E-Financial
Unity Bank Boosts Capacity Building on Blue Economy, Empowers 3,000 Girls
No fewer than three thousand girls drawn from Senior Secondary Schools across Nigeria have benefitted from a 3-day capacity building initiative on maritime commerce and National Virtual Maritime Quiz powered by Unity Bank Plc.
The capacity building initiative, which focused on Information Communication Technology, ICT, maritime transportation and logistics ecosystem, was hosted by Ocean Ambassadors Foundation to promote the participation of Indigent Girl-Child in maritime commerce.
Unity Bank partnered the programme as part of the Bank’s Corporate Social Responsibility initiatives targeted at the education sector and to draw attention to the imperatives of training the girl-child to participate actively in the relevant sectors of the economy.
This is coming against the backdrop of the negative impact of COVID-19 on the education sector which has affected millions of girls across Nigeria, resulting in “many girls being unable to return to schools and many others becoming child brides,” according to a recent report by the Economist.
The programme coincided with the International Day of the Girl-Child which was marked to highlight how “the pandemic has accelerated digital platforms for learning, earning and connecting, while also highlighting girls’ diverse digital realities”.
Mrs. Tomi Somefun, managing director/CEO of Unity Bank Plc, represented by the Chief Customer Service Officer, Mrs. Titilayo Abraham officially opened the event. Commenting on the initiative, she stated that: “Unity Bank has maintained its commitment to supporting the girl child by supporting several advocacy initiatives and investing in the education sector. The National Maritime Quiz is yet another opportunity to contribute to the movement to encourage, educate and empower the Girl-Child to participate in the economy while driving access to education.”
“We commend the Ocean Ambassadors Foundation for their initiatives aimed at bridging the gender gap in the ICT, maritime, transportation, and logistics sectors in Nigeria.”
Unity Bank has in time past demonstrated commitment to supporting the education sector, especially for initiatives targeted at children. One of the Bank’s flagship initiatives – One Minute Genius (OMG) and others such as Unity Bank Spelling B Competition, One Day CEO, are annual educational platforms of the Bank aimed at boosting financial literacy among Nigerian children.
The organisers, Ocean Ambassadors Foundation commended Unity Bank, adding that “the sensitization for the Girl-Child to take advantage of career opportunities in the ICT and maritime cannot be over-emphasized.
According to the Group, this also amplifies the “Global Advocacy of the Sustainable Development Goal’s 4, 5, and 14” stating that “Gender equality and women empowerment require deliberate transformative shifts, new technological solutions and integrated approaches”.
Federal High Court in Lagos has fixed July 1, 2025, for the commencement of trial in a money laundering case involving Cititrust Holdings PLC and three of its subsidiaries.
The subsidiaries are Cititrust Funding PLC, Cititrust Credit Limited and Cititrust Financial Services Limited,
The companies are facing an eight-count charge filed by a team of prosecutors from the Economic and Financial Crimes Commission (EFCC), comprising Anasoh Henry Onyekachi, Frankklin Ofoma, Abdulhamid Lamido Tukur, and A.A. Usman.
According to the charge, between 2021 and 2023, the companies, all incorporated in Nigeria, allegedly operated investment management services without a valid licence from the Central Bank of Nigeria (CBN).
This act contravenes Section 57 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and is punishable under Section 57(5) of the same legislation.
The prosecution also alleged that the companies conducted a Collective Investment Scheme without registering with the Securities and Exchange Commission (SEC), another violation of regulatory requirements.
In one of the counts, Cititrust Credit Limited is specifically accused of failing to report high-value financial transactions to the Nigerian Financial Intelligence Unit (NFIU).
These transactions include a N20 million transfer on January 7, 2021; a N200 million transfer on April 4, 2021; and a N200 million lodgement on January 29, 2021.
Additionally, both Cititrust Credit Limited and Cititrust Financial Services Limited are alleged to have made a single transfer and lodgement respectively of N42 million into their bank accounts on January 29, 2021, without proper disclosure to relevant authorities.
