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Ecobank Engages Vigeo Boss, Osibodu In Legal Battle Over Alleged N8.7billion Debt

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In a bid to recover alleged debt of N8,701,770,328.83 Ecobank Nigeria limited has dragged a Lagos businessman, Mr. Victor Osibodu and his company Vigeo limited before a Federal High Court, in Lagos, South West Nigeria.

 

In today’s proceedings, Ecobank’s counsel, Mr. Dapo Akinosun SAN, leading Barrister Akintayo Iwilade and four other counsels informed the presiding judge, Justice Yellin Bogoro that the matter is slated for hearing, adding that the bank has 111 exhibits attached to the process and two witnesses to call.

 

He further told the court that he had discussed with the defence counsel, Mr. Oyetola Oshobi SAN, on the need to align all the exhibits in order to agree on which of them that will be tender together without objection and those that would be objected to in order to safe the time of the court,Mr.Oshobi SAN aligned himself with Akinosun’s submission.

 

Consequently, both counsels asked for adjournment to enable them reconcile the documents, thereafter Justice Bogoro adjourned till March 17th and 30th of March,22 for trial to commence.

 

In it’s statement of claim, Ecobank alleged that by a duly executed offer of Multiple Credit Facility dates April 10, 2007 the bank approved the grant of $15 million and $1,750,000.00 respectively in favour of Vigeo Nigeria limited,for the acquisition of a motor tug boat known as Lady Margret now Vigeo Olufunke from a company in Norway.

 

The bank stated that by another duly executed offer of Multiple Credit Facility dated April 10, 2007, the bank in three tranches granted to Vigeo the sum of N200 million, N750 million and N350 million respectively for the purpose of working capital and import duty payments with a tenor of 12 months (renewable annually) at the interest rate of 16 % per annum.

 

According to the bank, the first Vigeo Company secured the facilities,with a lien on shares of blue chips companies estimated at N500 million to be whare-housed with the bank, receipt of irrevocable domiciliation of contract proceeds from majors Oil companies in favour of the bank and stocks of goods valued at N150 million.

 

The bank added that in accordance with the security requirement under the credit facility, dated April ‪10 2007‬ (Dollar Facility), the Chairman of Vigeo Company, Mr. Victor Osibodu executed a personal guarantee and a duly notarized statement of Net worth dated August 16, 2007, the statement of Net worth provides particulars of his personal assets worth N2,002,400,000.00 for the security of the loan sums in the event that he defaults in the repayment of the loan.

 

According to the bank, in fulfilment of the personal guarantee by Osibodu, the Central Securities Clearing System (CSCS) by a letter of October 30, 2007 confirmed the placement of lien on 25,083,612 units of GTB shares belonging to Osibodu.

 

On July 9, 2008 Mr. Osibodu resolved at its Board Meeting to request for an additional facility of US$ 2, 000,000.00 to finance the dry dock maintenance of the vessel.

 

Upon consideration of the Defendants request, the Plaintiff made an offer in principle indicating the terms and conditions of the said offer of $2,000,000.00.

 

The Security of the $ 2,000, 000 loan includes amongst others an irrevocable domiciliation of Charter contract proceeds from Knock Allan Pte or their Norminee, the new chatterers of the vessel as well as domiciliation of Charter contract proceeds from SNEPCO.

 

According to the plaintiff, despite defendant’s loan obligations, the board of his company at a meeting of May 3, 2009 requested for additional facility of $1million for the purpose of completing the life extension programme of the vessel MV Vigeo Olufunke.

 

Due to the inability of the defendants to meet their repayment obligations, the bank on several occasions restructured the facilities yet they could not meet up with the prepayment terms.

 

Consequently, by a letter dated June 27, 2014 the bank informed the defendants that it’s account had remained non-performing as Osibodu had failed to meet the agreed term.

 

However, after several meetings between the bank and the defendants over the indebtedness, Ecobank by a letter dated September 2, 2014 informed Vigeo that its current indebtedness stood at N798,202,164.28; $13,547,854.4 as at June 25, 2013 and additional $4,263.24.

 

Consequently, Ecobank is urging the court to declare that the defendants are indebted to it in the sum of $16,886,665.04 and N862, 061, 492.63 being the sum outstanding as at 1st of December 2016 with interest accruing at the agreed interest rate.

 

An order awarding post-judgement on the sum, at the rate of 20% per annum until the final liquidation of the debt.

