Nestoil Limited and Neconde Energy Limited have commenced legal proceedings seeking $1.8 billion in damages against FBN Quest, FBN Trustees, FirstBank, Access Bank, Zenith Bank, a court-appointed receiver, and other parties over the alleged unlawful disruption of crude oil production.

The companies claim the actions of the defendants resulted in significant production losses of about 20,000 barrels of oil per day, triggering substantial financial and operational setbacks.

Both companies alleged that the banks’ actions and the actions of their receiver crippled operations, slashing crude oil output from 60,000 barrels per day to below 40,000 barrels per day.

Besides, Nestoil and Neconde maintained that the action also impacted the planned new oil wells drilling campaign with the Pathfinder 500 Drilling Rig with devastating financial consequences and wider economic impact.

This was as the bid by Firstbank to orchestrate the reassignment of the ongoing trial court suit between FBNquest Merchant Bank Ltd/First Trustees Ltd and Nestoil/Neconde has completely collapsed under the full weight of the Supreme Court’s authority, with the Honourable Chief Judge firmly rejecting the reassignment application as baseless and legally untenable.

Relying squarely on the apex court’s judgment in Neconde Energy Limited v. FBNQuest Merchant Bank Ltd & 4 Ors., the Chief Judge made it clear that the Supreme Court found no fault with Hon. Justice Osiagor and gave no hint, directly or indirectly, that the case should be reassigned.

Instead, the Supreme Court ruling condemned the very tactics deployed by Firstbank describing their attempt to stall proceedings they initiated as suggestive of ulterior motives and a misuse of judicial process. That damning pronouncement has now sealed the fate of the reassignment bid.

Backed by the binding force of Section 235 of the Constitution, the court held that there is absolutely no legal basis to displace the trial judge. The attempt has been exposed for what has been termed a failed strategy to derail and manipulate the proceedings, with the consequences escalating fast.

With the Supreme Court’s rebuke now echoing through the case and a $1.8 billion claim on the way, the stakes have shifted dramatically, turning the matter into a high-impact legal and commercial show-down with far-reaching implications.

Meanwhile, a firm, Drawcok Estate Ltd has instituted a whopping N100 billion lawsuit against FBNQuest Merchant Bank Ltd, First Trustees Ltd, Mr Abubakar Sulu-Gambari (SAN) and the Deputy Sheriff, Federal High Court of Nigeria, Lagos division, over the alleged unlawful and forceful seizure of its property.

The firm in the suit marked: FHC/L/CS/22/26, claimed that the action of the defendants injured its business reputation, and caused it untold hardship, embarrassment, public odium, economic hardship and occasioned a breach of its right to fair hearing and the right to own moveable and immoveable properties.

According to the plaintiff, the defendants knowingly levied execution of a court order on its property No. 41, No. 42 Akin Adesola Street and 60 Saka Tinubu Street, Victoria Island, Lagos, when the Plaintiff was neither a party to the court proceedings, the Order granted, nor are the property part of the assets contained in the Common Terms Agreement (CTA), under which the Order of the Court was sought and obtained.

Recall that the defendants are currently locked in a legal battle with Nestoil Ltd, Neconde Ltd and two others over an alleged indebtedness.

Following the orders of Justice Dipeolu of the Lagos division of the Federal High Court, the defendants through the support of security personnel had taken over and sealed the property known as No. 41, No. 42 Akin Adesola Street and 60 Saka Tinubu Street, Victoria Island, Lagos, belonging to the plaintiff.

“On Monday, October 28, 2025, the Plaintiff’s officers and staff received a barrage of calls from Plain-tiff’s security personnel at its property, the Property in issue, that the 1st, 2nd and 3rd Defendants led the 4th Defendant with heavily armed security personnel of the Nigeria Police Force, accompanied by personnel of the State Security Services, to the property in issue, sacked the Plaintiff’s security personnel and in a commando fashion broke into the property in issue.

