E-Financial
RenCap Strengthens SSA Equities Team, Popoola Heads Nigerian Equities

Renaissance Capital, a leading emerging and frontier markets investment bank, has strengthened its Sub-Saharan African (SSA) team in Nigeria with a series of new appointments.
Temi Popoola, CFA, joined Renaissance Capital in Lagos effective 8 July as Head of Nigerian Equities, as the Firm continues strengthening its award-winning SSA markets franchise.
Popoola will work alongside Renaissance Capital’s existing sales team, traders and research analysts to drive equities business management and strategic planning in Nigeria, further building on the Firm’s proven track record in SSA.
Popoola is a highly seasoned executive with over 13 years of international experience in equities and derivatives in emerging markets.
He joins Renaissance Capital from CSL Stockbrokers/FCMB in Lagos, where he led the sales and trading division and helped to build a successful equities business.
Popoola began his career as an asset manager in London in 2002, before joining Banc of America Securities in New York in 2006 as a trader in equity derivatives.
He then moved to Lagos in 2009 to join the United Bank for Africa as Head of New Products and Investments, and afterwards worked at CSL Stockbrokers/FCMB. Mr. Popoola is the co-founder of Centurion Capital Partners, an asset management firm based in New York.
The new Head of RenCap Nigerian Equities holds a first-class degree in Chemical Engineering from the University of Lagos and a Master’s degree from the Massachusetts Institute of Technology. Mr. Popoola will report to Benjamin Samuels, Global Head of Equities, Renaissance Capital.
Mr. Samuels commented: “We are delighted to see our Nigerian team grow in stature. Temi’s appointment shows our commitment to continued strengthening of our Nigeria and Sub-Saharan Africa offering, while his extensive knowledge of emerging markets and his international experience will enable Renaissance Capital to build on its proven track record in the region.”
The Firm also announced a number of organisational changes in its Lagos office. Daniel Ugwuoke, Director, Equity and Fixed Income Sales, has been appointed as Head of Fixed Income, Currencies and Commodities (FICC) for Nigeria, focusing on client portfolios and strategy.
He will report to Marina Ryabokon, Director of International Fixed Income Sales. Adesoji Solanke, Sub-Saharan African Banking Analyst, is appointed as Head of Research for Nigeria. He will report to Mr. Popoola locally and Mr. Samuels internationally.
E-Financial
World Bank Approves $300m Loan to Support IDPs in Northern Nigeria

World Bank has said that it has given approval of $300 million to fund a new project aimed at bolstering access to services and economic opportunities for internally displaced persons (IDPs) and their host communities in northern Nigeria.
In a release, the World Bank said the Solutions for the Internally Displaced and Host Communities Project (SOLID) was approved on August 7.
It stated that the project will adopt an integrated development strategy to help displaced persons and host communities transition from humanitarian aid to self-reliance and resilience.
It also said the ongoing conflict and insecurity in the region have displaced more than 3.5 million people, straining infrastructure and deepening competition for scarce resources in affected communities.
The bank said SOLID will build on previous government and partner interventions, including the multi-sectoral crisis recovery project (MCRP), which focused on emergency recovery.
“Key areas of focus include building climate-resilient infrastructure, promoting social cohesion, supporting livelihoods, and strengthening institutions to better respond to the pressures of forced displacement.
“We are glad to support this initiative which has a tremendous potential to help Nigeria in addressing development challenges associated with protracted displacement in a sustainable way,” Mathew Verghis, World Bank country director for Nigeria, said.
“The Project’s integrated approach which is aligned with the National IDP Policy and the FGN’s long-term development vision will ensure that IDPs and host communities can transition from dependency on humanitarian assistance to self-reliance and resilience which will open up better economic opportunities,” it added.
The World Bank, which noted that the cproject is expected to benefit up to 7.4 million people, of whom up to 1.3 million individuals are identified as IDPs, added that the project will be implemented through a coordinated, community-driven approach involving all tiers of government, with strong partnerships from international stakeholders.
E-Financial
UBA Unveils Revamped Website, Heralds New of Digital Experience

