News
First Bank In Credit Interest Mess, To Pay FAAN N2b
A Lagos Federal High Court has ordered First Bank of Nigeria (FBN) Plc to pay the sum of N2,937,925,388.52 billion, to the Federal Airports Authority of Nigeria (FAAN) being an interest for not disclosing under-payment of credit interest on deposits in 14 different current accounts domiciled with the bank.
Justice Ayokunle Faji, while delivering judgment in suit numbered FHC/L/CS/67/2021 filed by FAAN, also held that First Bank breached its own professional Code of Ethics, by not disclosing all information on goods and services offered, including the interest rate payable by the bank.
Justice Faji made the above orders and declarations in a judgment delivered on October 9, 2023.
The plaintiff (FAAN) had in its originating Summons dated and filed on January 13, 2021, urged the Court to determine whether First Bank is entitled to pay interest on the applicant’s (FAAN) current deposits in lime with the Central Bank of Nigeria Monetary, Credit Foreign Trade and Exchange Policy Guideline of 2004/2005 No 37, Section 3, Sub-Section 3.2.4(a) Interest Policy, which states that “Banks shall continue to pay interest on current account deposits at rates negotiated between them and their customers.
Consequently, the applicant seeks the following reliefs: “An order for the payment of interest on the underpayment of interest on the current account deposits of the applicant at the respondent’s maximum lending rate from 1st September 2018 up to the date of refund.
“An order for the payment of the sum of N2,117,955, 865.01 billion, being interest on underpayment of credit interest on deposits in the applicant’s current account numbers.
“An Order for the payment of the sum of N819, 969, 523.51 million, being credit interest payable on the applicant’s current account deposits in account numbers: A declaration that in pursuance of the Central Bank of Nigeria Monetary, Credit, Foreign Trade and Exchange Policy Guidelines (Monetary Policy Circular), the Applicant is entitled to credit interest on its current account numbers 2004728814, 2004730671, 2004731403, 2004747983, 2012104714, 2012114742, 2013512417, 2020114013, 2020114439, 2020119427, 2020210135, 2020,211974, 2020213521 and 2020268284; deposits with the respondent.
FAAN Federal Airports Authority of Nigeria
“A declaration that in pursuance of the Central Bank of Nigeria Monetary, Credit, Foreign Trade and Exchange Policy Guidelines (Monetary Policy Circular), the applicant is entitled to receive interest on the credit interest the respondent failed to pay on the current account deposits of the applicant.”
But, in response to the Originating Summons, the First Bank in its 32-paragraph counter affidavit, raised two issues for determination to wit: “Whether having regards to the absence of any negotiation and/or agreement between the applicant and the respondent for payment of interest on the applicant’s current account with the respondent, the applicant is entitled to the reliefs sought on the face of the Originating Summons?
“Whether given the Central Bank of Nigeria’s circular “Time Bar for Resolution of Customer’s Complaint” dated 21st August 2015, this suit is statute-barred and constitutes an abuse of court process?”
First Bank stated that by Section 3.2.10 (a) of the Central Bank of Nigeria Monetary, Credit, Foreign Trade and Exchange Policy Guidelines, the words used in the said Section 3.2.10. (a) are clear and plain and should be given literal or ordinary meaning. It follows, therefore, that before interest can be paid on a current account, the interest rate should have been negotiated and agreed upon between the customer and the bank.
The bank further argued that the applicant did not exhibit or refer to any document to show that it approached or negotiated with the respondent on the interest rate to be paid by the respondent for the credit balances in the applicant’s current accounts with the respondent.
It also stated that the applicant has failed to discharge the burden placed on it by placing sufficient materials before the court, therefore the reliefs sought cannot be granted.
Delivering judgement on the issues raised, Justice Faji held that in line with paragraph 2 of the Bank Customer Bill of Rights and Duties and paragraph 3.5(b) of Nigerian Banking Industry (Professional Code of Ethics and Business Conduct), First Bank is duty bound to disclose to the applicant all information on goods and services offered.
“This seems to me to impose a duty on the defendant as part of the ethics of the banking profession. This is where I therefore have reason to hold that the defendant indeed failed to disclose the interest regime to the plaintiff without which the plaintiff would not have been able to know that the interest was to be negotiated and thus make the first move.
“In any event, it is apparent that a banker owes its customer a fiduciary duty and given the rules guiding the ethics of the banking industry, it seems to me that there was a duty on the defendant to inform the plaintiff of its right to negotiate interest. That duty is imposed by the code of ethics aforesaid which is binding on all banks in Nigeria, the defendant inclusive.
