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.
Nigeria Deposit Insurance Corporation (NDIC) has begun paying insured deposits to customers of the 46 recently failed microfinance banks.
Mr Thompson Sunday, managing director and chief executive, NDIC, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja.
The interview took place on the sidelines of the International Association of Deposit Insurers Africa Regional Committee meeting.
Sunday said the corporation was using the Nigeria Inter-Bank Settlement System (NIBBS) and customers’ Bank Verification Numbers (BVN) for the payments.
He said the NDIC had traced depositors’ alternative bank accounts and credited them directly without requiring physical visits.
He advised depositors without BVNs to visit the nearest NDIC zonal office for verification and payment processing
“The CBN revoked the licences of the 46 microfinance banks on July 1, 2026,” he said.
He said the NDIC automatically became the provisional liquidator after the revocation, in line with the law.
Sunday said the corporation had commenced payment of the insured maximum deposit of N2 million to eligible customers.
He explained that further payments would depend on the recovery of the failed banks’ assets and outstanding debts.
He said proceeds realised from recoveries would be distributed as liquidation dividends to eligible depositors.
Sunday cited Heritage Bank, Aso Savings and Union Homes as examples of the NDIC’s prompt reimbursement efforts.
He said insured depositors of Heritage Bank were paid within four days of the revocation of its licence.
He added that customers of Aso Savings and Union Homes received payments within 72 hours.
“The law allows us 30 days, but we are working to surpass our previous records,” he said.
The Central Bank of Nigeria (CBN) revoked the banks’ licences for failing to meet regulatory requirements for continued operations.
The apex bank said the action was aimed at protecting depositors, strengthening financial stability and ensuring regulatory compliance.
Mr Taiwo Oyedele, minister of Finance and Coordinating Minister of the Economy, has warned that fear, rumours and misinformation could trigger instability in the banking sector if not properly managed.
Mr Taiwo Oyedele, minister of Finance and Coordinating Minister of the Economy
Oyedele gave the warning in Abuja at the 2026 International Association of Deposit Insurers (IADI) Africa Regional Committee (ARC) Annual Meeting and Workshop, with the theme: “Safeguarding Stability: Public Awareness and Crisis Readiness for a Stronger Future.”
The minister said public confidence remained the foundation of every stable financial system, stressing that panic triggered by false information could create liquidity challenges even for financially sound institutions.
According to him, “there can be no economic growth without financial system stability, and there can be no financial stability without public trust.”
He explained that in the digital age, misinformation could spread rapidly across social media platforms, causing depositors to react out of fear.
“Public trust is fragile. In the digital age, rumours and misinformation can spread across social platforms in seconds, creating liquidity shocks even for solvent institutions,” Oyedele said.
He stressed that building public awareness should not be viewed as a public relations activity, but as a key risk management strategy capable of protecting depositors and strengthening the financial system.
Oyedele noted that deposit insurance had evolved beyond a mechanism for handling bank failures, describing it as a strategic tool for promoting confidence and economic stability.
He said effective crisis preparedness required clear frameworks, communication channels, simulation exercises and coordination among financial sector regulators before emergencies occur.
“Preparedness is not an event, it is a culture,” he said, adding that the strongest crisis response was one that prevented panic from occurring in the first place.
Highlighting Nigeria’s financial sector reforms, the minister said the country’s banking recapitalisation exercise, concluded in March 2026, strengthened the resilience of banks.
He disclosed that 33 out of Nigeria’s 37 banks met the new capital requirements, raising a combined N4.65 trillion in fresh capital, with over 70 per cent sourced from domestic investors.
Oyedele said a better-capitalised banking system would be better positioned to absorb shocks, sustain lending and reduce pressure on the deposit insurance fund.
He also pointed to Nigeria’s removal from the Financial Action Task Force (FATF) grey list in October 2025 as another milestone that strengthened confidence in the country’s financial system.
Also speaking, Mr Olayemi Cardoso, governor, Central Bank of Nigeria (CBN), said public awareness and crisis preparedness were central to maintaining financial stability.
Represented by Solaja Olayemi, director, Other Financial Institutions Supervision Department represented, Cardoso said financial systems globally were undergoing rapid transformation due to technological innovation, digital finance, changing consumer behaviour and increasing market interconnectedness.
According to him, while these developments create opportunities, they also introduce new risks that require stronger cooperation among financial safety-net institutions.
The CBN boss warned that misinformation could spread quickly through digital channels, amplifying depositor reactions and creating potential threats to financial stability.
He added that institutions must continuously strengthen crisis management frameworks, operational resilience and coordination mechanisms to respond effectively to emerging challenges.
The apex bank governor also highlighted the impact of Nigeria’s banking sector recapitalisation policy, saying stronger capital buffers would reduce the likelihood of bank failures and reinforce depositor confidence.
“No single institution can safeguard financial stability in isolation. It is through the coherence and complementarity of this institutional relationship that Nigeria’s financial safety net derives its strength,” he noted.
Earlier, Mr Thompson Sunday, managing director/chief executive officer, Nigeria Deposit Insurance Corporation (NDIC), said confidence remained the most valuable asset in any financial system.
The NDIC boss said trust could take years to build but could be lost quickly if stakeholders perceived uncertainty or instability. He said deposit insurers must ensure that the public understands and trusts existing protection frameworks during both normal periods and times of crisis.
He noted that the 2023 global banking turmoil highlighted the need for institutions to invest in crisis simulation exercises, contingency planning and effective communication strategies.
According to him, the NDIC has continued to strengthen its operational readiness through improved depositor reimbursement systems, public awareness initiatives and enhanced crisis management capabilities.
European Union (EU) has warned the public against a fraudulent document circulating online which falsely claims that the bloc, in collaboration with the World Bank, is offering compensation to individuals whose funds are allegedly trapped in banks and financial institutions across West Africa.
In a statement issued on Wednesday in Abuja, the EU Delegation to Nigeria and ECOWAS described the purported compensation programme as a scam, stressing that neither the European Union nor the World Bank is involved in any such initiative.
The fake document, fraudulently attributed to Thérèse Blanchet, secretary-general of the Council of the European Union, claimed that a special EU-World Bank recovery programme has been established to compensate citizens of Europe and other countries whose legally transferred funds were allegedly withheld by banks in the region.
It also falsely stated that the EU Ambassador to Nigeria and ECOWAS has been mandated to supervise the compensation exercise and directs potential claimants to contact him for processing.
However, the EU categorically dismissed the claims, describing every aspect of the document as fabricated.
“The document in its entirety is a scam. The information and claims contained therein are false. The European Union is neither aware of any such bogus programme nor part of it,” the Delegation stated.
The EU further disclosed that the email addresses and telephone numbers listed in the fraudulent document, purportedly belonging to Ms. Blanchet and Ambassador Gautier Mignot, EU Ambassador to Nigeria and ECOWAS, , are fake and are being used by fraudsters to deceive unsuspecting victims.
The Delegation urged members of the public to ignore the fraudulent claims and avoid engaging with anyone promoting the scheme.
It emphasized that all official announcements from the European Union Delegation to Nigeria and ECOWAS are published exclusively through its official website and verified social media platforms.
The warning comes amid increasing cases of cyber-enabled financial fraud in which criminal syndicates impersonate international organisations, government institutions and senior officials to lure victims into paying fictitious processing fees or divulging sensitive personal and financial information.
The EU reiterated its commitment to combating fraud and misinformation while urging citizens to remain vigilant against scams exploiting the names and identities of reputable international institutions.
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