The Nation Newspaper

Category: Business

  • FG reduces signature bonus to $3m, $7m

    FG reduces signature bonus to $3m, $7m

    From the $10 million per block charge in the 2024 oil block bid round, the Federal Government has reduced the signature bonus to between a minimum of $3 million to a maximum of $7 million in the 2025 bid round.

    This is an indication of 70 per cent and 30 per cent crash, according to the “FAQ’s on the Nigerian Upstream Petroleum Regulatory Commission (NUPRC’s) 2025 Licensing Round.”

    The document was was released virtually on Monday said, “The Nigerian government has graciously reduced the signature bonus to between $3 million and $7 million.”

    The document noted that the Minister of Petroleum Resources has approved the new signature bonus in order to reduce entry barriers.

    “All Bidders shall be required to submit a bid within a range of $3 million and $7 million as approved by the minister of petroleum for the reduction of entry barriers,” said NUPRC.

    The document explicitly stated that the designated signature bonus account is United States dollar- denominated, an indication that it is not dominated in local currency (Naira).

    NUPRC said the exercise is a score based approach, taking into consideration the following parameters: Signature bonus (provided it is within the prescribed limit), and Work programme.

    It also said the score based approach considers unit cost per barrel with reference to the work programme, professionalism, human and technical capacity.

    It also looks into percentage of bank guarantee made available Balance sheet, Turnover, Green story and decarbonisation programme and Corporate governance structure.

    On the minimum financial requirement for an entity to participate in the licensing round, NUPRC said an average $100 million is required for deep offshore blocks while an average &40 million is required for onshore and shallow water blocks.

    The document said the requirements includes the following, “Average annual turnover of USD$100,000,000.00 for deep offshore blocks and USD$40, 000,000 for onshore and shallow water blocks or minimum Cash in bank of USD$100,000,000.00 for deep offshore blocks and USD$40,000,000.00 for onshore and shallow water blocks or Bank Guarantee to the tune of USD$100,000,000.00 for deep offshore, USD$40,000,000.00 for onshore, and shallow water blocks or

    “For newly incorporated companies, a parent company guarantee to the tune of USD$100,000,000.00 in deep offshore, USD$40,000,000.00 in onshore and shallow water.”

    NUPRC said no bidder, whether participating individually or as a member of any consortium, shall submit applications for more than two assets in total across all applications. 

    It stressed, “Participation in more than one consortium shall count towards this limit. For the avoidance of doubt, where a company has equity, direct or indirect ownership, or management involvement in multiple consortium vehicles, all such applications shall be aggregated and treated as a single bidder’s applications.”

    The document said the applicant’s Technical Competence will be evaluated using work experience across the under-listed work areas: Geological and geophysical capabilities; Drilling and well engineering; Reservoir evaluation and management; Production engineering and technology; Development planning and Facilities engineering and management.

  • Adedeji’s reforms have boosted revenue generation, say CSOs

    Adedeji’s reforms have boosted revenue generation, say CSOs

    Some civil society organisations (CSOs) have commended ongoing reforms at the Federal Inland Revenue Service (FIRS) championed by its Chairman, Zacch Adedeji.

    Over 72 organisations said the reforms have boosted revenue generation for the Federal Government and stabilised the economy.

    The CSOs spoke in a joint press conference addressed by the Convener of the coalition and National Coordinator, Centre for Fiscal Transparency and Public Integrity (CFTPI), Comrade Ibrahim Bello, on Monday in Abuja.

    The coalition dismissed the calls by some groups for the FIRS Chairman to “step aside for unconstitutional activities.”

    They said the FIRS boss had carried out sweeping reforms that had made some of these people uncomfortable, as it “was no longer business as usual.”

    The groups said, “This made us to call for this critical press conference because we cannot sit down and watch some handful of people to go to the media to disparage and cast aspersions on a dedicated and passionate Nigerian who have restored hope by deepening the revenue generation running into trillions of Naira, which had translated into development that are directly touching the lives of Nigerians.”

    The groups added, “This is the man who has instituted reforms in the tax system, plugged leakages, and has awakened the country to how to generate funds to seamlessly run the economy.

    “Truth is that an attack on Adedeji is an attack on the administration of President Bola Ahmed Tinubu because the economic programme of this administration is receiving verve from the Revenue Service.

    “He has been meeting and surpassing targets set for him as the upper limit benchmark, while at the same time enhancing the welfare of staff in a way that has boosted staff morale.

