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
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
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Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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