E-Financial
FG Seeks Fresh $580m Loan from World Bank

Federal government of Nigeria is seeking two fresh loans totaling $580m from the World Bank in March 2025.
The loans are for: Accelerating Nutrition Results in Nigeria 2.0; and HOPE for Quality Basic Education for All, are expected to receive final approvals on March 27 and March 20, 2025, respectively.
According to the report on World Bank’s website, the funding will be used to improve nutrition and education initiatives, with two projects currently awaiting approval.
The HOPE for Quality Basic Education for All programme has a commitment of $552.18m, with $500m coming from the World Bank and an additional $54m from other sources.
The initiative is designed to tackle Nigeria’s education crisis, where over 17 million children remain out of school.
It is expected to enhance early childhood education, primary and junior secondary schooling, as well as expand access to learning resources.
The programme will be implemented by the Federal Ministry of Finance in collaboration with the Federal Ministry of Education and the Universal Basic Education Commission.
The project remains in the ‘Concept Review’ phase, requiring further consultations before being finalised.
The second loan project, the Accelerating Nutrition Results in Nigeria 2.0 project, is expected to secure $80m from the World Bank to address malnutrition and food insecurity.
The $232m was approved on June 27, 2018, for the Accelerating Nutrition Results in Nigeria.
This initial loan project was faced with a number of challenges, leading to some changes, including the cancellation of some amount from the total approved loan.
However, the Federal Government is currently engaging the World Bank to get an extra loan for a second part of this project.
The approval day for the second part was moved from February 20, 2025, to March 20.
As Nigeria continues to struggle with a high rate of stunting among children, the project seeks to improve access to quality nutrition services, particularly for pregnant women, lactating mothers, adolescent girls, and children under five.
It will be implemented through primary healthcare facilities and community-based programmes.
Also, it will include interventions such as nutrition-smart agriculture to bolster household food security and dietary diversity.
Part of the funding will support project management, government coordination, and data-driven decision-making to enhance long-term sustainability.
This project is currently at the ‘Decision Meeting’ stage, indicating it is closer to final approval compared to the education initiative.
The approval of these loans is expected to enhance Nigeria’s human capital development by improving education and nutrition outcomes.
The World Bank has been a key development partner, funding various projects to address socioeconomic challenges in the country.
However, concerns persist over Nigeria’s growing debt burden, with economists questioning the government’s borrowing strategy.
The Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.95bn from the World Bank in about 18 months.
Not less than 10 loan projects have been approved by the World Bank under the current administration.
According to data from the external debt report released by the Debt Management Office, the World Bank’s share of Nigeria’s debt totals $17.32bn, with the majority owed to the International Development Association, which accounts for $16.84bn, which represents 39.14 per cent of Nigeria’s total external debt.
The International Bank for Reconstruction and Development, another arm of the World Bank, is owed $485.08m, or 1.13 per cent.
The Federal Government had earlier spent $3.58bn servicing its foreign debt in the first nine months of 2024, representing a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.
This was according to data from the Central Bank of Nigeria on international payment statistics.
The significant rise in external debt service payments shows the mounting pressure on Nigeria’s fiscal balance amid ongoing economic challenges.
The World Bank, in its recent International Debt Report, revealed that developing nations spent an unprecedented $1.4tn on foreign debt servicing in 2023, driven by a surge in interest rates to their highest levels in 20 years.
Interest payments alone reached $406bn, a nearly 30 per cent increase from the previous year, severely impacting spending in critical sectors such as health, education, and environmental programs.
According to the report, the most vulnerable economies, those eligible for loans from the World Bank’s International Development Association, bore the brunt of the financial strain.
E-Financial
CBN Urges Banks to Source FX for PAPSS Settlement Through NFEM

The Central Bank of Nigeria (CBN) has announced a comprehensive review of documentation requirements for transactions processed through the Pan-African Payment and Settlement System (PAPSS), aimed at enhancing intra-African trade, promoting financial inclusion, and improving operational efficiency for cross-border payments within Africa.
In a press release issued on Monday, the CBN outlined key updates to the documentation framework in a circular addressed to Authorised Dealer Banks (ADBs) and the general public.
The revised guidelines are part of the CBN’s ongoing efforts to streamline processes and support seamless financial transactions across the continent.
