General News
Oduoza, UBA Boss Assures of Readiness to Meet Financial Needs of Africans
Phillips Oduoza, GMD/CEO, United Bank for Africa (UBA) Plc has assured of the bank’s readiness in meeting the financial needs of the African nations by bridging finance-project gaps, through infrastructure financing, loans syndication, trade facilitation and investment promotions.
Oduoza made the declaration when His Excellency Alex Luhila, the Zambian High Commissioner to Nigeria paid in a working visit at the UBA corporate office in Lagos.
Luhila commended UBA for the critical role the bank is playing in the growth and development in the economy of his country, Zambia and the economies of many other African countries.
The High Commissioner said he was particularly delighted to see an African bank making critical financial interventions in addressing key infrastructural challenges on the continent, and more so in his home country, Zambia. “In less than two years that UBA came into Zambia, the bank has played key roles in project finance, innovative banking services and job creation. It is only by way of the role UBA plays on the continent, that can lift development of the African economy,” Luhila said.
While conveying the appreciation of Mr. Rupiah Banda, the Zambian president and his desire to meet with the bank’s management during a planned visit to the country, he urged other institutions in Africa to emulate UBA in enhancing the economy of Africa.
He said the bank’s landmark rapid expansion across Africa is a testimony to the bank’s commitment to ensure that African economic potentials are harnessed to the benefit of the citizenry.
Oduoza thanked the High Commissioner for the visit and assured of the bank’s continued commitment to the developmental agenda it has set for itself in Africa. “This continent is full of potentials, with human and material resources comparable to any other part of the world, and it is imperative that African corporations take the lead in helping to realize these potentials,” Oduoza said.
He said, with UBA’s presence in 16 African countries, the bank is leveraging on very strong fundamentals to achieve its African goals. Commenting on innovations to improve trade relations in Africa, the UBA boss said that the bank recently launched products to facilitate trade and commerce between African nations via its payment platforms such as AfriCash, AfriTrade and AfriCard, developed to facilitate intra African transactions.
Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.
Tunde Ayeni, former chairman of defunct Skye Bank Plc,
This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.
He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.
Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.
Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.
Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.
About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.
The EFCC is expected to file charges once the investigation is concluded.
Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.
The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.
Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.
He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.
Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.
In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.
He also revealed that the company is preparing to introduce new home and personal care products later this year.
Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.
Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.
Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.
The special guests were conducted around the facility, and the programme was concluded with a luncheon.
The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.
The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.
U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.
Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.
A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.
Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.
The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.
Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.
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