United Bank for Africa Plc (UBA)  has rewarded 30 customers with over N17m in its August draw, in celebration of its 75th anniversary.

In a statement on Monday, the lender said the event, held recently in Lagos, featured a draw overseen by representatives from the National Lottery Regulatory Commission (NLRC).

It stated that in the top tier, 10 winners received N1m each, adding that the recipients included Joshua Izenobor, Chigozie Abel, Cornelius Nwankwo, and others.

It added that the second tier awarded N500,000 each to another set of 10 customers, which were Elizabeth Warekoromor, Deborah Ijeoma Simon, and others.

According to the bank, in the third category, 10 account holders won N250,000 each.

The winners included Olusegun Oke, Salisu Adamu, and others.

Congratulating the winners, Shamsideen Fashola, group head of retail & digital banking, UBA, encouraged others to continue saving for a chance to win in future draws.

“This is just the beginning of our legacy promo draw. We plan to reward 75 winners in each category, with 195 more customers to be selected in the coming months. Our draws are transparent, and the next millionaire could be you,” Fashola stated.

Also, Alero Ladipo, group head of marketing and corporate communications, UBA, emphasised that the draw was part of the bank’s efforts to appreciate customers and promote a savings culture.

“This initiative reflects our commitment to giving back to society and ensuring our customers feel valued,” he said.

The Securities and Exchange Commission (SEC) has clarified that its recent decision to grant approval-in-principle to two cryptocurrency exchanges, Busha Digital Limited and Quidax Technologies Limited, is aimed at encouraging youth participation in Nigeria’s capital market while ensuring adequate investor protection.

Emomotimi Agama, the Director-General of the SEC, highlighted that the move aligns with President Bola Tinubu’s commitment to engaging Nigeria’s youthful population. Agama explained that the approval will create a structure that enhances the participation of young Nigerians in the capital market, particularly in the digital asset space.

“A lot of young Nigerians are fully involved in digital assets, and we cannot shut the door against them,” Agama said. “Rather, the intention of Mr. President is to have them inclusive in the capital market, and that is why we are ensuring that there is regulation and no one is hurt at the end of the day. That’s our responsibility at the SEC, by protecting investors and developing the market.”

Agama emphasized that the commission’s approval is still at an incubation stage, describing it as a “controlled experiment.” He said the SEC will closely monitor the operations of the exchanges to assess the risks they pose to the economy, investors, and themselves as operators.

“It gives us an opportunity to know exactly what they are doing, the risks they pose to our economy, investors, and even to themselves,” he explained. “We are making sure they operate within regulations similar to what is obtainable in other jurisdictions.”

Agama explained SEC’s regulatory approach to digital exchanges is part of a broader strategy to embrace innovation without compromising market stability.

The commission’s Virtual Assets Service Providers (VASP) Regulation framework allows the SEC to fully understand crypto exchanges and virtual financial assets, safeguarding the financial ecosystem from potential risks.

“In our bid not to stifle innovation, we set up a ‘Sound Box’ to understand exactly what these companies are getting into, how it affects customers, the Nigerian public, and the economy,” Agama added. “It is important that they meet the necessary regulatory guidelines before full approval is granted.”

He noted that the SEC is committed to fostering trust and confidence in the capital market, particularly as it relates to integrating digital asset exchanges into the regulated environment.

The introduction of these exchanges, Agama said, opens up new opportunities for younger Nigerians who have shown growing interest in the digital asset space.

“By including these innovations within the broader capital market structure, we are ensuring a balance between fostering innovation and protecting investors,” Agama concluded.

Unity Bank Plc has projected gross earnings of N27 billion and a Profit After Tax of N4 billion in Q4, 2024, in its latest earnings forecast released to the Nigerian Exchange Group.

Although the projected gross earnings represent a marginal increase from the N26 billion projected for Q3 2024, the lender continues to maintain a profitable outlook, with pre-tax profit expected at N4.2 billion.

An analysis of the earnings forecast shows that the lender also expects interest income to rise from N23 billion to N24.5 billion, with net revenue expected to rise marginally by 1.0% to N7.2 billion within the quarter compared to N6.5 billion in Q3, 2024.

Net operating income is projected at N12 billion, while cash flow from financing activities is projected to rise to N481.4 billion from N353.6 billion, a 1.3% projected increase on a quarter-on-quarter basis.

This projected growth in cash flow from financing activities continues to reflect the lender’s growing liquidity position which is essential for sustained business operations.

The lender said it expects to cover the milestones with consistent optimistic outlook in its projection, barring any significant changes in the operating environment, under which the assumptions were made.

The lender noted that it will continue to deliver top-notch customer-centric products and services, especially in the digital lending space following the roll-out of enhanced platforms and channels for superlative customer experiences.

Analysts are of the view that the Q4 forecast reflect a steady growth trajectory on the back of key performance indicators and strategic repositioning to hedge the challenging market conditions.