“That is in my view the basis for the fiduciary duty owed the plaintiff by the defendant. It is a code of ethics which the defendant ought to have followed and by which it is bound. By not disclosing such information to the plaintiff, the – defendant had breached its professional code of ethics and that in my view was done to gain an unfair advantage over the plaintiff as regards the payment of interest on current accounts. By those rules, the plaintiff is entitled to information upon which to have a basis to negotiate interest which was not availed by the defendant.
“Furthermore and by paragraph 3.5(b) of Nigerian Banking Industry (Professional Code of Ethics and Business Conduct) 2014, banks are under an obligation to inform their customers about the interest rates applicable to/payable on their deposit, fixed, savings and other accounts.
“This shows clearly that the defendant violated its code of ethics. It is also not in dispute that the interest has not been paid. The plaintiff calculated its expert. The defendant contends that the defendant was not involved in the computation of the interest as done by the plaintiff’s consultant.
“The defendant did not however state its calculation or show its own experts’ report. It also did not an expert show that plaintiffs’ calculations are wrong. I believe the contents of the report tendered by plaintiff’s expert who has shown evidence of experience in matters of this nature.
“I hold that the sums therein stated are due to be paid by the defendant and ought to be so paid. I hold that the sums determined as unpaid interest are due to the plaintiff from the defendant and the defendant is therefore ordered to pay the sums claimed.
“This action therefore succeeds. I answer the 4 questions for determination in the affirmative and in favour of the plaintiff. I grant the declarations sought in reliefs 1 and 3 and make the orders sought in reliefs 2, 4 and 5,” the judge held.
News
Delta Police Arrest Man Over Gun Purchase on Snapchat
The Delta State Police Command has arrested a suspect for allegedly purchasing a prohibited firearm through social media, after he was found in possession of a Beretta pistol.
The state Police Public Relations Officer, SP Bright Edafe, disclosed this in a video shared on Tuesday, where he displayed the weapon recovered from the suspect and warned against the rising trend of illegal arms acquisition.
Edafe, while unveiling the contents of a bag carried by the suspect, said, “This is a Beretta pistol, not even fabricated. It has the magazine and two 9mm ammunition,” stressing that such weapons are restricted to authorised security agencies.
The suspect, identified as Igbunu Evans from Sapele in Delta State, admitted during questioning that he obtained the firearm through Snapchat, saying he “ordered it through Snapchat from a smoke vendor” and paid N450,000 for its delivery.
Explaining his reason for acquiring the weapon, the suspect claimed it was “for safety purposes… against any unknown gunmen or kidnappers,” but also confessed to involvement in internet fraud, stating he had been engaged in it for “three to four years.”
Reacting, Edafe linked the development to a chain of criminal activities, noting that “internet fraud, cultism, abuse of illicit substances, and now gun possession” show how “one crime gives birth to another.”
He emphasised that it is unlawful for individuals to possess such firearms, stating that the Beretta pistol “is a prohibited firearm that can only be linked to government security agencies,” adding that no individual is permitted to hold such weapons under the guise of self-protection.
The police spokesman said the suspect is currently in custody and will be charged to court.
News
Dapo Abiodun, Olusegun Osoba, Ibikunle Amosun, Gbenga Daniel Back Yayi as Ogun APC Governorship Candidate
The Ogun State chapter of the All Progressives Congress, on Monday, adopted the senator representing Ogun West Senatorial District, Solomon Adeola, popularly called Yayi, as its governorship candidate for the 2027 general elections.
The decision to field the lawmaker as the party’s governorship candidate was announced at a state strategic caucus meeting presided over by the state chairman of the party, Yemi Sanusi, and held at the party secretariat in Abeokuta.
The meeting was attended by Governor Dapo Abiodun, former governors Chief Olusegun Osoba, Senator Ibikunle Amosun, and Gbenga Daniel, despite his reported suspension by the party since August last year.
Others present included Senator Iyabo Obasanjo; Gboyega Isiaka, who represents Imeko/Afon Federal Constituency and is also a governorship aspirant; and other serving and former members of the state House of Assembly and National Assembly.
Abiodun, at the event, announced Adeola as the party’s consensus governorship candidate and urged other aspirants to rally round him, stressing the need for party unity over personal interests.
The announcement was followed by jubilation among party members, who chanted, “Yayi ni jo, Yayi ni jare.”
In his acceptance speech, Adeola thanked party members for the confidence reposed in him, pledging not to disappoint the party.
He said, “Now is all the sacrifices that my brothers have put together to ensure this day comes to pass.
