Momentum Trading Enterprises, organisers of the upcoming Eko International Trade Expo, have sought strategic collaboration with the Consulate General of the Benin Republic as preparations intensify for the multi-sectoral trade exhibition aimed at deepening regional commerce across West Africa.

The meeting, described as a courtesy visit to the Consulate General of the Benin Republic, focused on strengthening bilateral trade ties between Nigeria and Benin Republic while leveraging opportunities under the African Continental Free Trade Area (AfCFTA).

Officials at the meeting discussed investment opportunities, cross-border trade cooperation, SME development, logistics, and the role of regional partnerships in driving economic growth.

The organisers also requested official endorsement and support from the Benin Republic for the trade fair, including the creation of a dedicated Benin country pavilion and mobilisation of investors and businesses from the country.

Why the Expo Matters

Founder and Managing Director of Momentum Trading Enterprises, Henry Anwansedo, described the Eko International Trade Expo as a “premier multi-sectoral trade platform” designed to strengthen economic cooperation between Africa and international markets.

He said Lagos was chosen because of its strategic role as West Africa’s commercial hub and gateway for international trade.

“The event is built on three pillars; growth, partnership, and innovation,” Mr Anwansedo said.

According to him, the five-day exhibition will focus on SME development, African regional trade, women in trade, youth innovation, and the green economy.

Organisers expect more than 5,000 participants, including investors, business leaders, government officials, and entrepreneurs from across West Africa.

The event will also feature policy discussions on easing cross-border trade, sector-focused investment roundtables, and business networking sessions targeting industries such as agribusiness and automobile trade.

Nigeria-Benin Trade Relations in Focus

A major highlight of the meeting was the emphasis on strengthening Nigeria-Benin economic relations.

Mr Anwansedo said current bilateral trade between both countries is estimated at more than $100m annually, adding that Benin Republic remains a critical gateway for regional commerce.

He noted that the proposed partnership could expand market access for small businesses, attract foreign direct investment, and improve trade movement through the Benin route.

The organisers stressed that stronger cooperation between both countries could support the broader objectives of AfCFTA by improving intra-African trade and reducing barriers to commerce.

Consulate Explains Approval Process

Officials from the Benin Republic Consulate welcomed the proposal but explained that official participation would require internal consultations and approvals through diplomatic channels.

The delegation included Vice Consul, Mr Allale; Consular Attaché,  Mr Kassa; Durand Attaché, Mrs Odette; and Protocol Officer, Mr Afolabi Kaaku.

During discussions, consular officials explained that business proposals received by the mission are typically reviewed and forwarded through a chain of command involving the Consul General, and eventually the country’s Ministry of Foreign Affairs.

Security, Investment and Economic Benefits

Organisers said preparations for the expo involve collaboration with multiple Nigerian government agencies and security institutions.

They listed support structures involving the Federal Ministry of Industry, Trade and Investment, state commerce ministry, the police, DSS, army, and local security agencies.

The organisers argued that the expo could generate direct economic benefits for Lagos through hotel bookings, temporary employment, tourism activities, and increased business transactions during the event period.

Officials also noted that international exhibitions often stimulate local economies by attracting investors and increasing visibility for SMEs.

Industry analysts say trade exhibitions have become increasingly important as African countries seek to reduce dependence on imports from outside the continent and expand regional manufacturing capacity.

Focus on SMEs and Youth Innovation

A central part of the expo’s agenda is supporting SMEs and emerging entrepreneurs.

Momentum Trading Enterprises said sessions dedicated to women-led businesses, youth innovation, and green economy solutions are expected to create opportunities for startups and small enterprises seeking regional expansion.

Experts say such initiatives could become increasingly relevant as African economies push for digital transformation, industrial growth, and sustainable development.

What Happens Next

The Benin Republic Consulate said details of the proposal and discussions would be formally reported to higher authorities for consideration.

Any official endorsement or participation, officials explained, would depend on approvals from the appropriate government institutions.

Meanwhile, Momentum Trading Enterprises said preparations for the Eko International Trade Expo are continuing, with organisers optimistic about stronger regional participation and expanded international partnerships.

Wema Bank Plc has denied allegations surrounding the sale of high-value properties in Banana Island, Lagos, saying recent publications attributed to the NDIC were “false, misleading and wholly unsubstantiated”.

In a detailed statement released on Friday, the bank said the dispute stems from a long-running debt recovery process linked to the collapsed Gulf Bank Plc.

Wema Bank said it originally placed ₦4.6 billion with Gulf Bank in 2002 through an inter-bank transaction. According to the bank, the exposure was reduced to about ₦1.2 billion by 2004 before the remaining balance became delinquent.

The bank stated that recovery efforts later aligned with investigations by the Economic and Financial Crimes Commission (EFCC), which allegedly traced diverted funds to properties in Banana Island acquired through two companies — Bacad Finance & Investment Company Ltd, now known as Supra Commercial Trust Limited, and Euston Wenberg Eng Ltd.

Wema Bank stressed that both companies were legally distinct from Gulf Bank and not under NDIC supervision.

“We unequivocally reject these claims, which are inaccurate, malicious, and clearly intended to distort the true position,” the bank said.

