E-Financial
Firm Calls First Bank Out over Alleged IP Infringement, Demands N125m
Xtreme Cr8tivity Xpressions Limited, design and innovation firm, has threatened to drag First Bank Plc to court over alleged unauathorised use of its intellectual property (IP).
Design and innovation firm is also demanding N125 million from the bank for allegedly using its IP for its 125 anniversary celebration without authorization on the bank’s website, T-shirts, buildings and other merchandising benefits.
Xtreme Cr8tivity Xpressions, a start-up claimed that it is being muscled out of business by First Bank.
First Bank is yet to react to the allegations when Nigeria CommunicationsWeek contacted the bank.
Mrs Folake Ani-Mumuney, group Head, Marketing and Corporate Communications, however responded to a follow-up email saying “This is to confirm receipt in the first instance and to loop my colleague Ismail who is our Head of Media. I shall also forward this to our legal team who to my knowledge have engaged appropriately and as is our standard practice. Given there is legal engagement already this approach is therefore a surprise to me”
Mrs Ani-Mumuney did not get back at the time of filing this report even after another reminder.
On its part, Xtreme Cr8tivity Xpressions through Gee Law Firm, its lawyers claimed it has written to the bank thrice on the issue.
The first letter dated August 28, 2019, addressed to the managing director of First Bank, and signed by Femi Mathew Adedoyin of Gee Law Firm read:
DEMAND FOR PAYMENT OF THE SUM OF ONE HUNDRED AND TWENTY FIVE MILLION NAIRA N125,000,000 TO XTREME CR8TIVITY XPRESSIONS LTD FOR THE DESIGN OF THE 125 ANNIVERSARY DIARY LOGO AND UNAUTHORISED USAGE OF WEBSITES, T-SHIRTS, BUIDLINGS AND OTHER MERCHANDISING BENEFITS BY FIRST BANK PLC WITHOUT THE CONSENT OF OUR CLIENT.
We have been consulted and our legal services retained by XTREME CR8TIVITY XPRESSIONS LTD (A design and innovation firm) of N0. 97, Channels Television Road, Isheri OPIC Extension, Ogun State (hereinafter referred to as “Our Client”) and on her behalf we write in connection with the above subject matter.
Itis the brief our Client that sometime in 2018, our Client having become aware of the impending 125th anniversary celebration of First Bank Pls, came up with a diary concept and special anniversary logo badge. Our Client made representation to the Bank and it was wholly welcomed and our Client was requested by the Bank to come up with different styles and patterns which if finally accepted by the Bank our Client will be fully paid.
In response to the demand of the Bank, our Client set out and made different molds at our Client’s costs. After same was submitted to the Bank, invoice was sent to the Bank’s negotiation team. For about three months our Client did not get any response from the Bank until a terse email was sent with a request that our Client varies the price for the anniversary diary project to half the price quoted in the invoice submitted by our Client. Our Client was shocked beyond words.
It was at a meeting later summoned by the top management of the Bank that our Client was informed that the Bank had secured another vendor to produce massively and our client was given a small quantity as a shared contract with the new vendor.
Our Client was surprised to note that the logo badge that was made by our Client was tweaked and used maximally for the 125thAnniversary on every medium available (Website, T-shirts, FBN Holdings Diaries, Backdrops, Envelopes, Headquarter buildings etc).
It was most shocking to our Client that the Bank that prides herself as one building a sound reputation with the highest standard of responsible behavior could desecrate the intellectual property of another without compensation.
In view of the above representation Sir, it is the instruction of our Client that we demand, and we hereby demand as follows;
- a) The payment of the sum of Twenty FiveMillion Naira (N25,000,000.00) being our Client’s due for relief design and logo.
- b) The payment of the sum of One Hundred Million Naira (N100,000,000.00) being damages for copyright infringement in the logo and design of our Client.
- c) FINALLY, the withdrawal of all materials bearing the design and logo the property of our Client from all internal and external outlets including the print and electronic media.
TAKE NOTICE that should the Bank failed, refused or neglected to pay the above sum totaling One Hundred and Twenty Five Million Naira (N125,000,000.00) to our Client within fourteen (14) days from the date of the receipt of this letter, we shall be left with no other viable option than to set in motion the legal machinery to recover same in a Court of competent jurisdiction with substantial cost.
In its second letter dated November 7, 2019 to the managing director of First Bank and signed by Nosakhare Uwadiae for Gee Law Firm, reiterated its demands.
The letter read:
RE: DEMAND FOR PAYMENT OF THE SUM OF ONE HUNDRED AND TWENTY FIVE MILLION NAIRA N125,000,000 TO XTREME CR8TIVITY XPRESSIONS LTD FOR THE DESIGN OF THE 125 ANNIVERSARY DIARY LOGO AND UNAUTHORISED USAGE OF WEBSITES, T-SHIRTS, BUIDLINGS AND OTHER MERCHANDISING BENEFITS BY FIRST BANK PLC WITHOUT THE CONSENT OF OUR CLIENT.
The above subject matter refers.
You will recall that a letter dated 18thSeptember, 2019 was sent to you via a courier service company in response to your request that we furnish your Bank with a hardcopy of the logo, the unauthorized usage of which our Client; XTREME CR8TIVITY XPRESSIONS complained.
We are however surprised that since the delivery of our letter with the copies of the logo to your Bank through the courier service company; we have not received any comprehensive response from your Bank.
