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AfDB, UBA Sign Landmark USD 150 million Loan

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African Development Bank (AfDB) and the United Bank for Africa Plc (UBA) has signed a two- loan agreement for a total of USD 150 million. 
Aloysius Uche Ordu, vice president, Regional and Country Programs and Policy from the African Development Bank (AfDB) and Faith Tuedor-Matthews, deputy managing director, from the United Bank for Africa Plc (UBA) signed the agreement on behalf of their respective institutions.
The loan agreements were signed under the AfDB Emergency Liquidity Facility (ELF), and Trade Finance Initiative (TFI) designed for the rapid injection of liquidity into African markets via strong private sector partner institutions.
These are the largest facilities to date, granted by the AfDB to a private sector financial institution in Africa. ‬‪‬‪The TFI loan totaling USD 100 million will be used by UBA to advance trade credits to corporate customers across its pan-African network, enabling it fill the gap left by the retreat of non-African institutions from the market.
This loan will permit UBA to significantly ramp up its intra-African corporate banking operations and specifically the promotion of regional trade. The ELF of USD 50 million also approved by the AfDB will enable UBA to play a catalytic role in supporting corporate projects, infrastructure and SME financing across Africa.
Speaking at the ceremony, Aloysius Uche Ordu, AfDB vice president, stated that “Regional commercial banks such as the United Bank for Africa have an important role to play in accelerating Africa’s economic growth, social development and economic integration of our nations.”
“The AfDB is committed to supporting these institutions with comprehensive assistance.  We hope that this support will go a long way in strengthening and enhancing UBA’s ability to impact its pan African operations”.
These transactions are consistent with the AfDB’s initiatives formulated in response to the Global Financial Crisis, its Country Strategy Paper for Nigeria as well as the Nigerian Government’s millennium development agenda. This financial assistance to UBA also fits with the AfDB’s Private Sector strategy to support sound and capable financial institutions during the financial crisis.
Also speaking at the signing ceremony, Faith Tuedor-Matthews the deputy managing director, UBA, said “the support from the African development bank will further enhance UBA’s ability to service its customers across the African continent.
Coming at a time of severe credit constraints globally, this deal which represents the single largest commitment to a financial institution in the continent is a major recognition of UBA’s ability to support private and public enterprises across Africa.”

 

 


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Xenophobic Attacks: Anonymous Nigeria Threatens to Leak South African Stolen Data

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Anonymous Nigeria, hacktivism, known for launching coordinated cyberattacks and protests in support of socio-political movements, has threatened to leak stolen South African government data unless its demands were met.

Xenophobic Attacks: Anonymous Nigeria Threatens to Leak South African Stolen Data

The group, called for the department to stop xenophobic attacks on Nigerians in South Africa, or it will expose the data.

“They call themselves correctional services, but they can’t correct the citizens. What a shame,” the group said in its Telegram channel, MyBroadband reported.

“They killed a lot of Nigerians while the so-called correctional services watched and the ministry of justice.”

It is immediately know if Anonymous Nigeria is affiliated to Nullsec Nigeria.

But in a post on a hacker forum, Nullsec Nigeria included a link showcasing an example of data stolen from the department.

It included two bid invitation notices, bid results, a copy of the bids received, and a notice of a bid awarded in various formats.

“We’ll expose all your evil deeds for the world to see, unless this attack stops. But if not, we’ll leak everything they got,” Nullsec Nigeria said.

“Unless the government of South Africa ends these xenophobic attacks on Nigeria, we’ll expose everything about you, your evil deeds will be exposed, and the world shall know.”

MyBroadband asked the Department of Correctional Services about the claimed breach and Nullsec Nigeria’s demands, but it did not immediately respond to our questions.

Nullsec Nigeria also claimed responsibility for breaching several other entities in South Africa, while responding to an X post about its OpSouthAfrica campaign in its Telegram channel.

“I wanna express something here. I saw a report on the #OpSouthAfrica hack by Nullsec Nigeria, but it was stolen by another person,” it said. “Tag the real breachers next time.”

In a separate thread on the hacker forum, Nullsec Nigeria also claimed responsibility for breaching the Ephraim Mogale Local Municipality’s systems.