    “He started the reformation that has changed the Inland Revenue Service and has crafted the new tax laws for the country, which does not call for the vilification.”

    The group also highlighted the impacts and achievements of the Adedeji-led FIRS after two years.

    They added, “Dr Zacch Adedeji is a man who has done amazingly well with his team of experts. We unequivocally state that the FIRS boss has been a man of integrity and vision whose innovative transformations have led to reforms never experienced in the nation’s revenue generation, including the new tax laws passed into law by the National Assembly and assented to by the President.

    “It will be recalled that in 2024, he introduced four tax reform bills that were submitted to the National Assembly. These reforms include simplifying the tax system, reducing the tax burden on small businesses, and introducing a fairer and equitable tax system.

    “Revenue increase: In 2024, FIRS exceeded its revenue target by 76%, collecting N21.6 trillion, compared to N12.37 trillion in 2023.

    “Combating tax evasion: FIRS organized a conference to combat tax evasion and illicit financial flows, which cause a loss of $18 billion annually for Nigeria.

    “Reduced tax burden: The new tax laws exempted individuals earning N800,000 or less per year from paying personal income tax.

    “Improved efficiency: The introduction of the TaxProMax system and USSD code *829# simplified tax payment processes and made them more accessible.”

    Some of the CSOs include: National Coordinator, Centre for Fiscal Transparency and Public Integrity (CFTPI); Hajiya Fatima Sani – Executive Director, Citizens Watch for Good Governance (CWGG); Barr. Chukwudi Eze – Chairman, Accountability and Democratic Values Initiative (ADVI); Dr. Mrs. Ngozi Okeke – President, Nigerian Coalition Against Corruption and Waste (NCACW); Pastor Emmanuel Adebayo – General Secretary, Voice of Conscience Foundation (VOCF); Mr. Tunde Ogunleye – National Convener, Integrity Monitors Network (IMN); Ms. Chioma Nwosu – Chairperson, Patriots for Transparent Procurement (PTP); Comrade Aisha Yusuf – National Secretary, Civil Liberties and Anti-Corruption Movement (CLACOM).

    Others are Engr. Musa Abdullahi – Director of Programmes, Due Process Advocacy Network (DPAN); Prof. Grace Adeyemi – Board Chair, National Alliance for Ethical Leadership (NAEL); Mr. Segun Olawale – Spokesperson, Citizens Coalition for Open Governance (CCOG); Barr. (Mrs.) Funmi Adewole – Legal Adviser, Justice and Accountability Project (JAP); Alhaji Usman Danladi – Northern Coordinator, Nigerian Integrity and Development Forum (NIDF); Rev. Fr. Joseph Okon – South-South Zonal Chairman, Public Funds Protection Movement (PFPM); Ms. Bolanle Adeoti – Women Leader, Transparency and Responsibility Advocates (TRA); Elder Peter Okonkwo – South-East Coordinator, Good Governance Monitors Assembly (GGMA); and Mallam Bello Yakubu – North-West Chairman, Anti-Corruption Crusaders Network (ACCN).

  • Optiva Capital Partners urges Africans to invest smart, secure future

    Optiva Capital Partners urges Africans to invest smart, secure future

    As 2025 gradually winds down and a new year beckons, Optiva Capital Partners has called on entrepreneurs, professionals, and High Net Worth Individuals (HNIs) across Nigeria and the continent to plan intentionally for global access, wealth diversification, and family security in 2026 and beyond.

    Speaking on the company’s outlook for 2026, at an interactive session with select Business Editors, Franklin Nechi, Chairman of Optiva Capital Partners, emphasised that true financial freedom in the modern world goes beyond local investments. 

    “Mobility is the new wealth,” he said. “For entrepreneurs and families, access to markets, education, healthcare, and security is the real measure of success. The coming year presents an opportunity for Africans to reposition globally, and Optiva is here to guide that journey with trusted, structured solutions.”

    Optiva Capital Partners advised individuals and families to embrace global access planning – a long-term wealth and lifestyle strategy that integrates investment immigration, offshore asset diversification, and international education and healthcare options.

    According to Nechi, for entrepreneurs and professionals, obtaining second citizenship or permanent residency through investment is no longer a luxury. 

    Optiva Capital Partners, he said, continues to lead in helping clients access reputable programs across Europe, the Caribbean, North America, and the Middle East – granting visa-free travel to over 140 countries, business mobility, and the ability to relocate or expand globally.

