E-Financial
After 12 Years at the Helm, Tony Elumelu Bows Out of UBA
United Bank for Africa (UBA) Plc has announced that its Group Chairman, Mr Tony O. Elumelu, will retire from the Board of Directors on Aug. 21, 2026, upon completing the 12-year tenure limit for non-executive directors prescribed by the Central Bank of Nigeria (CBN).
The bank disclosed this in a statement issued following a meeting of its Board of Directors held on July 6.
According to the statement, the board accepted Elumelu’s retirement and elected Mr Emmanuel N. Nnorom, a Non-Executive Director of the bank, as his successor with effect from Aug. 21, 2026.
The board expressed appreciation to Elumelu for what it described as his visionary leadership and immense contributions to the growth and institutional development of the UBA Group.
It noted that under his leadership, UBA expanded into a leading pan-African financial institution with operations in 20 African countries and four global financial centres, serving more than 50 million customers.
The board described Elumelu’s tenure as a defining period in the bank’s history.
Nnorom, who will assume office as chairman upon Elumelu’s retirement, is a chartered accountant with more than 40 years of experience in banking, finance and auditing.
The statement said he brings extensive leadership experience and deep institutional knowledge of the bank to his new role.
Speaking on his retirement, Elumelu described serving UBA as one of the greatest privileges of his professional career.
“Serving United Bank for Africa has been one of the great privileges of my career.
“UBA has established a unique competitive position across Africa and globally, and I leave the Board with great confidence in UBA’s future.
“Emmanuel Nnorom is a leader of integrity, experience and sound judgement, and I am confident that the bank will continue to thrive under his leadership,” he said.
Responding to his appointment, Nnorom expressed gratitude to the board for the confidence reposed in him.
“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit.
“I look forward to working with my colleagues on the Board, Management and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders,” he said.
UBA operates in 20 African countries as well as the United Kingdom, the United States, France and the United Arab Emirates.
The bank provides retail, commercial and institutional banking services and serves more than 50 million customers globally, with a workforce of about 25,000 employees across its operations.
Union Bank of Nigeria has reaffirmed its commitment to environmental sustainability by organising a beach cleanup exercise at Alpha Community Beach, Lekki, Lagos, in partnership with the Nigerian Conservation Foundation (NCF).
Union Bank
The exercise, held on July 3, formed part of the bank’s 2026 Employee Volunteer Day under its Employee Volunteering initiative powered by UnionCares, the bank’s Corporate Social Responsibility (CSR) platform.
The initiative brought together more than 50 employee volunteers, representatives of the Nigerian Conservation Foundation and students of Rodan High School, Ajah, Lagos, to promote environmental conservation and cleaner coastlines.
The Lagos State Government, through the Lagos Waste Management Authority (LAWMA), provided logistical support and ensured that all collected waste was sorted and disposed of in line with environmental best practices.
During the exercise, volunteers were divided into eight groups and collected more than 200 kilograms of waste from the beach, with the volume measured at the end of the exercise to demonstrate its environmental impact.
Speaking at the event, the bank’s Chief Brand and Marketing Officer, Mrs Olufunmilola Aluko, said the initiative reflected Union Bank’s commitment to environmental stewardship and sustainable development.
“At Union Bank, we understand that protecting the environment is a shared responsibility, and we are committed to playing our part.
“As the impact of climate change becomes more evident, initiatives like this allow our employees to take meaningful action, support cleaner communities and contribute to a more sustainable future,” she said.
According to the bank, the initiative aligns with the United Nations Sustainable Development Goals (SDGs), particularly Goal 12 on Responsible Consumption and Production, Goal 14 on Life Below Water and Goal 17 on Partnerships for the Goals.
Nigeria is estimated to generate about 2.5 million tonnes of plastic waste annually, with Lagos accounting for approximately 870,000 tonnes.
The bank noted that more than 88 per cent of the plastic waste generated in the country is not recycled, with a significant portion ending up in rivers, lagoons and oceans, threatening marine ecosystems and coastal communities.
Union Bank said it would continue to promote partnerships and community engagement initiatives that support environmental sustainability and contribute to the well-being of communities across the country.
