Business
FirstBank Shareholders Plot to Remove Otedola As Chairman
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The crisis in the leadership of First Bank Holdings of Nigeria worsened on Wednesday, as a group of stakeholders called for the removal of its board chairman, Femi Otedola, and non-executive director, Mr. Julius B. Omodayo-Owotuga.
The group, therefore, called for an immediate Extraordinary General Meeting (EGM) in the next 21 days in line with section 215 (1) of CAMA.
The group shareholders alleged that FBN has not known peace since the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, influenced Otedola’s acquisition of a significant amount of shares that led to his emergence as Chairman of FBN Holdings in January 2024.
According to the shareholders, with Otedola as Chairman, his personal staff, Omodayo-Owotuga at the Holdco, and yet another personal staff at the bank, Otedola has seized full control of the bank and does as he pleases.
Thus, with the private placement of N360 billion shares, other shareholders fear he would clearly have absolute control, expressing fears of disregard for corporate governance principles.
“This is to enable him (Otedola) to take full control during the proposed N360 billion private placement. But some of the shareholders are saying instead of a private placement for shares of the bank, it should be by right issue or public offer,” a source who doubled as a stakeholder said anonymously.
However, it was further alleged that Otedola’s preference for private placement is seen as a ploy to gain control and run the financial institution as his private estate.
In the last months, FBN Holdings has been a subject of battle over who holds the single largest share of the institution.
The battle for the soul of FBH is between Otedola and Barbican Capital, which is affiliated with the Oba Otudeko-owned Honeywell Group.
First Bank Holdings, in its audited accounts for 2023, had put Otedola as the single largest shareholder with a 9.41 percent stake in the financial institution. Otedola, however, has recently increased his shareholding by massive acquisition of more shares. At the moment, his exact stake is unclear.
But data from the Central Securities Clearing System, CSCS, the widely accepted source for confirming share ownership, has Barbican Capital, which is affiliated with the Oba Otudeko-owned Honeywell Group, as the largest single shareholder with a 15.01 percent stake.
Records kept by the bank’s registrars, Meristem Registrars & Probate Services Ltd, also showed that Barbican Capital is the single largest shareholder with 5,386,397,202 shares (5.38 billion) as of May 23, 2024.
Consequently, Barbican Capital had sued FBN Holdings for wrongly stating its shareholding in its audited financial statement.
First Bank recently laid off about 100 senior staff members in a major organisational shakeup.
Reports had indicated that the bank’s top executives were asked to leave—as part of its corporate restructuring and repositioning plan for 2025—following the confirmation of Olusegun Alebiosu as FBN’s managing director (MD) and chief executive officer (CEO) in June last year.
There were also allegations that the exits were part of a concerted effort by Otedola to introduce new hands into several leadership positions in the bankm
Meanwhile, it is still unclear what the Security and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) would do in the wake of this CAMA-induced demand for an EGM called to remove Otedola and stop the private placement of the bank shares.
FBN has yet to issue any statement on the matter.
Business
₦20m Prize Pool: Ecobank’s Top 20 InnovateX Finalists Emerge
Ecobank Nigeria has announced the Top 20 finalists for InnovateX 2026, its flagship youth innovation challenge powered by Blaze by Ecobank in partnership with Verve. The finalists emerged from a competitive selection process involving 168 teams, comprising 672 undergraduate students from 90 universities across Nigeria.
The grand finale, scheduled for October 30, 2026, at the Ecobank Pan African Centre (EPAC), Lagos, will see the finalists compete for top honours and a share of the ₦20 million prize pool. Five teams will emerge as winners, while the remaining 15 teams will receive consolation prizes and further exposure within Nigeria’s innovation ecosystem.
InnovateX is a youth innovation and entrepreneurship challenge designed to empower young Nigerians to develop and pitch innovative solutions to real-world challenges across banking, technology, business and society. The initiative provides a platform for young innovators to showcase their ideas, compete for financial support and access opportunities for mentorship, skills development and career advancement.
The Top 20 finalists represent diverse sectors, including financial technology, artificial intelligence, sustainability, digital services, education, and enterprise solutions. Among the selected teams are IncluFi, Aselabs, Team Vhorde, Jolt, Kredo, Levromat, Konvoy, Impact, Barrow and Leopard Skin.
Designed for young people aged 16 to 25, InnovateX 2026 attracted aspiring entrepreneurs and innovators seeking to develop practical solutions to real-world challenges. Beyond financial support, participants stand to benefit from mentorship, skills development, industry exposure, networking opportunities and national recognition.
The selection process culminated in regional hackathons held in Lagos, Port Harcourt and Abuja, where participating teams pitched their ideas before panels of industry experts, technology leaders and innovation mentors.
InnovateX provides a platform for engaging emerging talent and encouraging entrepreneurship, connecting Ecobank with promising young Nigerians while reinforcing the Bank’s commitment to digital transformation, innovation and youth empowerment.
Speaking on the initiative, Victor Yalokwu, Head, Products & Analytics, Ecobank Nigeria, said: “InnovateX reflects our commitment to nurturing the next generation of innovators by providing access to the resources, networks, and opportunities they need to transform bold ideas into scalable and impactful ventures.”
Through initiatives such as InnovateX and Blaze by Ecobank, the Bank continues to create opportunities for young people to develop entrepreneurial skills, advance innovative ideas and contribute to economic growth across Nigeria and Africa.
Business
Green Finance and Sustainability: UBA Launches Group-Wide Climate Action Week
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has launched a Group-wide Climate Action Week to deepen climate awareness, promote responsible environmental practices and advance sustainable finance across its African and international operations.