    This means clients can attend global business meetings and trade fairs without visa delays; access international banking and investment platforms seamlessly; give their children and families a secure alternative home in times of crisis.

    The Chairman of Optiva Capital Partners emphasised the need for wealth diversification in an era of volatile local currencies and fluctuating markets. 

    Through its global partnerships, Optiva provides access to real estate investments, structured funds, and asset-backed opportunities in stable economies like the UAE, Portugal, Greece, the UK, USA and the Caribbean.

     “In 2026, investors must think beyond borders,” noted Franklin Nechi. “Our role is to help clients preserve and grow wealth across multiple jurisdictions – so that their money works for them, even when they sleep.”

    Education and health remain two of the most powerful drivers of generational security. Optiva Capital he said, advises families to leverage second citizenship to gain access to world-class education for their children at domestic tuition rates in top universities; quality healthcare systems that offer affordable, timely, and life-saving services.

    As part of its broader mission, Optiva Capital Partners has expanded beyond investment immigration into holistic wealth retention services.

     The firm offers an integrated suite of financial solutions that help clients protect, grow, and optimize their assets across jurisdictions.

    Nechi explained that the firm’s philosophy is rooted in four pillars – protection, growth, optimization, and enhancement. 

    “Protecting wealth means safeguarding it against currency fluctuations and market instability. Growth ensures that your money continues to earn returns through diversified investments. 

    “Optimization means putting your money to work efficiently, so it keeps generating value even when you retire, while enhancement ensures that clients’ investments are diversified and well distributed across asset classes, currencies, and jurisdictions.”

    For African investors, Optiva’s message is clear: diversify. “Do not keep all your wealth in one market or currency,” Nechi advises. “If your expenses are in foreign currencies – tuition, healthcare, travel – then part of your income should also be earned in those currencies. That’s how you build long-term financial resilience.”

    He added: “2026 is not a year to be reactive – it’s a year to be strategic,” concluded Nechi. “The families and entrepreneurs who act now will own tomorrow.”

  • Stanbic IBTC enhances digital retail lending

    Stanbic IBTC enhances digital retail lending

    Stanbic IBTC Bank, a member of Standard Bank Group, has launched its Digital Lending Suite, an integrated platform that consolidates all the bank’s retail loan offerings into one digital access point.

    The platform has products such as EZ Cash, Unsecured Personal Loan (UPL) and many more consumer loan options reflecting the bank’s commitment to simplifying borrowing and strengthening financial inclusion through technology.

    The Digital Lending Suite was developed in response to customers’ evolving needs for convenient, secure, and reliable credit solutions. By providing seamless access to multiple loan products via digital channels, the bank continues to demonstrate its leadership in driving financial innovation within Nigeria’s banking sector.

    EZ Cash is designed to meet immediate, short-term needs, offering customers instant access to loans from N50,000 up to N10 million with a tenor of up to 24 months.  The Unsecured Personal Loan (UPL) caters to medium- to long-term financing requirements, providing larger loan amounts with repayment tenors of up to 48 months.

    It is structured to accommodate salaried customers seeking to fund personal projects or lifestyle needs, with the added option to revolve the facility once a portion of the loan has been repaid.

    READ ALSO; The miracle of Nnamdi Kanu

    Both products are exclusively available to salaried customers whose accounts are domiciled with Stanbic IBTC Bank; subject to credit assessments and approvals.

    Commenting on the launch, Olu Delano, Executive Director, Personal & Private Banking, Stanbic IBTC Bank, noted that the Digital Lending Suite reinforces Stanbic IBTC Bank’s commitment to delivering customer-centric, technology-driven financial services. “By integrating our loan offerings into a single digital platform, we are improving access to credit while maintaining the speed, security, and reliability that our customers trust Stanbic IBTC Bank to provide.”

    The Digital Lending Suite is available across multiple digital touchpoints, enabling customers to apply and receive funds with ease. Applications are processed digitally via the new Stanbic IBTC Mobile App 3.0. The product is collateral-free, comes with a fixed monthly interest rate, and offers flexible repayment, including early repayment without penalty.

  • ‘Bank auditors partnership boosts financial sector resilience’

    ‘Bank auditors partnership boosts financial sector resilience’

    Collaboration among audit leaders has ensured that the Nigerian banking sector remains resilient, transparent and trustworthy in the eyes of stakeholders and regulators.

