Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Financial

Confidence Resurfaces in Eurozone- ForexTime

Published

on

forex_trading.jpg
Kindly share this post

Nothing too out of the ordinary emanated from the US last week, with an array of both disappointing and encouraging key economic indicators released, cited by ForexTime.

According to ForexTime, Consumer Price Index (CPI) rose only 0.1% in August as opposed to July’s figure of 0.2%, with the Labor Department naming high costs in the housing sector as the culprit for the low increase in consumer prices.

“The recent mishap in the US through which two US states experiencing technical issues left thousands of jobless claims unprocessed, has caused a general disorder in the processing of claims. The figures thus measured on September 19th, which revealed that jobless claims rose to 309K, are not completely reliable as there is a big backlog which will continue for the next couple of weeks. The 19th of September also revealed key housing sector data, Home Sales rising to 1.7% in the month of August to 5.48 million, a six year high and an indication that buyers are hurrying to buy before mortgage rates go any higher.

“The FOMC Conference held on September 18th concluded that the US economy is improving, nonetheless doing so at quite a gradual pace. Unemployment figures have still not dropped to a satisfying level and despite a positive streak in the housing sector, mortgage rates are still climbing. The USA is pending three important economic indicators this week: the US Consumer Confidence which is expected at 81.5, the US Durable Goods Orders, and the Annualized GDP, released on the 24th, 25th and 26th respectively,” the report showed.

Also, a big gust of fresh air has swept over the eurozone in the past week, with the ZEW Eurozone Economic Sentiment rising to 58.6 points for August. The figure was much higher than the anticipated 47.2, the highest recording since September 2009 and a clear sign that optimism is beginning to resurface in the eurozone.

“Reinforcing this was the ZEW German Economic Sentiment which rose to 49.6 for the month of August; a significant rise from August’s 42.0 and higher than the expected 45.3 points. Spurring on the euro was the Eurozone Sentix Investor Confidence, another key economic indicator which launched upwards and reached 6.5 points in August, a sharp change from the -4.9 reading in July and the first time since August 2011 to be above zero.

“This week in Europe, key economic indicators will include the French Flash Manufacturing PMI on the 23rd, the Harmonized Index of Consumer Prices, and the German Consumer Price Index on the 27th.

“The ground in Japan is somewhat uncertain after the trade deficit for August expanded to 960.3 billion yen, a result of an anomaly between exports and imports, with the latter being much higher than the former. The deficits have been inflating throughout the entire summer, driven by the high costs of importing natural gas and crude oil; two very necessary imports since the Fukushima disaster in 2011. Despite Japan’s aggressive monetary policy which has weakened the yen and increased exports, the chasm between exports and imports is still dangerously large. Pending this week from Japan are the JPY Small Business Confidence and the JPY Machine Tool Orders, both due on the 25th.

“In the UK, retail sales were disappointing for August as a 0.9% decline took the place of a confidently predicted 0.4% rise. In comparison to the 1.1% increase reported in July, the August figures were very unsatisfactory. The underlying reason for the drop were sales in the food sector, which declined by 2.7%. Whilst the monthly data for retail sales was bad, stepping back and looking at the whole picture actually shows that they are far better than they were in August 2012, recording a yearly strengthening of 2.1%.

“The National Consumer Price Index (CPI) grew by 2.7% in August, ever so slightly lower than the 2.8% increase in July, for which responsibility predominantly lies within the transport and clothing sectors. A change of course took place in the MPC Asset Purchase Facility Votes which came in at 9-0, as opposed to the accustomed split vote usually witnessed. This is evidence that Bank of England Governor Mark Carney has successfully shifted the views of other policymakers in line with his own. The 26th of September holds two significant releases for the UK; the National GDP and the GBP Total Business Investment,” as included in information by ForexTime.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

Published

on

Kindly share this post

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.

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

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.

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

Ecobank Plans to Raise $250m Capital Through Private Placement

Published

on

Kindly share this post

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.

 


Kindly share this post
Continue Reading

E-Financial

EFCC Recovers Funds Lost to CBEX Fraud

Published

on

Kindly share this post

Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.

EFCC Recovers Funds Lost to CBEX Fraud

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.


Kindly share this post
Continue Reading

Trending