Business

Court Halts Acquisition of Spring Bank

Published

16 years ago

December 23, 2009

Justice Lambo Akanbi of the Federal High Court has described the role played by the Central Bank of Nigeria (CBN), the Nigerian Stock Exchange (NSE) and the Security and Exchange Commission (SEC) in the acquisition of Spring Bank Plc by Bank PHB as reckless and with impunity. Regretting their role, Akanbi in an interlocutory ruling in Lagos last Wednesday stopped the defendants from taking any steps towards the changing of the name, logo and title of Spring Bank either on its own or as member of the board of Bank PHB. Lord Chief Udensi Ifegwu and Emmanuel U. Okorie, the two aggrieved shareholders of Spring Bank had in the wake of moves by Bank PHB to acquire the bank last year, Approached the court to halt the planned acquisition. The plaintiffs argued that due process of law was ignored by the respondents in acquiring the bank. Named as respondents to the suit were Bank PHB, Spring Registrars Limited, CBN, SEC, NSE, Spring Bank and Westcom Technologies and Energy Services Limited. Upon the filing of the suit, the court in October 2008, gave an interim order, restraining the respondents from sanctioning planned acquisition of the shares of Spring Bank by Bank PHB pending the determination of the suit. It also restrained Bank PHB from passing any resolution of its meeting schedule to hold at the Ballroom of Eko Hotel, Victoria Island, Lagos or any date orday or any other place or venue, with a view to passing any resolution on the bidding for shares of Spring Bank or on the acquisition of Spring Bank in any form or shape, pending the determination of the motion on notice. Despite the court’s order, the respondents went ahead with the take over process and later announced the acquisition of the share capital of Spring Bank by Bank PHB. Justice Akanbi held that it was rather “regrettable unfortunate and sad that agencies of the Federal Government (CBN, NSE and SEC) in total disregard for the rule of law and in a brazen show of power proceeded to batter the much cherished laudable and welcome desire of President Umaru Yar’Adua to give to the country, a lasting democracy built on a solid foundation of the rule by colluding with other respondents to disregard the order of the court”. He further held that disobedience of court should be “seen as an offence, not only directed against the personality of the Judge, but as a calculated act of subversion of peace, law and order in the Nigeria society”. Justice Akanbi said he was of the view that “for a nation such as ours to have stability and respect for democracy, obviously the rule of law must be allowed to follow its normal course unencumbered. “Obedience of orders of court is fundamental to the good order, peace and stability of the society. The ugly alternative is a painful remembrance or the triumph of brute force or anarchy. I regret to observe that those agencies of government are promoting anarchy and executive indiscipline capable of wrecking the organic framework of the society. “Such a despicable act on the part of the CBN, NSE and SEC must not be condoned. It must not be condoned. It must be condemned in all its ramification and force and I have no hesitation to condemn it. The CBN, NSE and SEC acted recklessly, contemptuously and shamelessly by going ahead to do an act in which there is a pending application for the court to restrain. “The integrity of the court is at stake and court must therefore intervene to protect and preserve such integrity lest it will be made a laughing stock and will be seen no longer as the last hope of the common man.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

2 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

2 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

7 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.