E-Financial
UBA Hosts MSME Workshop to UBA to Support Businesses

United Bank for Africa (UBA) Plc is set to organise another MSME Workshop for entrepreneurs, in its continuous bid to support the growth of Micro Small and Medium Enterprises(MSME) and equip them with the necessary tools aimed at strengthening and sustaining their businesses.
The workshop which will hold on Wednesday via Microsoft Teams, will host professionals who will share their experiences and give essential tips to MSME and business owners on how to their businesses to the next level.
This Workshop which will be in two separate sessions, will specifically target financial record keeping in business which has been established as one of the major challenges that business owners face and it promises to be an eye-opener to participants.
Chioma Ifeanyi-Eze, founder, Accounting Hub, , will take the first session as she gives insights and shares practical knowledge on Bookkeeping and Accounting Basics for Small Businesses, while in the second session, Emeka Amadi, UBA’s Group Head, Tax Management, will take participants though practical steps om Tax Management for Small Businesses.
Jude Anele, UBA’s Group Head, Consumer and Retail Banking, who spoke on the bank’s deep passion to help small businesses, explained that as the engine of any developing economy, MSMEs should be armed with the necessary tools that will help galvanise their businesses, adding that this necessitated the regular MSME workshops organised by the bank to assist both its customers and non-customers to boost their businesses.
He said, “UBA is committed to the overall growth of its customers beyond banking services, and the bank’s passion is hinged on ensuring that customers and entrepreneurs run businesses that can stand the test of time with the knowledge and experience required to take their businesses to the next level.
“Because of our interest in Businesses and customers, we conceptualised the SME workshop to fill the existing gaps observed in businesses thus assisting them to learn new ways of doing business and how to package their businesses for increased patronage,” Anele noted.
Michelle Nwoga, UBA’s Group head, Marketing & Customer Experience, said the seminar is open to all business owners and leaders across Nigeria reiterated its important because of the long-term impact which range from strengthened confidence, skills, knowledge, and resources.
Participants who register for the Teams session here, will be trained in record keeping, cost reduction, stock compiling, financial and taxation planning, maximising opportunities, financial planning and projections.
Nwoga explained that the bank is on the constant look-out for top business personalities who are able to share their growth strategies with other upcoming business owners, adding, “Our business leaders for this workshop are experienced in every sense of the word and willing to share insight with others on how to grow their business.”
Emeka Amadi is a seasoned Chartered Accounting and Tax professional with14 years’ experience. He has facilitated several seminars and training to Finance professionals and sensitising SMEs on the importance of Tax and Accounting function in business value creations.
Chioma Ifeanyi-Eze who is the founder, Accountinghub, a tech-accounting firm, is a Chartered Accountant. She is a recipient of several awards, both academic and entrepreneurial, as well as an amazing speaker and writer.
Kindly register: http://bit.ly/UBA-MSME-Worskhop-Registration
E-Financial
SERAP Drags CBN to Court over Alleged Failure to Disclose LG Allocations

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) “over the failure to disclose the details of any direct payments to the 774 local government councils in Nigeria including the amounts sent to each council.”
Kolawole Oluwadare, deputy director, SERAP, disclosed this in a statement on Sunday.
He said the group’s suit followed a landmark judgment by the Supreme Court last July, which held that allocations from the Federation Account with the CBN must be paid directly to democratically elected local government councils and that no governor has the power to keep, control or use the money meant for the councils.
In the suit number FHC/L/MSC/521/2025 filed last Friday at the Federal High Court, Lagos, SERAP is asking the court to “direct and compel the CBN to disclose the details of any direct payments to the 774 local government councils in Nigeria including the amounts sent to each council since the Supreme Court judgment.
The statement also noted that SERAP is also asking the court to “direct and compel the CBN to disclose whether any direct payment has been made from the Federation Account with the CBN to the local government councils in Rivers State and to explain the rationale for any such payment.”
