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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

NIMC to Prosecute Nigerians Printing ‘NIN Cards’, Says Only Slip is Legal

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National Identity Management Commission (NIMC) yesterday said that it has mandated security agencies to arrest and prosecute Nigerians printing what it described as ‘NIN cards’ ahead of its planned General Multipurpose Card (GMPC).

NIMC to Prosecute Nigerians Printing ‘NIN Cards’, Says Only Slip is Legal

NIMC in a statement by Kayode Adegoke, head, Corporate Communications Unit, reiterated that the NIN slip is the only legal document authorized as a means of identification.

NIMC said it has observed that “some unscrupulous individuals, cyber cafes, and organizations” are indiscriminately printing unauthorized NIN cards and charging unsuspecting members of the public exorbitant fees.

Such activities, it warned, are a direct violation of the NIMC Act No. 23 of 2007.

NIMC urged the public and organizations to refrain from printing or accepting these unauthorized cards, emphasising that they are not legally recognised.

On no account should these counterfeit NIN cards be presented as valid means of identification.

The security agencies have been notified and mandated to apprehend those involved, with offenders set to face legal consequences.

The commission reaffirmed that the only valid document for identification is the NIN slip, which must be verified before accessing services.

To address public demand, NIMC has concluded plans to launch the Improved GMPC, a multifunctional card serving as both a physical identification document and a payment card, powered by the AfriGO local payment platform.

 

 


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Unleashing Nigeria’s Business Potential: The Cloud as Catalyst for Growth

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Kehinde Ogundare, Country Head, Zoho Nigeria
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 By Kehinde Ogundare, Country Head, Zoho Nigeria

Nigeria’s entrepreneurial spirit is undeniable. Amidst a dynamic and competitive market, businesses are brimming with potential, poised to become regional and even global powerhouses. However, realising this potential requires navigating a challenging landscape—one marked by limited IT resources, complex operational hurdles, and the inertia of traditional business practices. For Nigerian businesses, the path to sustainable growth lies in digital transformation, with cloud-based technologies serving as a key enabler.

With a burgeoning middle class and a tech-savvy population, Nigeria offers fertile ground for innovation and expansion. Yet, many businesses remain tethered to manual processes, limiting their ability to scale and compete effectively. This is where cloud technology and comprehensive digital toolsets become indispensable.

The need for digital transformation

Traditional growth models lack the agility needed to keep pace with an evolving market. Manual processes lead to inefficiencies, limited data insights hinder informed decision-making, and restricted IT resources stifle innovation. To overcome these hurdles, businesses must adopt digital tools that streamline operations, automate workflows, and provide actionable insights.

Digital transformation isn’t about adopting technology for its own sake—it’s about scaling efficiently. In today’s digital economy, scaling is critical for businesses seeking to expand their market reach, remain competitive, and meet evolving customer demands. Digital tools enable businesses to amplify their impact, drive revenue growth, and optimise costs, ensuring long-term sustainability.

The power of cloud-based solutions

Cloud-based platforms eliminate the need for costly infrastructure investments, offering businesses access to cutting-edge technology on a flexible, scalable basis. By automating repetitive tasks, streamlining workflows, and enhancing productivity, these platforms free up valuable resources, allowing businesses to focus on strategy and customer engagement.

An integrated SaaS platform offers a unified ecosystem to manage all facets of a business. By providing a centralised suite of applications, it automates workflows, reduces manual data entry, and improves team collaboration. Businesses can reduce operational costs and accelerate decision-making, ultimately enabling faster expansion into new markets.

With Zoho software, the emphasis is on contextual intelligence, leveraging AI to provide genuine customer value. In a market where customer experience is paramount, Zoho’s AI-powered insights enable businesses to personalise interactions, anticipate needs, and strengthen customer relationships. Zoho’s unwavering commitment to customer privacy also ensures that businesses can leverage data responsibly, fostering trust and long-term loyalty.

A holistic approach to business growth

Zoho’s philosophy of optimising the entire technology stack—from hardware to software—ensures seamless integration and optimal performance. This holistic approach translates into better technology for Nigerian businesses, enabling them to focus on their core competencies without being weighed down by technical complexities.

For Nigerian businesses, digital transformation is no longer optional—it’s a necessity. By embracing cloud-based technology, they can overcome traditional growth barriers, scale efficiently, and unlock their full potential.

The future of Nigerian business is digital. By adopting the cloud, businesses can transform challenges into opportunities, paving the way for sustainable growth in an increasingly competitive global marketplace.


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Otti, Abia State Gov Promises Internet Access for all Abia Communities in 9 Months

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Dr. Alex Otti, governor, Abia.
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All communities in Abia State are to be connected to Internet Service within the next 9 months, according to Dr. Alex Otti, state governor.

Otti, Abia State Gov Promises Internet Access for all Abia Communities in 9 Months

All communities in Abia State are to be connected to Internet Service within the next 9 months, according to Dr. Alex Otti, state governor.

Otti stated this at the Nnamdi Azikiwe State Secretariat premises at Umuahia, the state capital, while flagging off the first phase of the Umuahia Dedicated Internet Access/Wide Area Network And Managed Network Services Project (Project), saying that it promises to re-engineer efficiency and flexibility in operations and interactions within and amongst institutions, enhance policy execution, and engender a culture of outcome-oriented competition amongst civil servants.

The Project is being handled by iPNX, a major internet service provider.

At the ceremony, Otti, said the project includes distributing high-performance digital tools, laying fibre optic cables in public institutions, and installing infrastructure for high-speed data transmission.

He added that the initiative focuses on improving leadership efficiency, empowering civil servants with digital tools, and enhancing service delivery.

Transitioning to digital platforms would streamline government processes, enable faster communication among Ministries, departments, and Areas (MDAs), and improve engagement with development partners and the global community.

The governor also announced a mandatory digital literacy requirement for civil servants, making proficiency in technology essential for career growth.

Assuring that while the government would provide training, those unwilling to embrace technology risk becoming uncompetitive in the evolving civil service structure.

Plans are underway to expand digital access across Abia, with an agreement already in place to lay fiber optic cables in Aba, Umuahia, and Ohafia.

Otti directed Mr. Gerald Ilukwe, chief information officer to ensure that within nine months, every community in Abia must have reliable network service, enabling businesses to thrive virtually.

The Governor urged the people of Abia to embrace technology as a tool for empowerment rather than a replacement for human roles as the use of technology ought to be on enhancing service delivery and economic development, as well as keeping human decision-making at the core of governance.

The commencement of the initiative marks a major milestone in Abia’s journey towards a fully digital economy.

Ilukwe, described the project as a critical foundation for a digital government, emphasising its role in modernising service delivery.

Ilukwe said Phase I of the initiative prioritises multi-tenant buildings and complexes housing multiple MDAs and assured that MDAs not included in this phase would be covered in subsequent stages.

“Even as we are rounding off this phase, we are already preparing for the next, by the end of this service year, the entire government offices in Umuahia will be interconnected on a single network,” Ilukwe said.

Mr Ejovi Aror, group managing director, ipNX, expressed gratitude to Gov. Alex Otti for the opportunity to be part of the state’s digital transformation journey.

“This partnership signals the beginning of a new chapter in the journey towards building a digitally connected, technologically advanced, and economically empowered Abia State,” Aror said.

 

 


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