Business
NIGERIA: POS operator sues UPSL, CBN, banks over N2.6m non-remittant profit
An operator of Point of Sale (POS) machine under the business registered name, Twistwell Multiventures, Mr Joseph Okodua, has charged a payment system service provider in Nigeria, Unified Payment Services Limited (UPSL) to court for non -remittant profit of N2.6million.
Twistwell Multiventures brokered business transaction agreement with Unified Payment Services Limited in which POS machine in its possession for operations and with the understanding that each transaction carried out on each POS shall be settled by unified payment.
The crisis began around 2017 when both parties had disagreement over remittance to Twistwell Multi ventures by Unified Payment Services Limited. Following this development of the petition, Unified Payment Services wrote the Central Bank of Nigeria (CBN) and later to the Police Special Fraud Unit to resolve the issue, but this could not be resolved as there was a pending case between the two parties in court. Meanwhile, Joseph alleged that the invitation of CBN and Police to the matter is to witch hunt and frustrate him from further fighting for his right in the law court.
Joseph, the owner of Twistwell Multiventures has initially sued Unified Payment Services Limited for non-remittance of N2.6million at a High Court, Ijebu-Ode, Ogun state in suit number HC/01/2018. Joseph who was a former student of Tai Solarin University where he started the business as an undergraduate student added that after CBN intervention who influenced his banks to lock his accounts, sued the CBN in a suit number FHC/IB/CS/43/2018, at Federal High Courts, Ibadan, Oyo state, and lastly at a Federal High Court of Nigeria, Abeokuta, Ogun state, in a suit number FHC/AB/FHR/21/2019, where he sued the police and Unified Payment Services Limited for violation of his human rights.
In the documents made available to journalists, Unified Payment services Limited (UPSL) had written a letter to the Central Bank of Nigeria (CBN), to help adjudicate over a matter involving it and Twistwell Multiventures. The apex bank then invited the two parties to a meeting in Lagos, through a letter with reference number BPS/PSP/GEN/CWO/08/368 and dated December 18, 2017.
Mr. Joseph further noted that he was surprised when he received another letter with reference number BPS/PSP/GEN/CWO/09/076, dated February 22, 2018, informing him that he frustrated all means to resolve the crisis, only to accuses him of fraudulent practice without hearing from his side.
The lawyer to Twistwell Multiventures in a reply to that petition expressed its amazement at another action taken by the CBN, thus coveted its client’s position in a reply dated April 3rd, 2018 titled “Re-petition by Unified Payment Services Limited against Twistwell Multiventures” to the Director, Banking and Payments Systems Department, Centre Bank of Nigeria, (CBN),15th floor, CBN, Lagos office.
In the letter, Twistwell lawyer expressed its surprise at the step taken by the CBN which it described as ‘self-help’ by instructing that Mr. Joseph accounts in United Bank for Africa (UBA) Abeokuta branch, Ogun State, Stanbic IBTC bank, Ijebu-Ode branch, Ogun state, and four other banks, be severed.
The letter reads: “recall that at the meeting of February 2nd, 2018 which you convoked, a legal practitioner who represented our chambers on behalf of our client (Twistwell Multi ventures) wherein you were duly informed of a ending case involving our client and the petitioner as stated in your letter of February 22, 2018.
“We were surprised that despite the information passed to you, you went ahead and carried out an act which amounted to self-help on behalf of Unified Payment Services Limited by instructing that our client’s bank account be placed on restrictions, without any Court Order. Hence, access to those accounts are denied.”
The lawyer who attached the advance copies of the court processes to inform the CBN that “self-help has no place in our laws. It is the duty of court to resolve dispute not that of the CBN and there is need for the CBN to maintain the status quo.”
The letter also advised CBN to revert its actions on the account restrictions pending the determination of the suit at the Federal High Court, though the advice is yet to be carried out as the two accounts remained restricted.
Meanwhile, it could be recalled that the two banks, Stanbic IBTC bank and UBA, in separate letters dated March 23,2018 and March 27, 2018, respectively, informed the owner of Twistwell Multiventures, Mr. Joseph, their obedience to that order. Other four banks did not officially notified Joseph before locking his accounts.