“The CBN should make it possible for citizens to have access to the details of any direct payments to the 774 local government councils to ensure transparency and accountability, and judge whether the CBN and other agencies are complying with the Supreme Court judgment,” the group said in the suit.
“Granting the reliefs sought would go a long way in promoting the values and principles that underlie the Nigerian Constitution 1999 [as amended] and are inherent characteristics of an open democratic society.
“State governors are starving local governments of funds and putting them in peril, despite the Supreme Court’s binding orders. State governors’ blatant disregard for the Supreme Court’s orders undermines the integrity of the court and poses a direct challenge to the rule of law.
“The CBN ought to act in the public interest to ensure that the 774 councils in the country directly get their own money from the Federation Account, as ordered by the Supreme Court.
“The CBN also has the constitutional and statutory duty to ensure that no part of the Federation is governed contrary to the Nigerian Constitution or by anybody that is not constitutionally empowered to do so.
“The CBN should be facilitating compliance with the Supreme Court’s orders. If state governors get away with ignoring the court, it will undermine the ability of the bank to credibly perform its statutory duties.
“States and the FCT have continued to undermine and endanger the existence of local governments and their ability to effectively function as the third tier of government as envisioned under the Nigerian Constitution.
“The CBN has a constitutional and statutory duty to protect the allocations in the Federation Account and the public funds disbursed from that Account directly to each of the constitutionally recognized three tiers of government.”
E-Financial
NGX Clears Fidelity Bank MD of Insider Trading Allegations

Nigerian Exchange Group (NGX) has affirmed that the recent purchase of 18 million units of Fidelity Bank shares by its Managing Director/Chief Executive Officer, Dr. Nneka Onyeali-Ikpe, was conducted in full compliance with applicable regulations.
In a letter dated May 22, 2025, the regulator dismissed allegations of insider trading and the misuse of bank funds for the transaction stating “….Following the filing of the Bank’s 2025 Q1 UFS on 30 April 2025, the Directors and other insiders of the Bank became eligible to trade on the securities of the Bank after twenty-four (24) hours.
“Therefore, the share purchase transaction referenced by Sahara Reporters which occurred on 19 May 2025 was transacted during an open trading window and NGX RegCo is not aware of any other price sensitive information that the Bank is required to disclose which should hinder trades on the securities of the Bank by insiders.”
Fidelity Bank has subsequently issued a statement addressing the accusations, categorizing them as false, misleading, and maliciously intended to tarnish the reputation of both the bank and its MD/CEO, as well as to mislead the investment community and the general public.
Signed by the bank’s Divisional Head of Brand and Communications, Dr Meksley Nwagboh, the statement clarified that Fidelity Bank was compelled to respond to the erroneous article published on May 21, 2025.
“As a publicly quoted company regulated by the NGX and subject to the Listing Rules of the NGX and the Securities and Exchange Commission (SEC) regulations, we unequivocally confirm that neither the Bank nor its MD/CEO has ever engaged in insider trading.”
Dr Nwagboh further emphasized that the MD/CEO personally funded the share purchase and did not utilize bank funds or take a loan for the transaction. The statement reaffirmed that the transaction was conducted in strict adherence to the Listing Rules and insider trading regulations governing publicly traded companies.
E-Financial
CBN Introduces AML to Fight Financial Terrorism, Gives Banks Deadline

Central Bank of Nigeria (CBN) has directed all financial institutions to implement real-time transaction alert systems as part of enhanced anti-money laundering (AML) compliance.
The directive was conveyed in a letter dated May 20, 2025, with reference number BSD/DIR/CON/AML/018/033, and titled “Exposure of Draft Baseline Standards for Automated Anti-Money Laundering (AML) Solutions – Request for Comments.”
The letter, signed by Olubukola Akinwunmi, director of banking supervision, was addressed to all financial institutions and outlines the regulatory expectations for modern AML compliance.
The apex bank emphasised that the initiative is part of its broader commitment to safeguarding the integrity and stability of Nigeria’s financial system, especially in the face of rapid digital transformation and the rise of innovative financial products.
