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E-Financial

CBN Orders Staff to Declare Links with Politically Exposed Persons

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Central Bank of Nigeria (CBN) has directed its staff members to declare their ‘close relatives’ in the employment of the bank.

CBN Orders Staff to Declare Links with Politically Exposed Persons

Premium Times reported that it sighted a memo  by signed by Christian Eze, deputy director of Human Resources Department, CBN,  which directed CBN staffers to declare their relationships with Politically Exposed Persons (PEPs) in the country.

“Please recall Management’s restriction on the employment of close relatives of serving staff and board members,” the memo reads.

“Consequently, all staff are obliged to make declarations of close relatives in the employment of the Bank.”

The apex bank explained that a close relative is defined as a spouse, biological and adopted children, brother, sister, mother, father and half-siblings.

“Spouse and spousal relationships include cohabitation, live-in partners, couples living together and couples who have children together,” it added.

The bank thereafter directed all staff whose close relatives have been in the employment of the bank (serving or retired) to complete a form.

In addition, the bank said staff who joined the services of the Bank from 2014 to date and have relationships with Politically Exposed Persons (PEPs) are also required to disclose such by completing the form.

“For clarity, a PEP is an individual who is or has been entrusted with prominent public functions in Nigeria or Foreign countries or by an International Organization and people/entities associated with them.

“PEPs include Heads of State or Government, Political appointees to Heads of State or Government, State Governors, Senior Politicians, Legislators (Federal, State and Local Government), Local Government Chairmen, Important political party officials, Family members or close associates of PEPs, Senior Government, Judicial or Military Officials, Members of Royal Families, Senior Executives of State-owned Corporations.”

The bank said all submissions should be made on or before 12 noon, Friday, 10 November, 2023.

It warned that non-disclosure or false declaration shall attract sanctions.

The CBN had come under fire during President Muhammadu Buhari’s regime for secretly recruiting dozens of family members of top government officials, including children of ministers, serving and former government functionaries and a nephew of Mr Buhari.

The recruitment was done without advertising the vacancies to allow other Nigerians to apply, as required by law. It was also done in flagrant disregard of Nigeria’s federal character law.

The beneficiaries of that 2016 controversial recruitment, according to a list released by SaharaReporters at the time, include a nephew of President Buhari, daughter of former Vice President Atiku Abubakar, son of the Minister of State for Petroleum Resources Ibe Kachikwu, and daughter of former Speaker of the House of Representatives, Ghali Na’aba.

Others include the daughter of the then Police Inspector-General, Solomon Arase, son of the Minister of Internal Affairs, Abdulrahman Danbazzau, among others.

 

 


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E-Financial

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

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United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

Oliver Alawuba, GMD/CEO, UBA group,

This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.

The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.

Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.

He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.

“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.

The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.

“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.

Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.

 

 

 

 

 

 


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E-Financial

Ecobank Plans to Raise $250m Capital Through Private Placement

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Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.

In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.

“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”

The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.

Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”

It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.

 


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E-Financial

EFCC Recovers Funds Lost to CBEX Fraud

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Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.

EFCC Recovers Funds Lost to CBEX Fraud

Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.

The EFCC Chairman emphasised that the suspects found are facing prosecution.

“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.

Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.

“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.

He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.

“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.

He urged the public to stay vigilant, assuring them that the body will see the case to the end.

“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.


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