Why the Case Matters

The dispute highlights ongoing concerns around the recovery of assets tied to failed financial institutions in Nigeria and the legal complexities surrounding banking liquidations.

It also raises broader questions about transparency, regulatory coordination and legacy debt recovery in Nigeria’s financial sector.

Banana Island remains one of Lagos’ most expensive real estate locations, meaning ownership disputes involving properties in the area often attract major public and investor attention.

Industry analysts say the case could influence future interpretations of asset recovery rights between commercial banks and regulators.

Wema Bank Cites NDIC Letters and Payments

Wema Bank said the NDIC formally acknowledged Gulf Bank’s indebtedness in letters dated September 26, 2007, and June 10, 2009.

According to the bank, the letters were addressed respectively to the Federal Land Registry and Wema Bank itself.

The lender further claimed that the NDIC later paid the outstanding shortfall after the disputed properties were sold — a move it says confirms the regulator’s awareness and recognition of the transaction.

The bank added that the documents referenced in its statement have already been submitted before the Federal High Court in Lagos as part of ongoing proceedings before Justice Allagoa.

NDIC Legal Action Now Before the Courts

Despite the previous acknowledgements cited by Wema Bank, the NDIC has reportedly filed two separate suits against the bank at the Federal High Court in Lagos in its capacity as liquidator of Gulf Bank Plc.

Wema Bank said the matter is now sub judice and declined to comment extensively on issues before the court.

However, it maintained that it would “explore all legal and legitimate means” to defend its interests.

The NDIC had not publicly responded to Wema Bank’s latest statement at the time of publication.

Corporate Governance and Reputation Concerns

The dispute comes at a time when Nigerian banks are under increasing scrutiny over governance standards, transparency and risk management.

Wema Bank said it remained committed to “the highest standards of corporate governance, regulatory compliance, and transparency”.

The bank also warned against what it described as attempts by “unscrupulous individuals” to benefit unfairly from the dispute.

Founded in 1945, Wema Bank is one of Nigeria’s oldest financial institutions and operates digital banking platform ALAT alongside more than 150 branches nationwide.

Industry Reactions and Public Perspective

Legal experts say the outcome of the court proceedings could shape future recovery mechanisms involving failed banks and distressed assets.

Financial market observers are also watching closely because disputes involving regulators and listed banks can affect investor sentiment and public trust in the banking system.

Customers and shareholders are expected to monitor the proceedings for clarity on whether the litigation could create financial or reputational implications for either institution.

What Happens Next?

The Federal High Court in Lagos is expected to continue hearing the matter in the coming months.

Both Wema Bank and the NDIC are likely to rely heavily on historical transaction records, EFCC findings and correspondence dating back nearly two decades.

Until the court delivers judgment, the dispute is expected to remain a major talking point within Nigeria’s banking and legal sectors.

Union Bank of Nigeria has received the Best SME Growth Banking Initiatives Award for 2025 from the Association of Small Business Owners of Nigeria at the Nigeria National SME Business Awards held in Lagos.

The award recognises the bank’s role in supporting the growth of small and medium-sized businesses through digital banking solutions, faster onboarding systems, and financial services tailored to entrepreneurs.

The recognition comes at a time when many Nigerian SMEs continue to face rising operational costs, inflation pressures, limited access to finance, and currency volatility.

Why the Award Matters

Small and medium-sized businesses remain one of the largest contributors to employment and economic activity in Nigeria.

According to industry estimates, SMEs account for a significant share of Nigeria’s businesses and provide jobs for millions of people across sectors including retail, agriculture, technology, manufacturing, and services.

Financial institutions have increasingly focused on digital banking tools to simplify payments, reduce paperwork, and improve access to financing for small businesses.

Union Bank said its SME-focused platforms, including Union360, have helped reduce customer onboarding time and improve digital adoption among business owners.

Receiving the award on behalf of the bank, Ayokunnumi Abraham, Head of SME Segment at Union Bank, said the recognition reflected the institution’s commitment to helping businesses grow.

“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible,” he said.

“Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting.”

He added that the bank’s digital improvements had increased adoption among SME customers while supporting the acquisition of new business clients.

“Our focus remains on delivering practical solutions that help Nigerian businesses thrive,” Abraham said.

Public and Industry Perspectives

Business analysts say recognition for SME-focused banking initiatives highlights the growing importance of digital financial services in Nigeria’s economy.

Economic observers note that access to efficient banking services has become increasingly critical for entrepreneurs dealing with cash flow challenges and expansion plans.

Some SME operators have also called for banks to go beyond digital platforms by improving access to affordable credit and reducing transaction costs for smaller businesses.

The awards ceremony was organised by ASBON in partnership with the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment and brought together public and private sector stakeholders focused on Nigeria’s SME ecosystem.

What’s Next for Union Bank?

Union Bank said it plans to continue expanding customer-focused financial solutions aimed at supporting business growth across Nigeria.

Founded in 1917, the bank operates more than 300 branches nationwide and provides retail, corporate, and digital banking services.

The lender has continued to position itself around its “Simpler, Smarter Banking” strategy as competition intensifies among Nigerian banks in the SME and digital banking space.

More information is available on the Union Bank official website.