    Chief Audit Executive, Union Bank, Mr. Isiaka Arowolo, said that chief audit executives now play strategic roles as sentinels responsible for strengthening institutional resilience and safeguarding public confidence.

    He spoke during the 63rd Quarterly General Meeting (QGM) of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) in Lagos, hosted by Union Bank.

    Speaking on the theme: “Navigating the Next Wave: Audit Resilience Amid Emerging Risks and Regulatory Complexity,” he said the meeting examined the evolving challenges confronting Nigeria’s banking sector.

    Representing the Managing Director of Union Bank, Chief Brand & Marketing Officer, Head, Customer Experience, Union Bank of Nigeria, Olufunmilola Aluko, she said “The meeting’s theme reflects both domestic and global realities affecting the financial sector.

    READ ALSO; The miracle of Nnamdi Kanu

     “We are in a period where multiple waves of disruption intersect macroeconomic pressures, exchange rate volatility, expanding digital ecosystems, cybersecurity incidents, rising regulatory expectations and growing demands for sustainability,” Aluko said.

    She emphasised that Chief Audit Executives now play strategic roles as “sentinels” responsible for strengthening institutional resilience and safeguarding public confidence.

    Aluko highlighted global regulatory shifts such as the EU’s Sixth Anti-Money Laundering Directive, which, while not directly binding on Nigeria, influences international expectations of transparency and accountability.

    She also raised concerns about Nigeria’s expanding cybercrime exposure, noting that reported losses in 2023 exceeded hundreds of billions of naira, with the country ranking among the top global sources of cyberattacks.

     “Cybersecurity is no longer an IT issue; it is an enterprise-wide resilience issue,” she said. “Internal audit must lead in validating and strengthening controls.”

    On domestic economic trends, she stressed the implications of foreign exchange liberalisation, inflationary pressures and liquidity challenges, adding that internal audit must now challenge assumptions, strengthen scenario planning and validate risk models.

    Delivering her address, Chairperson of ACAEBIN, Mrs. Aina Amah, noted that the theme of the meeting mirrors the evolving realities redefining audit functions across the sector.

     “The world is moving faster than ever testing institutional agility and demanding greater professional courage,” Amah said.

    She highlighted emerging regulatory expectations around AML/CFT, cybersecurity, data privacy, sustainability and consumer protection, noting that these factors have reshaped accountability structures across the financial system.

    Amah also referenced ongoing banking consolidation, inflation, geopolitical tensions and FX volatility as interconnected risks redefining the audit landscape.

    According to her, internal audit must now strengthen foresight, resilience and strategic value beyond traditional compliance roles.

    She outlined key milestones achieved by the association in the past quarter, including a week-long cybersecurity and risk-based auditing training in Mauritius and two additional capacity-building programmes in partnership with Phillips Consulting Limited and Intermarc Consulting Limited.

     “These interventions targeted high-impact vulnerability points across the modern financial ecosystem,” she said.

    Amah also announced the successful launch of the ACAEBIN Training Academy, which aims to build a structured pipeline of next-generation audit leaders. The academy is already developing bespoke training programmes and planning a study tour to Singapore and the United Kingdom in May 2026, focusing on Open Banking.

    She further commended the Central Bank of Nigeria for progress on the industry’s draft Guidelines for ATM Operations, noting ACAEBIN’s active contribution to the process.

    Looking ahead, she revealed ongoing efforts to develop a Universal Audit Programme that would help harmonise and strengthen internal audit methodologies across Nigeria’s banking industry.

     “As we engage in today’s deliberations, let us approach this moment with clarity, courage and collaboration,” Amah said. “The future of internal audit is not about survival; it is about ascendancy. Audit resilience must go beyond reacting to disruptions; it must anticipate them.”

    The meeting concluded with a renewed call for collaboration, capacity-building and proactive audit strategies to safeguard Nigeria’s evolving financial ecosystem.

  • Analysts project 104% gain on Access Holdings on earnings outlook

    Analysts project 104% gain on Access Holdings on earnings outlook

    Investors in Access Holdings Plc could realize more than a double return on their investments over the next 12 months.

    Analysts at CardinalStone Group said they were placing a “buy” recommendation on Access Holdings because of the group’s improved earnings prospects, stronger balance sheet fundamentals, and a more favourable macroeconomic environment.