The draft standards, which are now open to feedback from stakeholders, are designed to promote operational efficiency and ensure compliance with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) regulations.
“This standard is informed by a comprehensive assessment of existing solutions within the industry and aligns with global best practices, including recommendations by the Financial Action Task Force (FATF),” the document stated.
According to the CBN, the draft baseline standards are developed with key objectives in mind.
These include strengthening the AML capabilities of financial institutions through advanced, technology-driven solutions; encouraging the adoption of emerging technologies for real-time detection and reporting of suspicious transactions; reducing the inefficiencies associated with manual compliance processes; and ensuring alignment with evolving regulatory expectations both locally and internationally.
The draft document is available for download on the official website of the Central Bank of Nigeria, and all stakeholders have been encouraged to review and provide feedback.
“We look forward to receiving your valuable feedback,” the letter noted, highlighting the collaborative approach to shaping the final version of the standards.
Among the critical requirements outlined in the draft are real-time alerts for transactions considered high risk.
These include cross-border transactions, excessive cash deposits, cryptocurrency-related dealings, and other activities flagged under existing AML regulations.
The document specifies that the time taken to review and act on such alerts must not exceed a predetermined timeline, reinforcing the need for swift response and decision-making.
The CBN mandates that financial institutions implement transaction monitoring systems capable of supporting multiple risk scenarios.
These systems should use configurable filtration rules and customer segmentation techniques to effectively detect suspicious behavior. Institutions are also required to conduct regular stress testing and system validation exercises to minimise false positives.
“Each institution must define a predetermined threshold for false positives and ensure that the rate remains below this threshold,” the document stated, underlining the importance of maintaining a balance between alert sensitivity and accuracy.
The draft also mandates that AML solutions incorporate artificial intelligence and machine learning (AI/ML) capabilities.
These technologies should support anomaly detection, behavioral pattern recognition, automated risk scoring, and adaptive learning based on insights from previously flagged alerts and their resolutions.
The aim is to ensure that the systems not only detect suspicious activity but also evolve over time to become more efficient and accurate.
Real-time access to Customer Due Diligence (CDD), Know Your Customer (KYC), and Know Your Customer’s Business (KYB) data is another essential feature prescribed in the draft standards.
Financial institutions are expected to automate customer onboarding processes with real-time identification and verification in line with existing AML/CFT/CPF regulations.
This includes integration with Bank Verification Number (BVN) and National Identification Number (NIN) databases to ensure instant verification.
Moreover, the draft outlines the need for comprehensive KYC and KYB functionalities.
These must include automated customer risk profiling, transaction behaviour analysis, historical data tracking, and the inclusion of various risk factors derived from money laundering, terrorist financing, and proliferation financing risk assessments and typologies.
The solutions must also enable continuous classification of customers into risk categories to facilitate more targeted and effective risk management.
The Central Bank’s move to expose the draft for industry-wide input reflects its intention to build a robust, technologically advanced AML compliance culture across Nigerian financial institutions.
It signals a significant step towards enhancing transparency, operational efficiency, and international alignment in Nigeria’s financial regulatory environment.
- E-Financial2 days ago
NGX Clears Fidelity Bank MD of Insider Trading Allegations
- News2 days ago
Toll Collection on Lagos-Calabar Highway Begins December
- Telecom6 hours ago
Telecom Subscribers Decline By 43m in One Year
- Telecom6 hours ago
NCC Orders Telcos to Compensate Subscribers for Outages More than 24 Hours
- E-Financial6 hours ago
SERAP Drags CBN to Court over Alleged Failure to Disclose LG Allocations
- General News6 hours ago
HEDA Sues FG, Oil Giants over Alleged Unlawful Oil Licence Transfer
- E-Business6 hours ago
Nigeria Launches Cybercrime Team with Commonwealth, UK Support
- Telecom6 hours ago
IHS Nigeria, NSCDC Partner to Protect Telecoms Infrastructure