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E-Financial

Wema Bank’s 5For5 Promo Heats Up As Artisan Emerges Winner in Third Draw

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L-R: Divisional Head, Retail Business, Wema Bank Plc, Dotun Ifebogun; 5 for 5 promo one million naira winner, Alade Rafiu Aliu and Head, Retail Cluster, Ikeja 1, Wema Bank Plc, Olukayode Adebayo at the 5for5 promo cheque presentation in Lagos on Thursday, October 14, 2021.
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Wema Bank Plc, Nigeria’s leading financial institution, excited customers in Agege, Lagos, on Thursday, October 14, 2021, as it rewarded 2 raffle draw winners for the month of September. This was part of its ongoing customer reward campaign, the 5for5 Promo which commenced on July 1, 2021.

L-R: Divisional Head, Retail Business, Wema Bank Plc, Dotun Ifebogun; 5 for 5 promo one million naira winner, Alade Rafiu Aliu and Head, Retail Cluster, Ikeja 1, Wema Bank Plc, Olukayode Adebayo at the 5for5 promo cheque presentation in Lagos on Thursday, October 14, 2021.

The promo has seen over 200 customers win cash prizes ranging from 10,000 naira to the grand prize of one million naira by conducting transactions via the digital banking platform, ALAT, and Wema’s USSD code – *945#. In August and September 2021, customers in Osun state were the first to receive the 5for5 treatment where two lucky winners became millionaires.

In Lagos, an excited 44-year-old Alade Rafiu Aliu, was awarded the grand prize of a million Naira. The welder explained his shock at the news, “When I was contacted, I was very suspicious until I was informed to come to the bank the next day. I went to my bank branch in Agege and as I walked in, all the staff began congratulating me; that was when I realised it was actually true!”

He went on to express his gratitude to the bank, “I am grateful to Wema bank, staff at the Agege branch for taking pains to track me down and ensure that I got my prize money. Since I have been banking with them, I have not had issues.”

Another 100,000 naira winner, Olaniyi Elijah Olatunde, who has been a customer for over 20 years and is a pioneer ALAT customer, applauded the bank for the promo. He stated that, “The promo is a great thing. It’s something that is making people happy and giving them a chance to improve their lives. It is also a way of letting customers know that their loyalty is not going unnoticed.”

Speaking at the cheque presentation, Dotun Ifegbogun, divisional head, Retail Business, Wema Bank, stated, “We introduced this promo to reward loyal customers, encourage a healthy savings culture and renew relationships with old customers.

“And in the past three months we have done just that. The response across the country has been humbling.

“So far we have given over 200 customers an avenue to make a difference with their winnings. We are not only creating financial freedom but we are also providing financial literacy on how they can spend, save and invest their winnings wisely.”

Over 10 million naira has been won in the 5for5 promo – a nine-month-long campaign that will continue to reward customers till March 2022. Over 31.5 million naira will be awarded when the promo ends next year.

 

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

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United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

Oliver Alawuba, GMD/CEO, UBA group,

This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.

The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.

Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.

He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.

“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.

The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.

“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.

Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.

 

 

 

 

 

 


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E-Financial

Ecobank Plans to Raise $250m Capital Through Private Placement

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Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.

In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.

“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”

The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.

Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”

It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.

 


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E-Financial

EFCC Recovers Funds Lost to CBEX Fraud

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Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.

EFCC Recovers Funds Lost to CBEX Fraud

Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.

The EFCC Chairman emphasised that the suspects found are facing prosecution.

“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.

Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.

“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.

He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.

“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.

He urged the public to stay vigilant, assuring them that the body will see the case to the end.

“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.


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