    Analysts revised their 12-month target price for Access Holdings upward to N42.29, representing a potential 104.3 per cent gain on the current market price of about N20.70.

    According to the earnings outlook report, the upward revision reflected moderately improved medium-term earnings expectations for Access Holdings, supported by deliberate cost-management measures, stronger fee-income performance, and sustained traction in retail and SME-driven low-cost deposits.

    Analysts also highlighted the potential reinstatement of Nigeria on the FTSE Russell Frontier Market Index, which previously tracked Access Holdings, a move that could boost investor sentiment.

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    The report noted that despite pressures from elevated impairments in 2025, Access Holdings is projected to close the financial year with a profit after tax of N646.6 billion, a slight increase and consistent with its two-year earnings trend.

    CardinalStone noted that the group’s net profit has averaged N637.9 billion over the past two years, with smoothened growth reflecting the impacts of funding and operating cost pressures.

    Analysts said the banking group demonstrated resilience in its core banking operations, achieving improved cost efficiency in the first nine months of 2025.

    Interest expense is projected to decline for the first time in five years, a development attributed to Access Holdings’ efforts to deepen its current and savings account base through expanding retail and SME engagement.

    This traction supported the growth of net interest income even amid compressing yields driven by monetary policy adjustments in Nigeria and the United States.

    CardinalStone expected the group’s net interest margin (NIM) to moderate to 4.5 per cent in the short term but identified several offsetting factors—including an improved funding mix and measured expansion in interest-earning assets—to support stability in the medium term. A 3.7 per cent growth in net interest income is projected for 2026.

    The report stated that non-interest income also remains a strong pillar of the group’s performance outlook, noting that with a track record of robust growth in fee and commission income—driven by credit-related fees, electronic banking income, enhanced cross-selling, and growing digital capabilities, the group is expected to see a rebound in non-interest revenue in 2026.

    According to the report, Hydrogen, Access Holdings’ payments subsidiary and Oxygen X, the group’s digital consumer-lending platform, are expected to provide incremental support as Access Holdings deepens its digital and trade finance footprint across Africa.

    The report noted that on asset quality, Access Holdings has fully exited all forbearance-related exposures and achieved full compliance with single obligor limits. While this process led to elevated impairment charges in 2025, CardinalStone anticipated a 23.1 per cent decline in impairments in 2026, supported by potential recoveries and healthier macroeconomic conditions.

    The report also clarified the temporary halt in interim dividend payment, which resulted from a regulatory shortfall in paid-up share capital at the holdings company level after the Central Bank of Nigeria excluded share premium from qualifying capital.

    CardinalStone noted that dividend payments could resume in 2026 once Access Holdings completes a capital restructuring or executes a capital raise to cover the N10.9 billion shortfall.

    CardinalStone projected a return on average equity (ROAE) of 17.1 per cent in 2026, supported by stronger earnings and improved cost efficiency.

    Analysts said with improved valuation metrics, resilient operating fundamentals, and positive macro catalysts on the horizon, the firm maintains a bullish outlook on Access Holdings.

  • Jaiz Bank becomes global liquidity primary dealer

    Jaiz Bank becomes global liquidity primary dealer

    Jaiz Bank has signed an agreement with the International Islamic Liquidity Management Corporation (IILM), becoming the first financial institution in Africa to join the global network of IILM’s primary dealers.

    The agreement was formalised during the liquidity management capacity building conference organised by the Central Bank of Nigeria (CBN) and IILM in Abuja.

    IILM is an international organisation that issues high-quality, short-term, Shariah-compliant liquidity instruments that are widely accepted by regulators and central banks across the world.

    Managing Director, Jaiz Bank Plc, Dr. Haruna Musa, described the development as a major step for the institution. “This milestone is historic, as Jaiz Bank becomes the first financial institution in Africa to be admitted into the IILM’s global network of primary dealers,” he said.

    Primary dealers serve as key intermediaries in financial markets, buying and selling liquidity instruments directly from the IILM and helping to maintain an active and stable market environment. Their role supports the implementation of monetary policy, ensures liquidity and provides market intelligence to the IILM.

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    Haruna noted that joining the network would give the bank access to some of the most reputable liquidity management instruments available in the global Islamic finance space. “The onboarding positions Jaiz Bank to access world-class liquidity management instruments with strong credit quality,” he said.

    He added that the partnership would strengthen the bank’s financial buffers. According to him, the agreement would deepen Jaiz Bank’s balance sheet resilience and improve its risk management capacity.