I believe in oneness and the unity of our dear state and Ogun West by extension.
“I know the vision for this state. I know how passionate and how central this state is to the Federal Republic of Nigeria.
“As far as maintaining our status aside from being the fastest-growing economy in Nigeria, all efforts that have been put in place to ensure that we reposition this state and take our pride of place in the comity of states in this country are well recognised.
“Your Excellency, my dear leaders who are here, I want to assure you that I will not let you down.
“I promise to keep the flag flying. I promise to retain and maintain the unity, peace, and progress that have taken place in Ogun State for the last three years and beyond. I can assure you I will not derail.
“I will not derail the ship I am about to take over. I will make sure that it does not derail, and by the special grace of God, I will do my best, my utmost best, to keep every member of our great party together, to keep the state together, and to ensure that irrespective of our political alignment, we are one indivisible family.”
Yayi added, “Going forward from today, Your Excellency and all the leaders of the party, I want to assure you that a new Ogun State is born, and everything that needs to be done to keep us together, to keep us as one indivisible entity, so that we can take Ogun State to the promised land and to the next level we all desire, will be done.”
The state chairman, Yemi Sanusi, said the meeting was convened to preserve party unity before, during, and after the primaries.
He stressed the importance of rancour-free primaries, noting that the caucus meeting was aimed at carrying all stakeholders along and ensuring the party remained united ahead of the 2027 elections.
The PUNCH had reported on March 24, 2026, that the APC is moving toward a consensus arrangement to settle on the Deputy Governor of Lagos State, Obafemi Hamzat, as its governorship candidate for the 2027 election in Lagos State.
The report added that party stakeholders also favoured the Yayi for Ogun State, and the senator representing Oyo South Senatorial District, Sharafadeen Alli, for Oyo State.
The purported decisions, according to that report, emerged from a meeting of APC stakeholders from the three states with President Bola Tinubu in Lagos during the Sallah holiday.
Following the consensus, Iyabo Obasanjo, on Monday, suspended her governorship ambition.
In a statement she signed and made available to journalists, the daughter of former President Olusegun Obasanjo stated that she had decided to put her ambition on hold following the party’s pick of Yayi as consensus candidate.
The former lawmaker representing Ogun Central between 2007 and 2011 congratulated Yayi and wished him well in his future endeavours.
Obasanjo equally thanked the party leaders and all her supporters across the state, praising them for their unwavering steadfastness and unprecedented support while her consultation across the state lasted.
She stated that “At the Ogun APC caucus meeting held today, April 13, 2026, Senator Solomon Olamilekan Adeola (Yayi) was announced as the consensus candidate of our party for the 2027 gubernatorial election.
“I congratulate him and wish him every success. I also thank the state and national leaders of our great party for the opportunity to participate in the nomination process.
“Based on these developments, I have decided to suspend my gubernatorial aspiration.
“To my supporters across Ogun State, I am deeply grateful for your calm, steadfast support and unwavering trust throughout this journey. Together, we move forward with patience, strength and hope.”
News
Bola Ahmed Tinubu Orders Action After New Military Casualties
President Bola Tinubu on Monday held a closed-door meeting with the Chief of Defence Staff, General Olufemi Oluyede, and a French General at the Presidential Villa, Abuja.
Sources close to the President, who spoke to our correspondent on condition of anonymity, described Monday’s engagement as part of intensified collaboration on Nigeria’s security situation.
In addition to his earlier engagement, the President also held an emergency security meeting with the service chiefs and intelligence heads.
Those in attendance at the meeting include the Chief of Defence Staff, the Chiefs of the Army, Navy, and Air Staff, the Director-General of the Department of State Services, the Director-General of the National Intelligence Agency, and the Inspector-General of Police.
This meeting occurred after a colonel and six soldiers were killed on Sunday by an Improvised Explosive Device planted by insurgents in Borno State, marking another deadly strike against military personnel in the North-East theatre of operations.
The meeting with the French officer, which began at around 2 pm, was the President’s first official engagement since his return from Bayelsa on Friday.
It comes three weeks after the President announced that France had agreed to supply military equipment and training to Nigerian forces battling insurgency in the North-East.
A source close to the President confirmed the closed-door meeting to The PUNCH, saying, “The President met the Chief of Defence Staff and a French General. That is the meeting that happened this afternoon.
“He has always said that he will seek collaboration and support from everywhere he can get help. And he is doing that.
“He is on top of the security issues. That is why he met with the French General and our CDS today.”
A second Presidency official who also spoke on condition of anonymity said, “It is a private meeting. He met with the CDS in the company of a French General. That is all I can confirm.”
