E-Financial
Bank Asks Court to Wind Up Oil Firm over N1.6Bn Debt
Nova Merchant Bank Limited, has urged the Federal High Court in Lagos to wind up Midwestern Oil and Gas Company Limited, for allegedly refusing to pay a N1.6 billion debt it owed.
The bank made this demand in its winding-up petition marked FHC/L/CP/2641/2023, brought under the provision of the Companies and Allied Matters Act 2020.
Apart from the suit, the bank also filed a motion on notice seeking leave of the court to “advertise the Winding-up Petition in the Federal Government Official Gazette, one national daily newspaper and other Newspaper circulating in Lagos State, where the registered office and principal place of business of the respondent is situated or in such other newspaper as the court may direct in compliance with the companies Winding-Up Rules 2001.”
The basis of the bank’s request is that the, “Respondent is insolvent and unable to pay its debt or meet its obligations.”
In an affidavit attached to the suit, the petitioner claimed that upon an application by Energy Link Infrastructure Limited, Nova Merchant Bank, by an offer letter dated July 26, 2021, granted a N3 billion credit facility to the company for a project that it is undertaking for OML 18 (owned and operated by Eroton E&P).
The bank averred that the securities for the facility are an Irrevocable Domiciliation of $2 million proceeds from exclusivity agreement with Shell Western Supply and Trading Limited and Corporate Guarantee of Eroton Exploration & Production Company Limited.
The petitioner further stated that respondent “failed to offset the loan repayment at its first maturity date (25th October 2021) and asked the bank for an extension, that the Petitioner extended the credit facility by another offer letter dated 5th January 2022.
“That the Respondent covenanted its Corporate Guarantee dated 5th January 2022 as security for the 5th January, 2022 credit facility granted to Energy Link, which covered the N3 billion.
“The January 5, 2022, loan facility was tenured for 180 days with 60 days of loan repayment and an interest rate of 18 percent per annum.
“Again, due to the inability of Energy Link Infrastructure to repay the loan and upon their application, the petitioner, by an offer letter dated 16th August 2023, restructured the credit facility.
“It explained further that yet again, Energy Link Infrastructure failed to pay its debt, following which the bank hired a solicitor whose fees being 15 percent of the outstanding sum as of the 28th of November, 2023, is N215, 041, 211.306.
“This brought the respondent’s total Indebtedness to N1,648,649,286.68 as of the time of the institution of the suit.
“Due to the respondent’s continuous and unremitting default or inability to honour the covenants in the corporate guarantee they issued in favour of Energy Link Infrastructure Limited, the petitioner caused a Statutory Demand Letter dated 28th November, 2023 served on the respondent.
“The petitioner has given the respondent a long period to liquidate its indebtedness, and the statutory three weeks demand notice has elapsed. Yet the Respondent has neglected and refused to honour its obligations due to its inability to pay its debt.
“The petitioner states that the respondent has become insolvent due to the Respondent’s inability to pay its debt in the sum of N1,648,649,286.68 owed to the petitioner.
“The failure of the respondent to pay the petitioner the sum owed has caused great financial hardship on the petitioner,” the bank stated
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
First Asset Management, one of Nigeria’s investment managers and a subsidiary of First HoldCo Plc. has launched its FBN Blended Dollar Fund to drive up customer earnings through its rich blend of US equity and high-profile investments domiciled in Nigeria.
In its recent webinar, the company discussed the advantages of its newly launched FBN Blended Dollar Fund. First Asset Management is the first company to launch a blended fund in the equity market to maximise customer earnings.
The event was part of the First Asset Management Leading Conversations Webinar Series, which convenes financial industry experts. The session was moderated by the renowned journalist, Omohefe Osemere and featured a distinguished panel including Laura Fisayo- Kolawole, Head of Equities & Alternative Asset Management at First Asset Management; Robert Hageneers, Head of Markets at FirstBank UK; Gbolahan Ologunro, Portfolio Associate at First Asset Management; and Dr. Ayodeji Akamu, Research Associate for Energy & International Economics at First Bank of Nigeria Limited.
