Connect with us

News

Nigeria Freezes Accounts Of Sacked Bank Chiefs As Depositors Make Panic Withdrawals

Published

on

The Nigerian anti-graft agency said Saturday it had frozen the accounts of the sacked directors of five ailing banks for running the institutions into insolvency.

“We have frozen the accounts of the former managing directors and executive directors of the five banks,” Economic and Financial Crimes Commission (EFCC) spokesman Femi Babafemi told our correspondent

He said the agency had also invited the auditors of the affected banks for questioning.

“The auditors have to tell us what they know about the financials of the banks. How they came about huge debts and non-performing loans without the auditors raising the alarm,” he said.

The heads of Afribank plc, Intercontinental Bank plc, Union Bank plc, Oceanic Bank plc and Finbank plc were removed on August 14 by the Central Bank of Nigeria governor, Sanusi Lamido Sanusi, for piling up billions of dollars in bad debts and inefficiency.

The CBN accused the banks’ management of granting loans to prominent Nigerian businessmen and companies without following best practice.

The total loan portfolio of these five banks came to N2,801.92 billion, according to CBN.

Margin loans amounted to N456.28 billion and exposure to oil and gas loans amounted to N487.02 billion while aggregate non-performing loans stood at N1,143 billion, it said.

The EFCC has given the debtors one week to pay up or face arrest and prosecution.

Meanwhile, panic withdrawals by depositors and a thick cloud of uncertainty are shaking Nigeria’s financial sector after the sacking of the directors of five key ailing banks, operators and analysts said.

Central Bank of Nigeria (CBN) governor Sanusi Lamido Sanusi earlier this month removed the heads of Afribank, Intercontinental Bank, Union Bank, Oceanic Bank and Finbank for piling up billions of dollars in bad debts.

The books of about a dozen other banks are also currently under CBN scrutiny to determine their viability, debts and liquidity status.

“There are apprehensions in the industry on what will be the fate of the remaining banks because of CBN’s action,” a treasury manager in one of the nation’s banks, Sunday Adeola, told our correspondent.

The dismissals of the bank chiefs and the anti-graft agency’s threat to arrest, prosecute or seize property of the debtors of the banks if they failed to pay in a week has put the heat on the sector, analysts said.

“The… system has witnessed massive cash outflows in recent days. Depositors are jittery and they are withdrawing their money,” said analyst Joel Allison.

“Bank vaults are becoming empty and if the trend continues we may have another bank failure on our hands,” he said, recalling the liquidation of dozens of distressed banks in the 1990s after bad management and fraud.

Dozens of the owners and managers of those failed banks were prosecuted or jailed while others fled the country to evade arrest.

The CBN chief earlier this month accused the management of the five ailing banks of giving loans to prominent Nigerian businessmen and companies without adhering to good corporate governance and risk management practices.

He put the total loan portfolio of the ailing banks at N2.8 trillion.

The CBN has also published a list of dozens of prominent Nigerians businessmen as debtors to these banks.

The list includes tycoon Aliko Dangote, rated by US Forbes magazine as one of the world’s richest Africans with a net worth of around $3.3 billion.

Dangote, 52, who is also the new president of the Nigeria Stock Exchange (NSE) has denied managing the oil and gas company listed as owing Intercontinental Bank more than eight billion naira.

The Nigerian government has in the past days tried to calm the nerves of agitated bank depositors by assuring them that their money is safe and that it will not allow the debt-ridden banks to sink.

The government has already announced a N400 billion naira  bailout for the affected banks.

Nigeria’s central labour movement NLC lauded Sanusi’s action, and urged the CBN to restore public confidence in the industry.

Rasheed Yusuf of the Association of Stockbroking Houses of Nigeria also called for proper management of the situation “in a way that the market will not be jeopardised.”

The confusion in this important sector of the Nigerian economy is further exacerbated by the fact that three key players — Dangote, NSE director general, Ndi Okereke-Onyiuke and International Bank’s ex-boss, Erastus Akingbola  were listed by the CBN as bank debtors.

Okereke-Onyiuke is also a director in Transnational Corp, a failing conglomerate, which the CBN says owes Union Bank about N31 billion.

Five years ago, in a bid to shore up the capital base of these financial institutions, the number of banks was cut from more than 90 to 25 solid ones.

The figure later dropped to 24 when two of the banks merged.

But that early caution appears to have dissolved in more recent times and the global economic crisis has made the credit crunch that much tougher.

Mindful of the 1990s banking crisis, weary Nigerians are being cautious.

“Yesterday I took all my money from my bank to avoid possible unpleasant consequences,” said Femi Afolabi, a Lagos hotelier, who lost almost three million naira in 1995 when his bank failed.