Under the new framework, individuals conducting low-value transactions up to USD 2,000 equivalent in naira and corporates transacting up to USD 5,000 equivalent in naira can now rely on basic Know-Your-Customer (KYC) and Anti-Money Laundering (AML) documents already provided to their ADBs.
This measure simplifies compliance requirements for smaller transactions and reduces administrative burdens.
For transactions exceeding the specified thresholds, parties must comply with the full documentation requirements as outlined in the CBN Foreign Exchange Manual and related circulars to ensure regulatory compliance.
Applicants are also responsible for ensuring that all necessary regulatory documents are available to facilitate the clearance of goods as mandated by relevant government agencies.
The new policy permits ADBs to source foreign exchange for PAPSS settlements directly from the Nigerian Foreign Exchange Market, eliminating the previous requirement to obtain forex directly from the CBN.
Additionally, all export proceeds repatriated via PAPSS must be certified by the relevant processing banks to promote transparency and regulatory adherence.
The CBN urged all ADBs to adopt PAPSS and commence originating transactions in accordance with the updated policy.
Exporters, importers, and individuals were encouraged to familiarize themselves with the new requirements and leverage PAPSS for efficient cross-border transactions across Africa.
E-Financial
FIRS Orders Banks to Close Unauthorised Tax Collection Accounts

The Federal Inland Revenue Service has directed banks across the country to immediately identify and close any tax and levy collection accounts not authorised under its TaxPro Max platform.
The directive, aimed at promoting transparency and ensuring uniformity in tax collection, was disclosed in a public notice titled “Directive to close unauthorised FIRS tax collection accounts,” issued by the FIRS Chairman, Zacch Adedeji, and circulated to journalists on Monday by his Special Adviser on Media, Dare Adekanmbi.
According to the notice, all tax and levy collections must now be processed exclusively through assessments generated on the TaxPro Max system.
The FIRS warned that all banks participating in its collection, remittance, and reconciliation scheme must comply without delay, discontinue the use of unauthorised accounts, and ensure only transactions initiated from the TaxPro Max platform are processed.
“We count on your cooperation to ensure a smooth transition to this centralised system, thereby contributing to a more transparent and efficient tax collection process,” the agency stated.
Developed locally, the TaxPro Max platform facilitates key tax activities such as taxpayer registration, filing of returns, payment processing, and the issuance of tax clearance certificates.
It was introduced to streamline tax administration and support the FIRS’s broader digitalisation agenda.
The agency also urged taxpayers and stakeholders seeking clarification to contact its Revenue Accounting and Refund Department.
E-Financial
UBA Envisions Footprint in over 100 Countries

United Bank for Africa (UBA) Plc has unveiled an ambitious vision to expand its presence to over 100 countries worldwide in the next 75 years, deepening its role as a truly global African institution.
Looking ahead, UBA also plans to grow its customer base from over 45 million at present to more than one billion customers within the next 75 years.
The bank aims to achieve this by leveraging cutting-edge technology, customer-first innovation, trusted relationships, and collaborations to meet the evolving needs of individuals, businesses, and governments.
The bank projects to accomplish more, driven by its unwavering Customer 1st philosophy, the vast and untapped potential across Africa, and the deeply held belief that UBA possesses the capacity, resilience, and responsibility to confront and overcome the continent’s most pressing challenges while unlocking sustainable opportunities for future generations.
This vision was unveiled by Dr Oliver Alawuba, GMD/CEO of UBA Plc, over the weekend during his opening remarks at the UBA @ 75 anniversary gala dinner in Abuja.
Speaking during the celebration, themed “UBA @ 75 – A Legacy of Excellence… A Future of Impact,” Alawuba said, “At UBA, we are building more than a bank; we are building a future for the next generation of Africans—one defined by opportunity, inclusion, and transformation.
“In the next 75 years, we envision a UBA with a presence in every African country and an expansion to over 100 countries worldwide, deepening its role as a truly global African institution.
“In the next 75 years, UBA will serve more than one billion customers, leveraging cutting-edge technology, customer-first innovation, and trusted relationships and collaborations to meet the evolving needs of individuals, businesses, and governments.
“In the next 75 years, UBA will be more than a part of Africa’s economic renaissance—it will shape its trajectory and champion its transformation.”
