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E-Financial

Ecobank Reiterates Interest in Export Trade

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Ecobank has reiterated that it remains the partner of choice in Africa for export trade because of its unique positioning, wide network, pan African payment switch, settlement capabilities, award-winning digital products and strategic focus.

Kola Adeleke, Executive Director, Corporate Banking, Ecobank Nigeria made this assertion while speaking on African Continental Free Trade Area (AfCFTA) strategy, opportunities, challenges in export and trade at Ecobank/Nigerian Export-Import Bank (NEXIM) webinar for exporters on Thursday.

He maintained that the pan African bank has structures in place to enable exporters to exploit the opportunities in The African Continental Free Trade Area (AfCFTA).

According to him, “Our unique positioning in 33 African countries enables us to leverage our extensive network to reduce the number of financial partners and relationships in executing a trade. We own the switch connecting countries where we operate across Africa. This centralized switch enables easy integration.

”We possess knowledge of the local markets in which we operate resulting in unparallel financial advisory.  We offer real-time settlement across Africa and our customers enjoy instant transfers across 33 African countries.

“Ecobank has a reputation for developing innovative products as the bank has won us several international, regional and local awards and we aspire to be the gateway to pan-African payments and trade.”

Mr Adeleke reaffirmed that Nigeria is poised to gain from the investment and trade opportunities that the AfCFTA will inevitably bring because of its market size, supply chain infrastructure and abundant supply of professionals/skilled players in various industries.

He emphasized that businesses must strategically position themselves, endeavour to understand the dynamics of the ratification to be able to maximize the benefit and opportunities.

Adeleke, who regretted that export potentials in Nigeria are largely untapped due to the focus on oil revenues, reiterated that real sector credit opportunities to utilizing the AfCFTA includes Export development financing, trade finance, Export development financing and SME financing.

In his presentation on Export Trade Insurance, Bashar Garba Illo, Acting Head, Export Credit Insurance, NEXIM, said the Export Credit Insurance (ECI) is designed to protect exporters in Nigeria against the risk of Non-Payment for goods and services exported on credit terms with a cover against Political Risk, stressing that the objective of ECI is to indemnify both Internal and External exporting customers from losses incurred from any payment default that could arise from political events in the export destination country by providing cover up to 80% of the value of receivables, subject to the Risk Asset Acceptance Criteria (RAAC) outlined for Political Risk.

He explained that the Bank’s mandate is to support the non-oil export sector of Manufacturing, Agro-processing, Solid Mineral and Services.

Also at the session was Chijioke Uzoukwu, Head of Trade, Ecobank Nigeria, who listed the Ecobank products and services on offer to support Export Trade as comprising letters of credit, bonds, guarantees as well as bills for collections avalization.

He said: “the Bank also provides loans for business such as import loans, export loans and supply chain finance. In the trade service, we support customers from initiation to execution in the areas of documentation and compliance, working with regulatory bodies and other stakeholders. We also offer trade advisory solution like market information across Africa, trade specialist support and after-sales services.

“We have an electronic e-trade platform that provides an electronic frontend where the customers can initiate transactions and instruction from the comfort of their home and it will be delivered to the Bank.

“We also have various collection channels to optimize collections for a business like in-branch products, Mobile App, POS, Web/ Online collection platforms, Ecobank Pay, Omniplus and Omni lite. The Omni plus has the capability to allow you to make bulk payments and also view your accounts with other banks in a single platform.”

The webinar was a one-day event organised by Ecobank in partnership with the Nigerian Export-Import Bank (NEXIM) with the focus on sharing opportunities AfCFTA offers to Exporters. The event was an expose of the whole gamut of exports as it relates to credit insurance and how small and medium enterprises could benefit from export business taking advantage of the AfCFTA.


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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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