    Haruna further stated that the new status would “enhance its regional and international visibility within the Islamic finance ecosystem,” while also helping to “strengthen its long-term collaboration with the CBN, IILM, ICD, and other global Islamic finance institutions.”

    He said the achievement reflects the bank’s long-term vision. “This accomplishment aligns fully with the board and management strategic aspiration to elevate Jaiz Bank into a leading institution in Africa’s Islamic finance landscape, while supporting the Bank’s growth trajectory and capital-market activities.”

    He expressed appreciation to the CBN, IILM leadership, and the bank’s board and staff for their support in achieving the feat.

  • Entrepreneurs laud First Bank’s support for African development

    Entrepreneurs laud First Bank’s support for African development

    First Bank of Nigeria Limited has presented its prestigious CEO Award to Team Mauritius at the grand finale of the 15th Junior Achievement (JA) Africa Company of the Year competition, which concluded over the weekend in Abuja.

    The three-day event, held from December 3 to 5, 2025, brought together student entrepreneurs from eight African countries—Eswatini, Ghana, Mauritius, Nigeria, Rwanda, South Africa, Uganda and Zambia—who showcased innovative, climate-focused business solutions under the theme Action for Climate Transformation. The annual contest provides a platform for young innovators to compete for a chance to represent Africa at the global finals, while accessing funding, scholarships and long-term venture support.

    Announcing the award, FirstBank said Team Mauritius distinguished itself across the five judging pillars: strength of business idea, financial management and sustainability, leadership and teamwork, stage pitch, and trade fair performance.

    The team’s company, Plantura, impressed the bank with its “plant and air-based purifier,” a climate-smart solution developed by four students described by the bank as “smart, agile and intelligent. “We unanimously agreed that Mauritius had our vote for the FirstBank CEO Entrepreneurship Award,” the bank stated.

    President and CEO of JA Africa, Simi Nwogugu, commended FirstBank for its continued support, noting that the bank’s contribution has strengthened entrepreneurship and financial literacy programmes across the continent. “FirstBank has been an incredible supporter,” she said. “Usually, our headline sponsors are global organisations, so having FirstBank step up in that role was very exciting. We hope to further deepen the partnership—not just through funding, but also through FirstBank employees volunteering in classrooms.”

    READ ALSO; Getting it right

    Nwogugu highlighted Africa’s urgent employment challenges, noting that while 11 million young people enter the labour market annually, only about 3 million jobs are created, leaving millions without work. She warned that without deliberate efforts to empower the continent’s youth, poverty and crime could worsen.

     “Our solution is to raise young people who are not only job seekers but job creators,” she said. “We emphasise entrepreneurship education from an early age, teaching ethics, integrity and problem-solving. When young people identify problems, they should think immediately of how to solve them.”

    She added that the future of work is rooted in technology, underscoring the organisation’s commitment to digital skills training. JA Africa currently reaches 1.5 million youths and aims to double that number by 2028 and expand to 5 million by 2030.

    Also speaking, President and CEO of Junior Achievement Worldwide, Asheesh Advani, urged more Nigerian institutions to emulate FirstBank’s leadership in supporting youth entrepreneurship. “FirstBank is a great example of leadership in this regard, and we encourage other Nigerian companies to follow their lead,” he said.

  • UBA Group emerges ‘Africa’s Bank of the Year’

    UBA Group emerges ‘Africa’s Bank of the Year’

    United Bank for Africa (UBA) Plc has reaffirmed its leadership as one of the continent’s most innovative and resilient financial institutions, after the bank, for the third time in five years, was adjudged African Bank of the Year 2025 by The Banker.com.

    UBA also won the Best Bank of the Year awards in nine of its 20 African subsidiaries, bringing its total awards this year to ten as UBA Benin, UBA Chad, UBA Republic of Congo (Congo-Brazzaville), UBA Liberia, UBA Mali, UBA Mozambique, UBA Senegal, UBA Sierra Leone, and UBA Zambia, all came out tops as the best banks in their respective countries, underscoring the bank’s strength across West, Central and Southern Africa and highlighting the depth of its Pan-African franchise.

    The Banker.com, a leading global finance news publication published by the Financial Times of London, organises the annual Bank of the Year Awards, and this year’s edition was held at a grand ceremony at the Peninsula, London.

