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In response to the November 2021 collapse of a high-rise at 44BCD, Gerrard Road, Ikoyi, fifteen subscribers have filed a lawsuit against the Lagos state government.

No less than 42 people died as a result of one of the three towers, the “360 Degrees Towers,” collapsing.


It was understood that a number of senior lawyers, pastors, a king-elect and a female oil magnate invested over N15 billion in the property that was being developed by Fourscore Heights Limited, a company promoted by Femi Osibona who also died in the tragedy.


The writ of summons, dated August 12, 2022, and marked Suit No LD/3962LM/22, was filed on behalf of 15 of the subscribers by A.U. Mustapha, a senior lawyer, before a Lagos state high court.


Named as defendants are the governor of Lagos state, the attorney-general of Lagos, the state ministry of physical planning and urban development, the Lagos State Building Control Agency (LASBCA) and Edge of Design Limited.


The claimants are seeking general damages of N200,000,000 and another N50,000,000 as the cost of filing the suit.


Among other reasons, they want the court to rule that:


The agreements between Fourscore Heights Limited and each of the claimants to acquire units of flats, with agreed considerations paid, entitle the claimants to equitable rights and interests in the other two towers at 44BCD, Gerrard Road, Ikoyi;

The first, second, third and fourth defendants were negligent in the performance of their duties by failing and/or neglecting to supervise the construction of one of the three towers;

That the first, second, third and fourth defendants cannot benefit from their negligence by compulsorily, wrongfully, illegally and punitively acquiring or threatening to acquire the property at 44BCD through forfeiture and/or purported forfeiture to the Lagos state government following the collapse of one of the towers;

Any demolition of the two other towers when independent evidence of an unfavourable non-destructive test results has not been produced will adversely affect the equitable interests of the claimants in the said properties;

The claimants’ equitable interests in the property cannot be expropriated and/or divested by the government of Lagos state or any of its agencies.

The “overt move” and the action taken and being embarked and contemplated to be embarked upon to demolish or preparing to demolish the structures of Towers 2 and 3 of the property is a flagrant violation of the Claimants’ equitable interest in the aforesaid property.

The claimants are asking for a court order preventing the defendants from entering or entering again, or from demolishing or further demolishing the properties known as Tower 2 and Tower 3 until the Council for the Regulation of Engineering in Nigeria has conducted an independent audit of the property (COREN).


They also seek an order of perpetual injunction restraining the defendants from disturbing, interfering with, taking, receiving or in any way taking possession of, demolishing, divesting and/or revoking the title, disposing of all or any part of the property, landed or otherwise.


During the court’s yearly break, the claimants have asked the judge to approve an ex-parte originating motion.

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Fidelity Bank Wins Best SME Bank Nigeria at Global Banking & Finance Awards 2022



Fidelity Bank Plc, has been announced as the 2022 Best SME Bank in Nigeria by the Global Banking & Finance Review at its Annual Global Banking & Finance Awards which held in London, UK recently.


Global Banking & Finance Review is the leading online, digital, and print magazine for the banking and financial sector. The website receives over 7 million page views each year thanks to its balanced views and informative, independent news centered on the financial sector. The Global Banking & Finance Awards was created to recognize companies of all sizes that are prominent areas of expertise and excellence within the global financial community.


“Global Banking and Finance Review is privileged to honor those financial institutions that have achieved outstanding results and who stand out in their particular area of expertise in the banking and finance industry. Global Banking & Finance Review would like to congratulate the award winners and look forward to their continued success.


“The awards were created to recognize companies of all sizes that are prominent in particular areas of expertise and excellence within the financial community. They reflect the involvement of leading financial organizations and recognize the accomplishment, achievement, innovation, strategy, and progressive and motivating changes taking place within the financial sector”, reads a statement on the Global Banking and Finance Awards website.


Commenting on the award, MD/CEO Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe said, “We are grateful for this recognition and dedicate the award to our customers who rely on us to provide the right support for scaling their business. Receiving this award at the beginning of the year, provides us with increased motivation to do more in helping our clients achieve their strategic business goals.”


Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 7.2 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best Private Bank in Nigeria and Best Private Bank Digital Solutions for Clients in Africa in the Global Finance’s World’s Best Private Banks 2023 Awards; as well as the Best Commercial Banking Brand in Nigeria by the Global Brands Magazine Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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Buhari Will Commission Dangote Refinery Before May 29 -Dangote Group



The attention of Dangote group has been drawn to some misleading reports regarding the commissioning of its Dangote Refinery during the present working visit of President Muhammadu Buhari GCFR to Lagos State.


In a terse statement signed by the Group Chief, Branding & Communications Officer, Dangote Industries Limited, Mr Anthony Chiejina, the Group averred that “We want to state categorically that our 650,000 barrels per day (bpd) Refinery project was never part of the President’s programme on projects to be commissioned.


“For the record, the projects slated for commissioning in Lagos State by President Muhammadu Buhari GCFR include: Lekki Deep Sea Port; 32-Metric Tonnes Lagos Rice Mill, Imota; 18.75km Eleko to Epe T Junction Express road; John Randle Centre for Yoruba Culture and History, Onikan, Blue Line Rail (Phase 1) commissioning (Marina to Mile 2); Groundbreaking for the Blue Line Rail Phase 2 (Mile 2 to Okokomaiko), and MRS Lubricant, a private project in Apapa.


However, our Refinery will be commissioned before President Muhammadu Buhari GCFR formally leaves office in May, 2023, and the public will be duly informed and invited to the epic event.”

Before this statement today, Business Hilights recalls that there had been a fake news in an unverified twitter handle saying President Buhari will among other things commission the refinery which the company debunked and described as fake.

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