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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.
Kingdom Men Global Network aka KMEN has formally announced the programmes of the 13th edition of its flagship annual gathering for men, Mega Summit.
This year’s event will open on Thursday May 14 and end on Sunday May 17 with an all-men musical concert.
The 2026 edition of Mega Summit which will hold at the Presken Hotels on Alade Avenue opposite Airport Hotel, Ikeja Lagos has as theme: Legacy…Faith. Family. Community. And for the first time Mega Summit will host an award on the opening day in memory of foremost Nigerian diplomat and integrity personified and pioneer Chairman of the Board of Trustee of KMEN, late Dr Christopher Kolade who died last year at the age of 92.
The KMEN-Christopher Kolade – Men in Leadership Award for Courageous Manhood will be heralded by the Men in Leadership Summit (MiLEADS) with the sub-theme – Building a Culture of Leadership with Integrity. And will have as speakers Archbishop John Osa-Oni of Vineyard Christian Ministries., Pastor Tunde Bakare of The Citadel Global Community Church, and renowned Pharmacist, entrepreneur and politician Mazi Sam Ohuabunwa, OFR.
Pastor Tunde Bakare
Day two will feature another special session for Men in Church Leadership (MiCLEADS) with the sub-theme: Leaving a Legacy of Faith/Discipling for the Next Generation, and will have as speakers Bishop Sunday Onadipe, Bishop, Methodist Church of Nigeria, Diocese of Badagry, Apostle Eyinnaya Okwuonu, former Chairman of Pentecostal Fellowship of Nigeria (PFN), Lagos Chapter., Pastor Dominion Roberts from Liberia, and Rev Fr Matthew Ogunyase of the Catholic Mission, Lagos.
While day three will open with a Special Town Hall discussion on Family with the sub-theme – The Father’s Role in Shaping Legacy and is the only mixed gender panel for Mega Summit 2026 featuring foremost life change coach, Mrs. Yemisi Lagunju and Rev David Abraham, who is the managing director of Managing Business for Christ (MBFC).
On Saturday is a Special Town Hall on Resisting an Emerging Legacy of Addictions. This segment will feature a presentation by Dr Dokun Adedeji on the ravage of Drug Addictions, alongside Abiose Akolade Ladipo, Co-Founder of GamblePause, a Lagos-based NGO in the fight against Gambling Addictions.
Later in the afternoon on Saturday is a second Town Hall session on Business and Economy with the sub-theme: Building Sustainable/Generational Businesses, and will feature notable panelists like Rev Professor Biodun Adedipe Founder of BA and Associates, and Rev Dr Abba Peter, Managing Director of Best Practices Limited, among others.Other Town Hall segments at Mega Summit 2026 include that on Politics/Governance with the sub-theme: Swimming Against the Tide – National Transformation through Service, and another Town Hall on Media featuring Mr. Mustapha Isah Osikhekha, former President of the Nigerian Guild of Editors (NGE), Omoba Deji Irawo and others as they navigate best way to Reclaim the Narrative: Legacy in Digital Spaces.
An extra-ordinary edition, the 13th edition of Mega Summit will also have segments designed to equip leaders in men’s ministry through the instrument of KMEN’s School of Men’s Ministry/ISI Training. Each day of Mega Summit 2026 is divided into three segments – morning starting at 9 am, afternoon session and evening climaxing with an impartation service.KMEN is an uncompromisingly Bible-based, independent ministry to men. Established nearly two decades ago, the ministry’s objective is to assist men, irrespective of their church affiliations, in their Christian Walk, that they may become better sons, brothers, husbands, fathers and leaders.
Manchester United are ready to spend in the region of £150million to sign three central midfielders this summer if there is enough room in the transfer budget.
Daily Mail Sport understands that United have earmarked around £80m for a marquee signing to replace Casemiro, who will leave at the end of his contract despite hopes among some fans that he could extend his stay at Old Trafford.
United know their No 1 target Elliot Anderson is likely to cost in excess of £100m, and Manchester City are in pole position to sign the Nottingham Forest star.
Brighton’s Carlos Baleba, Adam Wharton of Crystal Palace, Newcastle midfielder Sandro Tonali and Real Madrid’s Aurelien Tchouameni are other names in the frame, although United’s interest in Tonali has cooled slightly and Tchouameni wants to sign a new contract at the Bernabeu.
United are prepared to spend around £40m on another midfielder to replace Manuel Ugarte if they can get a reasonable price for the Uruguayan who cost £50m from Paris Saint-Germain two years ago.
West Ham’s Mateus Fernandes has emerged as a player of interest, and Bournemouth duo Alex Scott and Tyler Adams would also fall into that category.
Despite tying Kobbie Mainoo to a new long-term contract, United could strengthen their squad by signing a third midfielder for about £20m. It’s understood that scouts have been monitoring the progress of Southampton’s Shea Charles.
However, it will depend on how much money is available with United expected to bring in a left-sided forward, left-back, central defender and a reserve goalkeeper in the summer.
The club will have considerably more to spend after confirming their return to the Champions League by beating Liverpool on Sunday, which is worth in excess of £100m.
United also hope to bank significant transfer fees for Rasmus Hojlund, Marcus Rashford, Andre Onana, Ugarte and, possibly, Joshua Zirkzee while creating additional space on the wage bill by offloading Casemiro, Jadon Sancho, Tyrell Malacia and Altay Bayindir.
Jeremy Doku insisted Manchester “will keep on fighting” in the Premier League title race despite their “painful” draw with Everton on Monday.
City drew 3-3 with the Toffees at Hill Dickinson Stadium, with Doku scoring a 97th-minute equaliser, having also scored the opening goal.
Doku’s equaliser (96:49) is City’s third-latest goal on record (since 2006-07) in a Premier League game after John Stones’ strike against Arsenal in September 2024 (97:14) and Gabriel Jesus’ goal against Everton in February 2019 (96:52).
Doku has had a hand in six goals across his last five games for City in all competitions (four goals, two assists), as many as in his previous 22 games combined (one goal, five assists).
The Belgian also created the most chances in the match against Everton (four), completed the most dribbles (5/7) and won the most duels (14/19).
City avoided defeat in a Premier League game despite trailing by 2+ goals as late as the 82nd minute for the first time since March 2012 against Sunderland (3-3).
They went on to win the league title in 2011-12, and Doku believes City can still beat Arsenal to the trophy this season.
“First half, we played well and created a lot of chances. We know if we don’t score those chances, it is going to get difficult at the end,” said Doku.
“Obviously, they are at their own stadium, they create chances, and they are dangerous, and they scored two goals, but I think we gave them the game.
“Good that we came back because one point is not bad in games like this.
“We will see. It feels painful now. There is still a lot of games to go. We lost two points, but we know that one point can be important at the end.
“We will keep on fighting. We owe it to ourselves and to our fans.”
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