E-Financial
Banks’ Assets Hit N26.3trn in October

Central Bank of Nigeria (CBN) said that the total assets of banks in the country rose by 1.5 percent to N26.3 trillion in October.
The apex bank disclosed this in its economic report for October, which also indicated slight decline in banks credit to the domestic economy.
The report stated, “Available data indicated that total assets and liabilities of the banks amounted to N26, 335.57 billion, showing a 1.5 per cent increase above the level at the end of the preceding month.
Funds were sourced, mainly, from increased mobilisation of central government deposit, increase in unclassified and foreign liabilities, and reduction in foreign assets.
The funds were used, largely, to increase claims on central government, claims on central bank and reduce time, savings and foreign currency deposits, and demand deposits.
“At N13, 874.56 billion, banks’ credit to the domestic economy fell marginally by 0.7 per cent, compared with the level at the end of the preceding month. The development was attributed to the 3.9 and 0.5 per cent decline in credit to the Federal Government and credit to the private sector, during the review month.
Liquid assets
“Total specified liquid assets of the banks stood at N6, 413.02 billion, representing 37.0 per cent of their current liabilities. At that level, the liquidity ratio declined by 0.8 percentage point below the level in the preceding month, and was 7 percentage points above the stipulated minimum ratio of 30.0 per cent.
The loans-to-deposit ratio, at 62.8 per cent, was 2.9 percentage points above the level at the end of the preceding month, but was 17.2 percentage points below the prescribed maximum ratio of 80.0 per cent.
“At N16,408.5 billion, aggregate banking system credit (net) to the domestic economy grew by 0.9 per cent, on month-on-month basis, at end-October 2014, compared with the growth of 2.7 per cent at the end of the preceding month.
The development relative to the preceding month reflected the growth of 0.9 and 0.7 per cent in net claims on the Federal Government and claims on the private sector. Over the level at end- December 2013, net domestic credit grew by 9.1 per cent.
Banking system’s credit (net) to the Federal Government, on month-on-month basis, rose by 0.9 per cent to negative N1,380.3 billion at end-October 2014, compared with the growth of 10.4 per cent at the end of the preceding month. The development relative to the preceding month was attributed to the increase in banking system’s holdings of government securities.
Over the level at end-December 2013, claims on the Federal Government (net) rose by 6.0 per cent. However, the Federal Government, as in the preceding month, remained a net lender to the banking system at the end of the review month.
Banking system credit to the private sector, on month- on-month basis, grew marginally by 0.7 per cent to N17,788.8 billion, compared with the growth of 1.5 per cent at the end of the preceding month. The development was attributed to the 5.2 and 0.5 per cent increase in claims on the state and local governments and core private sector, respectively. Over the level at end-December 2013, banking system’s credit to the private sector grew by 7.7 per cent”
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.
- News3 days ago
JAMB Accuses Student of Securing Admission through Identity Fraud
- News3 days ago
Check Point Report Finds Africa as Top Target for Cyber-attacks
- E-Financial3 days ago
EFCC Recovers Funds Lost to CBEX Fraud
- 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
- E-Financial3 days ago
Financial Fraud in Nigeria Surges by 45 Percent, 70 Percent of Losses Linked to Digital Platforms – CBN
- 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