Please note that if within fourteen (14) days of the receipt of this reminder a response is not received from your Bank, we shall be left with no other viable option than to approach the appropriate court with requisite jurisdiction to ventilate the grievances of our Client without any further recourse to your Bank.
Federal High Court in Lagos has fixed July 1, 2025, for the commencement of trial in a money laundering case involving Cititrust Holdings PLC and three of its subsidiaries.
The subsidiaries are Cititrust Funding PLC, Cititrust Credit Limited and Cititrust Financial Services Limited,
The companies are facing an eight-count charge filed by a team of prosecutors from the Economic and Financial Crimes Commission (EFCC), comprising Anasoh Henry Onyekachi, Frankklin Ofoma, Abdulhamid Lamido Tukur, and A.A. Usman.
According to the charge, between 2021 and 2023, the companies, all incorporated in Nigeria, allegedly operated investment management services without a valid licence from the Central Bank of Nigeria (CBN).
This act contravenes Section 57 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and is punishable under Section 57(5) of the same legislation.
The prosecution also alleged that the companies conducted a Collective Investment Scheme without registering with the Securities and Exchange Commission (SEC), another violation of regulatory requirements.
In one of the counts, Cititrust Credit Limited is specifically accused of failing to report high-value financial transactions to the Nigerian Financial Intelligence Unit (NFIU).
These transactions include a N20 million transfer on January 7, 2021; a N200 million transfer on April 4, 2021; and a N200 million lodgement on January 29, 2021.
Additionally, both Cititrust Credit Limited and Cititrust Financial Services Limited are alleged to have made a single transfer and lodgement respectively of N42 million into their bank accounts on January 29, 2021, without proper disclosure to relevant authorities.
The alleged offences are in breach of Sections 11(1)(b) and 11(3) of the Money Laundering (Prohibition) Act 2022, as well as Section 54(1) of the Investment and Securities Act 2007, and are punishable under the respective laws.
The court is expected to begin full proceedings on July 1.
Ecobank Nigeria’s long-term issuer credit rating has been downgraded to ‘CCC-’ from CCC, with the outlook placed at negative by S&P Global Ratings. This is a resultant effect of the $150 million bond buyback offer on the bank’s $300 million Senior Unsecured Eurobond.
Part of the tender offer made by Ecobank includes an early tender premium of $12.50 for every $1,000 in principal (equivalent to 1.25%), with the anticipated settlement date set for July 8, 2025. The offer also requests bondholders’ consent to eliminate the capital adequacy covenant on the outstanding notes.
These actions also led S&P to downgrade the $300 million Eurobond from ‘CCC’ to ‘CCC-’. Although S&P notes that it does not consider the tender offer a distressed debt restructuring.
However, this assessment is at risk of changing if the bank does not receive the promised capital injection from the parent group, Ecobank Transnational Incorporated (ETI).
Following the naira devaluation, Ecobank was unable to meet the regulatory Capital Adequacy Ratio (CAR) requirement, as its CAR dropped to 7 per cent. This was below the 10 percent regulatory minimum. The breach of the CAR caused the bank to seek the consent of its bondholders to pause the capital adequacy notes on the Eurobond notes till September 2025.
Following this development, the bank received a $50 million prepayment on promissory notes from its parent company, ETI, along with early repayments on certain foreign currency loans. However, it has been insufficient in restoring the capital adequacy to regulatory levels.
According to S&P, the bank is expected to receive another $50 million capital injection from its parent group before August 2025. However, the ratings agency notes that if the bank is unable to receive this capital injection, it will inevitably default on its bonds. A situation that would cause a further downgrade to ‘CC’.
It was recommended that Ecobank Nigeria consider raising $150 million through additional Tier-1 instruments to strengthen its liquidity buffers. Additionally, the bank was advised to intensify efforts to recover its foreign currency-denominated loans.
Fidelity Bank Plc, leading financial institution has reaffirmed its commitment to corporate social responsibility with the donation of food and essential items to the Old People’s Home in Yaba, Lagos.
The donation was made possible through the generosity of the bank’s Nexus Inductees Class, under its Corporate Social Responsibility initiative known as the Fidelity Helping Hands Programme (FHHP).
Through the FHHP, staff across Fidelity Bank branches nationwide identify crucial interventions needed in their immediate community and raise funds to execute them. The bank’s management then matches this contribution with an equal amount and disburses it for the selected project.
Commenting on the donation, Divisional Head, Brand and Communications, Fidelity Bank Plc, Dr Meksley Nwagboh, emphasized the bank’s unwavering commitment to impacting its host communities positively noting that the community is an essential part of the bank success story.
“Today’s donation is a token of our appreciation for our incredible parents and guardians who have raised outstanding individuals that trust us with their banking needs.
“Our donation to the Old People’s Home reflects our deep commitment to supporting the well-being and dignity of our senior citizens.
“We are honored to contribute to a cause that ensures they receive the care, comfort, and respect they deserve.” Nwagboh stated.
Appreciating the gesture from the bank, the Director-in-Charge of the Home in Yaba, Adetutu Ipaye, said “Community support initiatives such as this from Fidelity Bank is vital to sustaining our mission and enhancing the quality of life for the elderly.
“We urge other organizations to follow in the Bank’s footsteps as this kind of support will go a long way to ensure that the elderly live with dignity and comfort”.
One of the beneficiaries from the home, Mr. Kamoru Adeyetu noted that, “Your presence today has brought us immense joy, and our greatest happiness lies in seeing the younger generation thrive. Beyond the gifts, your visit means the world to us and please remember to visit us regularly.”
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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