E-Financial
UBA Rewards 20 More Customers with N30m in Wise Savers Promo
United Bank for Africa (UBA) has rewarded another 20 customers who emerged winners in the second quarterly draw of the UBA Wise Savers Promo with N1.5 million each, bringing the total amount won by 40 customers so far to N60 million.
The electronic raffle draw which was held at UBA House on Thursday 18th of April, was witnessed by the Consumer Protection Council, National Lottery Regulatory Commission and Lagos State Lottery, Board.
Lucky winners who emerged in the second edition, cut across all regions of the country.
They include Alli Abiodun Ganiu, Tari E Francis; Onah Joseph, Okwandu Faith Ezinne, Igwedinma Chiedozie Onyekachi, Mgbakor Edmund Eke, Nwokoye Adeseye Ifeanyichukwu and Achi Sheyin Micheal.
Others are Onyekwuluje Christiana Osho; Ibilola U Okeke; Amos Luka, Mukhtar Halima, Musa Abubakar, Olanrewaju Kolade David; Okongwu Hillary Chidinma; Loretta O Okodua; Adeyemo Biodun Adeola; Oyewusi Oyeyinka Abidemi; Adeola O Adewumi and Anyanwu Vivian.
The promo, which commenced in September last year is expected to run till September 30, 2019, and will see another 40 customers from across Nigeria become millionaires, winning N60 million in the remaining quarters of the year. At the end of the promo, a total of N120 million will have been won by 80 customers.
Speaking during the event, Ayo Liadi, UBA’s executive director, expressed satisfaction at the level of response received from customers across the country, adding that the campaign was targeted at rewarding loyal customers and also inculcating in them the habit of saving regularly.
He noted that there was a remarkable increase in the number of participants in this edition compared to the previous one, adding that the bank’s objective of helping customers’ save for the rainy day is being achieved.
He said: “It is very easy to spend money but to save is a habit all must imbibe. Our key objective is to encourage our customers to save regularly. We are here to support our customers and to encourage them to save as well.”
Ayo Liadi urged other customers to take advantage of the subsequent opportunities the remaining two quarterly draws offer.
According to Liadi: “There is no better time to give back and delight customers than this challenging economic period where people need all the support they can get to make life more meaningful. With this in mind we decided to prioritise our customers as we always do at UBA by giving them plenty to cheer about and that is the reason why another 20 more customers have been made millionaires today”.
“During the recent cheque presentation to the first quarter lucky winners, I watched with bated breath how happy and elated each of the winners became. You could easily see the joy and happiness in their eyes indicating that the N1.5m would make a huge impact in their lives. That in itself will spur us to do more in fulfilling their dreams” he said.
Tomiwa Sotiloye, head Retail Liabilities, while explaining that the promo was consistent with the bank’s novel initiatives in prioritizing customers, said that it was necessitated by the invaluable belief the Bank has in its customers. “We will continue to listen and give them nothing short of the best that they deserve. UBA will not relent, because we are impressed with the impact this has made so far and will continue to touch the lives of our loyal customers positively”. Sotiloye noted.
The criteria for qualifying for the draw is to save at least N30,000 in your UBA savings account or in instalments of N10,000 each for a period of three months. Those yet to be UBA customers can open a savings account on any of our numerous bank channels including Magic Banking (*919*20#) and LEO, or in any of the UBA branches across the country, and start saving.
United Bank for Africa Plc is a leading pan-African financial services group, operating in 20 African countries, as well as the United Kingdom, the United States of America and with presence in France.
Debt Management Office (DMO) said the federal government spent N3.14 trillion on servicing its domestic debt in the first quarter of 2026.
The office disclosed the data in its latest domestic debt service report for Q1 2026.
The figure comprises N2.97 trillion in interest payments and N169.68 billion in principal repayments.
The agency said in January, the government spent N741.82 billion on domestic debt service, while the figure rose to N967.67 billion in February.
Debt service increased further to N1.43 trillion in March, bringing the total for the quarter to N3.14 trillion.
The March figure was 47.7 percent higher than the N967.67 billion recorded in February and 92.7 percent above the N741.82 billion spent in January.
Also, the debt office said interest payments accounted for about 94.6 percent of total domestic debt service during the quarter.
The DMO said treasury bills accounted for the largest share of interest payments at N1 trillion, while interest on federal government bonds stood at N1.96 trillion.
The agency said the government also paid N4.24 billion in interest on FGN savings bonds during the period.