Alawuba highlighted that 75 years ago, UBA commenced operations in 1949 on Kakawa Street, Lagos Island, as the British and French Bank. Today, through the strength and resilience of its people and the unwavering trust of its customers, the bank operates in 20 African countries and four global financial centres—New York, London, Paris, and Dubai.
“We are serving over 45 million customers through 1,000 business offices and a diverse array of channels: more than 430,000 POS terminals, 2,600 ATMs, and 21 million cardholders, powered by a workforce of over 25,000 staff across our network,” he stated.
UBA has consistently recorded numerous achievements, delivering an impressive performance in the 2024 fiscal year, with gross earnings soaring by 53.6% to ₦3.19 trillion ($2.14 billion)—underscoring the bank’s strong earnings momentum.
Furthermore, total assets expanded by 46.8% to ₦30.32 trillion ($19.58 billion), and shareholders’ funds strengthened by 68.39% to ₦3.42 trillion ($2.21 billion)—reflecting UBA’s growing balance sheet and unwavering resilience.
The GMD/CEO said, “These milestones stand on the pillars of stability, resilience, and excellence—pillars that have anchored UBA’s growth over the last seven and a half decades.”
Earlier, Senator Kashim Shettima, vice president, extolled what he termed the staying power of the United Bank for Africa (UBA Group) over the past 75 years, describing the financial institution as a pacesetter in innovation, emerging markets, and generational ambition.
“Seventy-five years is not something you pick up at a supermarket. It is earned. It’s through risks and calculations, through storms and sunshine, through mergers and acquisitions, and through the brainpower and courage of those who believe in its promise of a new world. That is what leadership means,” he declared.
Senator Shettima said the celebration of an institution like UBA “that has outlived generations and still pulses with the vibrancy of youth” is not something that happens every day.
“The United Bank for Africa, or simply UBA, is not what it is because of the age of its ideas. It is what it is because of the attention it pays—attention to innovation, attention to emerging markets, attention to shifting dreams, and attention to the changing contours of generational ambition.
“UBA has remained a pacesetter because it is led by people who do not just manage capital but manage curiosity.
“UBA’s staying power is owed to its pursuit of relevance. It has stood as a reward for new thinking, expanding not just across geography but across ideas.
“It serves millions, it shapes economies, and it influences the narrative of what an African institution can become when excellence is institutionalised and when well-intentioned dream-makers are in charge.”
The Vice President acknowledged the leadership ability of Mr Tony Elumelu, group chairman, UBA, whom he described as one of the finest sons of the African continent, noting that no institution writes its history without the signature of those who believe in it.
According to him, Elumelu has “become a bridge between the old and the new, between the outdated and the emerging,” adding that he “has won the trust of even the Gen Zs, or whatever this brilliant, digital generation calls itself.”
He continued, “Tony Elumelu is not a dreamer. Dreamers are those who are stuck in the bubble. Mr Elumelu is a dream-maker. He has made true the imagination of those who wish for an empire from the comfort of their homes. He has taught us that it is possible to build without breaking, to lead without losing touch, and to dream without borders.
“One thing that has amused me about Mr Elumelu over the years is that he has cracked a code many still struggle to decipher—the delicate art of balancing the boardroom with the living room, of being a captain of industry and still a commander at home.
“Not many men have managed a balance between building empires and building families, between saving the world and being present at Christmas in their village. But this man, this maverick, this dream-maker, has shown us that you can help move the continent forward without losing touch with home and family.”
The Vice President also lauded Elumelu’s wife, Dr Awele Elumelu, saying she is not just a spouse “but an Amazon—a matriarch who gathers the kith and kin under her warm canopy,” as well as the quiet strength behind the force that is her husband.
Earlier,Tony Elumelu, group chairman of UBA, expressed profound gratitude to the Vice President while acknowledging the bank’s foundational history.
“This is a night of celebration, gratitude to God and to customers and shareholders who have made it possible,” Elumelu stated.
The Chairman emphasised the importance of honouring those who established UBA’s foundation, saying, “We all today are under the shields because someone planted the tree. The foundation of UBA was laid by people before us; we are only taking it further.”
Looking toward the future, Elumelu expressed confidence in the bank’s continued success, tying it directly to Nigeria’s economic environment.
“On the vision of the next 75 years, just keep transforming our domestic economy as President Bola Ahmed Tinubu is doing, and UBA will keep roaring,” he affirmed.
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