The alleged offences are in breach of Sections 11(1)(b) and 11(3) of the Money Laundering (Prohibition) Act 2022, as well as Section 54(1) of the Investment and Securities Act 2007, and are punishable under the respective laws.
The court is expected to begin full proceedings on July 1.
Ecobank Nigeria’s long-term issuer credit rating has been downgraded to ‘CCC-’ from CCC, with the outlook placed at negative by S&P Global Ratings. This is a resultant effect of the $150 million bond buyback offer on the bank’s $300 million Senior Unsecured Eurobond.
Part of the tender offer made by Ecobank includes an early tender premium of $12.50 for every $1,000 in principal (equivalent to 1.25%), with the anticipated settlement date set for July 8, 2025. The offer also requests bondholders’ consent to eliminate the capital adequacy covenant on the outstanding notes.
These actions also led S&P to downgrade the $300 million Eurobond from ‘CCC’ to ‘CCC-’. Although S&P notes that it does not consider the tender offer a distressed debt restructuring.
However, this assessment is at risk of changing if the bank does not receive the promised capital injection from the parent group, Ecobank Transnational Incorporated (ETI).
Following the naira devaluation, Ecobank was unable to meet the regulatory Capital Adequacy Ratio (CAR) requirement, as its CAR dropped to 7 per cent. This was below the 10 percent regulatory minimum. The breach of the CAR caused the bank to seek the consent of its bondholders to pause the capital adequacy notes on the Eurobond notes till September 2025.
Following this development, the bank received a $50 million prepayment on promissory notes from its parent company, ETI, along with early repayments on certain foreign currency loans. However, it has been insufficient in restoring the capital adequacy to regulatory levels.
According to S&P, the bank is expected to receive another $50 million capital injection from its parent group before August 2025. However, the ratings agency notes that if the bank is unable to receive this capital injection, it will inevitably default on its bonds. A situation that would cause a further downgrade to ‘CC’.
It was recommended that Ecobank Nigeria consider raising $150 million through additional Tier-1 instruments to strengthen its liquidity buffers. Additionally, the bank was advised to intensify efforts to recover its foreign currency-denominated loans.
Fidelity Bank Plc, leading financial institution has reaffirmed its commitment to corporate social responsibility with the donation of food and essential items to the Old People’s Home in Yaba, Lagos.
The donation was made possible through the generosity of the bank’s Nexus Inductees Class, under its Corporate Social Responsibility initiative known as the Fidelity Helping Hands Programme (FHHP).
Through the FHHP, staff across Fidelity Bank branches nationwide identify crucial interventions needed in their immediate community and raise funds to execute them. The bank’s management then matches this contribution with an equal amount and disburses it for the selected project.
Commenting on the donation, Divisional Head, Brand and Communications, Fidelity Bank Plc, Dr Meksley Nwagboh, emphasized the bank’s unwavering commitment to impacting its host communities positively noting that the community is an essential part of the bank success story.
“Today’s donation is a token of our appreciation for our incredible parents and guardians who have raised outstanding individuals that trust us with their banking needs.
“Our donation to the Old People’s Home reflects our deep commitment to supporting the well-being and dignity of our senior citizens.
“We are honored to contribute to a cause that ensures they receive the care, comfort, and respect they deserve.” Nwagboh stated.
Appreciating the gesture from the bank, the Director-in-Charge of the Home in Yaba, Adetutu Ipaye, said “Community support initiatives such as this from Fidelity Bank is vital to sustaining our mission and enhancing the quality of life for the elderly.
“We urge other organizations to follow in the Bank’s footsteps as this kind of support will go a long way to ensure that the elderly live with dignity and comfort”.
One of the beneficiaries from the home, Mr. Kamoru Adeyetu noted that, “Your presence today has brought us immense joy, and our greatest happiness lies in seeing the younger generation thrive. Beyond the gifts, your visit means the world to us and please remember to visit us regularly.”
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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