General News
Virus, Oil Collapse Shake Foundations of Banks

Nigerian banks have more to worry about than the coronavirus: Cratering oil prices and the threat of another naira devaluation are emerging as the biggest risks to how many lenders will emerge unscathed.
According to Bloomberg, the e industry has already agreed to forgo profit to support the economy as measures to contain the Covid-19 outbreak bring most businesses to a halt.
Now, oil prices near $15 a barrel are drying up the largest source of foreign exchange. That’s weighing on the currency in a triple whammy for a sector the central bank is relying on to restructure loans showing signs of stress.
Most banks have their crude risks hedged at $40-$50 a barrel, according to ARM Investment Managers in Lagos, which means provisions would need to be raised if prices remain at current low levels.
A naira devaluation following the one in March could cause dollar loans to sour, which would have to be covered by naira earnings, while also adding to the cost of capital.
“The risk to earnings is higher if oil prices are less than $30 per barrel over a prolonged period of time — up to six months in our opinion,” said Aderonke Akinsola, an analyst at Chapel Hill Dunham in Lagos. “We cannot rule out the possibility that some banks may not survive that.”
The scale of the fallout could surpass that of tumbling oil prices in 2014, which triggered a naira devaluation and five quarters of economic contraction from the start of 2016.
That led to a surge in non-performing loans that eventually contributed to the collapse of Skye Bank Plc and Diamond Bank Plc, which was bought by Access Bank Plc in 2019.
The industry is still trying to recover from restructuring loans related to the oil and gas sector.
The nation’s banks “remain susceptible to deteriorating credit quality due to their exposure to ailing sectors, particularly oil and gas producers,” which account for about 26% of total loans, according to the International Monetary Fund.
“The CBN’s imposed caps on bank fees and pressure on net interest income would also limit profitability.”
Nigerian banks are also under pressure from their regulator, which expects lenders to extend 65% of their deposits as credit.
The central bank last week took 1.47 trillion naira ($3.8 billion) from the cash reserves of lenders for failing to meet that goal and a requirement to park 27.5% of their capital with it, people familiar with the matter said.
“The combined effect of low business activities, higher impairments and possible operational and fair-value losses may result in reduced profit levels and capital depletion,” KPMG Nigeria unit said in an emailed report. Banks will also see a “sharp increase in non-performing loans.”
In order to cushion the impact of the crisis, the Abuja-based central bank is providing about 3.5 trillion naira of intervention loans for manufacturers and health-care providers at 5% interest. It also allowed banks to restructure the terms on loans.
Besides dollar loans to the oil industry, banks also face significant foreign-currency exposure to power companies, which increases their risks in the event of a naira devaluation, according to Renaissance Capital.
United Bank for Africa Plc had 10% exposure to the power sector as of 2019, Fidelity Bank Plc 10% and FCMB Group Plc 7%.
Some winners can emerge from a naira depreciation, like Guaranty Trust Bank Plc, the nation’s largest by market value, because a significant proportion of its capital is denominated in foreign currency, according to EFG-Hermes.
Guaranty Trust Bank reported flat earnings for the first quarter through March after loan charges doubled and fees and commission income declined.
An index of 10 of the country’s biggest banks fell 0.4% on Thursday, snapping six days of gains. The gauge is down 24% this year, compared with a decline of 14% for the 153-member all-share index.
“At the start of the year, banks only had to face CBN’s tight regulations, which threatened margins,” said Emmanuel Adeleke, a bank analyst at ARM Securities. “Now, it is a double whammy.”
General News
Union Bank’s alpher Initiative Empowers SMEs, Strengthens Nigerian Economy

Union Bank of Nigeria has reiterated its commitment to entrepreneurship and women’s empowerment through its alpher initiative by sponsoring the Nigerian British Chamber of Commerce (NBCC) Women and Youth Entrepreneurship Development Centre (WYEDC) Cohort 2 Programme, which has graduated 125 entrepreneurs who have benefited from firsthand entrepreneurship training and business grants.
Small and medium-sized enterprises (SMEs) in Nigeria account for more than 50% of industrial employment and contribute approximately 48% to the country’s GDP.
This makes entrepreneurship one of the economy’s building blocks and is a testament to Union Bank’s unwavering dedication to national development in partnership with NBCC.
In her welcome speech, the Director General of NBCC, Dr. Ebere Njoku, reiterated NBCC’s commitment to supporting entrepreneurship, women’s empowerment, and youth empowerment, citing these as catalysts for economic development and sustainability.
She appreciated the sponsors, partners and facilitators who devoted their resources and time to upskilling the participants.
The entrepreneurship initiative stemmed from the visionary goal of Mr. Ray Atelly, President and Chairman of the Council, NBCC, FRPA, to provide entrepreneurship and grant opportunities to Nigerian women and youths.
Mr. Atelly told the graduates in his speech, “This is your chance, make sure you take it. Don’t let any obstacle stop you because there will be many; if you let it stop you, your dreams are not strong enough. You need to keep pushing, someday you will sit at the top of a conglomerate and people will aspire to be like you.”
Also in attendance was the NBCC’s Patron, Senator Akin Odunsi, FRPA, who congratulated the Cohort 2 graduates.
He said, “I encourage all of you not to take the training you have received for granted. Use it as a landmark opportunity to be a beacon of hope to others who look up to you.”
He also urged the Chamber to provide internship opportunities after the six-month entrepreneurship training in organisations for the incoming Cohort 3 and beyond.
He added that the internship experience will give trainees the unique chance to practice what they learned and, in return, benefit the organisations from their acquired skills.
The goodwill message at the graduation ceremony was delivered on behalf of Mrs. Yetunde Oni, Managing Director and Chief Executive Officer of Union Bank of Nigeria, by Mrs. Vivian Imoh-Ita, the Bank’s Head of Retail and SME Business, who appreciated NBCC for the life-transforming training they are providing to the youth and women entrepreneurs.
She further stated, “As a Bank, we understand that when we invest in women and youth entrepreneurs, we are investing in the most powerful catalysts of economic transformation. Through the Bank’s alpher initiative, we have enabled success for women-led businesses. In a volatile economy like Nigeria, the challenges facing entrepreneurs are dynamic and significant. As a Bank, we intend to prove that these barriers are not unconquerable and are growth opportunities.”
Three entrepreneurs, namely Evelyn Ekene Ani of Evani.Ng (First place), Martha Padonu of Beyond Photography (Second place), and Therietta Vershima of La Teriz (Third place) were declared winners of the Union Bank Business Pitch competition held during the graduation ceremony and were rewarded with funding for their businesses.
The Bank’s sponsorship of the training demonstrates its commitment to fostering a vibrant, innovative, and inclusive entrepreneurial ecosystem for women and all individuals.
General News
Wema Bank Workers, Others Arraigned over Alleged N8.9Bn Cybercrime