Continue Reading

News

Zabbey Emerges Social Impact Man Of The Year 2025 Reaffirms Commitment To Ogoni Transformation

Published

on

The Project Coordinator of the Hydrocarbon Pollution Remediation Project (HYPREP), Prof. Nenibarini Zabbey, has been named Social Impact Man of the Year 2025 by Daily Independent Newspapers.
The award was presented at the Independent Awards 2025 Silver Jubilee Edition held at Eko Hotels and Suites, Lagos, as part of activities marking the organisation’s 25th anniversary of editorial excellence.
Managing Director and Editor-in-Chief of Independent Newspapers, Steve Omanufeme, said the award recognises individuals who have demonstrated exceptional leadership and transformative impact in their respective fields. He explained that recipients emerged through a rigorous process involving public voting, editorial board scrutiny, and assessment by a panel of judges.
Omanufeme noted that Zabbey’s selection reflects his outstanding contributions to environmental restoration and community development in Ogoniland through the Ogoni cleanup project.
With over two decades of experience spanning research, advocacy, capacity development, and administration, Zabbey has, within three years of leading HYPREP, implemented people-focused initiatives aimed at improving livelihoods and restoring degraded ecosystems.
Under his leadership, the project has reportedly created more than 7,000 direct jobs and facilitated the training of thousands of youths and women in high-demand skills, including mechatronics, cybersecurity, commercial diving, underwater welding, and data analytics.
HYPREP has also trained over 5,000 beneficiaries across 21 vocational skill areas, providing start-up kits to support entrepreneurship and economic empowerment.
In the area of environmental sustainability, the agency has established 31 environmental clubs in secondary schools and trained 2,500 youths with International Maritime Organization (IMO) certification to support shoreline cleanup and mangrove restoration efforts.
The project has recorded significant ecological milestones, including the cleanup of over 1,000 hectares of shoreline and restoration of 560 hectares of mangroves. This progress contributed to the designation of Ogoni mangrove wetlands as a Ramsar Site of international importance.
Beyond environmental remediation, HYPREP has expanded its social intervention programmes to include educational grants and scholarships for over 1,000 students, support for small and medium-scale enterprises, and skills training for persons living with special needs.
Infrastructure and healthcare development have also featured prominently, with ongoing projects such as the Ogoni Specialist Hospital, a Cottage Hospital, the Ogoni Power Project, and the Centre of Excellence for Environmental Restoration. The agency has further strengthened emergency healthcare delivery by donating five ambulances to medical facilities in the region.
Additionally, potable water has been provided to more than 40 communities, alongside the construction of wind-powered water systems in underserved areas.
Speaking on the award, Zabbey described it as a validation of HYPREP’s integrated approach to environmental restoration, healthcare improvement, and economic empowerment.
“We remain committed to delivering a cleanup that not only restores the environment but also improves livelihoods in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu,” he said.
HYPREP, in a statement, expressed appreciation to the management of Independent Newspapers for the recognition, the Federal Ministry of Environment for its oversight role, and the Ogoni communities for their continued support and collaboration.
The agency was established by the Federal Government of Nigeria to implement the recommendations of the United Nations Environment Programme (UNEP) report on Ogoniland and restore areas impacted by oil pollution.

By: Donatus Ebi

Continue Reading

News

Supreme Court Awards N2m Cost Against Cassidy Ikegbidi, Others For Violating Court Orders