“In the process of forcefully gaining access into the property in issue, the Defendants molested the security personnel at the premises, destroyed the plaintiff’s electronic gates, mutilated the property by painting inscriptions on the walls to the effect that the property had been taken possession of vide order of the Federal High Court, the Court, granted by His Lordship, Hon. Justice Dipeolu in Suit No. FHC/L/CS/2127/2025 between 1. FBNQUEST MERCHANT BANK LIMITED 2. FIRST TRUSTEES LIM-ITED and NESTOIL LIMITED and Others”, the plaintiff claimed.

In an eight-paragraph affidavit deposed in support of the suit plaintiff stated that upon a cursory examination of the processes and order granted by the court, it was never in any way affected by the orders of the court.

The deponent, Mr Akinniyi, who is the legal counsel to the plaintiff argued that FBNQuest Merchant Bank Ltd, First Trustees Ltd and Mr Abubakar Sulu-Gambari (SAN), who are 1st, 2nd and 3rd defend-ants knew or had cause to know that the Plaintiff and its assets, including No. 41, No. 42 Akin Adesola Street and 60 Saka Tinubu Street, Victoria Island, Lagos, is expressly exempted from the CTA, and not covered by the Order granted by the Court in Suit No. FHC/L/CS/2127/2025.

Akinniyi added that despite knowing this they withheld that information and willingly misled the Court to grant the Order against the Plaintiff’s property and also misled 4th Defendant to levy execution on the Plaintiff’s property No. 41, No. 42 Akin Adesola Street and 60 Saka Tinubu Street, Victoria Island, Lagos to the chagrin and embarrassment of the Plaintiff.

“The 1st to 3rd defendants deliberately caused the security cameras in the Plaintiff’s property to be sprayed with paint, effectively rendering them useless and exposing the property to security risks.

“The 1st to 3rd defendants also prevented Plaintiff’s tenants from gaining access to their offices and equally prevented the Technical Staff manning the building from egress and ingress even to buy food as they have been surviving on snacks since they cannot leave the building unmanned,” he argued.

Among the issues raised for determination are: Whether by the provisions of Section 34 of the Sheriffs and Civil Process Act, Cap. S6, Laws of the Federation of Nigeria 2004, and the Order II Rule 29(2) of the Judgements (Enforcement) Rules, the Plaintiff is forthwith entitled to restitution of his property No. 41, No. 42 Akin Adesola Street and 60 Saka Tinubu Street, Victoria Island, Lagos and damages arising out of the wrongful execution of the Order of the Federal High Court in Suit No. FHC/L/CS/2127/2025.

The plaintiffs are also asking for “An order of injunction restraining the defendants from further trespassing or in any way interfering with the plaintiff’s property No. 41, No. 42 Akin Adesola Street and 60 Saka Tinubu Street, Victoria Island, Lagos.

They are also asking for “An order awarding damages of N100,000,000,000.00 (One Hundred Billion Naira) only against the 1st, 2nd and 3rd defendants jointly and severally to the plaintiff.

[Source]

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An analysis of the financial statements of four tier-one lenders, United Bank for Africa (UBA), Access Bank, Zenith Bank, and Guaranty Trust Holding Company (GTCO), shows that combined technology spending rose to ₦119.03 billion as of March 31, 2026, representing a 43.1 percent increase from ₦83.15 billion recorded in the corresponding period of 2025.

The increase of N35.88bn represents a 43.2 per cent year-on-year rise in technology spending, reflecting growing investments in software, digital banking platforms, cybersecurity, IT support services, and other technology infrastructure.

The spending pattern, however, varied across the lenders, with Zenith Bank emerging as the biggest spender, UBA recording the fastest growth in technology expenditure, while Access Bank was the only lender to report a decline.

GTCO, a prominent multinational financial services group headquartered in Victoria Island, Lagos, recorded total technology-related spending of approximately N16.4bn during the first quarter of 2026.

According to its financial statements for the period ended March 31, 2026, the Group, which includes GTBank Nigeria and other subsidiaries, recorded N8.50bn under “technological and service-related expenses” during the three-month period.

