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E-Business

Supreme Court Orders Stanbic IBTC Bank to Pay Customer N2.5Bn Damages

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Supreme Court of Nigeria has affirmed the judgement of a Federal High Court sitting in Lagos, Southwest Nigeria that ordered Stanbic IBTC bank Plc to pay one of its customers, Mr Patrick Akinkuotu and his company Long Term Global Capital Limited the sum of N2.5 billion for breach of contract.

 

The judgement of the apex court arose from the judgement of a Federal High Court in Lagos, who had earlier awarded the N2.5 billion as damages against the bank.

 

The case of Akinkuotu and his company against Stanbic IBTC bank Plc as presented by their lawyer, Chief Felix Fagbohungbe SAN was that, the bank granted overdraft facility of N600 million to Long Term Capital Ltd on the 11th of April, 2007.

 

The bank also granted two additional facilities of N400 million and N250 million to Akinkuotu on the 11th of May, 2007 and 17th of July, 2007 respectively. The facilities were for a term of 365 days with an option of rollover among other terms.

 

Upon application by Akinkuotu, the facilities granted them were merged and same were secured with shares held by them in various companies. The bank, upon instruction received via e-mail sold 28,745,400 units of GTB PLC shares held by Akinkuotu and his company at the sum of N267,775,799.21.

 

The Plaintiffs became aggrieved and contended that the proceed of the shares sold by the bank was very low. They also contended that they have liquidated the overdraft facilities granted them by Stanbic IBTC bank Plc, consequently they sued the bank for breach of contract and claimed damages for loss of business opportunity.

 

Fagbohungbe, SAN on his part, argued that the case of his client was that of gross negligence and unprofessionally selling the shares separately owned by Mr Akinkuotu and his company at significantly lower and unauthorized prices whilst purportedly acting on Mr Akinkuotu’s unsigned e-mail alone between him and the officer of the bank Mr.N.Udoh while ignoring entirely the specific terms of the sale mandate officially issued by his clients

 

The trial court while entering judgement in their favour awarded them N2.5 billion damages, and said “The law stipulates that court should discountenance an unsigned document as its contents cannot override a duly executed mandate in the circumstances”

 

Dissatisfied with the judgement of the court, Stanbic IBTC bank Plc appealed the judgement, however, its case was dismissed by the Court of Appeal.

 

Thereafter, the bank took its case to Supreme Court, the court after appraising the facts and submission of Fagbohungbe appearing with Barrister Abayomi Adeniran as presented on behalf of Akinkuotu and his company and O. Ayanlaja, SAN appearing with Tayo Oyetibo, SAN for Stanbic IBTC Plc, in a judgment delivered by five panel members of judges dismissed the appeal of the bank for lacking in merit and awarded cost of N50,000 in favour of Akinkuotu and his company and against Stanbic IBTC Bank Plc .

 

 


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E-Business

FG Launches Online Visa Approval Centre

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Dr. Olubunmi Tunji-Ojo, minister of Interior, has announced the launch of an Online Visa Approval Center to eliminate bureaucratic bottlenecks and reduce corruption in the visa application process.

FG Launches Online Visa Approval Centre

Commissioned by the President in December, the new system ensures that applicants no longer need to visit a visa office, know anyone in the system, or lobby for approvals.

At a stakeholders’ sensitisation workshop on the implementation of the Nigeria Visa Policy (NVP) 2025, yesterday in Abuja, Dr. Tunji-Ojo said the visa is considered a very important document by the government because it is an instrument of migration management and an instrument of economic development.

The minister explained that Nigeria has to strike a delicate balance between national security and, of course, the ease of migration.

“And we think that it’s something that we can do and something we will do.

“We don’t have a physical Visa Approval Center. If you apply for a Nigerian visa anywhere in the world, you do so online. We process it here in Nigeria, and if approved, you receive your e-visa in your email,” he explained.

To enhance efficiency, the government has set a 48-hour deadline for processing e-visas.

“It is unprofessional and unacceptable for the Nigeria Immigration Service not to approve or provide feedback within 48 hours,” the minister stated.

“It breaks my heart that people need to lobby to even get visas to Nigeria. It shouldn’t be so. It shouldn’t be.

“For anybody that is qualified, for anybody that wants to do legitimate activities in Nigeria, such people should be able to come to Nigeria easily. And this is why we are opening our space. Mr. President is interested in foreign direct investments.”

Further, he said Nigeria is interested in partnering with the rest of the world to develop its economy but, “We can’t do that when we allow bottlenecks to hold us down. So these reforms, basically, are aimed at opening our space, enhancing national security, and we hope that the primary responsibilities of the visa scheme will be achieved.”

Kemi Nandap, controller general, Nigeria Immigration Service (NIS), said the NIS would fully digitize its e-visa platform and reduce visa classifications from 79 to 44 to enhance accessibility, transparency, and efficiency in the new visa policy.

