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AfDB Assists TCN to Modernise Transmission Equipment

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The African Development Bank (AfDB), said yesterday in Busan, South Korea, that it was assisting the Transmission Company of Nigeria (TCN) to invest in modernisation of its transmission network to improve the energy sector of the country.

The AfDB President, Dr Akinwumi Adesina, told Newsmen on the sideline of the bank’s Annual Meetings that it was also investing in the private sector of the country by providing the commercial banks with significant lines of credit to drive economic development.

He said this was necessary because many of the African countries faced insufficient foreign exchange challenges.

“We are investing in renewable energy, especially in Jigawa and many other areas of Nigeria’s economy”, to assist in advancing the gains of its post-recession period.

“In the case of many African countries, as commodity prices were declining, the AfDB and World Bank have been assisting because many of them have a lot of fiscal and current account deficit,” he said.

He said the bank had disbursed 600 million dollars to Nigeria to help it to exit recession, adding that the government acknowledged that it would have been difficult for the country to come out of the situation without the support.

“We are happy Nigeria came out of it and the issue now is the way forward.”

He reiterated that one of the critical projects of the bank was its assistance for countries through counter technical budget support operations during difficult situations.

Akinwumi had earlier at a news conference, announced that Korea would provide 600 million dollars to finance renewable energy and also deploy young engineers to Africa under its partnership.

He called on African countries to increase their budgetary allocations to finance infrastructure development because many countries under-invested in the sector.

The president said participants and stakeholders at the annual meeting had learnt that industrialisation and accelerated investment in critical areas of economy were catalysts for the advancement of nations.

Akinwumi also announced that the next meeting of the bank had been scheduled for Malabo, Equitorial Guinea in 2019.


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E-Financial

SEC Partners Chainalysis to Tackle Rising Crypto Scams

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A surge in cryptocurrency fraud has prompted the Securities and Exchange Commission (SEC) to strengthen its monitoring measures.

SEC Partners Chainalysis to Tackle Rising Crypto Scams

The regulator has partnered with blockchain analytics firm Chainalysis to improve its ability to detect and disrupt illicit activity.

This move follows growing concerns about the security of Nigeria’s expanding digital asset market.

At a joint webinar themed “Combating Scams with Blockchain Intelligence,” Dr. Emomotimi Agama, director-general, SEC,  stressed the need for coordinated action.

He said transparency in crypto transactions should be the foundation of enforcement in the sector.

Agama warned that without collaboration, fraudulent activity could grow more dangerous in the future.

The SEC plans to use blockchain’s permanent transaction records to trace and monitor illicit movements of funds. This will include identifying wallet clusters, tracking fund transfers, and analysing transaction histories on networks such as Bitcoin and Ethereum.

Agama said these measures would help the commission detect scams earlier and respond faster.

The Chainalysis 2025 Crypto Crime Report provided data that reinforced the urgency of the SEC’s initiative.

According to the report, illicit crypto addresses received $178 billion worldwide over the last five years.

The highest volume was recorded in 2022, with $54.3 billion, followed by $46.1 billion in 2023 and $40.9 billion in 2024.

Agama said these figures showed the scale of the problem and the need for advanced analytics in enforcement work.

He also noted that Nigeria must improve its technical capacity to match the sophistication of modern financial crimes.

The partnership with Chainalysis is expected to help bridge this capability gap.

The SEC is working under the framework provided by the Investment and Securities Act (ISA) 2025, which took effect in April.

Agama described the law as a key step toward establishing clear rules for the digital asset market.

It also enables cooperation between Nigerian regulators and international partners without discouraging innovation.

He called for active collaboration between regulators, technology providers, and industry players to address fraud before it escalates. “

With all the various tools at our disposal, we must brace up for the challenges ahead,” Agama said.

He added that the collective goal should be to stop criminal activity at its source.

The SEC’s collaboration with Chainalysis is positioned as a strategic move to safeguard investors and improve market integrity.

It reflects an effort to place Nigeria among regional leaders in regulated digital finance.

By integrating blockchain analytics into its operations, the commission aims to create a safer environment for crypto transactions in the country.