E-Financial
First Securities Brokers Empowers Nigerians to Trade in the Stock Market with the Launch of FirstInvest App
First Securities Brokers, one of Nigeria’s leading stockbroking firms and a subsidiary of FirstHoldCo Plc, is pleased to announce the official launch of the FirstInvest App, an innovative mobile investment platform designed to make stock market investing simpler, faster, and more accessible for Nigerians.
The FirstInvest App offers investors a seamless digital experience, enabling them to open and manage their investment accounts, monitor their portfolios, and trade equities listed on the Nigerian Exchange (NGX) directly from their mobile devices.
Designed with both new and experienced investors in mind, the platform combines convenience, security, and ease of use to help users make informed investment decisions anytime and anywhere.
As Nigeria continues to embrace digital financial services, the FirstInvest App reinforces First Securities Brokers’ commitment to driving financial inclusion and expanding access to wealth creation opportunities through technology.
Speaking on the launch, Fiona Ahmed Ahimie, Managing Director of First Securities Brokers, said: “The launch of the FirstInvest App represents another significant milestone in our digital transformation journey and our commitment to delivering innovative investment solutions to our clients.
“We understand that today’s investors value convenience, speed, and accessibility. FirstInvest has been developed to provide exactly that: a secure and intuitive platform that empowers individuals to participate confidently in the capital market from wherever they are.”
She added: “Our goal is to remove the traditional barriers associated with investing by placing the power of timely investment and decision making in the stock market directly in the hands of Nigerians. Whether you are taking your first investment step, actively managing your portfolio or just evaluating your investment, FirstInvest provides the tools and flexibility needed to support your financial aspirations.”
The app delivers a range of features designed to enhance your investing experience, including: Secure digital account opening and onboarding, Real-time access to investment portfolios, Buy and sell Nigerian equities with ease, User-friendly trading interface, Secure transaction processing, Convenient access to market information and investment opportunities.
The launch of FirstInvest aligns with First Securities Brokers’ broader strategy of leveraging technology to improve customer experience while supporting the growth of retail participation in Nigeria’s capital market.
First Securities Brokers remains committed to providing trusted investment advisory services, innovative financial solutions, and exceptional customer service, helping clients build and preserve wealth across generations. The FirstInvest App is now available for download on the Google Play Store and the Apple App Store.
The next currency crisis could accelerate the shift of the roughly $315 billion global stablecoin market into a digital-dollar alternative for citizens in emerging economies, notably in regions like sub-Saharan Africa and Latin America.
As local fiat currencies face devaluation and high inflation, citizens and businesses are increasingly utilizing smartphone-based stablecoins (such as USDT and USDC) as hedges and primary mediums of exchange.
According to the International Monetary Fund (IMF), the rapid adoption of dollar-linked digital assets—particularly in countries heavily affected by inflation like Nigeria—poses significant risks to monetary sovereignty.
With up to 95% of surveyed individuals in some African markets preferring to receive payments in stablecoins over local fiat, the rising volume of these decentralized, cross-border channels weakens domestic currency demand and dilutes the effectiveness of local monetary policy.
IMF observed in a report titled “Stablecoins in Nigeria: A Growing Cross-Border Channel” noted that the widespread use of stablecoins poses risks to monetary sovereignty, particularly as more individuals and businesses turn to digital dollar-linked assets for savings and transactions.
Nodding in agreement is Future Investment Initiative Institute (FII Institute), a non-profit organisation run by the Public Investment Fund, Saudi Arabia’s main sovereign wealth fund.
FII Institute said that central banks face structural challenges.
And according to the institute, when citizens move savings out of national banks and into private digital wallets, conventional capital controls lose their grip.
Institutions like the Bank for International Settlements warn that interest-bearing stablecoins compete directly with domestic-currency deposits, complicating financial oversight and making smartphone-based transfers incredibly difficult for authorities to monitor.
In Nigeria, Naira depreciation has pushed users toward dollar-stablecoins, according to report by Gino Matos in cryptoslate.com.
A stablecoin is a type of cryptocurrency designed to maintain a steady value by pegging its price to a reserve asset, such as a fiat currency (e.g., the U.S. dollar) or a commodity (e.g., gold).
They act as a bridge between traditional money and the digital asset world, providing the speed of crypto without the extreme price swings of assets like Bitcoin.
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