General News
UBA Expands To Burkina Faso
In furtherance of its expansion strategy across the African continent, United Bank for Africa (UBA) Plc has acquired majority stake in the state owned Banque Internationale du Burkina Faso (BIB). The investment in the Burkinabe bank has effectively paved way for the extension of the UBA brand to the West African region and thus brings to 8 the number of African locations for the bank that has become widely known as Africa’s global bank.
Apart from Nigeria, UBA is firmly grounded in Ghana, Liberia, Sierra Leone, Uganda, Cameroon and Liberia whilst its presence in key global financial centers like New York and London, provides it with a platform to financial solutions to African business globally.
The initial investment in BIB, which has received all approvals by the apex regulatory financial institutions in Burkina Faso, is consistent with the UBA Group’s vision that is driven by the need to establish a strong pan-African presence. "We are delighted with the opportunity to extend our operations to Burkina Faso. BIB is the leading bank in the country and provides a solid platform for the deployment of innovative financial services and products to the people" said Rasheed Olaoluwa, CEO UBA Africa.
BIB was founded in 1974 as BIAO, following restructuring of BIV (Banque International de Voltas) which was changed in 1991 to Meridien BIAO and later operated under strategic partnership with BELGOLAISE. The bank has a very strong legacy as the first bank to commence commercial operations in Burkina Faso and share similar characteristics with UBA. Apart from having the largest ATM network in the country it equally has an extensive branch network with affiliates in the brokerage and leasing businesses. Its array of innovative products include Africard, the first prepaid visa card in Burkina Faso that was launched last year.
The reconstituted BIB Board of Directors has announced the appointment of one of the foremost bankers in the region, Mr. Alphonse Kadjo as the new MD/CEO. Educated at Ecole Superieure de Commerce of Abidjan and Brighton Business School in England, Kadjo with over 19 years experience has worked in several geographies and several institutions including Citigroup.
UBA’s brand positioning as Africa’s global bank is an effective touchstone that facilitates market acceptance even before consumers have the opportunity to experience its products. Expectedly this will be brought to bear in Burkina Faso as has been the case in other geographies in Africa where UBA quickly has become one of the key providers of financial services.
United Bank for Africa (UBA) Plc is one of the leading financial services group in Africa providing a full range of solutions and financial services to over six million customers spanning all market segments. Customers of the bank are able to enjoy walk-in services, through the bank’s expansive retail distribution network of over 700 business offices, as well as remote services through electronic channels.
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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