Business
Wema Bank Rejects NDIC Allegations Over Banana Island Properties Linked to Defunct Gulf Bank
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 an award for its gender inclusion efforts at the 2026 Women in Marketing and Communications Conference and Awards (WIMCA).
The bank was named Most Outstanding Bank in Gender Inclusion at the event, held on Saturday, 29 August 2026, at the Landmark Event Centre in Victoria Island, Lagos.
The recognition highlights the bank’s stated efforts to promote gender diversity in the workplace and expand opportunities for women through financial services, mentorship, capacity building and professional networks.
Why the award matters
Gender inclusion has become an important issue for businesses seeking to widen access to leadership opportunities, finance and professional development for women.
Union Bank said its approach includes supporting women entrepreneurs and professionals through tailored financial products, capacity-building initiatives, mentorship and networking opportunities.
The award therefore places the bank’s gender-focused initiatives in the spotlight at a time when women’s participation in business and professional sectors remains an important part of conversations about inclusive economic growth.
Union Bank brand chief also honoured
The bank’s Chief Brand and Marketing Officer, Mrs Olufunmilola Aluko, was also recognised at WIMCA 2026.
Aluko was named among the Top 50 Most Influential Women in Marketing and Communications, alongside other professionals in the industry.
Reacting to the recognitions, she said the awards were a validation of Union Bank’s commitment to gender inclusion.
“Union Bank’s recognition at WIMCA 2026 is a strong validation of our sustained commitment to advancing gender inclusion as a driver of institutional excellence, innovation, and sustainable growth,” she said.
“We are proud to champion platforms and initiatives that empower women to lead with confidence, build meaningful careers, and contribute significantly to the evolution of the marketing and communications industry.”
WIMCA 2026 brings industry leaders together
The 2026 edition of WIMCA was held under the theme “Grow, Give, Glow: Building Resilience for Distinction.”
The conference brought together female marketing and communications professionals from across Africa to discuss leadership, resilience, industry trends and women’s advancement within the branding, marketing and communications sector.
The event was established by Nigerian brand and marketing publication Brand Communicator as a platform for recognising female leadership and promoting women’s participation in marketing and communications.
Also Read: IGP Disu Inspects 23 Police Barracks, Pledges Welfare Action
What Union Bank says comes next
Union Bank said it would continue to support platforms and initiatives that promote women’s empowerment and participation in the marketing and communications industry.
The bank also said it remained focused on creating opportunities for women across its workforce, customer base and wider society.
The WIMCA recognition adds to the bank’s public positioning around gender inclusion, while the recognition of its brand chief highlights the role of women in leadership within Nigeria’s marketing and communications industry.
About Union Bank
Established in 1917, Union Bank of Nigeria provides financial services to individual and corporate customers across the country.
The bank says it operates more than 300 branches and provides services including savings and current accounts, transfers, loans, trade finance, digital banking, debit cards, ATMs and point-of-sale services.
The Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, has received the prestigious Times Heroes Award for his contributions to public service and national development.
The award was presented to Adeniyi on Thursday, 3 September 2026, at the THISDAY Dome in Abuja during celebrations marking the centenary of the Daily Times newspaper.
The event brought together prominent figures from government, business and traditional institutions to recognise individuals and organisations considered to have contributed to Nigeria’s development.
Also Read: Nigeria Customs Confirms DCG, Five ACG Appointments as Revenue Hits ₦4.3tn
Adeniyi dedicates award to Customs officers
Adeniyi described the recognition as an encouragement to do more in public service.
“It’s very good when you do something, and you are recognised; this should be an inspiration to us to do much better,” he said.
He dedicated the award to officers and men of the Nigeria Customs Service, acknowledging their dedication and sacrifices in carrying out the agency’s responsibilities.
The Customs chief also credited the collective efforts of the Service and praised compliant members of the public for helping to raise standards in public service.
Focus on revenue and trade
The Nigeria Customs Service plays a major role in collecting government revenue, facilitating legitimate trade and enforcing customs laws at Nigeria’s borders and ports.
Adeniyi said the Service under his leadership remained focused on increasing revenue generation while improving trade facilitation.
He also highlighted the implementation of the African Continental Free Trade Area (AfCFTA), which aims to increase trade among African countries and create a larger single market for goods and services across the continent.
According to the Customs chief, greater compliance by businesses and members of the public would help the Service deliver its mandate more effectively.
Why the award matters
Recognition of senior public officials can draw attention to the wider responsibilities of institutions such as the Customs Service, particularly their role in revenue collection and facilitating legitimate commerce.
For businesses involved in imports and exports, efficient customs processes can affect the cost, speed and predictability of moving goods across Nigeria’s borders.
The implementation of AfCFTA also places greater importance on trade facilitation as African countries seek to expand intra-African commerce.
What’s next for the Customs Service?
The award comes as the Nigeria Customs Service continues to focus on revenue mobilisation, trade facilitation and the implementation of AfCFTA-related measures.
Adeniyi’s comments suggest that cooperation between the Service, businesses and compliant members of the public will remain important as Customs works to improve the efficiency of its operations.
Rite Foods Limited has joined Muslim faithful in Nigeria to mark Eid-el-Maulud, the annual celebration of the birth of Prophet Muhammad.
The company said the occasion should encourage Nigerians to reflect on values including peaceful coexistence, tolerance, unity and love.
Eid-el-Maulud is observed by Muslims in many parts of the world, although practices and the decision to mark the occasion vary among Muslim communities and countries.
In Nigeria, the celebration is also an opportunity for public and religious leaders to call for peace and social cohesion in a country facing economic pressures, insecurity and political divisions.
Rite Foods’ Managing Director and Chief Executive Officer, Seleem Adegunwa, urged Muslims to reflect on the life and teachings of Prophet Muhammad during the celebration.
“As a company that shares in the joy of our consumers, we stand with our Muslim brothers and sisters as they mark this important moment in their faith,” Adegunwa said. “We hope this season brings renewed unity and progress for all Nigerians.”
He also urged believers to pray for the country’s growth and to live in harmony with others.
What the company is saying
Ekuma Eze, Rite Foods’ Head of Corporate Affairs and Sustainability, said the company wanted to celebrate significant moments with its consumers.
“Speaking on the occasion, Seleem Adegunwa, Managing Director and Chief Executive Officer of Rite Foods Limited, urged Muslims to show exemplary conduct and live in harmony as they reflect on the life and teachings of Prophet Muhammad. He also urged believers to pray for the country’s growth in all spheres as they celebrate.”
Also Read: Rite Foods Named Among Nigeria’s Top 50 Companies of Impact 2026
Why Eid-el-Maulud matters
Eid-el-Maulud commemorates the birth of Prophet Muhammad and is marked through religious gatherings, prayers, sermons and other activities, depending on local traditions.
The celebration has historically provided Muslim communities with an opportunity to reflect on the Prophet’s teachings and values.
In Nigeria, the period can also have wider social and economic effects as families travel, attend religious gatherings and spend on food, transport and other goods.
For businesses in the consumer-goods sector, religious and cultural festivals can therefore form an important part of the annual trading calendar.
What happens next
Rite Foods said it would continue to mark important cultural and religious occasions with its consumers.
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