E-Financial
GTBank Records N1trn Transactions via 737 USSD- Based Platform

Guaranty Trust Bank Plc on Friday said it recorded over N1 trillion transactions via the bank’s 737 payment and service delivery platform.
Mr Segun Agbaje, bank’s managing director, said this at the bank’s 27th Annual General Meeting (AGM) in Lagos.
Agbaje said that the bank was leading the future of payments and service delivery with the 737 platform it introduced a year ago.
The bank’s 737 platform is a USSD-based service delivery channel that provides simple banking for every Nigerian through mobile phones.
The bank boss said “within a year of the introduction of the service, the bank recorded an uptake of over three million customers, with over N1 trillion in transaction on the platform.”
He added that the platform had gained ubiquitous acceptance and global recognition.
He noted that the bank would continue to make its banking processes and touch points simpler, easier and faster, irrespective of customers’ location.
Mrs Osaretin Demuren, bank’s chairman, attributed the growth during the review period to steady increase of subsidiaries across Africa.
Demuren said GTBank Gambia and GTBank Sierra Leone emerged the most profitable banks in their respective countries.
She assured shareholders that the bank was well positioned to leverage opportunities that existed in the industry and deliver strong and sustainable returns.
The bank posted a profit before tax of N165. 14 billion for the financial year ended Dec. 31, 2016.
The profit represented a growth of 37 per cent, compared with N120.69 billion recorded in the corresponding period of 2015.
The bank’s gross earnings for the review period grew by 37 per cent to N414.62 billion from N301.85 billion reported in December 2015.
The bank’s loan book grew by 16 per cent to N1.59 trillion from N1.37 trillion achieved in the preceding year, while total deposits increased by 29 per cent to N2.11 trillion from N1.637 trillion in 2015.
The bank’s balance sheet remained strong with a 19.7 per cent growth in total assets and contingents as the bank closed the year with total assets and contingents of N3.70 trillion and shareholders’ funds of N504.9 billion.
Shareholders at the meeting approved a final dividend of N1.75 per share in addition to interim dividend of 25k per unit of ordinary share, bringing total dividend for 2016 financial year to N2 per share.
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E-Financial
UBA Expands to More African Cities, Stamps Footprint in Saudi Arabia

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.

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.
E-Financial
Ecobank Plans to Raise $250m Capital Through Private Placement

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.
E-Financial
EFCC Recovers Funds Lost to CBEX Fraud

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