Business
Customers Accuse Polaris of Theft, Says Bank Deducted $30,769 Illegally from Accounts
Three businesswomen, and other customers have dragged Polaris Bank before a Surulere Magistrate Court in Lagos over alleged freezing of their domiciliary and Naira accounts with the bank and subsequent illegal deductions on the said accounts amounting to about $30,769 (USD).
The applicants, Mrs. Adebomi Orogun, Mrs. Kehinde Banjo, and Mrs. Oluwatoyin Ode, in an originating application brought pursuant to Order 1 Rule 2 of the Magistrates’ Courts Civil Procedure Rules of Lagos State (2009), accused the bank of freezing their USD (US Dollar), Euro and Naira accounts with the bank without a valid court order.
They said the bank proceeded to make unauthorized deductions from their accounts without any justification whatsoever as there was no time they were accused of engaging in fraudulent activities with the said accounts.
In her affidavit in support of the application, the first applicant (Orogun) who maintained USD, Euro and Naira accounts with Polaris Bank, said the bank usually deducts the requisite commission after every transaction she made.
According to her, “I regularly transact on my Euro account (3049994742) with the bank. I recently wanted to transfer money with my Euro account, only to discover that I no longer have access to make any transaction.
“I also discovered that there was no available balance left in my USD account. I was confused and had to make an inquiry with the bank to know the reason why I no longer have access to my Euro account and why my USD account was cleared out.
However, I was informed by the Bank that they had not been deducting the proper commission per transaction on my account which they only commence later and ultimately led to my USD account being cleared out.
“This action carried out by the Bank was done entirely without recourse to me, who believed that all due commissions had been deducted and I had enough balance to plan my life with. On the 4th of March, 2022, I was shocked to discover that all my accounts (USD, EURO and Naira) with the respondent (Polaris Bank) had been frozen and a post no debit order was placed on them.”
Orogun said she was neither informed nor given a satisfactory reason for the cruel act by the respondent, adding: “I did not engage in any fraudulent activity nor have I been officially accused of same by the bank. Hence, the freezing and placing of a post no debit on my accounts was totally unnecessary.”
She said the actions of the respondent greatly disrupted her business activities and also subjected her to financial cruelty with no hope as to when her accounts would be unfrozen.
“The actions of the respondent have also caused financial distress due to my inability to complete pending transactions,” she averred.
The two other applicants deposed to similar facts in their affidavit in support of the application, narrating to the court how the alleged cruel act of the bank had caused them great discomfort and economic setback.
They said they had written to the bank to unfreeze their accounts and return the illegal deductions made, all to no avail, a development that necessitated the filing of the matter before the court.
The applicants are, therefore, asking the court to give an order directing the bank to revert their accounts back to the status quo as of 17th January 2022.
They are also asking for an order mandating Polaris Bank to pay them N10 million as damages for the financial hardship caused to them by the actions of the bank.
When the matter came up before the Surulere Magistrate Court on Wednesday, the court said there was no proof that the respondent had been served.
The matter was thereafter adjourned till June 6, 2022.
Source: Foresightnews
The Dangote Petroleum Refinery has achieved a major operational milestone with the full restoration and optimisation of its Crude Distillation Unit (CDU) and Motor Spirit (MS) production block. Both units are now running at optimal performance, further strengthening the steady state operations of Africa’s largest oil refining facility.
Following a scheduled maintenance exercise on the CDU and MS Block, the refinery has commenced an intensive 72 hour series of performance test runs in collaboration with licensor UOP. These tests are designed to validate operational efficiency and confirm that all critical parameters meet global standards.
Chief Executive Officer, David Bird, noted that the seamless integration and strong performance of the units demonstrate the refinery’s advanced engineering and robust operational capabilities.
“Our teams have demonstrated exceptional precision and expertise in stabilising both the CDU and MS Block, and we are pleased to see them functioning at optimal efficiency. This performance testing phase enables us to validate the entire plant under real operating conditions. We are confident that the refinery remains firmly on track to deliver consistent, world class output.
This milestone underscores the strength, reliability, and engineering quality that define our operations. We remain committed to producing high quality refined products that will transform Nigeria’s energy landscape, eliminate import dependence, and position the nation as a net exporter of petroleum products.”