The sources, however, did not disclose the name of the French general.
No photographs or visuals were released from the meeting, The PUNCH understands.
The meeting follows a disclosure by Tinubu on Sunday, March 22, that Nigeria had secured French collaboration on military equipment and support after a lengthy discussion with French President Emmanuel Macron.
Speaking to state governors at his Ikoyi residence in Lagos that Sunday, the President said Nigeria was prepared to leverage all its goodwill and existing lines of credit to acquire necessary equipment and training for security forces.
He said, “I can report to you, yesterday again, at a lengthy discussion with Emmanuel Macron, their collaboration with us for equipment and support.
“I’m making frantic efforts to contact other nations. If we have to spend our goodwill and line of credit, we have those who are willing to support us with equipment and training.”
Monday’s meeting comes against the backdrop of rapidly deteriorating security conditions across Nigeria, including a controversial air strike on Saturday that killed over 100 civilians, and a fresh United States advisory authorising the voluntary departure of non-emergency embassy staff from Abuja.
On Saturday, a Nigerian Air Force strike targeting Boko Haram insurgents hit the Jilli market near the Yobe-Borno border, killing over suspected insurgents and civilians.
The military defended the operation as a precision strike on a terrorist logistics hub, but Amnesty International condemned what it described as “reckless use of deadly force” and called for an independent investigation.
The Presidency also defended the operation. Speaking with Bloomberg earlier on Monday, Special Adviser to the President on Media and Publicity, Temitope Ajayi, said, “The market was a legitimate military target because it has been turned into a logistics and trading hub by Boko Haram and ISWAP terrorists.”
Days earlier, on April 8, the United States Department of State authorised the voluntary departure of non-emergency government employees and family members from the US Embassy in Abuja, citing a deteriorating security situation.
The move elevated 23 Nigerian states to a “Level 4: Do Not Travel” warning, the highest risk category, including newly added Plateau, Jigawa, Kwara, Niger, and Taraba states.
The US highlighted threats from Islamist insurgents in the Northeast, criminal gangs in the Northwest, and ongoing violence in parts of southern and southeastern Nigeria, including oil-producing regions.
The embassy said visa appointments in Abuja had been suspended, though the Lagos consulate continues to provide routine and emergency services.
The Federal Government said the travel alert was guided by US internal protocols and did not reflect the overall security situation across Nigeria.
“While we acknowledge isolated security challenges in some areas, there is no general breakdown of law and order, and the vast majority of the country remains stable,” Information Minister Mohammed Idris stated.
Commander, soldiers killed
Disclosing the latest attack on security personnel in a statement on Monday, the Media Information Officer, Joint Taskforce Northeast Operation Hadin kai, Lt Col Sanni Uba, explained that the troops came under an isolated terrorist attack in the late hours of Sunday.
The statement read, “Troops of Sector 3, Joint Task Force (North East) Operation Hadin Kai (OPHK) came under an isolated Tango terrorist attack on Charlie 13 location in Monguno, in the late hours of 12 April 2026.
“Following intense fire exchanges, the terrorists were put to flight, with troops maintaining control of the location.
“Regrettably, the Commanding Officer, while courageously proceeding to the troops’ location to personally assess the situation, encountered an improvised explosive device which severely affected his vehicle, leading to his death alongside six other gallant personnel.”
Uba noted that “The commander’s actions, even after the immediate threat had been neutralised, reflected the highest traditions of military leadership: courage, selfless service, and leading from the front.
“His willingness to move towards the troops in the heat of the battle, despite the prevailing danger, stands as a profound testament to his valour, sense of duty, and unwavering commitment to the welfare and operational effectiveness of his men.”
Sanni noted that Operation Hadin Kai deeply mourned the loss of the exceptional officer and the other brave personnel who paid the supreme price in their service to the nation.
“Their sacrifice will forever remain etched in the memory of the Armed Forces and the grateful nation they served,” he said.
The attack marks the latest among a series of assaults on military positions across Borno State.
The PUNCH reported that Brigadier General O. Braimoh was killed in a terrorist ambush at the 29 Joint Taskforce Brigade in Benesheik, Kaga Local Government Area of the state, recently.
Fresh Benue attacks
At least 14 persons, including a Mobile Police officer, were killed in multiple attacks on Edikwu-Ankpali, Ikobi, Adija, and Upu communities in Apa and Otukpo Local Government Areas of Benue State by suspected armed herders.
Sources said the attacks occurred between Friday and Sunday evening when the suspected herders invaded the affected communities, killing residents.
