E-Financial
CBN Commits over N1.3 trillion to Boost Economy

The Central Bank of Nigeria (CBN) has committed over N1.3 trillion to various intervention programmes, in order to boost the economy, in the last one and half years following the outbreak of the COVID-19 pandemic.
Mr. Osita Nwanisobi, the Director of Corporate Communications of the bank, disclosed this, yesterday, at the 16th International Trade Fair organised by the Abuja Chamber of Commerce and Industry (ACCI).
The Bank’s critical objective was to restore stability in the economy by providing assistance to individuals, SMEs and large corporates that had been severely impacted by the pandemic, as well as by the lockdown measures during the period. Some of the measures taken by the Bank include, amongst others:
He said that the N343.21 billion has so far been released to 726,198 beneficiaries, comprising 602,730 households and 123,468 Small and Medium Enterprises through the Targeted Credit Facility (TCF).
The CBN spokesman said that another N134.57 billion was given to 38,140 beneficiaries under the Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS).
Similarly, he disclosed that over N756 billion to 3.7 million farmers cultivating over 4.6 million hectares of farmland under the Anchor Borrowers Programme (ABP).
According to him, N98.41 billion was disbursed in loans to support 103 healthcare projects, of which 26 were pharmaceutical companies and 77 healthcare institutions.
Mr. Nwanisobi who spoke on the theme: “Exploring the Opportunities of Africa Continental Free Trade Area (AfCFTA)
Said that Nigeria and other African countries that were signatories to the Agreement were expected to benefit from the elimination of tariff and non-tariff barriers (lowering trade costs and simplifying customs procedures) among member nations.
He added, “AfCFTA also provides Nigeria and other member countries with access to a large market, as movement of capital, people, goods and services would become easier within the free trade area.
“Similarly, it will facilitate increase in trade volumes, competitive prices and technological transfers among member countries; and serve as potential to boost intra-African trade, lift over one hundred (100) million Africans out of poverty while increasing wages including those of women and the unskilled workers if implemented successfully.’
The director expressed optimism that AfCFTA would increase inflow of foreign investments which would strengthen the foreign exchange market.
“At the Central Bank, we continue to take active steps and make policies to encourage growth and sound financial system, which would foster economic development, restore confidence in the economy and effectually conserve the reserves,” he added.
Mr.Nwanisobi urged Nigerians to focus on the production of items in which the nation comparative advantage “and also buy Nigerian products to grow Nigeria as a nation that is totally self-sufficient in producing what we consume and creating jobs for our youth will ultimately drive sustainable growth that will make life better for all our citizens.”
The apex bank spokesman assured that the institution, under the leadership of the Governor, Mr. Godwin Emefiele, would “not rest on its oars until Nigeria gets to its destination of inclusive economic growth and sustainable development.”
In his address, the President, ACCI, Dr Al-Mujtaba Abubakar, who was represented by the 2nd Deputy President, ACCI, Prof Adesoji Adesugba, commended the CBN its Programmes and policies toward boosting the economy.
He acknowledged the impact by the CBN programmes on keeping economic activities going despite the ravaging Coronavirus (COVID-19) pandemic.
According to him, “We understand the dimension and the depth of issues involved in being a Central banker in times of national economic emergency.
“Having said that, I want to state that only during the Nigerian civil war has any Central banker faces current level of economic complexity occasioned by multiple factors, many of which are beyond the control of the Central Bank.
“The global pandemic (COVID-19), added to local economic peculiarities, present enormous threats and opportunities to the apex bank. When insecurity is added, the ecosystem defies the best of innovations and out of box thinking.
“We want to note, however that despite the perplexing operating space, the Nigerian Central Bank leadership has transformed threats to opportunities.
Under my brother and colleague, the Central Bank Governor, Chief Emefiele, the apex bank has come to the rescue of the nation by embracing developmental financing tools to contain a recession that was dovetailing into depression.
“The many interventions of the CBN significantly restored GDP growth and created the resurgence of the non -oil sector as a critical segment of GDP.”
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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