E-Financial
FXTM Analysis: Financial Markets Seeking Inspiration

FXTM Research Analyst Lukman Otunuga comments on the current moods of Sterling, WTI and Gold.
An eerie calm shrouded the financial markets last week, with global stocks floating near record highs as investors maintained a cautious trading stance.
The rising anxiety over ongoing geopolitical tensions has exposed Asian shares to losses during early trading on Monday with some disappointing data from China compounding to the downside pressure. Although the current absence of political risk in Europe continues to elevate European equities, the upside may face headwinds down the road from the persistent uncertainty gravitating around Brexit.
Wall Street relinquished short-term gains on Friday following the soft retail sales and inflation data and should be poised to edge lower this afternoon as investors re-evaluate the likelihood of an interest rate increase in June.
With an air of anxiety suffocating participants who seek risk, and soft economic data from the US and China weighing on sentiment, the “Sell in May and go away” strategy may become a popular choice.
Sterling Edges Above 1.2900
Sterling ventured higher on Monday but this appreciation felt more technical than fundamental as prices found support above the daily 20 Simple Moving Average.
Although short term bulls may exploit the upside momentum to elevate the Pound higher towards 1.3000, uncertainty over Brexit should limit gains in the medium to longer-term. Sterling bears still have a shot to attack, especially when considering that the threat of Brexit negatively impacting the UK economy has encouraged the Bank of England to maintain a dovish stance.
The central bank has already trimmed its prediction for growth this year amid the Brexit uncertainty while rising levels of inflation and sluggish wage continue to dent consumer confidence. With consumer spending likely to face a squeeze amid the accelerating inflation and vulnerable Sterling, the GBPUSD still remains exposed to downside risks.
While bulls may propel the GBPUSD towards 1.3000 in the short term, repeated weakness below 1.2775 will encourage a decline towards 1.2600.
WTI Offered Another Lifeline
Oil markets received a solid boost on Monday and bulls offered a lifeline after top exporters Saudi Arabia and Russia said that supply cuts should be extended until March 2018. While the prospect of the world’s two top oil producers working together to battle the oversupply woes may support WTI in the short term, gains may be limited if US Shale’s incessant pumping sabotages OPEC’s effort to stabilize the markets.
Although most remain cautiously optimistic that the OPEC meeting on 25 May will result in an extension to the supply cut deal, one should learn to always expect the unexpected when dealing with the cartel.
From a technical standpoint, a daily close above $49 on WTI Crude should encourage a further appreciation towards the psychological $50 level.
Commodity spotlight – Gold
Gold edged higher on Monday after weaker than expected economic data from the US on Friday exposed the Dollar to losses. Ongoing geopolitical tensions concerning North Korea continue to support the yellow metal with prices trading around $1230 as of writing.
Although Gold remains technically bearish on the daily charts, this period of uncertainty should trigger a technical bounce that opens a path towards $1245. From a technical standpoint, bulls need a daily close above $1235 to open the gates towards $1245. In an alternative scenario, a breakdown below $1225 may trigger a selloff back towards $1215.
E-Financial
UBA Expands to More African Cities, Stamps Footprint in Saudi Arabia

United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

Oliver Alawuba, GMD/CEO, UBA group,
This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.
The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.
Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.
He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.
“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.
The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.
“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.
Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.
E-Financial
Ecobank Plans to Raise $250m Capital Through Private Placement

Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.
In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.
“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”
The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.
Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”
It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.
E-Financial
EFCC Recovers Funds Lost to CBEX Fraud

Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.
Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.
The EFCC Chairman emphasised that the suspects found are facing prosecution.
“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.
Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.
“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.
He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.
“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.
He urged the public to stay vigilant, assuring them that the body will see the case to the end.
“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.
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