 

The bank is also seeking the order of the court for the forfeiture of Vigeo house, 6 Osborne Road, Ikoyi Lagos valued at N800 million as at August 2007.

 

An order of forfeiture of 16A Milverton Road, Ikoyi worth N700 million.

 

“An order granting the Plaintiff ownership, control, disposition and/or lien rights (until and to the extent and purpose of full realization of the sums) in the event that the properties identified are still insufficient to liquidate the Defendants’ debt.

 

1.”All shares held in any companies by the Defendants within the Federal Republic of Nigeria

 

2. “Cash at hand or cash held in any Bank and/or financial institutions in Nigeria standing to the credit of the first and second defendants among others and general and exceptional damages in the sum of N100 million.

 

However, Vigeo in it’s statement of defence stated that Ecobank Transnational Incorporated did not acquire defunct Oceanic Bank International PLC at all, contesting that any purported acquisition is void, illegal and unenforceable in law.

 

It stated that there was no merger of defunct Oceanic bank with the plaintiff and no valid or legal merger adding that the purported merger is illegal and void in law and did not comply with all requisite statutory requirements and due process of law.

 

The defendants also stated that Ecobank is not the successor-in-title or successor-in-interest of defunct Oceanic Bank and the rights, assets and liabilities of Oceanic Bank are not vested in Ecobank.

 

The Defendants shall at the trial of this suit rely on the Report of the Forensic Review of Vigeo Limited Accounts with Ecobank Nigeria Limited.

 

Consequently, the Defendants state that they are not indebted to the Plaintiff in the sum of N8,701,770,328.83 (eight billion, seven hundred and one million, seven hundred and seventy thousand three hundred and twenty eight Naira eighty three Kobo) or any sum at all and that the bank is not entitled to any of the reliefs claimed in this suit as same are frivolous, baseless, unmeritorious and should be dismissed with substantial costs.

 

By SAM POPOOLA

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ZENITH BANK REWARDED FOR EXCELLENCE IN THE 2026 EUROMONEY AWARDS, WINS “AFRICA’S BEST BANK” & “NIGERIA’S BEST BANK” AWARDS

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Zenith Bank Plc has been named “Africa’s Best Bank” and “Nigeria’s Best Bank”, the latter for the second consecutive year, at the prestigious Euromoney Awards for Excellence 2026, clinching the biggest and most coveted national and continental awards in banking. The awards were presented to the Bank on Thursday, 16 July 2026, at The Peninsula London Hotel, London. This dual recognition is a testament to the Bank’s sustained excellence in financial performance, customer service, digital innovation, and its contribution to economic development across Nigeria and the wider African continent.

The Euromoney Awards for Excellence are among the most respected in the global financial industry, evaluating banks on criteria including strategy, profitability, risk management, digital transformation and impact on stakeholders. Victory at the awards is regarded as a mark of the highest distinction in global banking. This year’s edition attracted a record of over 770 entries from world-class financial institutions including HSBC, Morgan Stanley, Citibank, Barclays, Standard Bank and DBS Bank of Singapore.

Commenting on the awards, the Group Managing Director/CEO of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said, “We are deeply honoured by these recognitions from Euromoney. Being recognised as Africa’s Best Bank and Nigeria’s Best Bank reflects the trust of our customers, the dedication of our unicorn workforce, and our unwavering commitment to building a truly African global financial institution. These awards inspire us to do even more to deliver superior value, drive financial inclusion, and support the growth of businesses across Africa.”

The GMD commended the regulators across the various jurisdictions where the Bank has footprints for the enabling regulatory environment which has supported the Bank in achieving this feat.

She dedicated the award to the Founder of Zenith Bank Plc, Jim Ovia, CFR, thanking him for his vision and excellence which have been instrumental to the Bank’s success.

Zenith Bank has continued to deliver strong financial results while accelerating investments in technology, artificial intelligence, and digital banking solutions. In the 2025 financial year, the Bank grew gross earnings by six per cent year on year to ₦4.19 trillion and delivered profit after tax of ₦1.04 trillion, while reducing its non-performing loan ratio from 4.7 per cent to 3.8 per cent. In keeping with its dividend policy, Zenith Bank rewarded its investors with a record-breaking total dividend of N10.00 per share (totaling N410.69 billion) for the 2025 financial year. This represents a 100% increase over N5.00 per share paid in 2024. The Bank has also deepened its pan-African presence and expanded trade and transaction banking capabilities to connect businesses across key markets.

