E-Financial
FSDH Merchant Bank Signs N20m Facility with AfDB to Boost Business in Nigeria

FSDH Merchant Bank has signed $20 million Trade Finance Facility Agreement with the African Development Bank (AfDB), aimed at significantly impacting trade financing across emerging sectors in Nigeria.
Under the terms of the agreement, the Trade Finance Facility comprises a $15 million Trade Finance Line of Credit tailored to support medium-sized businesses and indigenous corporates engaged in international trade value chains along with a $5 million Transaction Guarantee aimed at facilitating the confirmation of FSDH’s trade finance transactions.
Commenting on the development, Bukola Smith, Managing Director FSDH Merchant Bank, said: “We have been looking forward to receiving this financing, we are glad to take this pivotal step in empowering businesses. We have a long-standing partnership with AfDB and just like we did with the first facility we received from the AfDB, we promise that this one will be well utilized because it will help us grow our business and meet the needs of our clients, including sectors like Agriculture, renewable energy and women-owned enterprises.”
“Empowering businesses is at the core of our promise and this line of credit will play a pivotal role in enabling our support for those businesses by providing them with the necessary financial resources to thrive and expand their operations’’.
Also speaking, Mr. Lamin Barrow, the Director-General of the Nigeria Country Department at AfDB, emphasised the pivotal role of trade in economic development, likening trade finance to its lubricant. The AfDB has an active portfolio in Nigeria that comprises 48 operations valued at $4.4 billion.
“It covers 24 public sector projects amounting to $2.5 billion and 24 private sector operations valued at $1.9 billion. While acknowledging the constraints in the supply of trade finance in Africa, Barrow highlighted the AfDB’s support for more than 120 financial institutions across 30 African countries, resulting in the catalysis of over $10 billion in trade over the past decade.”
Speaking further, Barrow said: “FSDH and the AfDB have enjoyed an enduring partnership in supporting SMEs and Nigerian Corporates engaged in trade and export value chains.
“In 2016; the AfDB extended a $50 million Trade Finance Line of Credit to FSDH, a 3.5–year facility that performed well. It supported more than 370 transactions, catalysed $375 million of trade and benefitted over 60 SMEs and Corporations in critical sectors including energy, agri-business, health and boosting intra-Africa trade.”
FSDH Merchant Bank explained that it is known for partnerships aimed at supporting the growth of businesses and this is no exception.
“In 2016, AfDB extended a $50 million Trade Finance Line of Credit to the bank, and the facility performed well, reiterating FSDH’s commitment to the growth of the business ecosystem in Nigeria.
“To drive further support for entrepreneurship in Nigeria, the bank has a business banking desk that caters to emerging businesses, and small corporates through innovative business-friendly risk assets, liability, and digital banking propositions.
“The bank also serves women-led businesses with appropriate tools for growth and impact through access to finance, networks, business support and advisory services through its Women in Business Initiative (WIBI),” the bank said.
“This collaboration underscores FSDH’s commitment to fostering economic development by providing crucial financial support to businesses operating in Nigeria. Additionally, the $5 million Transaction Guarantee will enhance FSDH’s capacity to execute trade finance transactions with confidence, fostering increased trade activities within the local market.
“FSDH Merchant Bank looks forward to the positive impact of this partnership, anticipating that it will unlock new opportunities, stimulate economic activities, and ultimately contribute to the sustainable growth of the Nigerian economy,” it added.
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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