The DMO said the principal component of the debt service comprised N169.68 billion in repayments on local-denominated promissory notes.
Overall, the government’s domestic debt service rose sharply through the quarter, with March accounting for almost half of the N3.14 trillion spent between January and March.
Nigeria’s public debt increased by 0.01 percent to N159.35 trillion in the Q1 of 2026.
Interswitch Group, an integrated digital payments and commerce company, together with global banking software provider, Temenos have reassured the Central Bank of Nigeria (CBN) of their commitment to advancing the modernisation of Nigeria’s financial services sector.
Interswitch and Temenos had earlier in June announced a strategic partnership across Africa which would see Interswitch leverage Temenos solutions – across core banking, digital banking, payments, wealth management and financial crime mitigation – to provide cloud-hosted and on-premises managed services to banks and financial institutions across Africa.
This will enable institutions to progressively transform their banking platform and evolve to more customer-centric business models. The service will initially support key African markets including Nigeria, Ghana, Côte d’Ivoire, Kenya and others.
The recent regulatory visit to CBN headquarters in Abuja, was led by the Founder and Group Chief Executive Officer of Interswitch, Mitchell Elegbe, and Managing Director for the Middle East and Africa (MEA) at Temenos, Santhosh Rao, as part of the ongoing efforts by both organisations to deepen collaboration with Central Banks across the African region on the future of digital banking infrastructure across Nigeria and key African markets.
Discussions centred on the strategic partnership between Interswitch and Temenos, and how it will enable Nigerian financial institutions to progressively modernise their core banking platforms and transition to more customer-centric business models.
The two organisations also explored opportunities to work with the CBN in charting new frontiers in Central Bank Digital Currency (CBDC) innovation, leveraging resilient financial networks and decentralised application platforms to support the issuance and management of CBDCs.
Commenting on the visit, Elegbesaid: “Our partnership as Interswitch with Temenos and our continued engagement with the Central Bank of Nigeria reflect a shared commitment to building banking infrastructure that is resilient, inclusive, and ready for the next phase of Africa’s financial evolution.
We are proud to be at the table as these conversations shape the future of digital banking technology and innovation across key Africa markets…”
The Bank of Industry, through BOI Financing SPV Plc, has opened subscriptions for its inaugural Series 1 Fixed Rate Bond worth up to N250bn under its $1bn multi-currency instruments programme, seeking to raise long-term capital to finance businesses across Nigeria’s priority sectors.
The offer, which opened on 5 August and closes on 11 August, is being arranged by Chapel Hill Denham as the lead issuing house. The five-year bond is priced within a yield range of 17.35 per cent to 17.50 per cent and will be listed on the FMDQ Securities Exchange.
According to the offer document, proceeds from the issuance will be deployed to finance eligible businesses and projects across sectors, including agriculture and food processing, healthcare, engineering and technology, renewable energy, petrochemicals, oil and gas, creative industries and solid minerals, in line with BOI’s development finance mandate.
The lender said the financing is expected to improve access to medium and long-term funding for Nigerian enterprises, expand productive capacity, create and preserve jobs, deepen local value addition, support import substitution, boost exports and strengthen domestic value chains.
BOI, Nigeria’s foremost development finance institution, said it has provided funding to more than one million businesses across the country and disbursed over N1.27tn between 2023 and 2025. The institution operates across 34 states and the Federal Capital Territory and is jointly owned by the Ministry of Finance Incorporated and the Central Bank of Nigeria.
The bank also highlighted its financial performance, reporting a 36 per cent compound annual growth rate in gross earnings between 2021 and 2025.
Interest income rose 64 per cent to N884bn in 2025 from N538bn in the previous year, while its capital adequacy ratio stood at 39 per cent, nearly four times the regulatory minimum of 10 per cent. Its non-performing loan ratio was 1.7 per cent, below the CBN’s prudential limit of five per cent.
The bond has been assigned AAA ratings by Agusto & Co. and Intelligence Africa, reflecting the issuer’s strong capitalization, profitability, liquidity and ownership structure.
The issuance is open to institutional and qualified investors with a minimum subscription of N5m and additional investments in multiples of N1m. Interest will be paid semi-annually at a fixed rate, while principal repayment will begin in the third year through equal semi-annual amortised instalments until maturity in 2031.
The bond is also exempt from tax, making it an attractive investment option for investors seeking stable returns amid expectations of declining interest rates.
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