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UBA Boss says Innovative Financial Services Critical for African Aviation Industry

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Phillips Oduoza is the GMD/CEO of UBA Group
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The provision of innovative financial services that will ensure collections at optimal cost for the aviation industry  is critical to the sustainability of the African aviation industry.

Mr Apollos Ikpobe,  deputy managing director- Domestic Bank,  United Bank for Africa (UBA) Plc, said this during the International Air Transport Association ( IATA) Africa  Aviation Day 2013  partly sponsored by UBA  in Lagos, Nigeria.

Though African airlines have benefited from strong economic growth in the region; the industry is still lagging in the air travel market, due mainly to poor funding, infrastructural challenges, increased overhead costs and low frequency of flights between African countries, he said.

Apollos explained that UBA is however supporting the sector through funding of state-of-the-art technology for the  aircraft and provision of payment solutions in the 19 African countries where the bank has presence.

He listed some of UBA’s innovative solutions to support airline efficiency to include UBA partnership with IATA in Nigeria as its Billing and Settlement Bank and the bank’s activation of the IATA Currency Clearing Services (ICCS), which allows airline Treasurers to centrally control and repatriate their world-wide sales receipts.

“These e-banking solutions are very robust as it offers different payment options to ease ticket sales and collection; from online payment solutions, to Point of Sales (POS) and collection portals at branches among others”  he said.

The well-attended conference with the theme “Safety, Infrastructure and Capacity Building – Routes to Unlocking Africa’s Potentials”  held at Eko Hotel and Towers in Lagos, Nigeria  brought together top personalities in the global aviation Industry.

The annual conference is among other activities organized to bring attention to the challenges faced by the aviation industry in Africa. 

Discussions dwelt extensively on the challenges in Airport infrastructure development in Nigeria, and the financing of  aviation infrastructure. Other sponsors at the 2 day conference include Nigerian Civil Aviation Authority (NCAA), Nahco Aviance, ArikAir, Leadway Assurance , Skyway Aviation Handling Company Limited (SAHCOL) and Mutual Benefits.

UBA has  supported the aviation industry in Africa since  2007, when the bank was appointed by  (IATA) to handle the $1bn Billings Settlement Plan (BSP) project in the country. BSP is a system designed to facilitate and simplify the selling, reporting and remittance of IATA accredited passenger sales agents, as well as improve financial control and cash flow for BSP airlines. BSP operates in 160 countries and territories and more than 80% of worldwide airline revenues are ticketed via IATA travel agencies in the BSP system.

United Bank for Africa Plc is one of Africa’s leading financial institutions, offering banking services to more than 7.2 million customers across over 700 branches in 19 African countries. With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross border payments and trade finance.


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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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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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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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