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E-Financial

More Groups Join Arewa Youth’s Call for CBN Governor’s Resignation

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Godwin Emefiele, governor of the Central Bank of Nigeria
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Seven different groups have added their voices to that of the Arewa Youth Assembly, calling for the resignation of Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), over his alleged inability to stabilise the country’s bleeding economy.

More Groups Join Arewa Youth’s Call for CBN Governor’s Resignation

Godwin Emefiele, governor of the Central Bank of Nigeria

Earlier, Mohammed Salihu, speaker of the Arewa Youth Assembly, said, his organisation has given Mr Emefiele three options to either resign voluntarily, get sacked by Presiden Muhammadu Buhari or youths will occupy the CBN premises in their numbers until he resigns.

“Based on the Arewa Youth Assembly earlier call on the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele to resign his position as the apex bank boss over his inability to stabilise the glaring nose-diving country’s economy, we have noticed the sponsored backlash and propaganda against our persons instead of the issues we have raised.

“The fact that the sponsored messengers of the propaganda couldn’t come up with an issue-based argument is a clear indication that Mr Emefiele has truly failed and they are only helping in further exposing his flaws because Nigerians are watching.

“Mr governor would have proved us wrong with facts and figures, and possibly, engage the services of those with related intellectual to defend his inability to stabilise our bleeding economy.

“We are surprised that, Mr governor would engage those with track records in dirty jobs because of their stomach infrastructure. Those that never promoted a genuine course that can prosper the country except sowing the seed of divisional tune in the country are the ones Mr governor is paying to insult us just for saying the obvious.

“While we maintain our three options available for Emefiele – to resign, to get sacked by President Muhammadu Buhari or to force us to occupy the CBN complex, it is important to remind Mr governor and his think-thank the personality of his defenders in this stance.

“We expect Mr Emefiele’s errand boys to come out in his convincing defence. They should tell us that it is not true that our legal tender, the naira has drastically lost its value against other foreign exchanges even in Africa where Nigeria is a big brother.

“They should tell us that it wasn’t true that ₦150bn NIRSAL loan money got missing under Mr Emefiele’s watchful eyes. They should tell us that CBN under Mr Emefiele has been very up to date with her audited report.

“They should tell us that the dishing out of BDC licenses has followed due process and are being issued to the right individuals. They should tell us that Mr Emefiele is not nursing a secret Presidential ambition that has stolen his attention and plunged the Nigerian economy into a quagmire.

“They should also come out to tell us that their action in defence of Mr Emefiele is not for the money they have collected from the CBN to do so. Failure to do all these puts them clearly on the plates as Mr Emefiele’s number one enemies who are hell-bent on ensuring that he gets sacked”, he said in a statement.

Relatively, in a statement made available by a coalition of 35 groups though signed by seven of them, Isah Abubakar hinged the current high poverty rate in the land on the failure of the country’s economy under Mr Emefiele’s watch as CBN governor.

The group who signed the press statement include The Nigeria Citizens Action Group, Unified Nigerian Youth Forum, Concern Northern forum, Igbo unity forum of Nigeria, Federation of Idoma Youths, Igbo Youth Assembly and Itsekiri National Youth Council.

“The Nigeria Citizens Action Group (NCAG), a coalition of 35 civil society organisations is constraint to lend its voice with that of numerous other concerned Nigerians that have been calling on Mr Godwin Emefiele, Nigeria’s CBN to resign with immediate effect to save the country from total collapse.

“This call became necessary following the extensive review of the tenure of Mr Godwin as the head of our apex bank which has come to the sad conclusion that he should humbly step aside and allow a more competent person to step in to save our country from total collapse.

“We understand that it will be difficult for him and his heirs to reason with us, but we wish to beg on them to put on their garment of patriotism and save our country”, Isah said.


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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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