Connect with us

Bank

Stanbic IBTC Bank PLC’s Rejoinder to The Guardian Newspaper Publication on Ascon Oil

Published

4 years ago

on

Stanbic IBTC Bank Nigeria PMI®: Softest rise in selling prices for a year

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

Related Topics:

Sahara weekly online is published by First Sahara weekly international. contact [email protected]

Continue Reading
Advertisement

Bank

Fidelity Bank grows gross earnings by 38% to N434.95b in Q1

Published

19 hours ago

on

May 27, 2026

By

Fidelity Bank grows gross earnings by 38% to N434.95b in Q1

 

Fidelity Bank Plc recorded 37.9 per cent growth in gross earnings to N434.95 billion in first quarter 2026 as the international commercial bank continued to expand its core banking market share.

 

Interim report and accounts of Fidelity Bank for the three months ended March 31, 2026 released at the Nigerian Exchange (NGX) showed that gross earnings rose from N315.42 billion in first quarter 20025 to N434.95 billion in first quarter 2026, representing an increase of 37.9 per cent.
The top-line performance was driven by impressive growth in the bank’s core business operations with interest incomes rising by 22.8 per cent to N314.48 billion in first quarter 2026 as against N256.10 billion in first quarter 2025.

 

With net interest income at N180.97 billion, the bank closed the period with profit before tax of N92.48 billion. After taxes, net profit stood at N74.47 billion for the three-month period. Earnings per share remained high at N5.69, underlining the capacity of the bank to reward its shareholders.

 

 

The balance sheet of the bank also emerged stronger. Total assets crossed the N11 trillion mark to N11.35 trillion by March 2026 compared with N10.46 trillion recorded in December 2025. Customers’ deposits increased from N6.89 trillion to N7.38 trillion. Total equity rode on the back of earnings growth to a 27.5 per cent increase from N1.09 trillion in December 2025 to N1.39 trillion by March 2026.

 

 

The first quarter 2026 results further consolidated the strong earnings outlook of the bank, which had successfully completed its recapitalisation amidst impressive earnings performance in 2025.
Fidelity Bank had recorded double-digit growths in interest and non-interest incomes as well as key balance sheet items during the year ended December 31, 2025.

 

 

The audited report showed that gross earnings rose from N1.04 trillion in 2024 to N1.52 trillion in 2025, an increase of 45.6 per cent. Interest and similar incomes had grown by 38.7 per cent from N803.1 billion in 2024 to N1.11 trillion in 2025. Fees and commission incomes also rose by 44.7 per cent from N78.4 billion to N113.4 billion. The bank recorded net profit after tax of N242.4 billion in 2025.

 

 

The bank’s balance sheet emerged stronger with total assets rising by 18.6 per cent to N10.46 trillion in 2025 as against N8.82 trillion in 2024. Customer deposits increased by 16.1 per cent from N5.94 trillion to N6.89 trillion, reflecting continued franchise strength and an improved funding profile. Net loans and advances meanwhile declined by 2.4 per cent to N4.28 trillion in 2025 as against N4.39 trillion in 2024, attributable to customers paying down on their mature obligations.

 

 

The bank had in 2025 strengthened its capital position, with eligible capital rising to N561 billion, above the regulatory minimum of N500 billion for banks with international authorisation. In addition, capital adequacy had remained robust, with Capital Adequacy Ratio of 30.94 per cent by December 2025 as against 23.47 per cent by December 2024.

 

Managing Director, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, said the first quarter 2026 results reinforced the bank’s strong and resilient business model.

 

She noted that with the remarkable success of its recapitalisation programme and continuing expansion, Fidelity Bank has entered a new era of growth and impressive returns.

 

“We are on a stronger footing and confident that we will set new growth records that are reflective of our legacy and the future we are working on,” Onyeali-Ikpe said.

Continue Reading

Bank

FirstBank, Visa Expand Premium Card Portfolio with Visa Signature Launch

Published

1 week ago

on

May 17, 2026

By

FirstBank, Visa Expand Premium Card Portfolio with Visa Signature Launch

Designed for Nigeria’s affluent segment, Visa Signature unlocks world-class benefits through Visa’s global network across travel, lifestyle, and premium merchant offers.

 

Lagos, Nigeria – May 15, 2026 – First Bank of Nigeria Limited, in partnership with Visa, has announced the launch of Visa Signature, a premium card offering designed for Nigeria’s affluent segment. The card unlocks an exclusive portfolio of lifestyle benefits, global travel privileges, and curated merchant offers through Visa’s worldwide acceptance network, giving high-spending Nigerians a product built around how they live.

 

 

Visa Signature targets Nigeria’s top executives, business owners, and frequent international travelers who expect more from their financial products. Through Visa Global benefits and Visa Destination offers, cardholders gain access to preferential rates, premium experiences, and priority services across hundreds of partner merchants, hotels, airlines, and destinations around the world. The card supports both domestic and cross-border transactions, ensuring seamless payment experiences whether cardholders are in Lagos, London, or Dubai.

 

 

 

Commenting on FirstBank’s ambition for its premium cardholders, Chuma Ezirim, Group Executive, eBusiness & Retail Products, FirstBank, said: “At FirstBank, we are dedicated to creating financial solutions that reflect the evolving lifestyles of our customers. We understand that our premium customers aspire to experiences that reflect their global outlook. Visa Signature is crafted to meet those expectations, offering access to exclusive experiences, global connectivity, and lifestyle privileges that empower our customers to live without boundaries. We remain focused on creating value and reinforcing our position as the partner of first choice for Nigerians at home and abroad.”

