Union Bank of Nigeria has reaffirmed its status as a going concern with stable operations, responding to media queries sparked by Central Bank Governor Olayemi Cardoso’s remarks at the 304th Monetary Policy Committee (MPC) briefing.

Union Bank

Cardoso clarified that banks under regulatory intervention face unique recapitalisation timelines due to their circumstances, distinct from others with more preparation time.

Union Bank’s Chief Brand and Marketing Officer, Mrs. Olufunmilola Aluko, said the Governor’s comments align with the bank’s messaging.

“The Governor’s remarks reinforce what has consistently been our position. Union Bank remains under strong regulatory oversight with a resilient franchise, stable operations, and uninterrupted service delivery,” Aluko stated.

She stressed that all customer deposits remain safe and secure, with the bank operating transparently within the regulatory framework and collaborating with the CBN on recapitalisation.

Union Bank pledged updates as engagements progress, prioritising customer protection, financial stability, and service continuity amid the system-wide strengthening programme.

Flutterwave has transformed from a modest Lagos venture into one of Africa’s most valuable fintech firms, processing billions in transactions yearly across 30+ countries and 150+ currencies.

Flutterwave

Founded in 2016 by Iyinoluwa Aboyeji, Olugbenga “GB” Agboola, and Adeleke Adekoya, it tackled Africa’s fragmented payments—siloed banks, mobile money gaps, and unreliable cross-border flows—with a unified API for seamless collections, payouts, and settlements.

Founding Vision

The trio spotted the pain: Aboyeji’s Andela faced border delays; Agboola drew from PayPal/Google; Adekoya handled compliance. Early wins included Uber Nigeria payouts from a Lekki co-working space, proving scalability amid lean ops.

Growth Milestones

• 2017–2020: $10M seed/Series A fueled West Africa push; Agboola took CEO helm post-Aboyeji; COVID boosted e-commerce volumes.

• 2021–2022: Unicorn at $1B+ (Series C, $170M); $3B+ valuation (Series D, $250M); partnerships with Microsoft, Uber; Send App for US diaspora.

• 2025–2026: Profitability focus yields better margins; 34 US licenses; Mono acquisition ($25–40M) bolsters open banking.

Challenges Overcome

Regulatory hurdles hit: Kenya 2022 freeze (cleared); Nigeria fraud claims (resolved, controls enhanced); culture probes led to reforms with ex-Mastercard/Stripe hires. These underscore multi-jurisdiction risks like FX curbs and cyber threats.

Nigeria’s Fintech Role

Flutterwave anchors alongside Paystack (Stripe-owned), Moniepoint, amid CBN cash curbs and AfCFTA trade boosts. Dual HQ in Lagos/SF eyes IPO post-profitability, cementing it as Africa’s payments backbone.

Chartered Institute of Bankers of Nigeria (CIBN) has pledged its full support to the Association of Corporate and Marketing Professionals in Banks (ACAMB) following a high-level strategic meeting between the leadership of both bodies.

New ACAMB Leadership

The high profile meeting, which took place on Tuesday at the CIBN Building, Lagos, served as a formal introduction of the new ACAMB Executive Committee to the CIBN leadership and marked the beginning of a renewed collaborative alliance.

Leading a delegation of the newly inaugurated ACAMB EXCO and Board of Trustees, the President, Jide Sipe, described the visit as a crucial first step in his tenure, aimed at contributing significantly in giving flight to his vision and that of ACAMB.”

“When we assumed office, one of the first things we agreed on was the need to visit key stakeholders”

“However, before reaching out more broadly, we felt it was important to begin with our primary constituency and core stakeholders. We want them to understand the direction we are taking and to support the work we are doing, so that ACAMB can achieve greater success than it has in the past”

“We couldn’t have properly started our tenure without this very important meeting with the CIBN,” Sipe stated

Sipe introduced the newly constituted ACAMB Exco, which includes, the 2nd Vice President, Morolake Phillip-Ladipo; General Secretary, Olugbenga Owootomo, Assistant General Secretary, Ademola Adeshola; Publicity Secretary, Abiodun Coker, and Executive Secretary, Fadekemi Ajakaiye

During his address, Sipe unveiled an ambitious roadmap for the association, highlighting a new direction focused on youth engagement, professional development, and industry advocacy.

Responding, the CIBN President, Professor Pius Deji Olanrewaju, who warmly received the ACAMB team, commended their forward-thinking vision as he noted that, the association would be focusing on critical areas such as reputational management, sustainable corporate practices, and governance reforms

Olarenwaju also commended ACAMB’s collaboration with CIBN in information management, saying it had raised standards across Nigeria’s banking sector.

“ACAMB’s support has given CIBN and the banking sector brand equity,” he said, praising the association’s record in reputation management.

He recalled ACAMB’s role in addressing crises within the sector, describing the partnership as strategic and beneficial.

He further pledged support for ACAMB’s 30th anniversary in September 2026, its AGM, and other programmes, including fundraising initiatives.

Olarenwaju also promised backing for ACAMB’s capability development and undergraduate mentorship schemes.

“I want to assure you that everything you have presented today has been clearly noted and will be acted upon”

“We are fully committed to working closely with you so as to translate these discussions and vision into measurable progress. Our shared goal is to strengthen the sector, protect its reputation, and enhance its public image in a meaningful and lasting way”

“This meeting discussed various initiatives and reforms crucial for the future of our industry, including the need for continuous training and adaptation to new programs,” Prof. Olanrewaju said.

The meeting concluded on a high note, with both parties expressing gratitude and a firm commitment to deepening their collaboration for the advancement of the banking industry in Nigeria.