In addition, GTCO invested N7.89bn in purchasing software classified as additions to intangible assets, compared with N4.68bn spent on software acquisitions in the corresponding period of 2025.

Combined, the bank’s operational and capital technology expenditure amounted to N16.40bn, representing an increase of about 24.3 per cent from an estimated N13.19bn spent in the first quarter of 2025. The software investment alone rose by 68.6 per cent year-on-year.

Zenith Bank Plc, a multinational financial services institution and one of Nigeria’s largest banks by tier-one capital, spent N43.83bn on technology in the first quarter, making it the highest spender among the four lenders reviewed.

The bank’s unaudited interim financial statements showed that technology spending rose sharply from N21.93bn recorded in the corresponding period of 2025, representing an increase of almost 100 per cent.

The first-quarter spending accounted for nearly half of the N91.92bn Zenith spent on technology throughout 2025, suggesting an acceleration in digital investments this year.

United Bank for Africa Group, the leading sub-Saharan African bank with more than 45 million customers, over 20,000 employees, and about 1,000 branches across 20 African countries, recorded the fastest increase in technology expenditure among the lenders.

The bank’s interim unaudited consolidated financial statements showed that IT support and related expenses rose to N22.07bn in the first quarter of 2026 from N6.18bn in the same period last year.

The increase of N15.89bn represents a year-on-year growth of approximately 257 per cent, more than tripling the bank’s technology spending over the period.

Access Bank Plc, the largest bank in Nigeria and Africa’s leading financial institution by customer base, with more than 60 million customers across three continents, spent N36.73bn on IT and e-business expenses during the first quarter of 2026.

However, unlike its peers, Access Bank recorded a decline in technology spending. The bank’s unaudited consolidated and separate financial statements showed that IT and e-business expenses fell from N41.85bn in the corresponding period of 2025.

The decline of about N5.11bn translates to a 12.2 per cent reduction year-on-year, making Access Bank the only one among the four lenders to report lower technology spending during the review period.

Despite the decline recorded by Access Bank, the broader trend among Nigeria’s largest banks points to increased technology investments as lenders strengthen digital capabilities, automate operations, improve cybersecurity systems, and enhance customer experience through digital channels.

The post UBA, Other Top Banks Spend N119bn on Technology in Q1 appeared first on Tech | Business | Economy.

The bank disclosed that the new security feature adds an additional verification step to the login process beyond the traditional password authentication system.

Under the new arrangement, customers logging into the Zenith internet banking platform will receive a One-Time Password (OTP) on their registered phone number and email address after entering their account number and password.

The OTP, according to the bank, will remain valid for five minutes and must be used to complete the login process.

Zenith Bank said the deployment is aimed at enhancing the safety of customer accounts amid rising concerns over digital fraud, phishing attacks, and unauthorised access to online banking platforms.

The bank also advised customers to remain vigilant against fraudulent links and phishing attempts, stressing that it would never send login links to users for internet banking access.

“Only access the Zenith Bank Internet Banking from our website,” the bank stated in a customer advisory issued on the new security upgrade.

The move reflects a broader trend among financial institutions in Nigeria to strengthen cybersecurity infrastructure and improve digital banking protection as online transactions continue to grow across the country.

Zenith Bank further urged customers requiring assistance to contact its customer support channels, including ZenithDirect and its virtual assistant platform, ZiVA.

The post Zenith Bank Deploys Two-Factor Authentication (2FA) for Internet Banking appeared first on Tech | Business | Economy.

Adeleye sated this in his address during the recent WorldStage Nigeria’s Macro-economic Outlook 2026 presentation in Lagos.

In the speech, the WorldStage boss explored how nurturing the synergy between local media and corporate organizations can ensure steady flows of business and investment information.

President Bola Tinubu said recently that his government will cut tariffs on media equipment coming to the country, hoping to provide some relief for the media industry.

“But with media houses now transforming to offer online products and services, the extent to which they will benefit from such tariffs cut may be very minimal,” Adeleye said.