 

 

Highlighting the strategic importance of the FirstBank partnership, Andrew Uaboi, Vice President and Cluster Head, West Africa, Visa, noted: “Nigeria’s affluent consumers are among the most active and globally connected spenders on the continent. Visa Signature is designed to serve that profile with the depth of benefits and the breadth of acceptance they deserve. We are delighted to work with FirstBank in making this available to the Nigerian market.”

 

 

The launch marks a strategic step for FirstBank in deepening its premium product offering. FirstBank’s existing Visa portfolio already serves millions of Nigerians across everyday retail, cross-border commerce, and online transactions through Visa Infinite, Visa Gold, Naira Credit, and Visa Prepaid cards. Visa Signature adds a dedicated tier for the affluent segment, giving this customer group the recognition and privileges their spending profile demands.

Visa Signature is available to eligible FirstBank customers. Interested customers can visit any FirstBank branch nationwide or contact their dedicated relationship manager to apply.

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government enti

Continue Reading

Bank

Tony Elumelu at Africa Forward Summit: “Our Youth Do Not Need Handouts”

Published

1 week ago

on

May 17, 2026

By

Tony Elumelu at Africa Forward Summit: “Our Youth Do Not Need Handouts”

 

 

 

Heirs Holdings Founder tells Presidents Ruto and Macron that Africa wants partners of substance, based on equality, and that power and infrastructure must come first.

 

 

 

At the 2026 Africa Forward Summit, convened by Kenyan President H.E. William Ruto and French President H.E. Emmanuel Macron, Heirs Holdings Founder and Group Chair, Tony O. Elumelu, CFR, delivered a direct message to a room of heads of state, investors, and global business leaders: Africa is open for partnership, not patronage.

 

 

 

“We welcome true partnership — partnerships of substance and based on equity — where Africans and African solutions catalyse Africa’s future”, he remarked.

 

 

 

Elumelu argued that Africa’s transformation hinges on two foundational investments — electricity and infrastructure — and that private capital must do the heavy lifting.

 

 

 

“The private sector is what will help us mobilise capital to drive investment in infrastructure, investment in electricity. These are two critical requirements for the economic prosperity and development of Africa,” he said. “If we create the right operating environment, we will create jobs for our people. We will alleviate poverty and deliver growth and prosperity.”

 

 

 

With more than 65 percent of Africans under 35, Elumelu pushed back hard against the traditional language of aid.

 

aid.

 

 

 

“In Africa, we have a young population. There is no room for victim mentality. Our youth do not need handouts; they need jobs, they need improved access to electricity, they need to join the internet. What is important is providing this enablement, this infrastructure requirement, so that our young ones can realise their potential.”

 

 

 

His Tony Elumelu Foundation (TEF) has now provided access to training for 2.5 million young Africans and funded over 27,000 entrepreneurs across all 54 African countries — the continent’s largest entrepreneurship platform.

 

 

 

Elumelu signalled openness to every credible partner, regardless of geography.

 

 

 

“It is a good place to be at, as Africans, now. We should embrace those who want to help us catalyse growth in Africa. And let us not forget Africa is the fastest growing region globally – and it is not just demographics” he said.

 

 

 

“In the 21st century, the mindset must change. It should be a mindset that embraces economic prosperity and development, a mindset that creates the environment that will help us alleviate poverty in Africa, create jobs for our young people.”

 

 

 

Tony Elumelu’s participation at the summit aligns with Heirs Holdings’ broader commitment to driving long-term African development through strategic investments across sectors critical to economic transformation, including power, financial services, healthcare, hospitality, and technology.

 

 

 

The 2026 Africa Forward Summit concluded with renewed calls for deeper collaboration between governments, development institutions, and the private sector, as leaders exploredaid.

 

 

 

“In Africa, we have a young population. There is no room for victim mentality. Our youth do not need handouts; they need jobs, they need improved access to electricity, they need to join the internet. What is important is providing this enablement, this infrastructure requirement, so that our young ones can realise their potential.”

 

 

 

His Tony Elumelu Foundation (TEF) has now provided access to training for 2.5 million young Africans and funded over 27,000 entrepreneurs across all 546 African countries — the continent’s largest entrepreneurship platform.

 

 

 

Elumelu signalled openness to every credible partner, regardless of geography.

 

 

 

“It is a good place to be at, as Africans, now. We should embrace those who want to help us catalyse growth in Africa. And let us not forget Africa is the fastest growing region globally – and it is not just demographics” he said.

 

 

 

“In the 21st century, the mindset must change. It should be a mindset that embraces economic prosperity and development, a mindset that creates the environment that will help us alleviate poverty in Africa, create jobs for our young people.”

 

 

 

Tony Elumelu’s participation at the summit aligns with Heirs Holdings’ broader commitment to driving long-term African development through strategic investments across sectors critical to economic transformation, including power, financial services, healthcare, hospitality, and technology.

 

 

 

The 2026 Africa Forward Summit concluded with renewed calls for deeper collaboration between governments, development institutions, and the private sector, as leaders explored pathways to accelerate inclusive growth and strengthen Africa’s position within the global economy.

Continue Reading

Cover Of The Week

RSS Africa-Newsroom

RSS APO Group – Africa-Newsroom: latest news releases related to Africa

Trending