It was gathered that the armed herders first attacked Ikobi and Adija communities in Apa LGA on Friday, killing three persons.
On Sunday evening, about 10 people were reportedly killed in Edikwu-Ankpali by the attackers.
A resident of Edikwu-Ankpali, who simply identified himself as Ameh, told journalists on Monday in a telephone interview that several persons were still missing.
Ameh said, “The incident happened yesterday evening (Sunday) when Fulani herdsmen attacked our community, Edikwu-Ankpali, and shot at people indiscriminately.
“Everyone scampered for safety until this morning (Monday) when some youths recovered 10 corpses. As I am talking to you now, search efforts are still ongoing.”
He added that the attack had thrown the community into fear and uncertainty, with many residents fleeing for safety over concerns of further violence.
In a separate incident, a Mobile Police officer was killed on Saturday at Upu community in Otukpo LGA while responding to a distress situation involving suspected armed herders.
The Chairman of Apa LGA, Adam Ochega, confirmed the attacks in a WhatsApp message to journalists on Monday, saying nine persons were killed in Edikwu-Ankpali, while one person each was killed in Ikobi and Adija.
Ochega wrote, “Nine people were killed, many were injured at Edikwu-Ankpali, while one was killed at Ikobi and another was killed at Adija.”
Also confirming the incident, the Chairman of Otukpo LGA, Maxwell Ogiri, said the Mobile Police officer was killed while repelling the attackers.
Ogiri said in a telephone interview: “It’s true that a Mobile Police officer was killed at Upu on Saturday when some armed herders invaded the community.
“It was in the process of repelling the invaders that he was shot during a gun duel. He was one of the security men drafted to the area to beef up security.”
He added that additional police personnel had been deployed to the affected area.
The state Police Public Relations Officer, Udeme Edet, could not be reached for comment.
The attacks highlight continued insecurity in parts of Benue State despite assurances by the Commissioner of Police, Ifeanyi Emenari.
The Assistant Inspector-General of Police, Zone 4, Morris Dankombo, last week ordered a coordinated crackdown on banditry and other violent crimes across Benue, Nasarawa, and Plateau states.
The directive, issued through the Zonal Police Public Relations Officer, Ayo Martins, followed an order from the Inspector-General of Police, Olatunji Disu.
Survivors recount ordeal
Survivors of the Jilli market airstrike have recounted their experiences, saying the Nigerian Air Force jet dropped several bombs on them during the operation.
The survivors, currently admitted at the state Specialist Hospital, Maiduguri, were among the over 40 persons killed on Saturday at the market located in Gubio Local Government Area of Borno State.
The strikes executed on April 11, 2026, were conducted by the Air Component of Operation HADIN KAI in coordination with the Nigerian Army, following an earlier operation that targeted and destroyed terrorist positions in the area.
However, in an interview with The PUNCH, some of the victims described the attack as shocking, stressing that they were unaware of claims that the market is a hub for terrorist activities.
Bulama Balo, while recounting his ordeal, narrated that three jets conducted the strike.
“One jet came and dropped bombs three times. It will drop one, then go around and return to drop another. The first time, it came, dropped fire, the second time, it was the same, and dropped, then the third time, it did the same.’’
He added, “Even the market was burnt down. We recorded over 100 deaths.”
Another victim, Ali Hassan, stated, “That’s our market. We had initially stopped accessing it and moved to places like Gamboru and Damasak, but we were not safe.
“We have no option. But we pray for the deceased victims and those who were wounded; may Allah raise their spirits. This incident is very devastating.’’
According to him, the market serves as the major economic hub in the community.
“This is the only way we survive, and now we are challenged by this predicament,” he lamented.
Abu Goni said he was caught unaware, noting that the strike began in the evening shortly after the Maghrib prayers.
“I went to the market with my horse. All of a sudden, a jet appeared, and I didn’t even know what was going on; no one there paid attention to the jet. We were in the market after Maghrib prayers around 6 pm when the strike began. After the strike, some died, some survived, but I thank God, I am alive.’’
When asked about the claim that the location is used by insurgents to coordinate operations, Goni said he was not aware.
“To be honest, I am not aware of that, but around six years ago, soldiers once settled there, but now, it’s just a normal market where we sell domestic animals.
‘’There are no houses or buildings, it’s just an open market; only goats and sheep are sold in the market. We don’t even sell cows. People bring their animals, sell and return to their homes,” he clarified.
According to an earlier report Borno State Governor, Babagana Zulum, said the Jilli market was closed five years ago.
He described the market as a notorious hub used by insurgents and their logistics suppliers.
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