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E-Financial

UBA Foundation Wins ‘Philanthropy of the Year’ at Prestigious THISDAY Awards

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Bola Atta, CEO, UBA Foundation
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UBA Foundation, the Corporate Social Responsibility arm of the United Bank for Africa (UBA) Plc, has been named “Philanthropy of the Year” at the prestigious THISDAY Awards 2025.

Tony Elumelu, Chairperson of the United Bank for Africa and Oliver Alawuba, Managing director of the United Bank for Africa

The award reaffirms the UBA Foundation’s position as a leading force in philanthropy, underscoring its unwavering dedication towards giving back to the community and creating a sustainable future for generations to come.

UBA Foundation emerged the winner in the category which had other nominees including Dangote Foundation, NLNG, MTN Foundation, and Fidelity Bank Foundation.

The award ceremony, tagged “When the Going Gets Tough… the Tough Get Rewarded,” was held at the Prestigious Eko Hotels and Suites in Lagos on Monday and coincided with THISDAY’s 30th Anniversary. It brought together distinguished guests to celebrate the outstanding achievement across various sectors, recognising individuals and corporate organisations that have been making meaningful impact in their industries and society as a whole.

While presenting the award, the Honorable Minister of Information, Mohammed Idris Malagi, commended UBA Foundation for its impactful programs, particularly in advancing education, and emphasised the need for more organisations to emulate the Foundation’s model of sustainable philanthropy.

“This award is a testament to the remarkable achievements of the UBA Foundation over the past year. “This honour is well-deserved, and I urge other organizations to follow this exemplary model in contributing to the societies they serve,” Malagi stated.

Receiving the award on behalf of the Foundation, UBA’s Group Head, Media and External Relations Ramon Nasir, expressed gratitude for the recognition, attributing the success to the Foundation’s commitment to improving lives across the continent and beyond.

“We are deeply honored to receive this award, which comes at a pivotal moment for us. It is a powerful affirmation of the work we have done and a reminder of the responsibility we carry to do even more.

UBA Foundation’s Chief Executive Officer, Bola Atta, who spoke on the awards, said, “We are appreciative of this award, and for us, this is our call to action to do even more. In the coming year, we will not rest on our laurels, we will launch new initiatives and strengthen existing programs to deepen our impact and broaden our reach across communities.” she noted.

Over the years, the Foundation has focused on key areas such as Education, Environmental Sustainability, Economic Empowerment, and Special Projects, leaving a lasting legacy of transformation, rolling our initiatives that continue to impact positively on the communities around its areas of operation.

UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, Environment, Economic Empowerment and Special Projects.


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E-Financial

FG Takes Full Ownership of Keystone Bank

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Federal government has taken full ownership of Keystone Bank, according to a statement by the bank posted on its X handle on Tuesday evening.

FG Takes Full Ownership of Keystone Bank

It read, “Keystone Bank Limited wishes to clarify media report of a judgement by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, regarding the status of the former shareholders of the bank: Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.

“Recall that on January 10, 2024, the Central Bank of Nigeria (CBN) announced the dissolution of the previous Board and Management of the Bank for corporate governance breaches. The CBN followed this action with the appointment of a new Board and Management for the Bank.

“Subsequently the Federal Government through the EFCC filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank. At the sitting of the court today, February 11, 2025, the court ordered the forfeiture of the shares of the Bank previously held by the shareholders in favour of the Federal Government of Nigeria. The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government f Nigeria.”

Keystone Bank is entering a new era of stability and growth. Our foundation is solid, our future is bright, and our commitment to you remains stronger than ever. We move forward—together. #KeystoneBank #WeGrowTogether pic.twitter.com/aHV9XVd4T6

Describing the development as a “significant milestone in our journey,” the bank said the move is “paving the way for a seamless recapitalization process”.

“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability. Keystone Bank continues to strengthen its balance sheet while delivering exceptional value to its teeming stakeholders,” the statement read.

“The bank maintains a strong financial position, consistently fulfilling all its obligations and adhering to all regulatory requirements. We assure our customers that the bank remains safe, healthy, strong, and resilient.”