Bird added that the CDU and MS Block, which comprise the naphtha hydrotreater, isomerisation unit, and reformer unit, are now operating steadily at the full nameplate capacity of 650,000 barrels per day. He further confirmed that all remaining processing units will begin their respective performance test runs in Phase 2, scheduled to commence next week.
During the recent festive period, the refinery supplied between 45–50 million litres of Premium Motor Spirit (PMS) daily. With the CDU and MS Block now fully restored, the refinery is positioned to comfortably deliver up to 75 million litres of PMS to the domestic market as required.
Expressing appreciation to customers and Nigerians across the country, Bird reaffirmed the refinery’s unwavering commitment to enhancing Nigeria’s energy security while supporting industrial development, job creation, and economic diversification.
Business
Corpreneurship Challenge: Unity Bank Announces Fresh Graduates of OAU, UNN, Others As Winners
Unity Bank Plc has announced winners in the 27th edition of its flagship Entrepreneurship Development Initiative, also known as Corpreneurship Challenge, following the conclusion of Business Pitch at the Batch C, Stream 2 edition of the National Youth Service Corps (NYSC) orientation programme held across 10 states of the federation.
Notably, Corps Members who graduated from Obafemi Awolowo University (OAU), University of Nigeria, Nsukka (UNN), The Polytechnic, Ibadan, amongst several tertiary institutions, emerged from the latest round of the Corpreneurship Challenge business pitch. Participants pitched business ideas across diverse sectors such as fashion, agribusiness, footwear production, and services.
At the Lagos State NYSC Orientation Camp, Awolumate Fawaz Babatunde, a Civil Engineering graduate of The Polytechnic, Ibadan, emerged the overall winner after pitching a fashion design business, clinching the N800,000 grand prize. Ugwoke Daniel Ifechukwu, a graduate of the University of Nigeria, Nsukka, emerged first runner-up to receive N500,000.
In Rivers State, Abdur-Razaq Sayfullah Adebola, a graduate of Obafemi Awolowo University, topped the competition at the Nonwa Gbam Tai NYSC Orientation Camp with a footwear-making business plan. Meanwhile, Olatunde Esther Funmilayo of Olabisi Onabanjo University emerged as the winner at the Kwara State NYSC Orientation Camp after impressing judges with her deodorant production and services pitch.
More winners emerged from Abuja, Niger, Adamawa, Jigawa, Plateau, Kaduna, and Delta States, further expanding the geographical reach and impact of the initiative.
Speaking on the latest edition of the programme, Mrs. Adenike Abimbola, Divisional Head, Retail, SME & E-Business at Unity Bank Plc, said the Corpreneurship Challenge continues to reflect the Bank’s commitment to youth empowerment and enterprise development.
“The Corpreneurship Challenge has been driven by our commitment to boosting entrepreneurship among young people, especially fresh graduates. At Unity Bank, we recognise that many young Nigerians possess viable business ideas but lack the initial capital and support to bring them to life. The Corpreneurship Challenge was designed to bridge that gap by providing financial backing, mentorship, and confidence to fresh graduates at a critical stage of their lives,” she said.
She added that the quality of ideas presented by corps members across states underscores the growing entrepreneurial appetite among Nigerian youths.
“What we see every edition is innovation, resilience, and a strong desire among young graduates to create value and jobs. By supporting them early, we are not only helping individuals, but also contributing to the growth of the SME ecosystem and the broader economy,” Abimbola noted.
Over the years, the Unity Bank Corpreneurship Challenge has become a key feature of the NYSC orientation programme, delivered in partnership with the NYSC Skill Acquisition and Entrepreneurship Development (SAED) initiative. Since its inception, the programme has produced 638 young entrepreneurs nationwide, offering grants of up to N300 million to help corps members kick-start or scale their businesses.
The initiative aligns with the Federal Government’s drive to promote entrepreneurship and self-employment among graduates, particularly amid the shrinking availability of white-collar jobs.
Unity Bank said it remains committed to expanding the reach of the Corpreneurship Challenge and deepening its support for young entrepreneurs as part of its broader strategy to drive financial inclusion, job creation, and sustainable economic growth.
