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E-Financial

Bayelsa Partners BOI on Economic Development

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Bayelsa State Government and the Bank of Industry have announced their partnership to drive sustainable industrial and economic development in the state.

Governor Douye Diri gave the assurance on Tuesday when he received a four-man team from the South-South and South-East divisions of the Bank of Industry in Government House, Yenagoa.

Diri who was represented by his deputy, Lawrence Ewhrudjakpo, said his administration would do everything within its power for the immediate and smooth take-off of the bank’s operations in the state.

He disclosed the state government had already provided a temporary operational office for the bank to immediately commence its operations in the state.

The governor said Bayelsa was in a hurry to catch up with other states in terms of industrial development and maintained that his administration would harness opportunities created by the bank to promote the growth of local industries in the state.

He called on the bank to disclose the list of Bayelsans who had already applied for loans and other facilities but could not meet the bank’s requirements for the state government consideration and necessary action.

His words: “Clearly, before now Bayelsa had not taken advantage of the opportunities created for us as a state by the Bank of Industry. However, this time we are ready to seize the opportunity you are going to create to drive the growth of our local industries.

“We want to establish a relationship with the BOI that would be fruitful and run very fast. We, as a government, have an emergency in our hands; while you have urgency in your hands.

“The state government had already provided three places for you to choose one and start to use it as a take-off operational office for the BOI in Bayelsa. The Deputy Chief of Staff to the Governor will take you there immediately after this meeting.

“We are ready for your operations even this month because the role of your bank is even more important than that of the mainstream commercial banks to the growth of local industries.”

Earlier in his presentation, the Divisional Head of the Bank of Industry, South-South and South-East, Kings Jack, pointed out that Bayelsa was the only state in the entire South-South in which the BOI was not fully operational.

Jack said the BOI team was in Bayelsa to seek collaboration with the state government on how to commence the bank’s services to stimulate industrial development of the oil-rich state.

He further disclosed that many corporate organisations and individuals from Bayelsa could not access the over one billion Nair BOI loan facility on account of the inability to procure certificates of occupancy and other requirements.

Jack expressed the readiness of the bank to advise the government on the right policies to stimulate the industrial and economic development of the state.

The visiting BOI team also had its Group Head, Strategic Communications, Seun Olagunju; the Regional Manager, South-South, Irabor Pacqueens, and the State Manager, Ojiegbe Uchechukeu.


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E-Financial

Enza Raises $6.75m Seed Funding to Boost Embedded Payment Solutions Across Africa

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Enza, an embedded payment startup based in Dubai and founded by former Network International executives, has raised $6.75 million in seed equity funding. The round was co-led by Algebra Ventures and Quona Capital.

Enza Raises $6.75m Seed Funding to Boost Embedded Payment Solutions Across Africa

Founded in 2023, Enza’s payment solutions enable banks and fintechs to offer locally tailored payment services across African markets, including card issuance, digital wallets, and real-time payments.

The Enza platform is built to support both sides of the transaction chain — serving banks and fintechs on the issuing side, as well as SMEs and merchants on the acceptance side.

Existing client use cases feature the rollout of digital payment solutions, including domestic payment schemes, real-time payment services, mobile money, and Buy Now, Pay Later (BNPL) options, alongside international payment schemes across several African countries.

With operations in Egypt, Nigeria, and South Africa, the recent capital injection will help enza expand its footprint into other key markets throughout Africa.

Before founding enza, the leadership team oversaw global acceptance, processing, and consumer finance divisions at Network International.

Hany Fekry, CEO of enza, stated: “This investment is a strong vote of confidence in our team, our market-leading solutions, and our dedication to empowering banks and fintechs to advance financial inclusion across the continent.”


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E-Financial

UBA Grows Profit to ₦804Bn, Declares N3 Kobo Final Dividend

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Oliver Alawuba, group managing director/chief executive officer, UBA,
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United Bank for Africa (UBA) Plc has released its audited financial results for the full year ended December 31, 2024, with all major indicators witnessing significant improvement.

The bank’s profit after tax rose by 26.14 per cent to ₦766.6 billion, up from ₦607.7 billion recorded at the end of the 2023 fiscal year.

UBA’s gross earnings also grew significantly from ₦2.08 trillion recorded at the end of the 2023 financial year to ₦3.19 trillion in the period under consideration, representing a 53.6 per cent growth.

The bank’s total assets rose remarkably by 46.8 per cent, from ₦20.65 trillion in 2023, to close at ₦30.4 trillion in December 2024.

Oliver Alawuba, group managing director/chief executive officer, UBA, said the bank’s performance demonstrated its focus on driving earnings growth, preserving asset quality, and expanding business operations.

The bank has proposed a final dividend of ₦3.00 kobo per share, bringing the total dividend for the year to ₦5.00.

The dividend is subject to shareholder approval at the upcoming Annual General Meeting.

UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally.


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E-Financial

SEC Declares War on Capital Market Fraudsters

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Dr. Emomotimi Agama, director-general, SEC,
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Securities and Exchange Commission (SEC) has reaffirmed its commitment to ensuring that only fit and proper individuals are permitted to operate in Nigeria’s capital market to enhance investor protection.

SEC Declares War on Capital Market Fraudsters

Speaking in an interview in Abuja over the weekend, Dr. Emomotimi Agama, director-general, SEC, emphasized that market operators engaging in unscrupulous activities would not be allowed to go unpunished.

According to him, “It’s important that, as a form of self-regulation, they are aware beforehand that if you do what is not right, the SEC will bring you out to the wall to say that you do not have character, because the very ethics of regulating or of registering a securities market operator is in the principle of the fit and proper person’s test.

“A fit and proper person’s test means that you satisfy all of the requirements that have been laid down in the Investments and Securities Act 2007 and in other regulations that the SEC has brought out to make sure that this happens.

“Disclosures by public companies will be very, very essential making sure that the investor has enough information to make decisions. If information is not provided, then that will be against the rules and regulations of the SEC and indeed, the ISA. So clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has an intention to defraud Nigerians and to defraud anybody that is investing in this market.”

The SEC Director-General stated that investor protection is a fundamental principle for the Commission, as the Investments and Securities Act (ISA) 2007 clearly outlines the objectives of securities regulation in Nigeria, with investor protection and market development as its twin priorities.

He emphasized that for any market to thrive, investor protection must remain a top priority.

He further asserted that the SEC is committed to ensuring that all market participants understand the Commission’s sacred responsibility, stressing that the SEC’s leadership, entrusted with this duty by President Bola Ahmed Tinubu, will carry it out effectively.

“It is important to state clearly that every investor in Nigeria is under the cover of the SEC as long as the person operates within the Nigerian capital market. And so the year 2025 is a year where we say that there is zero tolerance for any activity that does not fall within the laws of the Investments and Securities Act 2007.

“We are excited that the National Assembly has passed the new Investment and Securities Act and we are earnestly waiting for the President’s assent as the Bill is going through an administrative process to get to the President, to get it assented to.

“And that alone also signifies our intention to make sure that everyone that is investing in this market, or intends to invest in this market has a cover. That cover runs across so many lines, particularly, let me mention that Ponzi schemes will no longer be a place where people will be factoring, where people will be interested in, because the penalties in the new ISA you know, towards people that are engaged in Ponzi scheme is stiff enough to deter them.”


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