    UBA’s Group Managing Director, Oliver Alawuba, while reacting to the achievement, said the recognition affirms the bank’s long-term strategy and customer-first philosophy.

    “This honour reflects the strength of our Pan-African network, the trust of our customers, and the dedication of our people. Winning Africa’s Bank of the Year for the third time in five years is not by chance; it is a testament to disciplined execution, innovation, and a deep understanding of the markets we serve.

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     “Our nine country awards across diverse regions of Africa show that UBA is not just growing, but growing with impact. We remain committed to driving financial inclusion, supporting economic development, and deploying technology that makes banking simpler, faster, and more accessible to Africans everywhere,” Alawuba said.

    Chief Executive Officer, UBA UK, Deji Adeyelure, received the awards on behalf of the bank, representing Group Managing Director, Oliver Alawuba, and was accompanied by the bank’s Head Business Development, Mark Ifashe, and Head, Financial Institutions, Shilpam Jha.

    The Banker’s awards are widely regarded as the most respected and rigorous in the global banking industry, celebrating institutions that demonstrate outstanding performance, innovation and strategic execution.

    In its remarks on UBA’s winnings, the banker.com stated: “For the third time in five years, UBA Group has won the coveted Bank of the Year award for Africa. UBA Group time after time punches above its weight against its larger African rivals. The bank this year also takes home nine separate country awards (one more than it gained for its last continental win in 2024), equivalent to around a quarter of the awards for the continent, and more than any of its continent-wide rivals.

    “Perhaps even more impressive is the fact that the awards were won across a broad geographic spread, going to lenders based in the Economic Community of West African States (Benin, Liberia, Senegal, Sierra Leone, and former member Mali), the Central African Economic and Monetary Community (Chad, Republic of Congo) and the Southern African Development Community (Mozambique, Zambia). Its award wins were particularly notable in the highly competitive categories for Benin and Mozambique”.

    The Banker also highlighted UBA’s strong financial performance and commitment to future growth. In 2024, the Group recorded a 46.8 per cent increase in assets and a 6.1 per cent rise in pre-tax profits in local currency terms, while continuing to invest significantly in talent and technology. West Africa remains UBA’s heartland, with operating revenue and profit increasing by 87 per cent and 89 per cent respectively in H1 2025.

    The bank’s digital and innovation leadership was equally recognised. During the year under review, and launched its Advance Top-Up buy-now-pay-later feature on the *919# USSD platform, expanding financial access for customers, while the bank’s chatbot Leo continued its strong growth trajectory, with transaction volumes rising by 29 per cent year-on-year in H1 2025. Notably, in August, Leo became the first African banking chatbot to enable cross-border payments via the Pan-African Payment and Settlement System (PAPSS).

    United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

  • Ecobank Nigeria begins tender for $300m Senior Eurobond offer

    Ecobank Nigeria begins tender for $300m Senior Eurobond offer

    Ecobank Nigeria Limited has announced the launch of a tender offer for its outstanding $300 million 7.125 per cent Senior Note Participation Notes due 2026.

    A total of $150 million of the notes remain outstanding.

    The proposed offer is expected to settle on or before 31 December 2025. Holders whose notes are validly tendered and accepted for purchase will receive a cash consideration of $1,000 per $1,000 in principal amount of the notes, along with accrued and unpaid interest up to but excluding, the settlement date.

    The bank stated that the initiative reflected Ecobank Nigeria’s proactive approach to liability management and prudent balance sheet optimisation.

    According to the bank, by launching the tender offer, it is providing eligible noteholders with an option to redeem their holdings ahead of the original maturity date of 16 February 2026.

    The proposed offer aims to support the bank’s broader funding strategy, enhance capital planning flexibility, and reinforce its commitment to maintaining a well-structured debt profile.

    The bank stated that the proposed offer underscored its ongoing commitment to transparent engagement with funding partners and investors.

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    It said the move aligned with its  long-term objective of ensuring efficient capital management while sustaining confidence in its financial obligations.

    Participation in the Proposed Offer is entirely at the discretion of Noteholders, who may choose to tender based on their individual investment considerations.

    This announcement is provided strictly for informational purposes. It does not constitute, and should not be construed as, an offer or solicitation to purchase or sell any securities, nor does it represent investment advice or a recommendation to participate in the Proposed Offer. Any decision to participate should be made in accordance with the procedures and terms set out in the tender offer documentation provided to eligible Noteholders.