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E-Financial

UBA Reels Achievements @ 75, Seeks Shareholders’ Nod for N500Bn Recapitalisation

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United Bank for Africa (UBA) has said that its 75th anniversary is a testament to resilience, commitment to excellence.

UBA Reels Achievements @ 75, Seeks Shareholders’ Nod for N500Bn Recapitalisation

Oliver Alawuba,

The bank at a world press conference in Lagos peeped into a past that was filled with success stories and promised future enduring milestones of achievements.

Also at the event, the bank hinted that it would this Friday seek shareholders’ approval for its recapitalisation plans, assuring that the bank is poised to meet the deadline as it kicked off its yearlong 75th anni­versary activities.

Oliver Alawuba, group managing director, said the bank is set to meet the deadline for the N500 billion new capital base set by the Central Bank of Nigeria (CBN) as the bank con­tinues not only as the leading fi­nancial institution in Nigeria but also in the African continent and beyond, considering its presence in 20 African countries and four global financial nerve centres (New York, London, Paris and Dubai).

He noted that the bank would over the next years focus on increasing its presence in the countries where it currently op­erates, adding that the bank will also focus on supporting small and medium scale enterprises (SMEs).

To the bank, the past 75 years have been marked by stability and excellence, pillars upon which UBA’s legacy stands tall.

The bank was the first bank in Nigeria to of­fer an initial public offering (IPO) in 1970, the first Nigerian bank to be listed on the Nigerian Stock Exchange (NSE), now Nigerian Exchange Limited (NGX).

It was also the first Nigerian bank in the USA and London to open a branch and the first bank in Nigeria to install Automated Teller Machines (ATMs) and open a campus branch at the Universi­ty of Lagos in Nigeria.

UBA was the first Nigerian bank to open a subsidiary in Af­rica (Ghana in 2005), appointed the first female board chairperson in Nigeria and was a pioneer in introducing mobile banking in Nigeria.

It also launched the first multi-lingual chatbot banking in Nigeria called Leo as well as the first Nigerian bank to launch the most successful prepaid cards across Africa.

While honouring past leaders of the bank for their steadfast­ness, Alawuba appreciated the sacrifices, contributions, sup­port and guidance over the years of Tony Elumelu, current group ghairman,.

He said, “We appreciate and honour you because you built and nurtured the platform on which we are standing today. Our Group Chairman truly deserves special recognition and mention.

“Without his visionary push in 2005 and tutelage over the years, I doubt whether we would be where we are today. For these and more, we say a big and re­sounding thank you to him”.

He also used the opportunity to thank all customers of UBA around the globe as their consis­tent support and patronage over the years have been amazing.

He said, “You meet several people, they will tell you that they are third or fourth generation of UBA customers in their families, that their grandparents and par­ents were customers of UBA and their children currently carry UBA ATM cards, enrolled on our mobile banking and LEO chatbot banking. This is the strength of UBA.

“This milestone is not just a celebration of longevity, but a tes­tament to resilience, innovation, and unwavering commitment to excellence that have defined UBA’s journey over the decades.

“As we reflect on the signifi­cance of this epoch-making event, it is important to acknowledge that UBA means different things to different people. For some, UBA is a trusted financial partner; for others, UBA is a beacon of stabil­ity and reliability, a development partner in various local commu­nities as well as a catalyst for Af­rican development.

“Since its inception in 1949, UBA has evolved from a modest beginning on Lagos Island to a global financial institution with a presence in 20 African coun­tries and 4 global financial nerve centres (New York, London, Paris and Dubai).

“Today we have over 25,000 staff, over 35 million customers served through multiple chan­nels – over 350,000 POS terminals, 2,000 ATM terminals, 1,000 busi­ness offices and 19.7 million card customers.

“Amidst economic challenges and market dynamics, UBA has demonstrated remarkable finan­cial strength and resilience. Its splendid performance, especially within the last year, is a testament to the robust fundamentals and sound strategic decisions taken by the bank.

“Going forward”, Alawuba said, “As we navigate through the ever-changing landscape, we remain committed to creating value for our shareholders and capitalising on emerging oppor­tunities in the market.

“Innovation and digital trans­formation are at the heart of UBA’s strategy for future growth and competitiveness. We will continue to invest in innovative products, services, and digital platforms that enhance customer experience and drive operation­al efficiency. Our commitment to corporate social responsibility is strong, with initiatives focused on education, healthcare, entre­preneurship, and environmental sustainability; thus, making a concrete impact on communities across Africa”

Looking ahead, Alawuba said, “Our vision is clear and it is to be the role model for African busi­nesses. UBA is one bank, uniting Africa while connecting Africans to the world and the world to Afri­ca. Our primary focus is to be the payment bank for capital flows, trade and investments between Africa and the rest of the world.

“We are committed to ex­panding our presence, seizing growth opportunities, and deliv­ering value to all stakeholders. Collaboration and partnerships as exemplified by the $6bn SME funding agreement signed with the African Free Trade Area (AfCFTA) will be instrumental in achieving our strategic objec­tives. We are dedicated to deepen­ing relationships with customers, employees, regulators, and other stakeholders for mutual benefit and long-term success”.

Responding to a question from the media over concerns that the bank’s share price is considered undervalued despite its recent surge, Alawuba said United Bank for Africa’s share price could hit the N100 per share mark.