According to him, the only reasonable revenue source in the industry is advertising, whose window has been closing over the years.

He offered another look into the Federal Government’s “Nigeria First” policy through the lens of the media sector and the local advertisers he said make profits in Nigeria but spend the bulk of their ad dollars on foreign media to look good.

“The policy can be explored to compel local businesses to prioritize the local media. This is important because many Nigeria’s blue chips spend millions of dollars to promote their businesses in foreign media with little regards for the local players,” he said.

“The way forward, I think, should be for President Bola Tinubu to issue an Executive Order mandating local firms to commit nothing less than 80 percent of their advertising budget to local media.”

He commended sponsors of the outlook, which include the Nigeria Liquefied Natural Gas (NLNG), Zenith Bank, NLNG, CBN, NNPC Limited, Linkage Assurance, and Fidelity Bank.

“I believe if most Nigerian firms can emulate NLNG in terms of social responsibility and commitment to local media, there will be no need of seeking for an Executive Order for them to do the needful,” he said.

The outlook reflected hopes, projections, optimism for Nigeria’s economy, with caution, according to its reviewer, Lagos Commissioner for Information Gbenga Omotoso.

Adeleye said a sequel to the outlook, Q1 2026 Report, will provide actionable insights for policymakers, businesses, and investors, informing strategies for growth and development.

The post WorldStage Urges 80% Ad Spend for Local Media appeared first on Tech | Business | Economy.

The rally, its strongest single-day gain in about a month, pushed the bank’s market capitalisation to N4.58 trillion, overtaking GTCO, which stood at N4.32 trillion at the close of trading.

This development returns Zenith Bank to the top spot among Nigeria’s most valuable banking stocks.

Zenith Bank’s proposed London listing is seen as a strategic move to tap stronger pools of international capital.

Although the bank has traded in London via global depository receipts since 2013, a full listing would boost its global profile and investor access.

Financial institutions in Nigeria are currently seeking foreign capital to fund expansion. GTCO, for instance, raised $105 million through its own London listing last year.

Alongside the listing plan, Zenith Bank also announced the opening of a new branch in Manchester, expanding beyond its longstanding London presence.

The Manchester office is expected to create about 30 jobs in the North West region and will focus on corporate banking services, including trade finance and treasury operations for businesses operating between Africa and the UK.

The launch coincided with President Bola Ahmed Tinubu’s visit to the United Kingdom, where discussions have centred on strengthening trade and investment ties between both countries.

Zenith Bank’s share price close at N111 makes it only the second Nigerian bank to trade above N100, following GTCO, which ended the session at N123.

Crossing this threshold is widely viewed by investors as a sign of market re-rating, showing improved confidence in the banking sector’s earnings strength and long-term growth outlook.

Group Managing Director and CEO, Dame Dr. Adaora Umeoji, said the bank’s UK expansion aligns with its international growth strategy.

She described the UK as a key financial hub for connecting African businesses with European markets.

Zenith Bank’s latest rally stresses high competition at the top of Nigeria’s banking sector, with valuations between it and GTCO being closely matched.

The planned London listing points to a longer-term transition toward global capital markets, while the Manchester expansion accentuates the bank’s intention to be a bigger part in facilitating trade flows between Nigeria and the UK, currently estimated at £8.1 billion annually.

The post Zenith Bank Overtakes GTCO as Nigeria’s Most Valuable Bank appeared first on Tech | Business | Economy.

The stock moved between an intraday high of N60.10 and a low of N59.95 before settling at N60. It previously closed at N59.70, adding N0.30 at the end of the day.

Trading activity was also strong, with 54.41 million units traded across 1,104 deals, amounting to N1.12 billion in value.

Zenith Bank, listed on the NGX Premium Board, has a market capitalisation of N2.46 trillion and 41.07 billion outstanding shares. The stock opened the year at N45.50 and has gained 31.9% so far, placing it among the notable performers on a year-to-date basis.

The lender is one of the most actively traded stocks in the market, recording 1.82 billion units worth N117 billion over the last three months.