The panel discussion revolved around the theme, “Blending Returns in a Dynamic Global Environment: Navigating Trump’s Trade Agreement,” addressing its impact on equity markets in both Nigeria and the United States. The conversation offered insights into global investment strategies amidst ongoing economic volatility.
During the session, First Asset Management introduced the FBN Blended Dollar Fund, explaining its significance and urging investors to seize this opportunity. With a global economic landscape filled with uncertainties, investors are increasingly concentrating on strategies to blend returns across asset classes.
This year, the positive shift in investor sentiment towards Nigeria has been driven by improvement in the monetary policy framework, increased domestic crude oil production, and rising non-oil revenue supported by improved VAT and customs duty collections—factors anticipated to continue bolstering investor confidence.
Laura Fisayo-Kolawole provided insights into U.S. President Donald Trump’s new economic policies, aimed at protecting local industries and stimulating the U.S. economy. She discussed the potential long-term effects of high tariffs designed to discourage imports, noting that while there is optimism stemming from Trump’s first-term policies, the market remains volatile and the full impact of these tariffs, effective from April 2, 2025, is still uncertain.
Ike Onyia, Managing Director at First Asset Management, underscored that the FBN Blended Dollar Fund is a versatile product ideal for investors with a keen interest in growth. It offers competitive returns that can help hedge against inflation and currency risk while providing liquidity.
With a structure that allocates 20% to U.S. equities and 80% to fixed-income instruments, money market instruments, and Euro bonds domiciled in Nigeria, the fund presents diversified exposure to global markets. Onyia expressed enthusiasm about launching a product that offers a unique opportunity for investors to position themselves in an evolving economic landscape.
PalmPay, one of Africa’s fastest-growing fintech platforms, yesterday officially launched its new PalmPay Debit Card in partnership with Verve, Africa’s largest domestic card scheme.
This partnership reflects PalmPay and Verve’s shared commitment to driving financial inclusion by expanding access and delivering greater value across the digital payments ecosystem.
With over 35 million users and a network of 1.1 million agents and merchants across Nigeria, PalmPay is building one of the continent’s most dynamic fintech ecosystems. The launch of its debit card represents a key milestone in PalmPay’s transformation from a mobile wallet and agent network into a comprehensive digital financial services provider – offering integrated solutions for payments, savings, credit, insurance, and now, card access.
The PalmPay Debit Card is seamlessly integrated with the PalmPay wallet, combining the convenience of a traditional bank card with the speed and flexibility of a digital platform, and access to PalmPay’s unique financial ecosystem.
Key Features include:
- Zero maintenance fees
- Easy in-app application and nationwide delivery
- Exclusive cashback and merchant rewards
- Full wallet integration, including access to high-yield savings (up to 16% APR, paid daily)
- Seamless offline and online payments across the Verve network
The card is accepted at all major payment terminals within Nigeria, offering both debit and contactless options. With this launch, PalmPay aims to redefine the everyday banking experience – making it more accessible, reliable, and rewarding.
Alongside the standard debit card, PalmPay is also rolling out PalmPay Premium, a tailored offering for high-volume users. Benefits include:
- A dedicated PalmPay Premium Card
- Priority customer support
- Higher transaction cashbacks and savings interest rates
- Exclusive merchant rewards and advanced financial tools
This premium service reinforces PalmPay’s commitment to empower users at every stage of their financial journey – from first-time account holders to high-earning professionals seeking more from their financial tools.
The PalmPay Debit Card was made possible through PalmPay’s strategic partnership with Verve, reinforcing both companies’ shared commitment to inclusive, locally relevant digital banking solutions.
“PalmPay is dedicated to using technology to broaden financial access,” said Chika Nwosu, Managing Director of PalmPay Nigeria. “This collaboration enables us to offer secure, widely accepted payment cards integrated with the full power of PalmPay’s ecosystem. Together, we’re reshaping how Nigerians experience digital finance.”
Vincent Ogbunude, Managing Director of Verve International, added: “We are proud to partner with PalmPay on this important milestone. Our alliance with PalmPay reflects our shared mission of accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers.”
From zero-fee transfers and high-yield savings to instant credit, insurance, and now cards, PalmPay is building the financial infrastructure of the future – redefining digital banking to be more personalised, comprehensive and accessible to everyone.
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