She said, “At the core of this policy is the new e-visa platform—a fully digitized, centralized system that revolutionizes how foreign nationals interact with our country’s entry procedures. As part of this transformation, the Nigerian Visa Policy 2024 underwent a comprehensive review, resulting in a significant reduction in visa classifications from 79 to 44.

“These categories have been logically grouped to simplify procedures, reduce complexities, and greatly improve the user experience. Importantly, we have maintained the original purpose and intent of each visa class throughout this reform.”

 


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NITDA Partners JICA to Launch Nigeria-Japan Startup Hub

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Mr. Takao Shimokawa, director general, Economic Development Department at the Japan International Cooperation Agency (JICA) has visited the National Information Technology Development Agency (NITDA) to discuss the forthcoming launch of the Nigeria-Japan Startup Hub Project.

NITDA Partners JICA to Launch Nigeria-Japan Startup Hub

Mr. Dejo Olawunmi, director of IT Infrastructure Solutions at NITDA and Mr. Takao Shimokawa, director general, Economic Development Department at the Japan International Cooperation Agency (JICA)

This is in a strategic move to strengthen Nigeria’s startup ecosystem.

During his visit, Mr. Shimokawa was received by Mr. Dejo Olawunmi, director of IT Infrastructure Solutions at NITDA.

Their discussions focused on advancing technological innovation, fostering entrepreneurship, and enhancing venture capital development to support early-stage startups in Nigeria.

The Nigeria-Japan Startup Hub Project is designed to provide Nigerian startups with access to Japanese expertise, mentorship, and investment opportunities.

The initiative aims to create a collaborative environment where local entrepreneurs can scale their businesses by leveraging Japan’s advanced technology and business models.

By bridging Nigerian startups with Japanese investors and industry leaders, the project seeks to drive sustainable growth and innovation in Nigeria’s tech industry.

This partnership underscores the increasing economic and technological cooperation between the two nations, positioning Nigeria as a key player in the global startup landscape.

With the hub set to launch soon, stakeholders anticipate that it will provide critical resources for startups, enabling them to compete in the global market and contribute to Nigeria’s digital economy.

 


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Firm Discovers Sophisticated Chrome Zero-day Exploit Used in Active Attacks

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Kaspersky has identified and helped patch a sophisticated zero-day vulnerability in Google Chrome (CVE-2025-2783) that allowed attackers to bypass the browser’s sandbox protection system.

The exploit, discovered by Kaspersky’s Global Research and Analysis Team (GReAT), required no user interaction beyond clicking a malicious link and demonstrated exceptional technical complexity. Kaspersky researchers have been acknowledged by Google for discovering and reporting this vulnerability.

In mid-March 2025, Kaspersky detected a wave of infections triggered when users clicked personalised phishing links delivered via email. After clicking, no additional action was needed to compromise their systems.

Once Kaspersky’s analysis confirmed that the exploit leveraged a previously unknown vulnerability in the latest version of Google Chrome, Kaspersky swiftly alerted Google’s security team. A security patch for the vulnerability was released on March 25, 2025.

Kaspersky researchers dubbed the campaign “Operation ForumTroll”, as attackers sent personalised phishing emails inviting recipients to the “Primakov Readings” forum. These lures targeted media outlets, educational institutions, and government organisations in Russia.

The malicious links were extremely short-lived to evade detection, and in most cases ultimately redirected to the legitimate website for “Primakov Readings” once the exploit was taken down.

The zero-day vulnerability in Chrome was only part of a chain that included at least two exploits: a still-unobtained remote code execution (RCE) exploit that apparently launched the attack, while the sandbox escape discovered by Kaspersky constituted the second stage. Analysis of the malware’s functionality suggests the operation was designed primarily for espionage. All evidence points to an Advanced Persistent Threat (APT) group.

“This vulnerability stands out among the dozens of zero-days we’ve discovered over the years,” said Boris Larin, principal security researcher at Kaspersky GReAT. “The exploit bypassed Chrome’s sandbox protection without performing any obviously malicious operations – it’s as if the security boundary simply didn’t exist.

The technical sophistication displayed here indicates development by highly skilled actors with substantial resources. We strongly advise all users to update their Google Chrome and any Chromium-based browser to the latest version to protect against this vulnerability.”

Google has credited Kaspersky for uncovering and reporting the issue, reflecting the company’s ongoing commitment to collaboration with the global cybersecurity community and ensuring user safety.

Kaspersky continues to investigate Operation ForumTroll. Further details, including a technical analysis of the exploits and malicious payload, will be released in a forthcoming report once Google Chrome user security is assured.

Meanwhile, all Kaspersky products detect and protect against this exploit chain and associated malware, ensuring users are shielded from the threat.

This discovery follows Kaspersky GReAT’s previous identification of another Chrome zero-day (CVE-2024-4947), which was exploited last year by the Lazarus APT group in a cryptocurrency theft campaign.

In that case, Kaspersky researchers found a type confusion bug in Google’s V8 JavaScript engine that enabled attackers to bypass security features through a fake cryptogame website.

 


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