Several brokerage firms, including CardinalStone, Lead Capital, Afrinvest, Bancorp Securities and Meristem, have issued “Buy” recommendations for the stock this week.

Financial analysts are now anticipating Zenith Bank’s Q4 2025 and full-year results, while investors position themselves ahead of the financial releases.

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Held on Tuesday, November 11, 2025, at the Federal Palace Hotel, Victoria Island, Lagos, the event, themed “United Frontiers: Growth Powered by Innovation, Collaboration, and Compliance,” brought together regulators, fintech leaders, bankers, and innovators to discuss how Africa can balance innovation with compliance to ensure inclusive growth.

Speakers included Musa Jimoh, director of Payment Systems at the Central Bank of Nigeria (CBN); Chika Nwosu, managing director of PalmPay; Vincent Ogbunude, CEO of Verve International; and Akeem Lawal, managing director, Interswitch Purepay.

Speaking at the event, Cherry Eromosele, executive vice president, Marketing and Corporate Communications at Interswitch, said the TechConnect series has evolved into a platform for enabling inclusion, aligning regulation with innovation, and strengthening collaboration across the ecosystem.

On Interswitch’s newest innovations, Vincent Ogbunude unveiled cutting-edge solutions such as tokenisation, digital card storage, tap-to-pay transactions, and cross-border interoperability designed to unify Africa’s fragmented payment landscape.

“Interswitch has already crossed the 100 million-card milestone in Nigeria. But we know the future is digital. We’re now enabling users to digitise their cards, store them on mobile devices, and make secure tap-to-pay transactions,” he said.

Ogbunude added that over 40 million Verve cards with contactless functionality have already been rolled out across markets including Nigeria, Ghana, Kenya, and Côte d’Ivoire, an achievement that will speed up the continent’s transition to seamless payments.

In his comments, Akeem Lawal noted that compliance is indispensable when it comes to innovation:

“You cannot build sustainable innovation without compliance. It is the foundation of trust, customer experience, and long-term growth. Many see compliance as a checklist; we see it as guardrails that make innovation sustainable,” he said.

The event concluded with awards recognising partners including FirstBank, Zenith Bank, UBA, GTBank, PalmPay, Moniepoint, OneAfriq, Fincra, and others for their contributions to enhancing the payments ecosystem.

The awards presentation session for “Outstanding Performance” was led by the VP, Sales & Account Management, Interswitch Systegra, Robinta Aliyu, and the VP, Business Development, Interswitch Purepay, Etitayo Awe.

The post Interswitch Champions Tokenisation, Tap-to-Pay, Compliance-Driven Growth at TechConnect 5.0 appeared first on Tech | Business | Economy.

 The event is billed to build on the success of the previous editions. The Tech Fair will be held at the Eko Hotels & Suites, Victoria Island, Lagos, Nigeria, on November 20th, 2025, at 9 am prompt.

Speaking at the first Zenith Bank Tech Fair held in 2019, Jim Ovia, the Bank’s founder, said that,

“At this point, the world has gone so digital and the Nigerian economy is being digitized. We have our youth who are creating innovations. The biggest economies in the world in the 2030s will be smart economies.”

According to the Lender, this year’s event plans to be bigger, better, and more enlightening with keynote presentations from Tech leaders, fireside discussions, Tech exhibitions, and masterclasses.

Speaking ahead of the Tech Fair, the Group Managing Director and Chief Executive Officer (GMD/CEO) of Zenith Bank PLC, Dame, Dr. Adaora Umeoji said that the importance of incluiding technology in the strategic planning of today is very vital.

In her words;

“Our founder and chairman Dr. Jim Ovia in his book Africa rise and shine stated the importance of including technology of tomorrow to the strategic planning of today. In today’s world, AI is really accelerating, advancing,g and disrupting changes in businesses around the world. The impact of AI is very transformative.

Zenith Bank closed the trading on Monday, 10th November 2025, at N59.60, declining by 0.67%.

