Business
Ecobank Engages Vigeo Boss, Osibodu In Legal Battle Over Alleged N8.7billion Debt
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
Business
ZENITH BANK’S 10TH INTERNATIONAL TRADE SEMINAR SETS OUT STRATEGIES TO SCALE NIGERIA’S NON-OIL EXPORTS
Zenith Bank Plc hosted the 10th edition of its International Trade Seminar on Non-Oil Export on Tuesday, 25 August 2026, marking a decade of sustained advocacy for the diversification of Nigeria’s economy. The virtual event brought together policymakers, regulators, exporters, manufacturers, investors and development partners from across Africa and beyond, all focused on one question: how Nigeria can earn more from what it sells to the world.
Held under the theme “Unlocking Value and Harnessing Growth”, the seminar examined how Nigeria can move beyond exporting raw commodities to building competitive value chains, strengthening trade infrastructure and financing, and deepening the sector’s contribution to sustainable economic growth.
In her welcome address, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, paid tribute to the Bank’s Founder, Dr. Jim Ovia, CFR, whose vision gave birth to the seminar in 2015, and urged participants to turn Nigeria’s improving export numbers into lasting economic value.
In her words: “Our theme, ‘Unlocking Value and Harnessing Growth’, is not just a slogan. It speaks to the opportunities before us and the need to translate our collective efforts into sustainable economic value. According to the Nigerian Export Promotion Council, Nigeria’s non-oil exports reached a record $6.1 billion in 2025, up 11.5 per cent from the $5.46 billion recorded in 2024, and a remarkable leap from the $612 million recorded a decade earlier. Through our partnership with the African Continental Free Trade Area Secretariat, we have commenced the development of the SMARTAfCFTA portal, and our integration with the Pan-African Payment and Settlement System is making cross-border business easier for our customers. Wherever our exporters need to reach, Zenith Bank will reach with them.”
She commended His Excellency, President Bola Ahmed Tinubu, GCFR, for the structural reforms creating a more enabling environment for businesses, and the Central Bank of Nigeria, under Governor Olayemi Cardoso, for reforms that have improved foreign exchange stability and market confidence. “As we build on the progress recorded so far,” she added, “it is important that, as a nation, we accelerate growth by creating more value locally and exporting finished products, rather than just raw materials.”
Delivering the keynote address, the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, MFR, called for deeper trade and investment reforms, a better export environment and wider market access within Africa and beyond. “The question before us now is not simply how to export more, but how to retain more value in Nigeria from everything we export,” she said. “Our focus at the Ministry is straightforward: produce more competitively in Nigeria, process more in Nigeria, connect Nigerian businesses to bigger markets, and ensure that the financing, infrastructure and trade systems exist to help them scale. In July, I assumed the chair of the AfCFTA Council of Ministers, and I see at first hand that the opportunity before us goes beyond the size of the African market of over 1.4 billion people and approximately $3.4 trillion in GDP. It is about enabling Nigerian firms to sell more products, reach more markets and deepen regional value chains. Nigeria’s role as an AfCFTA digital trade co-champion further positions us to help shape how this market evolves, particularly as digital trade creates new pathways for Nigerian businesses to reach customers across the continent.” She urged financial institutions to go beyond financing export transactions to financing export capability, and encouraged Nigerian businesses to prepare for intra-African trade by investing in productivity, quality and skills.
In his presentation, the Chair of the Board of Directors of the Fund for Export Development in Africa (FEDA) and immediate past President/Chairman of Afreximbank, Professor Benedict Oramah, GCON, argued that the moment demands new thinking. “The theme chosen for this 10th edition is both apt and timely,” he said. “The global economy is experiencing unprecedented levels of entropy. I do not raise this to alarm us. I raise it because a unique opportunity lies ahead of us that may well pave the way to Africa’s ascendance. The question is no longer whether Africa can attract enough external capital and external demand to power its growth. The question is whether Africa, and Nigeria within it, can build her own internal demand, participate effectively in global supply chains, build the capacity to finance her own trade and industries, and create her own markets.” He commended Zenith Bank and its leadership for advancing Nigeria’s non-oil export agenda over the past decade.