 

 

 


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E-Financial

Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges

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Eight leading Nigerian banks collectively set aside N156 billion as impairment charges on their credit and financial assets, marking a significant financial impact amidst a challenging economic environment, in the opening quarter of 2025.

Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges

Known commonly as loan losses or credit impairments, these charges highlight the banks’ defensive measures against risks arising from inflation, naira depreciation, and tightened liquidity affecting consumers and businesses alike.

The level of impairment varied considerably across institutions, reflecting divergent risk appetites and credit management practices.

Zenith Bank led with the highest provision of N49.38 billion, an 11.8 percent reduction from the previous year’s N55.97 billion.

This decline may suggest enhanced asset quality or more rigorous loan recovery tactics.

Broken down, loans and advances contributed N35.95 billion to impairments, while investment securities and treasury bills added N7.1 billion and N2.16 billion respectively.

Despite heavy provisioning, Zenith recorded a notable 20.7 percent increase in post-tax profit, soaring from N258.34 billion to N311.83 billion.

Similar trends emerged at First HoldCo, which posted N37.25 billion in impairment (down 11.2 percent), driven mainly by loans and advances provisions of N41.23 billion.

Offsetting this were write-offs and reversals that mitigated losses.

First HoldCo’s profit, however, fell to N171.10 billion from N208.11 billion.

Access Holdings and Guaranty Trust Holding Company also demonstrated reduced impairment charges, indicating stronger credit monitoring.

Access’s net provision dropped 4.5 percent to N21.77 billion, while Guaranty Trust’s impairment stabilized near last year’s N13.42 billion figure.

Yet, Guaranty Trust’s profit plunged 43.6 percent to N258.03 billion, a striking contrast to other banks’ profit growth.

On the other hand, United Bank for Africa (UBA) faced a staggering 332.2 percent surge in impairment, from N3.28 billion to N14.18 billion—pointing to amplified credit risks possibly driven by external economic pressures.

Nonetheless, UBA recorded a 33.1 percent profit uptick to N189.84 billion.

FCMB’s impairment charge fell notably by nearly 60 percent to N9.52 billion, aided by significant recoveries of previously written-off loans, boosting its profit to N32.23 billion.

Meanwhile, Fidelity Bank and Wema Bank posted sharp rises in impairment—285.8 percent and 64.7 percent increases respectively—reflecting heightened write-downs that underscore growing risk exposure amidst portfolio expansions.

Overall, while the cumulative impairment charge diminished by 5.2 percent compared to Q1 2024, individual bank results were mixed, embodying the varied strategies and external pressures in Nigeria’s banking sector.

 

 


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E-Financial

SEC Flags FF Tiffany as Ponzi Scheme

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Securities and Exchange Commission (SEC) has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.

SEC Flags FF Tiffany as Ponzi Scheme

A statement by SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.

The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.

The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.

According to SEC, those found culpable will be prosecuted in accordance with Investment and Securities Act (ISA) and regulatory provisions.

SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.

”These schemes are not registered with the SEC and do not offer investor protection under the law.

“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.

The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.

SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.

 

 

 

 


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E-Financial

AccionMonie App to Empower Low-Income Households

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Accion Microfinance Bank has unveiled AccionMonie, a next-generation digital financial services platform aimed at empowering individuals, micro, small, and medium enterprises (MSMEs), as well as low-income households across Nigeria.

Speaking at the official launch in Abuja, Chief Executive Officer of Accion MfB, Taiwo Joda, described the introduction of AccionMonie as a significant milestone and a testament to the bank’s culture of innovation, designed to meet the evolving needs of its customers.

“At Accion Microfinance Bank, we believe in the potential of every MSME to drive inclusive economic growth. That is why we are committed to empowering them with the financial support they need to grow, innovate, and make a lasting impact in their communities and beyond,” Joda said.

He added that the app provides instant access to essential services including loans, savings, and other forms of financial support.

According to Joda, AccionMonie is a strategic component of the bank’s “Always There to Lend You a Hand” campaign, which underscores its commitment to small business development and the economic upliftment of underserved households. The campaign positions Accion MfB as not only a financial institution but also a trusted partner in its customers’ journey to prosperity.

Highlighting the economic role of MSMEs in Nigeria, he noted that with an estimated 37 million MSMEs, the sector accounts for 86% of employment and contributes 48% to Nigeria’s Gross Domestic Product (GDP). However, these enterprises continue to face major challenges such as limited access to finance, inadequate infrastructure, and an unfavourable business environment.

Also speaking at the launch, the bank’s Chief Commercial Officer, Stephen Olalere, said the combination of AccionMonie and the bank’s expansive network of over 74 branches across 12 states will help bridge the gap in financial service delivery to small businesses.

“The platform’s user-friendly features are designed to simplify payments and offer vital support to businesses and individuals alike,” he said.

Paul Ehiagbonare, Chief Digital Officer of the bank, described the launch as a bold step toward digital leadership and financial empowerment.

“For us, AccionMonie reflects customer empowerment through digital tools and technologies. It offers a range of customer-focused features designed to promote financial inclusion,” he said.

One of its standout features is Save2Loan, which allows users to save between ₦50,000 and ₦250,000 over a 90-day period and become eligible for a loan worth twice their saved amount. This, Ehiagbonare explained, will help promote a savings culture while enhancing credit access.

In addition, customers can conveniently fund their AccionMonie accounts using any debit card, eliminating the need for physical visits or long queues in banking halls.

 


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