The Bank is listed on the Premium Board of the Nigerian Exchange Group (NGX) with an equity capitalization of ₦2.46 trillion and an outstanding shares of 41.07 billion.

The post Zenith Bank Announces Date for Tech Fair – Future Forward 5.0 appeared first on Tech | Business | Economy.

Key Financial Highlights

• Interest income surged 41% year-on-year to 7 trillion, driven by a high-yield rate environment and expansion of the bank’s investment portfolio.
• Despite interest expense rising 22% to N814 billion – reflecting a tighter monetary policy and larger funding base, the bank maintained a healthy Net Interest Margin (NIM) of 12%, up from 10% a year earlier.
• Non-interest income fell by 38% to N535 billion, primarily due to a 60% drop in trading gains.
• Profit Before Tax (PBT) stood at N917 billion, versus N1.00 trillion in September 2024. Profit After Tax (PAT) declined by 8% to N764 billion, and Earnings Per Share (EPS) dropped to N18.60 from N26.34.
• Total assets reached N31 trillion as at September 2025, up 4% from N30 trillion in December 2024. Customer deposits grew by 8% to N23.7 trillion, while gross loans fell 9% to N10 trillion. Non-performing loan (NPL) ratio improved to 3% thanks to write-offs.
• Return on Average Equity (ROAE) and Return on Average Assets (ROAA) were 23.3% and 3.3% respectively. The coverage ratio was 211.1% and liquidity ratio 53%, both strong by industry standards.

The numbers suggest that while Zenith Bank is successfully leveraging interest income and maintaining strong margin performance, it is facing headwinds in non-interest income, especially from trading operations.

The contraction in PAT and EPS indicates cost pressures and tightened profitability despite top-line growth.

Asset quality remains a bright spot, with the NPL ratio improving and the bank showing resilience in the broader challenging Nigerian macro-economic environment.

Outlook & Commentary

Speaking on the results, Dame (Dr.) Adaora Umeoji, group managing director/CEO, Zenith Bank, described the performance as “an attestation to the resilience of the Zenith brand, result-driven strategy, and the adaptability of our people in an evolving operating environment.”

 “We’re well placed to sustain this momentum whilst maintaining responsible leadership in the Nigerian banking industry and delivering exceptional value to all our stakeholders.”

The bank’s strong capital base, liquidity profile, and asset quality bolster its readiness to seize growth opportunities, particularly in digital innovation and client-centric solutions.

Zenith Bank’s latest figures underscore the dual nature of banking in Nigeria: while interest income benefits from high rate environments, the non-interest segments may still lag due to market volatility.

For stakeholders and investors, the key takeaway is that the bank is navigating the terrain with strength, but must continue to diversify income streams and manage cost pressures to sustain long-term growth.

The post Zenith Bank Reports Strong 16% Rise in Q3 Earnings, Hits N3.4 Trillion appeared first on Tech | Business | Economy.

The bank disclosed that it achieved this milestone through a successful capital raise via rights issue and private placement, in line with the ongoing banking sector recapitalisation exercise.

Commenting on the achievement, Dr. Emmanuel Efe Emefienim, Managing Director/Chief Executive Officer of Premium Trust Bank, said:

“Exceeding the N200 billion capital requirement is a defining moment in the bank’s journey. This achievement, coming in just three years of the bank’s existence, is a reflection of our superior financial performance since inception, unwavering commitment to operational excellence, and the trust reposed in us by our shareholders, customers, and regulators.

“As Nigeria’s fastest-growing bank, we are uniquely positioned to not only lead the sector but to continue delivering outstanding value and growth for our stakeholders.”

He added that the bank is now better placed to scale its operations, expand market share, and provide innovative banking solutions tailored to the needs of individuals, businesses, and corporates nationwide.

With this feat, Premium Trust Bank joins the ranks of tier-1 lenders such as Access Bank and Zenith Bank that have already met the CBN’s recapitalisation threshold ahead of schedule, positioning it for stronger competitiveness and enhanced capacity to deliver cutting-edge financial solutions across Nigeria.

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