The Founder and Executive Chair of Plot Enterprise Ghana Limited, Mrs Patricia Poku-Diaby, made the case for transformation plainly. “Let us make no mistake: the future of our economy will not be determined simply by what we grow or what we mine, but by what we transform,” she said. “We need to move from being suppliers of raw materials to becoming producers, processors, manufacturers, exporters and owners of strong African brands. Our focus should be on creating more value before our products leave our shores.”
Speaking on the Nigeria-United Kingdom trade relationship, the UK Minister of State at the Ministry of Housing, Communities and Local Government, the Rt. Hon. Florence Eshalomi, MP, represented by Ms Mujina Kaindama, Head of Trade Policy for UK Business, Innovation, Science and Trade, commended the Bank for the platform. “The trade relationship between the United Kingdom and Nigeria is one of immense importance and even greater potential,” she said. “Nigeria is home to extraordinary entrepreneurial talent, innovation and creativity. One of the most promising opportunities lies not simply in increasing exports, but in increasing the value of those exports: moving further up the value chain, processing raw materials, developing branded products and creating higher-value manufactured and agricultural goods. In doing so, Nigerian businesses can unlock greater returns, create jobs and build sustainable economic growth.”
The Secretary-General of the African Continental Free Trade Area Secretariat, His Excellency Wamkele Mene, placed the private sector at the centre of the continent’s economic restructuring. “The private sector is at the heart of the fundamental restructuring of Africa’s economy that all of us want to see,” he said, “and the seminar Zenith Bank has convened strikes at the heart of that objective: reducing the reliance of exports on unprocessed commodities and accelerating industrialisation and value addition in Africa. The success of the AfCFTA will ultimately be measured not by how many protocols and legal instruments have been signed, but by the extent to which our private sector can leverage the AfCFTA to access new markets, scale their investment and scale their productive capacity to create jobs across the continent.”
The seminar featured two panel sessions. The public sector panel brought together Mr Abubakar Bello, Managing Director of the Nigerian Export-Import Bank (NEXIM), represented by Mr Hope Nyongo, Technical Adviser; Mr Adewale Adeniyi, MFR, Comptroller-General of the Nigeria Customs Service; Dr Abubakar Dantsoho, Managing Director/CEO of the Nigerian Ports Authority, represented by Mr Adebowale Lawal, Ports Manager, Lagos Ports Complex; Ms Aderinola Shonekan, Director, Trade and Exchange Department, Central Bank of Nigeria; Mrs Nonye Ayeni, Executive Director/CEO of the Nigerian Export Promotion Council; and Mr Adekunle Ajai, General Manager, Neroli Technologies. The panellists committed to improving trade facilitation, customs efficiency, logistics reform, trade advocacy and exporters’ access to funding.
The private sector panel featured Alhaji Adeniji Adeyemi, MD/CEO of Starlink Global & Ideal Limited; Alhaji Sada Ladan-Baki, Group Executive Director, International Trade and Export, Dangote Group; Mr Bamidele Ayemibo, Senior Consultant, 3T Impex Trade Centre; Mr Mobolaji Salako, Managing Director, Terra Aqua Environmental Consultancy Nigeria Limited; Mr Ramzi Taher, Managing Director, RMM Global Company Limited; Mrs Oluyemisi Iranloye, Founder/Managing Director, Psaltry International; and Chief (Mrs) Chinwe Ezenwa, MD/CEO, Lelook Nigeria Limited. Their discussions centred on trade barriers, value creation and addition, competitiveness, product certification, market intelligence and the structured financing needed to scale non-oil exports.
The Zenith Bank International Trade Seminar on Non-Oil Export was launched in 2015 to drive dialogue and action around Nigeria’s non-oil export potential. Ten years on, the Bank continues to champion the sector’s growth by opening up market opportunities and backing exporters with financing, incentives and practical support.The 2026 edition streamed live on Zoom, YouTube, Instagram, Facebook, X and TikTok, drawing thousands of participants from 97 countries. The tenth edition closed the way the first began a decade ago: with a commitment to give Nigerian businesses the tools, partnerships and capital they need to compete in regional and global markets.