Euromoney is the leading authority for global banking and financial markets, and this latest recognition adds to Zenith Bank’s growing list of local and international accolades, and further cements its position as one of Africa’s leading financial institutions.

The Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the seventeenth consecutive year in the 2026 Top 1000 World Banks Ranking, published by The Banker and “Nigeria’s Best Bank” at the Euromoney Awards for Excellence 2025. The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022, and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.

Further recognitions include Best Commercial Bank, Nigeria for six consecutive years from 2021 to 2026 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023, 2024 and 2026 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for five consecutive years from 2022 to 2026 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

The Bank’s commitment to excellence led to Zenith being also named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 to 2025 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and 2024 to 2025. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards, Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025.Zenith Bank has also earned several non-financial awards, including Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024.

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ZENITH BANK, CANADA-AFRICA CHAMBER CONVENE BUSINESS LEADERS TO ADVANCE TRADE AND INVESTMENT

(L-R) The Deputy High Commissioner of Canada to Nigeria, Mr. Carlos Rojas-Arbulú; Chair of the Board, Canada-Africa Chamber of Business, Paula Caldwell St-Onge; Executive Director, Zenith Bank Plc, Mr. Akin Ogunranti; Permanent Secretary, Ministry of Commerce, Cooperatives, Trade and Investment, Mr. Babatunde Onigbanjo; the Asalu-Elemo of Ilemo Land, Alhaji Adedayo Thomas, Ph.D; DG/CEO Lagos Chamber of Commerce and Industry, Dr. Chinyere Almona; and President, Canada-Africa Chamber of Business, Garreth Bloor; at the 6th Canada-Africa Business Conference held at the Grand Ball Room, Eko Hotel & Suites, VI, Lagos

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Zenith Bank Plc reaffirmed its commitment to advancing trade, investment and economic cooperation between Canada and Africa as the Headline Conference Sponsor of the 6th Canada-Africa Business Conference, held on Wednesday, 24 June 2026 at Eko Hotel & Suites, Victoria Island, Lagos.

Organised by the Canada-Africa Chamber of Business, the conference brought together a high-level Canadian business delegation representing 31 companies, alongside senior government officials, business leaders, investors, policymakers, diplomats and development partners. The gathering set out to strengthen commercial relations between Canada and Africa and to position Nigeria as a strategic gateway for Canadian businesses seeking opportunities across the continent.

The Canadian delegation comprised companies and institutions operating across financial services, security, mining and critical minerals, legal and professional services, infrastructure, technology, healthcare, education and clean energy. Among those present were GardaWorld, Dentons, Baywood Group, Element, Trilliant and other leading Canadian enterprises exploring commercial opportunities and strategic partnerships in Nigeria.

The Executive Director of Zenith Bank Plc, Mr. Akin Ogunranti, who delivered the keynote address on behalf of the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, described the conference as a timely platform for deepening commercial partnerships between Canada and Africa amid shifting global economic realities. He underscored Africa’s readiness to lead the next phase of global economic growth, stressing that the continent now possesses the institutions, policy frameworks and partnerships required to turn its immense potential into shared prosperity.

“The question is not whether Africa is rich in potential. It is whether we can turn that potential into prosperity our people can feel. For the first time, the answer is yes, because of the machinery we are now building,” he said.

Representing the Governor of Lagos State, His Excellency Mr. Babajide Sanwo-Olu, the Permanent Secretary, Ministry of Commerce, Cooperatives, Trade and Investment, Mr. Babatunde Onigbanjo, reaffirmed the State Government’s commitment to fostering an enabling environment for investment and international partnerships, and highlighted Lagos’ position as Nigeria’s commercial hub and gateway to African markets.

“Canada brings to the table considerable expertise, capital, innovation, and a strong tradition of institution building. Africa, and indeed Lagos, offer scale. We offer talent, creativity, market opportunities and an increasingly sophisticated business environment. Together, these strengths create a compelling foundation for transformative partnership,” he said.

Speaking at the event, the Deputy High Commissioner of Canada to Nigeria, Mr. Carlos Rojas-Arbulú, noted that the conference reflects the growing momentum in bilateral commercial collaboration between both countries. He said: “The relationship between Canada and Nigeria is not new. It is rooted in diplomacy, trade, education, culture, migration, and shared democratic values. But today, I believe we are entering a new chapter: one that is more ambitious, more practical, and more human.”