The five-day campaign, running from October 26 to 30, 2026, is themed “Banking on Africa’s Climate Future” and reflects the Bank’s commitment to integrating environmental responsibility into its operations, customer engagement and financing solutions.
The initiative commenced with the deployment of waste segregation bins across UBA offices and measures to reduce the use of single-use plastics at the Bank’s head offices. These activities underscore UBA’s commitment to translating sustainability principles into practical actions within its workplace and across its wider ecosystem.
Throughout the week, UBA will disseminate educational content across its media and digital platforms to highlight the causes and consequences of climate change, including its impact on food prices, energy consumption and urban flooding. The campaign will also promote responsible plastic disposal, recycling and the critical role of financial institutions in financing clean energy, sustainable agriculture and other environmentally responsible businesses.
As part of the campaign’s community engagement component, UBA staff volunteers will participate in a Group-wide clean-up exercise on Saturday, November 7, in major cities across its markets. In Nigeria, the exercise will take place in Lagos, Kano and Port Harcourt, mobilising employees to contribute directly to cleaner and healthier communities.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, emphasised the importance of collective responsibility in addressing the growing impact of climate change.
“Climate change is no longer a distant environmental concern; it is increasingly shaping everyday life across Africa. We see its effects in rising food costs, increased energy demand and flooding that disrupts homes, businesses and livelihoods.
“At UBA, we believe that building a sustainable future requires collective action, beginning with the choices we make at work, at home and in our communities. Through this Climate Action Week, we are encouraging every member of the UBA Tribe, alongside our customers and other stakeholders, to embrace practical, sustainable habits and inspire others to do the same,” Alawuba said.
As part of its stakeholder engagement activities, UBA will sponsor Climate Convergence Week in Lagos on Friday, October 30, where the Bank will deliver a speaking session and participate in a panel discussion. The engagement will provide an opportunity to showcase UBA Green Finance, highlight the Bank’s sustainability initiatives and explore how financial institutions can support Africa’s transition to a more sustainable and climate-resilient economy.
Alawuba, noted that climate considerations were increasingly important to business resilience, risk management and long-term economic growth.
“Climate change presents significant risks to businesses, communities and economies. These risks can affect business continuity, operating costs and financial performance, making sustainability an increasingly important consideration for both businesses and the financial institutions that support them.
“Through UBA Green Finance, we seek to support eligible businesses investing in cleaner technologies and more sustainable operations. By helping customers explore financing solutions aligned with their needs, we can contribute to a more resilient private sector while unlocking opportunities for sustainable economic growth across Africa,” Alawuba further said.
In a further step towards strengthening its sustainability capabilities, UBA is set to join the Sustainability Professionals Institute of Nigeria (SPIN). The move is expected to deepen the Bank’s environmental, social and governance (ESG) expertise and support the continued professional development of its employees in sustainability-related disciplines.
The Climate Action Week forms part of UBA’s broader sustainability strategy, which integrates environmental responsibility into its Customer First philosophy through responsible business practices, employee engagement, community initiatives and green finance. By combining awareness, practical action and financing solutions, the Bank aims to encourage more sustainable choices while supporting businesses and communities in navigating the challenges and opportunities of climate change.
United Bank for Africa is one of Africa’s leading financial institutions and one of the largest employers in the continent’s financial sector, with approximately 25,000 employees and over 45 million customers globally. Operating in 20 African countries, as well as the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, advancing financial inclusion and leveraging technology to deliver innovative financial solutions.
Business
UBA Secures Court Order Against Vitol, Four Others in $242m Petroleum Products Diversion Claim
A Lagos State High Court, last Thursday, granted interim preservative orders of Mareva Injunction against Vitol SA – a Switzerland based Energy Trading company, and four other shipping companies in favour of United Bank for Africa Plc.
The bank alleged Vitol of wrongful release of cargoes of petroleum products which were consigned to the order of United Bank for Africa Plc in the Bills of Lading.
Addressing the Court, Bode Olanipekun, SAN, lead counsel for United Bank for Africa, urged the Court to grant the interim preservative orders against Vitol and the other shippers.
In a ruling on the application, the presiding judge, Honourable Justice K. A. Jose (Mrs.) granted three prayers in UBA’s application, including requests to restrain the dissipation of assets and dealings with funds up to the disputed amount by Vitol S.A.
“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.
The application was brought pursuant to Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.
UBA is seeking to contend in the substantive proceedings that Vitol SA and the owners of the vessels, are liable for alleged conversion, misrepresentation and negligence arising from the non-delivery of the petroleum products.
UBA also cited 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service, in connection with the application.
In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, stated that the bank issued a letter of credit for the benefit of Vitol SA to facilitate a petroleum products transactions.
UBA alleged that the cargo was transported to Nigeria and that the vessels’ masters issued several bills of lading.
The bank further alleged that Vitol subsequently endorsed the bills of lading “to the order of” UBA and handed over the original copies to it.
UBA maintained that the endorsement entitled it to take possession of the cargo upon completion of the voyage.
However, Chilaka stated that the bank had not received the gasoil despite the completion of the voyage.
“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.
UBA alleged that the cargo was instead, applied to the use of another party, contending that the respondents’ failure to deliver it amounted to conversion and negligence.
The bank argued that the respondents had obligations arising from the transaction and the endorsement of the shipping documents, which it claimed were not fulfilled.
The bank alleged that the cargoes associated with those transactions were also diverted to the use of other parties after their voyages, rather than delivered to UBA.






