case is expected to lay to rest the discomfort of the CBN and other regulators of Union Bank, its auditors and rating agencies on the possible impact of the judgement on the going concern status of the bank.

Visana instituted the suit against the defendants, alleging that Metalloplastica Nigeria Limited, a Borrower from Union Bank was indebted to it in the sum of $7,616,188.94 as at December 1993 and that the purported Deed of Debenture made on 24th February 1989, pursuant to which Continental Merchant Bank appointed Chief R. U. Uche as Receiver/Manager of Metalloplastica was invalid, same having been procured “without the prior written consent of Universal Trust Bank and its successors-in title or assigns (being Union Bank) as provided in paragraph 13(f) of the original Debenture issued by Metalloplastica in favour of Universal Trust Bank.

Judgment was delivered against Union Bank on 16 December 2014 for the sum of USD7,616,188.94 or its equivalent in Naira with pre judgement compound interest at the rate of 4.25 per cent per month from 26th January 2000 till the date of judgement and thereafter at the rate of 10 per cent on the judgement sum per annum from the date of the judgement till final liquidation of the debt.

The Court of Appeal later heard the application filed by the 1st respondent (Visana Nigeria Limited) to rely on fresh evidence. The Appeal was heard, and judgement was delivered on the 16th of April 2021. Judgement was reduced to the sum of USD 365, 605.32 or its equivalent in Naira with pre-judgement with interest at 4.25 per cent per month simple interest from 31st December 1993 to 16th December 2014 and thereafter at the rate of 10 per cent per annum from the date of the judgement at the court below until final liquidation of the Judgment debt.

Still dissatisfied by the judgement of the Court of Appeal, Union Bank further appealed to the Supreme Court in 2021. Union Bank’s persistence paid off in the judgement delivered on Friday, 25 April 2025.