In another reply against the petition letter written to the Police Special Fraud Unit, Ikoyi, Lagos, on a petition against Mr. Joseph by the lawyer of Twistwell Multiventure on December 19, 2018, problem arises sometimes in year 2017 when Unified Payment failed to settle transaction between it and Twistwell Multi ventures to the tune of N2.6million.
The letter detailed the crisis to have started around 2017 when “issues of prompt settlement by Unified Payment arose of which Twistwell Multiventures became uncomfortable. Complaints were raised by Twistwell Multiventures via e-mails which was the means of exchanging correspondence by both parties.
“Things got to a head when Unified Payment failed and or refused to settle transaction of which the total settlement was N2.6million. At this point, Twistwell stopped using Unified Payment Services Limited (UPSL) POS and when UPS realised this, it was at that point that they informed Twistwell that they have erroneously over settled it and that was the reason they did not settle it of the N2.6million.
“Twistwell Multi ventures refused to accept this line of argument, hence, it instituted a civil action against UPS.
Meanwhile, Twistwell Multi ventured averred that alleged erroneous over-settlement was a dubious attempt not to remit the non-remittant N2.6million to its account according to the agreement of service with the payment system service provider, Unified Payment Services Limited (UPSL).
Sedabuk Oil and Gas Industry Limited has been listed among the 100 Safe Companies to Do Business With in Africa for 2025 by Emerging Elites Magazine International, in recognition of the firm’s integrity-driven operations, strict compliance culture, and employee-focused policies.
The award was presented to the Managing Director of the company, Engr. Adunola Oseni, at a ceremony attended by members of Sedabuk’s management and staff, alongside the editorial board and team of Emerging Elites Magazine in Lagos.
Presenting the award, the Editor-in-Chief of Emerging Elites Magazine International, Princess Olivia Chukwuma, said Sedabuk emerged after a “thorough, transparent and merit-based selection process” designed to identify African businesses that exemplify excellence and ethical conduct.
According to her, the 100 Safe Companies to Do Business With in Africa Award is an international initiative created to recognise indigenous African companies with proven records of integrity, safety, and best business practices, noting that awardees are continuously monitored and recertified every three years if standards are sustained.
The MD of Sedabuk Oil and Gas Industry Limited, Engr. Adunola Oseni, poses with the Certificate of Award shortly after the company was recognised among Africa’s 100 safest companies to do business with.
Chukwuma said Sedabuk was selected for its employee-centric culture, stressing that the company has no record of unpaid salaries since inception, maintains fair wages, and prioritises staff welfare through initiatives such as its “One Nutritional Meal a Day” programme, which she described as “rare and commendable” in Nigeria’s oil and gas sector.
She also cited the firm’s zero-tolerance policy for fraud, recalling a June 2022 incident in which a pump attendant was sanctioned for under-dispensing fuel while affected customers were compensated, an action she said “clearly reflects Sedabuk’s philosophy of integrity in service delivery.”
Other factors that earned the company the award, she said, include its reputation for honouring contracts, absence of contract-related court cases, strict adherence to safety standards, and voluntary compliance with regulatory obligations, taxes, and statutory dues without coercion.
“With these attributes and more, Sedabuk Oil and Gas has become a beacon of hope—a new breed of Nigerian company that is trustworthy, valuable, and safe to do business with,” Chukwuma said, as she inducted the firm into the Hall of Fame of the 100 Businesses Safe to Do Business With in Africa 2025.
MD, Engr.Adunola Oseni and staff of Sedabuk Oil and Gas Industry Limited during the presentation of a Certificate of Award by The Emerging Elites Magazine International, honouring the company’s adherence to safety standards and best business practices.
Responding, the Managing Director, Engr. Adunola Oseni described the recognition as “a validation of our core values and a strong motivation to do more,” adding that the award belonged to the entire workforce of the company.
“We will continue to uphold integrity, safety, and transparency in all our operations, remain committed to staff welfare and regulatory compliance, and set standards that others in the industry can emulate,” the Sedabuk boss said.
Sedabuk Oil and Gas Industry on Tuesday reinforced its reputation as a people-centred organisation as it rewarded outstanding employees with cash prizes totalling over ₦10 million at its 2025 Employee Recognition and Awards ceremony held in Lagos.
