E-Financial
CBN to Charge Protection Fees on CNI-ABS

Central Bank of Nigeria (CBN) says it will charge protection fees from investors in its Non-Interest Asset Backed Securities.
According to the Nation, one of the features of the CBN Non-Interest Asset Backed Securities (CNI-ABS), contained in a draft framework issued recently by the Apex bank on Non-Interest Asset Backed Securities, is that “the CBN shall charge Wakala fee”
According to the online library, “Wakalah literally means protection, delegation, or authorization.”
Legally, wakalah refers to a contract in which a person who has complete legal capacity authorizes another to conclude a certain well‐defined permissible contract on behalf of that person.
Wakalah is a term in Islamic finance that denotes an agency contract, where one party appoints another to conduct a defined legal action on his behalf, for a specified fee or commission.
From the 2021 if the contents of the draft framework appeals to individuals or institutions interested in the CBN Non-Interest Asset Backed Securities (CNI-ABS), the CBN plans to charge: 10.00 per cent of the underlying return for 1 to 30 days investment; 7.50 per cent for 31 to 90 days; 5.00 per cent for 91 to 180 days; and 2.50 per cent for 181 to 365 days.
The circular covering the draft framework signed by Angela A. -Ejembi (PhD), director, Financial Markets Department stated that “the increased investments in Sukuk issued by multilateral organisations and the rising participation of non-interest financial institutions at the CBN windows has made it mandatory that the CNI-ABS to be operationalized”.
Angela A. -Ejembi stated that “the Central Bank of Nigeria developed the CBN Non-Interest Asset Backed Securities (CNI-ABS) to deepen the Nigerian financial markets, increase financial inclusion and provide a liquidity management instrument that is compliant with the principles of non-interest finance in Nigeria”.
The CBN is now asking for “observations and comments” on the exposure draft of the framework for the operationalization of the Central Bank Of Nigeria Non-Interest Asset Backed Securities. These observations and comments are expected to be with the CBN on Friday, 8th January, 2021.
The structure of the CBN Non-Interest Asset Backed Securities (CNI-ABS) include: Full or partial conversion (into local currency) of the value of CBN investments in Islamic Development Bank (IsDB) and/or International Islamic Liquidity Management Corporation (IILM) sukuk, or any other sukuk from multilateral organisations where Nigeria is a member.
Other structures of the CNI-ABS are: Securitisation of the value of CBN investment based on the maturity profile of the underlying security which shall serve as the issue account, for auction purposes; auction of the securitised assets to eligible institutions; transfer allotment of auction amount to eligible institutions based on their subscription; and transfer of earnings received related to the securitised assets to eligible institutions based on their holdings, less all amounts outstanding. This shall be net of applicable charges as may be approved from time to time.
Others are: the assets shall meet the condition of tradability in shariah; the investor shall enter into a unilateral binding undertaking to sell the nominal to the CBN at maturity; upon exercise of unilateral binding undertaking, the asset becomes exclusively owned by the CBN who reserves the right to hold or reissue it to the market.
The draft framework also stated that “the bid applications shall not carry any rate. All successful bids shall be satisfied at a rate of return corresponding to the earnings on the underlying security. The rate of return shall be based on tenor and amount invested, and shall be subject to applicable (Wakala) charges/fees.
A single exchange rate will apply (based on Wa’d) for issuing, maturity and return of each issue relative to the underlying asset and will be determined at the beginning of each auction.
Another interesting thing investors have been asked to assess is the settlement terms. According to the CBN, “settlement shall be on a T+0 basis. Auction shall take place on any approved business day, while cash settlement and securities allotment shall take place on the next business day.”
On the settlement day, the CBN is expected to: debit the operating accounts of all successful institutions at the auction; credit CBN designated account with the value; debit CNI-ABS issue account and credit the institution’s securities account. The CBN shall be the depository of the securities.
The CNI-ABS will have the following features: It shall be a tradable instrument; its rate shall be determined by the returns on the underlying asset; its maturity shall be on any day of the week and shall be matched with the coupon payment date of the underlying asset; it shall qualify as a liquid asset for the eligible institution’s assets.
Other features are that: returns received during the period but before maturity of an issue shall be held in trust in an account that does not yield any interest to the CBN; where an issue matures before receipt of coupon by the CBN, the Bank shall pay the accrued return as advance/loan at zero interest rate in anticipation of expected return.
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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