Published

on

The Supreme Court of Nigeria has awarded a total cost of ¦ 2 million against High Chief Cassidy Ikegbidi and other appellants in the protracted Eze Igbu Akoh II chieftaincy dispute, citing abuse of judicial process and disobedience of subsisting court orders, in a ruling that underscores growing judicial intolerance for procedural delays in long-running traditional leadership cases.
The decision, delivered on March 16, 2026, in Abuja by a five-man panel of the apex court led by Justice Mohammed Lawal Garba, arose from a series of applications filed by High Chief Cassidy O. W. Ikegbidi and others against HRH Eze Godspower Okorobia Okpagi and seven others, in a dispute over the rightful occupant of the Eze Igbu Akoh II stool in Igbu Akoh Kingdom of Ekpeye ethnic nationality in Ahoada East Local Government Area of Rivers State.
Court proceedings revealed that the appellants had filed multiple motions before the Supreme Court, including an application seeking injunctive relief and another seeking leave to amend a ground of appeal. However, both applications were later withdrawn by the appellants after the respondents had already filed responses and appeared in court on several occasions.
Although counsel to the respondents did not oppose the withdrawal of the applications, they strongly urged the court to award costs, arguing that the appellants’ conduct had led to unnecessary delays and avoidable legal expenses. The respondents maintained that the repeated filing and subsequent withdrawal of applications amounted to a deliberate attempt to frustrate the judicial process.
In its ruling, the Supreme Court struck out the withdrawn applications but took a firm stance on the conduct of the appellants, holding that their actions constituted an abuse of court process. The court further noted that the appellants had acted in violation of subsisting injunctive orders earlier issued by the High Court and upheld by the Court of Appeal, a development that weighed heavily in its decision to impose sanctions.
Consequently, the apex court awarded a lump sum cost of ¦ 2 million against the appellants in favour of the 1st to 5th respondents as a punitive and deterrent measure, reinforcing the principle that litigants must approach the court with sincerity and respect for existing judicial orders.
The ruling, however, is strictly procedural and does not resolve the substantive issue of who is the rightful Eze Igbu Akoh II. Rather, it deals only with interlocutory applications that were brought before the court and subsequently withdrawn, leaving the core dispute to be decided at a later date.
The chieftaincy tussle, which has lingered for years, can be traced back to a judgment delivered on March 14, 2018, by the High Court sitting in Ahoada, presided over by Justice T.S. Oji, which reportedly ruled in favour of Eze Godspower Okorobia Okpagi. Dissatisfied with the outcome, the opposing parties pursued appeals, leading to a prolonged legal battle that moved through the Court of Appeal in Port Harcourt and eventually to the Supreme Court.
While Eze Okpagi has consistently maintained that he is the only duly elected candidate for the Eze Igbu Akoh II stool, according to the customs and traditions of the Ekpeye ethnic nationality, as well as based on favourable court rulings, High Chief Cassidy Ikegbidi has continued to lay claim to the stool, a situation that has deepened tensions and prolonged uncertainty within the kingdom.
The immediate implication of the Supreme Court’s ruling is that the appellants have lost all pending interim reliefs, having withdrawn their applications, and now have no active motion before the apex court capable of altering the current legal position. More importantly, the injunctions granted by the High Court and affirmed by the Court of Appeal remain valid and binding, as they were neither set aside nor suspended by the Supreme Court.
This effectively places the respondents in a stronger position for now, as they continue to benefit from the subsisting judgments of the lower courts pending the final determination of the appeal. In contrast, the appellants must comply with the ¦ 2 million cost order and face a prolonged wait before the substantive issues in the case are heard.
Following the resolution of all pending applications, the Supreme Court adjourned the substantive appeal to March 19, 2029, a development that has generated mixed reactions among stakeholders, given the already lengthy duration of the dispute. The adjournment means that the final determination of the rightful occupant of the traditional stool will not be made for several more years, further extending a legal battle that has spanned nearly a decade.
Reacting to the ruling, Eze Godspower Okorobia Okpagi maintained that the decision reinforces the validity of earlier judgments in his favour, particularly as the Supreme Court declined to grant any relief that would have altered the status quo. He argued that the dismissal and withdrawal of the appellants’ applications confirm that the orders of the lower courts remain in full effect.
He further alleged that the appellants had taken steps inconsistent with those orders and accused them of employing delay tactics to prolong their hold on the situation, insisting that High Chief Ikegbidi should desist from parading himself as the Eze Igbu Akoh II pending the final determination of the appeal.
Legal observers note that chieftaincy disputes in Nigeria often become protracted due to their sensitive nature and the high cultural and political significance attached to traditional institutions, as well as the frequent filing of appeals and interlocutory applications that slow down the judicial process.

Continue Reading

News

PETOOP Inaugurates State Executives In PH

Published

on

A support group, Peter Obi Our President (PETOOP), has inaugurated its members and state executives from Rivers, Bayelsa and Cross River States in Port Harcourt, the Rivers State capital, with a renewed call to mobilise grassroots support ahead of the 2027 general elections.
The inauguration ceremony, held on Saturday, drew a large crowd of supporters and stakeholders from different walks of life, underscoring the growing political engagement around the group’s activities.
PETOOP said its core objective is to galvanise Nigerians across regions to support the presidential ambition of former Anambra State governor, Peter Obi, in the 2027 elections.
Chairman of the occasion, Dr. Okelechukwu Benjamin Okuolu, a former senatorial candidate for Rivers East under the Labour Party, described the group as a broad-based movement open to all Nigerians seeking good governance, stressing that it is not a political party.
Represented by Christian Ojukwu, Okuolu urged members to remain committed and make necessary sacrifices toward achieving credible leadership in the country. He expressed optimism about Obi’s chances in the next election cycle, citing what he described as the former governor’s leadership qualities.
Referring to the 2023 general elections, Okuolu encouraged members not to be discouraged by past challenges, but instead remain resolute and vigilant in future electoral processes.
He also commended the National Convener of PETOOP, Chief Magnus Oraka, for his mobilisation efforts aimed at fostering a better Nigeria.
In his remarks, Oraka called on members to remain courageous and steadfast, linking Nigeria’s economic challenges to what he described as leadership deficiencies.According to him, effective governance requires competence, foresight and experience in managing resources, urging Nigerians to prioritise these qualities in future leadership choices.

Also speaking, the Rivers State Coordinator of PETOOP, Mrs. Becky Napoleon, said the group represents a collective movement driven by conviction and a shared vision for national transformation.

She noted that the initiative is focused on inspiring action and generating practical solutions to the country’s challenges through unity and purposeful engagement.

“Our coming together is based on personal conviction and a shared belief in a better future for our country and generations to come,” she said, adding that meaningful transformation requires collective effort.

The Bayelsa State Coordinator, Mr. Ijaja Alabi, also addressed participants, aligning with the group’s message of unity and commitment to national development.

The event marks a significant step in PETOOP’s expansion efforts across the South-South region as it intensifies mobilisation activities ahead of the 2027 elections.

Continue Reading

Trending