E-Financial
NGX to Revamp Rules Guiding Corporate Listings

Apparently concerned with the dearth in listings in the capital market, the Nigerian Exchange Limited (NGX) has announced it is working on revamping the rules to listings on its platform.
This, it said, is part of a broader strategy to strengthen the capital market and have positive implications for the overall economy, including increased revenues and a more vibrant market ecosystem.
Jude Chiemeka, Chief Executive Officer, disclosed this during a panel session of the launch of Afrinvest 2024 Banking Sector themed; Recapitalisation: Catalyst for a $1 trillion Economy? which held recently in Abuja.
Chiemeka noted that the exchange’s focus on revamping listing rules and encouraging more companies to go public is part of a broader strategy to strengthen the capital market.
He noted that as more companies list, the market capitalization is expected to grow, providing more investment opportunities and potentially leading to more robust economic indicators. He added that the growth will also make the market more attractive to foreign investors, further increasing liquidity and market stability.
“In terms of overall implication for the stock market, we trade $6 million a day which is really significantly small judging from the size of our economy. The equities market to GDP is about $35 billion, that we believe that with this recapitalization, we will see a lot more companies coming to list as it would not be all about banks recapitalizing.
We are working on revamping the rules to listings. The Securities and Exchange Commission (SEC) is aware and is committed to that process to encourage more listings and so we think that recapitalization of banks will see more companies listed. Today, we have traded close to $951 million in terms of secondary trading. This also speaks to the fact that people who are investing now will have access to a solid secondary market. We believe that with the cooperation of the SEC who have been helpful, the market will be in for a good time”, Chiemeka explained.
Explaining the role the NGX has played in enabling banks realize the lofty targets for banks under the recapitalization directive by the Central Bank of Nigeria (CBN), he stated that the exchange has made significant strides in incorporating digital technology to streamline and democratize capital raising processes.
According to him, this initiative, supported by the SEC, aims to reduce the costs and increase the speed of issuing securities.
“By doing so, banks and other companies can efficiently access capital markets, potentially leading to increased liquidity and market participation. The digital platform is particularly beneficial for retail investors, offering them easier access to the market and more opportunities to participate in capital raising activities.
This shift is critical, especially considering the historical context where retail investors suffered during the last major bank consolidation in 2005. The introduction of products like derivatives further helps in de-risking investments, making the market more attractive to retail investors”, the NGX CEO said.
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.
- Telecom2 days ago
NCC Speaks of Plans to Secure Telecom Infrastructure Nationwide
- General News2 days ago
Airtel Nigeria Drives BFSI and Utility Sector Innovation with Industry-wide Workshop
- Telecom2 days ago
Africa’s Lawmakers Commit to Strengthening AI, Digital Health and Smart Manufacturing Frameworks
- E-Financial2 days ago
UBA Expands to More African Cities, Stamps Footprint in Saudi Arabia
- General News2 days ago
EFCC Says Corrupt Politicians are Using Crypto Wallets to Launder Money
- E-Financial2 days ago
Ecobank Plans to Raise $250m Capital Through Private Placement
- News2 days ago
IHS Nigeria, UNICEF Donate Oxygen Plant to Bridge Health Gap in River State
- Telecom2 days ago
NITDA DG: AI Is an Ally for Innovation, Not an Enemy