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E-Financial

IFC Invests $9.4 Billion for Private Sector Development in Africa

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IFC provided record financing in Africa in fiscal year 2022 helping to develop regional pharmaceutical manufacturing, increase intra-Africa trade, expand access to climate financing, and strengthen food security among many other pressing development needs.

IFC made $9.4 billion in investments between July 1, 2021 and June 30, 2022 across 36 countries, the largest ever annual commitment for the continent. The investments include $3 billion in trade financing that is unlocking intra-Africa trade for thousands of small businesses, $2.1 billion that is supporting the continent’s green transition, from increasing access to climate finance to funding renewable energy projects, and$861.7 million that is supporting increased digital connectivity.

IFC also provided $603 million in agriculture financing, helping to strengthen food security during a turbulent global economic period.

“While the effects of the COVID-19 crisis persist, new challenges are also looming, including from rising global inflation,” said Sérgio Pimenta, IFC Vice President for Africa.

“A strong and engaged private sector is indispensable to helping countries and companies navigate these and other challenges and that’s why we stepped up IFC’s funding and support to help sustain and create jobs, improve basic services and foster growth for small and medium-sized enterprises.”

IFC’s financing across Africa included short-term finance ($3.0 billion) and mobilization ($2.6 billion), with 49 percent of IFC’s own account financing going to low-income and fragile and conflict affected states.

During the financial year, IFC also launched the Africa Fragility Initiative (AFI), a five-year program dedicated to supporting private sector-led growth and job creation across 32 African countries affected by fragility and conflict.

To further support Africa’s regional trade development and reduce the continent’s reliance on imports, IFC launched the $1 billion African Trade and Supply Chain Finance Program (ATRI), which will begin financing initiatives from July 2022.

Responding to Africa’s call to develop sustainable pharmaceutical and vaccine manufacturing, IFC provided financing and advisory services to companies in Ghana, Nigeria, Rwanda, Senegal, and South Africa to support the development of manufacturing hubs.

As the continent responds to the effects of climate change and the call to shift to a net-zero world, IFC increased its financing for climate projects. This included launching the Scaling Mini-Grid program in the Democratic Republic of Congo, an investment with ELSEWEDY ELECTRIC S.A.E to increase access to renewable energy across Africa, and support for green bonds such as one issued by Nedbank in South Africa.

In addition to its investments in Africa, IFC provided Advisory and Upstream Services with a portfolio of more than $450 million across 298 projects aimed at improving the investment climate and market creation. In the last financial year, 20 percent of the Advisory and Upstream spend was on projects focused on climate change and 53 percent of all new projects approved supported improvements in gender equality.


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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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