E-Financial
FXTM Analysis: Equities Rally On Stimulus Hopes, Yen Slumps

The combination of upbeat U.S. data and more stimulus hopes contributed to the risk-on trade environment, sending Asian equities higher on Tuesday after the S&P 500 set a new record high on Monday.
Investors are betting on major central banks to keep taps wide open for the foreseeable future, and expectations of a large fiscal stimulus by Japan’s Prime Minister, Shinzo Abe, after his victory over the weekend’s upper house election will add additional support to risk-on trades.
Clarity on the U.K.’s leadership was another factor boosting investors’ appetite as Andrea Leadson suddenly dropped out of the race paving the way for Theresa May to become Britain’s new prime minister on Wednesday.
However, the big question remains as towhen Article 50 is going to be triggered, and how investors are going to react to U.K.’s official departurefrom the EU. Meaning that investors shouldn’t get over excited.
The British pound extended its recovery early Tuesday to trade above 1.3050, after dropping to a low of 1.2849 against the greenback on Monday.
The relief rally led by political clarity is likely to be short-lived as many questions remain unanswered, and the immediate risk will be the BoE’s meeting on Thursday, which is likely to announce new stimulus measures in response to Britain’s shock vote to leave the EU.
Today BoE’s Mark Carney will probably provide some hints as he appears in front of MP’s to answer questions on the central bank’s measures post the Brexit vote.
USDJPY lost 3 big figures after touching 100 briefly on Friday. A coordinated action from Japan’s fiscal and monetary side is required to put an end for the Yen’s strength on the short run, and this is likely to happen in the weeks ahead, but it remains to be seen the exact size of the fiscal stimulus package to be announced.
The Aussie is the best performing currency today, up more than 0.7% against the greenback after data this morning from National Australia Bank showed that the business confidence index jumped to 6 in June from 3 in May.
The upbeat data might provide some relief for Reserve Bank of Australia, despite most recent worries from Brexit and the potential downgrade to Australia’s credit rating.
Hussein Sayed is Chief Market Strategist at FXTM
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.
- Telecom3 days ago
NCC Speaks of Plans to Secure Telecom Infrastructure Nationwide
- General News3 days ago
Airtel Nigeria Drives BFSI and Utility Sector Innovation with Industry-wide Workshop
- Telecom3 days ago
Africa’s Lawmakers Commit to Strengthening AI, Digital Health and Smart Manufacturing Frameworks
- E-Financial3 days ago
UBA Expands to More African Cities, Stamps Footprint in Saudi Arabia
- General News3 days ago
EFCC Says Corrupt Politicians are Using Crypto Wallets to Launder Money
- E-Financial3 days ago
Ecobank Plans to Raise $250m Capital Through Private Placement
- News3 days ago
IHS Nigeria, UNICEF Donate Oxygen Plant to Bridge Health Gap in River State
- Telecom3 days ago
NITDA DG: AI Is an Ally for Innovation, Not an Enemy