 

 

 


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E-Financial

CBN Rolls out New ATM Transaction Fees Effective March 1

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The Central Bank of Nigeria (CBN) has revealed new transaction fees for Automated Teller Machines (ATMs), set to take effect on March 1, 2025.

A circular, signed by John Onojah, the acting director of the financial policy and regulation department, explained that the revised charges aim to address increasing operational costs and enhance the efficiency of banking services.

This review marks the first change in ATM transaction fees since 2019 when the CBN reduced the withdrawal fee from N65 to N35.

According to the CBN, the updated fees are in line with Section 10.7 of the ‘CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020).’

The statement reads, “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial

“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” the CBN added.

Under the new rules, customers withdrawing from their own bank’s ATMs (on-us transactions) will still enjoy free withdrawals. However, withdrawals from on-site ATMs (ATMs located at bank branches) will incur an N100 fee per N20,000 withdrawn.

For withdrawals at ATMs belonging to other banks (Not-on-Us transactions), an N100 fee plus a surcharge of up to N450 per N20,000 withdrawal will apply.

The CBN emphasized that the surcharge is the income of the “ATM deployer/acquirer and must be disclosed to consumers at the point of withdrawal.”

For international withdrawals using debit or credit cards, banks, and financial institutions are now allowed to charge a “cost-recovery charge equivalent to the exact amount charged by the international acquirer.”

Additionally, the CBN stated that the three free monthly withdrawals for Remote-On-Us (other bank’s customers/Not-On-Us consumers) will no longer apply under Section 10.6.2 of the Guide.

The apex bank has urged all financial institutions to ensure compliance with the new guidelines before the March 1, 2025, implementation date.

 


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E-Financial

Afreximbank Invests $52bn in Nigeria, Plans Energy Bank

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The African Export-Import Bank (AFREXIMBANK) has invested a total of $52 billion in Nigeria, making the country the largest recipient of the bank’s trade and development financing.

Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, disclosed this during a meeting with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja yesterday.

Prof. Oramah highlighted Nigeria’s strategic role in the bank’s projects, saying: “Being the largest recipient of the bank’s trade and development finance, Nigeria has attracted a cumulative disbursement of about $52 billion from Afreximbank. Nigeria is the first beneficiary of several flagship transformative projects that the bank is piloting.”

He noted that Nigeria had benefited from major investments in key sectors, including industrialization and healthcare, while also being the first host of many of the bank’s pioneering initiatives.

Among these initiatives is the African Quality Assurance Centre, established to ensure that Nigerian goods meet international trade standards. The first centre is already operational in Kaduna, with additional facilities being planned across Africa.

Over the past decade, Prof. Oramah stated that Afreximbank had disbursed no less than $140 billion across the continent, significantly driving Africa’s industrial growth and economic transformation.

He revealed that Afreximbank had made significant contributions to Nigeria’s healthcare sector, including the establishment of the African Medical Centre of Excellence in Abuja, set to open on June 5, 2025.

The centre, designed as a hospital and research hub, will focus on neglected diseases affecting people of African descent and is expected to position Nigeria as a medical tourism destination.

As part of efforts to strengthen Africa’s energy security, Prof. Oramah announced plans for the establishment of an Africa Energy Bank in Abuja, with an initial capital of $5 billion, of which Afreximbank is committing $1.25 billion.

The energy bank aims to finance projects that will enhance Africa’s energy sector, ensuring sustainable and reliable energy solutions across the continent.

In recognition of Nigeria’s strong partnership with Afreximbank, Prof. Oramah and Minister Wale Edun signed a Memorandum of Understanding (MoU) for Nigeria to host the bank’s Annual General Meeting (AGM) in Abuja this June.

Additionally, Afreximbank’s Africa Trade Centre in Abuja will be inaugurated on April 10, 2025, further strengthening Nigeria’s position as a key hub for African trade and investment.

Minister Edun expressed Nigeria’s appreciation for the continued support and partnership from Afreximbank, emphasizing the country’s commitment to leveraging these investments for national growth and development.

 


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