 

 


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World Bank Approves $300m Loan to Support IDPs in Northern Nigeria

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World Bank has said that it has given approval of $300 million to fund a new project aimed at bolstering access to services and economic opportunities for internally displaced persons (IDPs) and their host communities in northern Nigeria.

World Bank Approves $300m Loan to Support IDPs in Northern Nigeria

In a release, the World Bank said the Solutions for the Internally Displaced and Host Communities Project (SOLID) was approved on August 7.

It stated that the project will adopt an integrated development strategy to help displaced persons and host communities transition from humanitarian aid to self-reliance and resilience.

It also said the ongoing conflict and insecurity in the region have displaced more than 3.5 million people, straining infrastructure and deepening competition for scarce resources in affected communities.

The bank said SOLID will build on previous government and partner interventions, including the multi-sectoral crisis recovery project (MCRP), which focused on emergency recovery.

“Key areas of focus include building climate-resilient infrastructure, promoting social cohesion, supporting livelihoods, and strengthening institutions to better respond to the pressures of forced displacement.

“We are glad to support this initiative which has a tremendous potential to help Nigeria in addressing development challenges associated with protracted displacement in a sustainable way,” Mathew Verghis, World Bank country director for Nigeria, said.

“The Project’s integrated approach which is aligned with the National IDP Policy and the FGN’s long-term development vision will ensure that IDPs and host communities can transition from dependency on humanitarian assistance to self-reliance and resilience which will open up better economic opportunities,” it added.

The World Bank, which noted that the cproject is expected to benefit up to 7.4 million people, of whom up to 1.3 million individuals are identified as IDPs, added that the project will be implemented through a coordinated, community-driven approach involving all tiers of government, with strong partnerships from international stakeholders.

 

 

 

 


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UBA Unveils Revamped Website, Heralds New of Digital Experience

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United Bank for Africa (UBA), Plc, Africa’s Global Bank, has launched its revamped Group website to enhance users’ digital experience.

UBA Unveils Revamped Website, Heralds New of Digital Experience

The newly revamped website boasts of a faster, smarter, and more dynamic digital platform, designed to deliver live news updates, real-time Nigerian stock prices, and a world-class user experience among other world-class features.

The upgrade marks a significant leap in the bank’s digital transformation journey, setting new standards for speed, accessibility, and innovation in the African banking industry.

Alero Ladipo,  group head, Marketing and Corporate Communication, UBA, who spoke excitedly about the revamped website, explained that the redesign focuses on simplifying user-journey, improving responsiveness across all devices, and incorporating a language-agnostic interface that caters to the bank’s diverse global audience.

She explained that with its sleek, intuitive layout and enhanced navigation, the site empowers customers, investors, and stakeholders to access critical information instantly – whether it is the latest market movements, breaking financial news, or UBA’s wide range of products and services.

Ms Ladipo said, “We are thrilled to unveil our new website, which represents a significant milestone in our digital transformation journey. Our goal is to provide a world-class digital experience that meets the evolving needs of our customers and stakeholders.”

Continuing, she added, “A major highlight of the upgrade is its speed, powered by an upgraded server infrastructure with enhanced load balancing to ensure minimal downtime and lightning-fast performance. By combining speed, accessibility, and live market intelligence, our new platform strengthens our position as an industry leader.”

She pointed out that the site also integrates automated news updates powered by International agency, Bloomberg and real-time stock prices tracking, ensuring visitors remain informed at all times.

Throwing more light on the new features, Amanda Oguamanam, head, Digital and Online Marketing, UBA, said; “We have transformed our website to be faster, cleaner, and more engaging, removing clutter by over 60%, upgrading servers for speed and reliability, streamlining navigation, and tailoring content to inspire global partners while making it easier for customers to find what they need.”

Other standout features, she added, include improved accessibility for users with disabilities, dark/light mode toggle, advanced search functions, and a simplified content structure, which are all designed to deliver an inclusive, modern experience for a global audience.

The revamped website is live and accessible at www.ubagroup.com.

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 and 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.


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