It claimed to have hacked the local government’s website and threatened to expose “everything you got for others to see how heartless you are. You killed mothers, brothers, students.”

Nullsec Nigeria said the breach and the threats were in response to the xenophobic attacks on and killing of Nigerians and the South African government’s supposed silence on the issue.

“These attacks are still going on in the dark, and we’ll expose them all. If the South African government doesn’t act first, the whole of South Africa will suffer,” it said.

“This is just a wave. These documents are about 11GB, but we decided to pull just this one.”

Its post included two images: one for a public hearing and another, a handwritten tender document for the appointment of an insurance service provider.

It also included a link to several other documents, including an old annual report, council resolutions, financial statements, and various other notices.

The Nigerian Government recently announced plans to bring citizens back to the country from South Africa after violent protests over foreign nationals in the country erupted earlier in May.

President Cyril Ramaphosa condemned the protests and criminal acts directed at foreign nationals in his From the Desk of The President weekly newsletter on 11 May 2026.

He emphasised the recent demonstrations and attacks did not represent the views of the South African people, nor the government’s policy.

“These are the acts of opportunists who are exploiting the legitimate grievances, particularly those of the poor, under the false guise of ‘community activism’,” The President said.

“Some of these people are assuming functions that only state officials are permitted to perform, including stopping people to check identification and conducting searches of private property.”

He added that such lawlessness would not be tolerated, regardless of who the perpetrators or victims were.


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MTN Targets 8m Homes in Fibre Expansion Drive

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MTN Nigeria says it plans to pass fibre to eight million homes over the next three years as part of efforts to deepen broadband penetration and expand digital service offerings across the country.

MTN Targets 8m Homes in Fibre Expansion Drive

Tobe Okigbo

Tobe Okigbo, Chief Corporate Services and Sustainability Officer, disclosed this at the MTN Media Innovation Programme (MIP) Alumni “Ask Me Anything” session held on Saturday.

Okigbo said the telecom company was making significant investments in home fibre infrastructure despite challenges such as regulatory approvals, physical deployment requirements and the long period needed to recover costs.

According to him, fibre broadband differs from mobile internet services because customers pay for connection speed rather than bandwidth consumption.

He said the investment formed part of MTN’s broader strategy to gradually shift customers from mobile-heavy internet usage to fixed broadband services for home connectivity.

Okigbo noted that the global telecommunications industry was evolving beyond traditional voice and data services, driven by advances in artificial intelligence, 5G, smart devices and internet-connected homes.

He warned that telecom operators that fail to adapt risk becoming mere providers of connectivity infrastructure while technology companies capture greater value from digital services.

“The future of telecoms is no longer just about expanding coverage. It is also about building services and platforms around network infrastructure to remain relevant and competitive,” he said.

On recent tariff increases, Okigbo said the adjustments were necessary to address rising operating costs, inflation and sector sustainability concerns.

He cited increased diesel prices and other operational expenses as major factors affecting the cost of delivering telecom services in Nigeria.

According to him, tariff pricing should increasingly reflect market realities and inflation trends, while allowing consumers to switch providers offering better value.

Speaking on service quality, Okigbo said MTN had compensated customers in cases of poor network performance and remained in discussions with regulators on accountability for service failures.

He explained that discussions were ongoing to distinguish between network issues caused directly by operators and those resulting from external factors such as vandalism, construction activities and infrastructure damage.

Okigbo said MTN supported compensating customers for genuine service lapses but sought clarity on regulatory parameters guiding such liabilities.

He added that fibre deployment remained more complex than mobile network expansion because it involved physical cable installation, local government approvals and detailed service planning.

On mobile money operations, Okigbo said MTN Group had acquired a 60 per cent stake in MoMo across its markets to strengthen competitiveness and improve customer experience.

He said the future of telecoms would also be shaped by embedded connectivity, smart homes, connected vehicles and broader Internet of Things adoption.


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World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

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World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.

Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.

Others said the country should reduce dependence on foreign loans and focus on improving local revenue.

The federal government has continued to defend its borrowing plans.

Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.

Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.


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