Bank
Stanbic IBTC Bank PLC’s Rejoinder to The Guardian Newspaper Publication on Ascon Oil
Stanbic IBTC Bank PLC’s Rejoinder to The Guardian Newspaper Publication on Ascon Oil
The attention of our client, Stanbic IBTC Bank PLC (“our client/Stanbic”) has been drawn to a press release published on page 28 of The Guardian Newspaper of Wednesday, 9th November 2022 by a faceless “Concerned Downstream Oil & Gas Industry Stakeholders” and captioned “Stanbic IBTC Bank Contempt and Deliberate Sabotage of Judicial Process”. The publication, a diversionary tactic, aimed at misleading our client’s customers, stakeholders and the general public, maliciously insinuated that our client employed extra-judicial processes in its attempt to recover the indebtedness of Ascon Oil Company Limited (“Ascon”) and also sabotaged lawful judicial processes.
We are not unaware of the fact that the dispute between our client, Ascon and Quest Oil and Engineering Services Limited (“Quest”) are currently sub judice as they are subject of cases pending before the High Court of Lagos State, the Federal High Court as well as the Court of Appeal. Without prejudice to the matters currently before the Courts, it is imperative to provide the following clarification to dispel the malicious misinformation contained in the publication.
1. Our client is a foremost financial institution committed to driving financial inclusion in Africa and contributing to the economic development of Nigeria. Our client as a law-abiding corporate organization has consistently carried out its businesses within the confines of the law.
2. Our client advanced several credit facilities to Ascon and Ascon serially defaulted in repaying the facilities. As of 11th May 2020, Ascon’s outstanding indebtedness to our client stood at the sum of N2,465,914,688 (two billion, four hundred and sixty-five million, nine hundred and fourteen thousand, six hundred and eighty-eight Naira) and USD$59,260.94 (fifty-nine thousand, two hundred and sixty Dollars, ninety-four Cents) with interest accruing daily.
3. Due to Ascon’s failure to repay its indebtedness, Stanbic appointed Mr. Olawale Akoni SAN (“the receiver”) as a Receiver over the petrol filling station at Block 36, Admiralty Way, Lekki Peninsula Scheme 1, Eti-Osa Local Government Area, Lagos State (“the property”) used as security for the loan, pursuant to its powers in the deed of legal mortgage it executed with Ascon.
4. Consequently, the Receiver approached the Federal High Court in Suit No. FHC/L/CS/567/2020 Olawale Akoni SAN v. Ascon Oil Company Limited, where he obtained an Order on 15th May 2020, directing the men and officers of the Nigerian Police Force to offer protection to the Receiver, to take over possession of the property used as security for the loan facilities.
5. The Receiver in the company of the men and officers of the Force, executed the said Order on 20th May 2020, as he peaceably took over possession of the property and handed same over to Stanbic who assigned its ownership to Rainoil Limited at the material time.
6. Stanbic thereafter instituted an action before the High Court of Lagos State in Suit No. LD/6965GCM/2020: Stanbic IBTC Bank Plc v Ascon Oil Company Limited to recover the balance of the sum owed to it by Ascon, which debt continues to accrue interest on a daily basis.
7. Ascon applied to the Federal High Court to set aside the Order made in favour of the Receiver on 15th May 2020. However, in the Court’s ruling of 24th July 2020, the Court affirmed that the actions of the Receiver taken pursuant to the Order of the Court directing police protection is valid and thus refused to set aside the Order or any actions or steps taken pursuant to the Order. Ascon immediately appealed this ruling to the Court of Appeal vide a notice of appeal dated 5th August 2021 and is requesting that the ruling of the Federal High Court be set aside. There is nowhere in the Court Orders of 15 May 2020 and 24 July 2020 or any other Court Order whatsoever that grants Ascon or anybody acting on their behalf to take possession of the property/Petrol Filling Station.
8. Nevertheless, Ascon, in a brazen display of self-help and disobedience to valid Court Orders, proceeded to the subject’s property on 4th August, 2020 and attempted to take over possession of the property. However, Ascon’s unlawful actions were swiftly repelled. Unsatisfied with its failed attempts at unlawfully retaking possession, Ascon instituted multiple Court actions against Stanbic and reported Stanbic to several regulatory and law enforcement agencies.