United Bank for Africa (UBA), Plc, Africa’s Global Bank, has launched its revamped Group website to enhance users’ digital experience.
The newly revamped website boasts of a faster, smarter, and more dynamic digital platform, designed to deliver live news updates, real-time Nigerian stock prices, and a world-class user experience among other world-class features.
The upgrade marks a significant leap in the bank’s digital transformation journey, setting new standards for speed, accessibility, and innovation in the African banking industry.
Alero Ladipo, group head, Marketing and Corporate Communication, UBA, who spoke excitedly about the revamped website, explained that the redesign focuses on simplifying user-journey, improving responsiveness across all devices, and incorporating a language-agnostic interface that caters to the bank’s diverse global audience.
She explained that with its sleek, intuitive layout and enhanced navigation, the site empowers customers, investors, and stakeholders to access critical information instantly – whether it is the latest market movements, breaking financial news, or UBA’s wide range of products and services.
Ms Ladipo said, “We are thrilled to unveil our new website, which represents a significant milestone in our digital transformation journey. Our goal is to provide a world-class digital experience that meets the evolving needs of our customers and stakeholders.”
Continuing, she added, “A major highlight of the upgrade is its speed, powered by an upgraded server infrastructure with enhanced load balancing to ensure minimal downtime and lightning-fast performance. By combining speed, accessibility, and live market intelligence, our new platform strengthens our position as an industry leader.”
She pointed out that the site also integrates automated news updates powered by International agency, Bloomberg and real-time stock prices tracking, ensuring visitors remain informed at all times.
Throwing more light on the new features, Amanda Oguamanam, head, Digital and Online Marketing, UBA, said; “We have transformed our website to be faster, cleaner, and more engaging, removing clutter by over 60%, upgrading servers for speed and reliability, streamlining navigation, and tailoring content to inspire global partners while making it easier for customers to find what they need.”
Other standout features, she added, include improved accessibility for users with disabilities, dark/light mode toggle, advanced search functions, and a simplified content structure, which are all designed to deliver an inclusive, modern experience for a global audience.
The revamped website is live and accessible at www.ubagroup.com.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.
Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
E-Financial
NBS Reports ₦6.72 Trillion VAT Haul as Tax Reforms Pay Off

Nigeria’s Value Added Tax (VAT) revenue surged to ₦6.72 trillion in 2024, marking an 84.6% increase from ₦3.64 trillion in 2023, according to the National Bureau of Statistics (NBS). This sharp rise reflects stronger economic activity and improved tax collection efforts across key sectors.
VAT revenue showed consistent growth throughout the year. In Q1 2024, collections stood at ₦1.43 trillion. This rose to ₦1.56 trillion in Q2, representing a 9.09% increase. Q3 recorded ₦1.78 trillion, up 14% from the previous quarter, while Q4 peaked at ₦1.95 trillion, a 9.5% rise from Q3.
In Q4 alone, VAT collections totaled ₦1.95 trillion, with domestic VAT payments contributing ₦917.40 billion, non-import foreign VAT at ₦554.68 billion, and import VAT at ₦474.75 billion. Domestic VAT remained the largest source, indicating strong local business activity and consumer spending.
Several sectors posted significant quarter-on-quarter growth in Q4. Extraterritorial organisations and bodies saw a dramatic rise of 180.05%, followed by agriculture, forestry and fishing at 70.83%, and human health and social work at 46.13%. These gains suggest increased operational scope, improved compliance, and possibly targeted government incentives.
However, not all sectors fared well. Households as employers and self-use production contracted by 28.97%, while the information and communication sector declined by 23%. The drop in ICT may reflect shifting market dynamics or regulatory headwinds affecting digital services.
Overall, the surge in VAT revenue signals a positive fiscal outlook for Nigeria, with implications for budgetary planning, infrastructure investment, and social services funding. It also highlights the importance of sector-specific monitoring to sustain momentum and address emerging challenges.
- News2 days ago
Google Hit by AI-driven Cyber Attack
- News2 days ago
FIRS Rolls out e-invoicing System for Large Corporate Taxpayers
- General News2 days ago
Kuwait Busts Nigerian Cybercrime Ring Targeting Telecom Tower, Banks
- E-Business2 days ago
Zequence Digital Boss Calls for Strong IP Laws Enforcement, to Protect Nigeria’s Software Sector
- E-Business2 days ago
PalmPay Partners AXA Mansard Health to Make Digital Insurance Accessible, Affordable
- Telecom2 days ago
MTN Nigeria’s Mega Billion Promo Turns Airtime into Fortune for Thousands Amid Economic Strain
- Telecom2 days ago
T2 Commits to Innovation, Resilience as Customer-centric Ethos Form New Focus
- Telecom2 days ago
I see Crisis, Resignations @ MTN, Airtel, Others – Primate Ayodele