The event, which attracted over 300 staff members alongside top management officials from across the company’s divisions and subsidiaries, was organised to celebrate excellence, dedication, and loyalty within the Sedabuk workforce.
Speaking at the ceremony, the Managing Director, Engr. Adunola Oseni, described the occasion as one of the proudest moments in the company’s journey, noting that Sedabuk’s steady growth has been deliberately anchored on staff welfare and well-being. She said the company, from inception, made a firm commitment to put its people first, stressing that no organisation can truly thrive if its workforce is neglected.
Oseni disclosed that Sedabuk has never owed or delayed salaries since it commenced operations, describing prompt payment as a mark of respect and responsibility. She added that the company reviewed and increased salaries twice in 2025, improved wages across the board, and sustained its seven-year-old One-Day-Meal Programme to ensure employees do not work hungry.
The managing director announced cash awards spanning retail operations, station-based roles, marts, laundromats, and group-wide excellence categories, explaining that the initiative was not just about financial rewards but about recognising hard work and reinforcing a culture of appreciation. According to her, a loyal and motivated workforce remains the company’s most valuable asset.
She assured staff that management is entering 2026 with stronger welfare policies, better incentives, and more opportunities, with the aim of positioning Sedabuk as one of the best organisations to work in Nigeria. Oseni further urged employees to raise the bar in the coming year by working harder, smarter, and together.
Several employees emerged winners across key categories, including Pump Attendant of the Year, Station Captain of the Year, Mart and Laundromat Excellence Awards, and Special Recognition honours.
The highlight of the ceremony was the Group Chairman’s Spirit of Excellence Award, where Adediran Segun Aderonke emerged Sedabuk Star of the Year with a ₦2 million prize, while Ibiloye Olayinka won the Most Outstanding Employee of the Year award with ₦1 million.
In his remarks, the Group Head, Human Resources and Administration, Mr. Adeleye Olusanjo, lauded the managing director for her consistent leadership and unwavering commitment to staff welfare, assuring employees that more incentives and improved support structures are already being planned for 2026.
The event was attended by senior executives, including the General Manager, Finance and Strategy, Mr. Aderoju Sola; the Group Head, Operations and Logistics, Mr. Rufus Enioshunwa; and the Group Head, Corporate Audit, Risks and Ethics, Mrs. Tolulope Omotola, among others.
Established in 2018, Sedabuk Oil & Gas Industry Ltd operates over 12 petrol stations across Lagos, Ogun, and Oyo states.
The Securities and Exchange Commission (SEC) has raised a red flag over two cryptocurrency products — Zugacoin and Samzuga GPT — warning the Nigerian public to steer clear of them.
In a strongly worded statement issued on Wednesday, the apex capital market regulator described the digital assets as unauthorised crypto schemes with no legal backing or regulatory approval in Nigeria.
According to the Commission, neither the promoters nor issuers of Zugacoin and Samzuga GPT are registered to operate in any capacity within the Nigerian capital market.
“Preliminary investigations revealed that Zugacoin and Samzuga GPT are meme coins,” the SEC said. “Meme coins generally have no use case, intrinsic value, or tangible projects backing them.”
The regulator added that the only perceived value of such coins often stems from aggressive promotion by their creators or community hype, making them prime candidates for “pump-and-dump” fraud — a deceptive scheme where promoters artificially inflate the price of a coin through misleading information before dumping it at peak value, leaving unsuspecting investors with massive losses.
“Once the promoters dump their coins and stop hyping the coin, the coin price typically falls and investors lose money,” the SEC warned.
The Commission urged members of the public to avoid engaging in the purchase or promotion of Zugacoin, Samzuga GPT, or any similar crypto assets, noting that anyone who chooses to invest in such schemes does so entirely at their own risk.
To further safeguard investors, the SEC advised the public to always verify the legitimacy of any virtual, crypto, or digital assets and their promoters through its official platforms:
https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/
www.sec.gov.ng/cmos
This warning is the latest in the SEC’s ongoing crackdown on fraudulent digital asset operations targeting unsuspecting Nigerians amid a rise in crypto-related scams.
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