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
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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