9. Rather than respect the status quoand await the judicial resolution of the pending suits, Ascon on Friday, 13th August, 2021, in an illegal act of self-help, willful destruction and illegal takeover of property, led some thugs and unauthorized law enforcement officers to the subject property and unlawfully took over the property, despite the pendency of a Court Order. Ascon thereafter mischievously rebranded the name of the Petrol Station from Ascon to Quest Oil.
10. In Order to perpetuate and surreptitiously legalize its unlawful takeover, Ascon on Friday, 20th August 2021 obtained an Order from the Lagos High Court in Suit No. LD/8029GCMW/2021 – Ascon Oil Company Limited v Rain Oil Limited mandating that the parties maintain status quo. Stanbic is not a party to this suit nor was it named in the said Order. Interestingly, the status quo is that Stanbic remains the owner of the property having exercised its powers under the deed of legal mortgage and accordingly, Ascon (acting as Quest Oil) ought to have since relinquished possession to Stanbic in compliance with the status quo Order. However, Ascon/Quest has chosen to act in utter contempt and breach of the Court Order.
11. It is imperative to add that Ascon has never denied its indebtedness to Stanbic. Unfortunately, and contrary to the impression created in the malicious publication, Ascon has not made any offer for amicable settlement of the dispute or submitted any proposal to Stanbic for the repayment of its protracted debt, which continues to accrue interest on a daily basis. Rather, Ascon has characteristically challenged the quantum of the debt. In Order to determine its indebtedness to our client, Ascon filed an application in Suit No: FHC/L/CS/618/2020 Ascon Oil Company Limited vs. Stanbic IBTC Bank Plc, wherein, Honourable Justice I. N Oweibo of the Federal High Court, Lagos appointed Deloitte to conduct a forensic audit Ascon’s account with Stanbic and confirm Ascon’s outstanding indebtedness to Stanbic.
12. The publication in The Guardian Newspaper is not only regrettable, but it is malicious and a gross misrepresentation of facts as well as a disservice to the reading general public. The publication in The Guardian was obviously engineered under the guise of a faceless group called “Concerned Downstream Oil & Gas Industry Stakeholders”.
13. Our client will not join issues with Ascon and its multitude of intermediaries over the pages of newspapers. Our client believes that justice will prevail through the instrumentality of the judicial process. While we counsel Ascon, Quest and their directors to eschew its extra-judicial tendencies and focus on how to repay its debts, we have our client’s firm instruction to take all lawful steps to protect its image and goodwill and we will not hesitate to initiate appropriate lawful measures to execute this instruction.
Signed:
BABALAKIN & CO
GTCO Plc Releases 2025 Full Year Audited Result
…Declares Another Record Dividend of ₦12.76k; Re-affirming Unrivalled Capacity to Creating Value
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2025, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
The Group reported profit before tax of ₦1.23trillion underpinned by strong growth in core earnings, with interest income and fee income increasing y-o-y by 23.2% and 25.9%, respectively. The performance reaffirms its capacity to generate sustainable earnings and builds on the momentum from 2024, when GTCO delivered a record profit of ₦1.27trillion, driven in part by ₦517.5billion in fair value gains, which did not recur in 2025.
The Group’s 2025 profit after tax came in at ₦865.75billion against ₦1.02trillion recorded in 2024. The profit after tax reflects the impact of recent fiscal policy adjustments to the taxation of investment securities, notably withholding tax on short-term instruments. However, when normalised for this effect, underlying earnings remain robust, driven by growth in core operating income.
