E-Financial
CBN Set to Liquidate 83 Micro Finance Banks

Alhaji Umaru Ibrahim, managing director of the Nigeria Deposit Insurance Corporation, said yesterday that the Central Bank of Nigeria has approved the liquidation of 83 licensed micro finance banks.
Ibrahim stated this when he appeared before the Senate Committee on Banking and Currency to defend his agency’s 2014 budget.
The NDIC boss said that it was discovered that some of the micro finance banks “existed only on paper while some are used to defraud Nigerians.”
He further explained that there were up to 900 micro finance banks operating in the country out of which 83 of them have been listed for liquidation.
Ibrahim said the NDIC was already working towards determining the number of depositors and how much each deposited in the banks in order to pay them.
He said, “Some assets of the banks will also be sold. There is no doubt that the operations of some of the micro finance banks have become epileptic.”
The NDIC boss added that N105 billion was provided for in the 2014 budget to pay off depositors of liquidated banks.
He said, “Funding gap is what we do to prepare for the rainy day. We hope and pray that the rainy day does not come but any insurance should prepare for the rainy day. As we speak, no bank benefited from the fund in 2013.”
Ibrahim lamented what he called “the dollarisation’ of the economy by speculators” and assured members of the public that the issue was already being looked into by the CBN to ensure that it does not affect the economy.
He also told the committee that NDIC initiated rebranding operations to ensure better service.
He said that after operating for 20 years, the NDIC had decided that it was time to rebrand for total reorientation.
He also hinted on plans to regulate mobile banking in the country to avoid any form of fraudulent practice by operators either in the banking or telecommunications sector.
He said, “In 2013, we maintained confidence and stability of the banking system through a continuous effective supervision and regulation of the system. We have also try to pay depositors of institutions that had been liquidated.
“We have stepped up awareness and campaigns about our activities to make sure that members of the public put up claims of their locked up deposits in liquidated financial institutions. We appointed some banks as agents with the assistance of our various zonal offices that we had established in various parts of the country.”
The NDIC boss added that, his plan for the current fiscal year was to continue to protect depositors’ funds and to enhance the supervision because the agency’s act did not cover such transactions at the moment.
He also pledged to promote financial literacy and ensure consumer protection so as to make sure that the agency enhances financial inclusion so that millions of Nigerians that do not have access to banks for any form of financial system or outlet were assisted in various ways.
He said, “We are partnering with the Central Bank of Nigeria to discuss the ways and means of ensuring depositors of mobile banks and depositors of mobile phone system.
“Mobile banks are emerging and seven banks had been licensed by the CBN to get involved in mobile banking and there are 11 non-banking telecommunications related institutions that had been licensed to offer mobile money service.
“This needs to be regulated. The depositors of the institutions offering mobile banking needed to be identified and protected. The whole essence of this is that if we have millions of such people sending and collecting money through mobile banking system.
“We want to ensure that in event of any crisis, they are covered. Unless they have that assurance of being covered, you don’t expect them to accept to participate in this revolutionary project that is coming on board.”
“On the issue of a repeal of the Fiscal Responsibility Act, it is not a bad idea to take a second look at it. We will welcome a review of the act”
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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