E-Financial
Opinion: Will Nigeria Shock the Global Arena in H2?

The largest economy in Africa has certainly had a presence in the third quarter of 2017. Investors across the globe are becoming increasingly optimistic over Nigeria’s economic outlook, as the nation mitigates internal risks, while breaking away from oil reliance.
Signs of recovery and momentum can already be viewed across Gross Domestic Growth and falling inflation, while foreign exchange has experienced an evolution.
With the ingredients for Nigeria to rattle the global arena in H2 already bubbling in the cauldron, an economic rebound by the end of the year is becoming a firm possibility.
As we head into the final trading month of Q3, market players will closely scrutinise core data such as inflation and GDP, which have the ability to boost sentiment further, if both exceed market expectations.
Nigeria’s foreign exchange crisis remains an obstacle on the road to recovery. While the timely implementation of the Investors and Exporters (FX) Window is likely to boost confidence over Nigeria’s outlook, this is only the first step.
With the NAFEX increasing the supply of foreign exchange into the largest economy in Africa, investors are likely to be magnetized, consequently adding another layer of stability to the FX markets.
The Central Bank of Nigeria may be commended on its ability to unify some of their multiple exchanges, by letting dealers quote the Naira levels used in trades, but more transparency is still needed.
For Nigeria to abolish its multiple exchanges and truly have an official exchange rate, it will require an official devaluation, which President Muhammadu Buhari has repeatedly rejected.
While a devaluation of the Naira is likely to accelerate inflation and punish Nigerians at home, it will increase transparency and ultimately boost foreign direct investment, which could in turn fuel economic growth.
Speaking of the Naira, the local currency currently trades around 370 to the Dollar on the parallel exchange.
Although the implementation of NAFEX has weakened prices noticeably, the currency still continues to hold ground against a broadly weaker Dollar. Further intervention by the Central Bank of Nigeria, coupled with confidence over Nigeria’s economic recovery, is likely to support the local currency further this year.
Market players will continue to evaluate the Federal Reserve’s ability to raise US interest rates, which have the power to strengthen the Dollar – consequently punishing emerging market currencies.
While Nigeria has taken steps to shield itself from internal shocks, the threat of capital outflows from a resurgent Dollar is still an issue that cannot be overlooked. Focusing on the technical outlook, repeated Dollar weakness could send the USDNGN towards 350 on the parallel markets.
With inflation in Nigeria following a negative trajectory, economic fundamentals stabilizing and foreign exchange displaying early signs of transparency, the Central bank of Nigeria is likely to remain in sharp focus.
While the intricate combination of falling oil prices, decelerating economic growth and a currency crisis initially encouraged the CBN to remain on standby, the current economic landscape has morphed for the better.
The clock is ticking for the central bank to make a move with an interest rate cut, as cooling inflation and improving core fundamentals indicate signs of stability.
The outlook for oil remains a significant economic factor for Nigeria, especially when considering how the commodity impacts the nation’s government revenues and stability of foreign exchange markets.
WTI Crude has struggled to maintain gains in August, with prices pressured below $50, as the oversupply concerns weighed on sentiment. This has been an interesting and volatile period for oil markets, with the commodity trapped in a tough tug of war, as conflicting data attracts both the bulls and bears.
Despite OPEC’s optimism over the production cut deal continues to spark speculative boosts in prices, reports of compliance slumping in July and output jumping to a 2017 high in the same month, excited bears.
This battle of attrition may be coming to a finale, with oil’s bearish action suggesting that investors are becoming increasingly skeptical of the cartel’s ability to rebalance the markets.
Nigeria has the ability to bounce back from an economic deceleration and break away from oil reliance but the right steps must be taken.
The developments in August are already highly encouraging with the implementation of NAFEX increasing foreign exchange transparency and putting investors at ease. As we head into the final month of Q3, market players are likely to become more dependent on data to gauge the nation’s economic health.
Sentiment towards the Nigerian economy continues to improve amid the stabilizing fundamentals, with the Central Bank of Nigeria cutting interest rates to support growth further if all the boxes are ticked.
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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