The Chair of the Board of the Canada-Africa Chamber of Business, Paula Caldwell St-Onge, highlighted Nigeria’s growing economic significance, saying: “Nigeria’s growth is not theoretical. It is already being built by Nigerian entrepreneurs, investors, financial institutions, innovators and companies whose ambition reaches across Africa and around the world.”

She also acknowledged Zenith Bank’s role in advancing the conference’s objectives, stating: “Zenith Bank is not only one of Africa’s leading financial institutions, it is the capital behind what you see here today, and it represents the skill, ambition, discipline, innovation and excellence that this conference seeks to showcase.”

The conference featured high-level panel discussions on Canada-Africa commercial relations, investment opportunities across priority sectors, and the implementation of the African Continental Free Trade Area (AfCFTA). The sessions brought together policymakers, business executives and industry experts to identify practical pathways for strengthening commercial partnerships and accelerating sustainable economic development.The conference is expected to strengthen Nigeria’s attractiveness as a destination for Canadian investment, while opening new opportunities for technology transfer, private sector collaboration, job creation and long-term economic growth. It also reinforces Nigeria’s position as a strategic hub for businesses seeking to access opportunities across Africa under the AfCFTA, supporting the country’s ambition to expand its role in regional and global trade

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ZENITH BANK OPENS OSUBI BRANCH, REINFORCING CONFIDENCE IN DELTA STATE’S ECONOMIC POTENTIAL

(L-R) DGM-Zonal Head, Delta 2 Zone, Zenith Bank Plc, Mr. Daniel Imani; Commissioner for Finance, Delta State, Hon Fidelis Tilije; The Executive Governor of Delta State, His Excellency Rt. Hon. Elder Sheriff Oborevwori; GMD/CEO of Zenith Bank Plc, Dame Dr. Adaora Umeoji OON; Prime Minister of Okpe Kingdom, Okakuro Mike Affe; Member, Delta State House of Assembly – Representing Okpe State Constituency, Hon James Augoye; at the Opening Ceremony of Zenith Bank Osubi Branch in Delta State on Wednesday, June 24, 2026.

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Zenith Bank Plc has expanded its presence in Delta State with the official opening of a new branch in Osubi, Okpe Local Government Area, becoming the first commercial bank to establish a presence in the Osubi community. The move reaffirms the Bank’s commitment to financial inclusion by bringing world-class financial services closer to communities and businesses.

The commissioning ceremony, held on Wednesday, 24 June 2026 in Osubi, was attended by the Governor of Delta State, Rt. Hon. Sheriff Oborevwori, alongside senior government officials, traditional rulers, members of the business community, customers, and other stakeholders.

In his remarks, Governor Oborevwori described the new branch as “a clear vote of confidence in the economic potential of our state. It shows that the investments we have made in infrastructure, economic development, and ease of doing business are producing tangible results. When a leading financial institution such as Zenith Bank expands its presence in Delta State, it sends a powerful message that Delta State is open for business and ready for greater investment.”

The Governor also underscored the branch’s significance to the host community, noting that “this branch is the only bank in the whole of Okpe Local Government as it is today. The significance of this bank to our people cannot be overemphasised, because of the impact it will have on the economy of this local government.”

Speaking at the event, the Group Managing Director/Chief Executive Officer of Zenith Bank, Dame Dr. Adaora Umeoji, OON, commended the Governor for his support of private sector growth, noting that the establishment of the branch reflects the conducive environment for investment and economic development being fostered in Delta State.

She said: “We are deeply grateful to His Excellency, Rt. Hon. Sheriff Oborevwori, Governor of Delta State, for his unwavering support and partnership, and for finding time to personally commission the branch today. His generous donation of the land on which this branch is built is a testament to his administration’s commitment to fostering private sector investment and creating an enabling environment for businesses to thrive. Since assuming office, the Governor has driven significant infrastructure and socio-economic development across the state, and Zenith Bank is proud to contribute to that progress through this new branch in Osubi.”

The GMD described the Osubi branch, the Bank’s 19th in Delta State, as a milestone in Zenith Bank’s enduring relationship with the State. She reiterated the Bank’s commitment to serving underserved communities and to empowering individuals, businesses, women entrepreneurs, and SMEs through innovative banking solutions, access to finance, and capacity-building initiatives.She added that the new branch would serve as a catalyst for economic activity in Osubi and its surrounding communities, supporting the broader development of Delta State and Nigeria at large.

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