The trial of three employees of Wema Bank Plc and four others accused of orchestrating N8.9 billion cyber heist has been stalled due to the Eid-el-Kabir public holiday.
Economic and Financial Crimes Commission (EFCC) had arraigned the bank staff—Samuel Asiegbu, Fabian Onyeimachi, and Kingsley Kejim—alongside four alleged accomplices: Hannah Okunlola Adesokan, Hamza Zakariya, Achionu Ubaku, and Sunday Osademe, before Justice Chukwujekwu Aneke of the Federal High Court in Lagos on May 25, 2025.
The seven defendants face an eight-count charge bordering on conspiracy, cybercrime, and obtaining money under false pretences. They were accused of hacking into Wema Bank’s computer systems in January 2025 and unlawfully transferring N8,568,090,500 to various accounts.
According S.O. Larry Peters, counsel, EFCC, the defendants acted in concert with two other suspects—Nurudeen Ibrahim and Alhaji Sulaiman—who are currently at large. The syndicate allegedly manipulated the bank’s data using sophisticated digital tools to cause financial loss and confer illegal economic gains on themselves.
Peters further revealed that two of the defendants—Hannah Okunlola and Sunday Osademe—provided personal bank accounts for the illicit proceeds. Investigators traced N199 million to Okunlola’s UBA account registered under Search Light Media Concept, and N2.25 million to Osademe’s Union Bank account.
The offences, according to the charge sheet, violate Sections 6(2), 8, 14(1), 14(5), and 27(1)(a) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015, as well as Sections 17(a)(b) of the EFCC Establishment Act, 2004.
All seven defendants pleaded not guilty. Following their plea, the court remanded five of the accused in the custody of the Nigerian Correctional Services, while Kingsley Kejim continued on existing bail terms.
The court granted a special request by defence counsel to remand Hannah Okunlola in EFCC custody due to medical concerns.
Justice Aneke had adjourned the matter to June 6, 2025, for commencement of trial. However, due to the nationwide Sallah holiday declared by the federal government, the proceedings could not go ahead as scheduled.
A charge reads: “That you, Samuel Ihechukwu Asiegbu, Ejim Kingsley Kelechi, and others now at large, in January 2025, conspired to alter Wema Bank data to cause the loss of N8.568 billion in order to benefit economically, thereby committing an offence under Section 27(1)(a) of the Cybercrimes Act, 2015.”
The case has drawn significant attention as one of the most audacious cybercrime cases involving bank insiders in Nigeria’s recent history.
General News
Music Stars, Comedians Light Up “Evening with Glo” in Ijebu Ode

The 2025 Ojude Oba celebrations kicked off on Friday evening with “Evening with Glo,” a special event organized by Globacom and headlined by Juju music legend Evangelist Ebenezer Obey Fabiyi and Fuji maestro Wasiu Ayinde Marshall (KWAM 1)
This year marks a significant milestone: Globacom’s 20th anniversary as sponsors of the Ojude Oba festival, an event it has helped transform into a globally recognized cultural spectacle.
The “Evening with Glo” was a vibrant mix of live music, delicious food, and captivating comedy from Gbenga Adeyinka, Bash, and Kiekie. The Conference Hall venue was packed as guests enjoyed more than two hours of Ebenezer Obey Fabiyi’s timeless hits, with the audience singing along and dancing.
Globacom organized the event as a gesture of appreciation to the Ijebu community for their unwavering support over the past two decades of the Ojude Oba festival. “We decided to bring together great sons and daughters of Ijebuland to celebrate our shared heritage, and indulge in the melodious rhythms that resonate deeply throughout Yorubaland,” the company stated.
The company explained their choice of musical icons, noting that the “ageless icon and Juju music maestro, Chief Commander Ebenezer Obey, has contributed decades of good, sonorous and philosophical songs to our society. His songs are still as fresh and full of inspirational messages as they were yesterday.”
Regarding KWAM 1, the company highlighted that “For decades, King of Fuji, K1 De Ultimate, the Fuji master, has been a great part of the music firmament in Nigeria, with his unique brand of Fuji that has elicited huge interest.”
The event saw a strong turnout of prominent Ijebu figures, including the Olori of Oba Awujale, Chief Mrs. Olukemi Adetona; the Coordinator of Ojude Oba Festival Planning Committee, Professor Fassy Yusuff; and a committee member and Iyalode of Ijebuland, Chief Mrs. Bisi Osibogun.
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