Business
ZENITH BANK TO HOST 10TH INTERNATIONAL TRADE SEMINAR, TARGETS GROWTH IN NIGERIA’S NON-OIL EXPORTS
Zenith Bank Plc will host the 10th edition of its International Trade Seminar on Non-Oil Export on Tuesday, 25 August 2026, bringing together leading policymakers, regulators, exporters, manufacturers, investors and other key stakeholders to explore practical strategies for unlocking value and accelerating growth in Nigeria’s non-oil export sector.
Themed “Unlocking Value and Harnessing Growth in Non-Oil Export”, the virtual seminar will examine how Nigeria can move beyond exporting raw commodities to build globally competitive value chains, expand market access, strengthen trade infrastructure and financing, and deepen the contribution of non-oil exports to sustainable economic growth.
The high-level event will feature an impressive line-up of guest speakers, including the Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, H.E. Wamkele Mene; the Chief Executive Officer of Plot Enterprise Ghana Limited, Mrs Patricia Poku-Diaby; and the immediate past President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah.
The seminar will also convene leading voices from the public and private sectors in two panel discussions. The first panel, dedicated to public sector perspectives, will bring together key stakeholders driving Nigeria’s trade, export, investment and economic development agenda. It will feature the Managing Director/Chief Executive of the Nigerian Export-Import Bank (NEXIM Bank), Mr Abba Bello; the Comptroller-General of the Nigeria Customs Service, Mr Adewale Adeniyi; the Director, Trade and Exchange Department, Central Bank of Nigeria, Ms Aderinola Shonekan; the Executive Secretary/Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC), Mrs Aisha Rimi; and the Executive Director/Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Mrs Nonye Ayeni.
The second panel, focused on private sector perspectives, will feature the Managing Director/Chief Executive Officer of Starlink Global & Ideal Limited, Alhaji Adeniji Adeyemi; the Group Executive Director, Dangote Group, Alhaji Sada Ladan-Baki; Senior Consultant at 3T Impex Trade Centre, Mr Bamidele Ayemibo; the Managing Director of Terra Aqua Environmental Consultancy Nigeria Limited, Alhaji Mobolaji Salako; the Managing Director/Chief Executive Officer of RMM Global, Mr Ramzi Taher; and the Managing Director/Chief Executive Officer of Lelook Nigeria Limited, Chief Mrs Chinwe Ezenwa.
The discussions will offer practical perspectives on trade facilitation, export financing, customs and port efficiency, regulation, market access, and the competitiveness of Nigerian businesses in regional and global markets.
A key focus of the seminar will be the African Continental Free Trade Area and its potential to open up a larger market for Nigerian goods and services while deepening intra-African trade. With the AfCFTA offering businesses access to a market of more than one billion people, the discussions will examine how Nigerian enterprises can leverage regional integration, build competitive value chains and seize emerging opportunities across the continent.
Zenith Bank has consistently championed conversations around trade and economic development. It remains at the forefront of efforts to support businesses seeking to participate more effectively in regional and international commerce. The Bank has also partnered with the AfCFTA Secretariat on initiatives to facilitate cross-border trade and expand access to opportunities across Africa.
Now in its 10th edition, the Zenith Bank International Trade Seminar has evolved into a leading platform for high-level dialogue on Nigeria’s trade and export ecosystem. Over the years, the seminar has brought together government, regulators, businesses, financial institutions, and other stakeholders to examine emerging trends, identify challenges, and proffer practical solutions to strengthen Nigeria’s position in global commerce.
The 2026 edition will build on this legacy, convening some of the most influential voices shaping Nigeria’s trade, investment and economic landscape around one critical question: how can Nigeria unlock greater value from its non-oil exports and translate its vast productive potential into sustainable economic growth?The seminar will be held virtually and streamed live on Zoom, YouTube, Instagram, Facebook, X, and TikTok, enabling participants in Nigeria and around the world to join the conversation. Interested participants can register at www.zenithbank.com/exportsem
Business
ZENITH BANK REWARDED FOR EXCELLENCE IN THE 2026 EUROMONEY AWARDS, WINS “AFRICA’S BEST BANK” & “NIGERIA’S BEST BANK” AWARDS
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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