The Group continues to maintain a well-structured, healthy, and diversified balance sheet in all the jurisdictions wherein it operates a Banking franchise, as well as across its Payments, Pension and Funds Management business verticals. Total assets and shareholders’ funds closed at ₦17.8trillion and ₦3.4trillion, respectively. Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 43.8%, likewise asset quality improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.4% and 5.0% at Bank and Group level in FY-2025 (Bank, 3.5%, and Group, 5.2% in December 2024). Cost of Risk (COR) also improved to 2.2% from 4.9% in December 2024. In specific terms, the Group’s loan book (net) grew by 12.4% from ₦2.79trillion as of December 2024 to ₦3.13trillion in December 2025. Similarly, deposit liabilities grew by 23.8% from ₦10.40trillion to ₦12.87trillion during the same period.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Our 2025 result underscores the resilience and depth of our earnings capacity. Following a record 2024, which included significant fair value gains, our focus has been on strengthening the sustainability of our earnings by driving growth across our core banking and ecosystem businesses. The strength of our underlying earnings, despite a stronger Naira and tighter regulatory parameters, reflects the quality of our franchise and the discipline with which we execute our strategy. Importantly, this strong core earnings performance underpins our capacity to sustain and grow shareholder returns. Our record dividend payout this year is not only a reflection of our current profitability but also of our confidence in the Group’s long-term earnings potential. Looking ahead, we remain focused on scaling our ecosystem, driving innovation across our financial services platform, and delivering consistent, high-quality earnings that support superior value creation for our shareholders.”
Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services Industry in terms of key financial ratios i.e., Post-Tax Return on Equity (ROAE) of 28.3%, Post-Tax Return on Assets (ROAA) of 5.3%, Capital Adequacy Ratio (CAR) of 43.8% and Cost to Income Ratio of 27.9%.
Guaranty Trust Holding Company Plc is a leading financial services group with operations across Africa and the United Kingdom. Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, the Group provides a wide range of banking and non-banking services including payments, funds management, and pension fund administration. GTCO Plc is committed to delivering long-term value to stakeholders while driving growth and development across its markets
ZENITH BANK OPENS MANCHESTER BRANCH TO SUPPORT CROSS-BORDER TRADE AND INVESTMENT
Zenith Bank Plc has announced the opening of a new branch in Manchester, United Kingdom, marking another significant milestone in the bank’s international growth and its commitment to strengthening financial connections between Africa and global markets.
The official opening ceremony, scheduled to hold on Tuesday, March 17, 2026, is expected to attract government officials from Nigeria and the United Kingdom, regulators, investors, customers, and business leaders from both countries, underscoring the growing economic ties and investment opportunities between the two markets.
The new Manchester branch will complement Zenith Bank’s existing operations in the United Kingdom and serve as a strategic hub for supporting businesses engaged in international trade and investment. Through the branch, the bank will provide corporate banking, trade finance, treasury and related financial services to clients operating across the United Kingdom, Europe and Africa.Speaking ahead of the launch, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said: “The opening of our Manchester branch represents another important step in Zenith Bank’s growth as a leading African financial institution connecting businesses and markets across continents. Manchester is one of the United Kingdom’s most dynamic commercial centres, and our presence here will further strengthen financial connections between businesses in the UK and opportunities across Africa’s rapidly expanding markets.
”Founded in 1990 by its Founder and Chairman, Jim Ovia, CFR, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability. Built on a strong foundation of people, technology and service, the Bank has consistently delivered innovative financial solutions while maintaining a disciplined approach to growth and risk management. The impressive performance of the Bank has consistently earned it excellent ratings, recognition and endorsement from local and international agencies and institutions.Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT). The Bank currently operates subsidiaries in several African countries including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres including the United Kingdom, France, UAE and China.
In recent years, Zenith Bank has continued to expand its international network as part of its strategy to support global trade and investment flows involving Africa.Manchester, widely regarded as one of the United Kingdom’s most vibrant economic centres, hosts a diverse base of businesses across sectors such as manufacturing, engineering, logistics, technology and consumer goods. The city’s strong commercial ecosystem and international outlook align closely with Zenith Bank’s expertise in corporate banking, structured finance and trade finance.The Manchester branch will work closely with the Bank’s London operations and its broader international network to support clients seeking to expand across markets and unlock new opportunities in both the United Kingdom and Africa.
With the opening of the Manchester branch, Zenith Bank continues to advance its vision of building a truly global African banking institution that connects businesses, facilitates trade and investment, and creates stronger economic bridges between Africa and the world.
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.
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