E-Financial
UBA Unveils 30 Students as 2019 Campus Ambassadors
United Bank for Africa (UBA) Plc, Pan African financial institution, on Friday unveiled 30 students as UBA Brand Ambassadors for 2019 in the third edition of its Campus Ambassador Programme.
The 30 students made up of 17 males and 13 females, chosen from various tertiary institutions across Nigeria, were selected based on a number of carefully-defined criteria including clear leadership and creative skills as well as the keen ability to promote the UBA brand as campus ambassadors.
UBA’s Campus Ambassador Programme is UBA’s initiative to identify young emerging leaders from tertiary institutions across the country and give them a unique and highly rewarding learning experience while also grooming them to be effectual leaders in their societies and country at large.
The programme is also an opportunity for the bank to give back to students who remain a core component of the bank’s legacy.
Anant Rao, group head, Digital and Consumer Banking, United Bank for Africa(UBA) Plc, who spoke at the unveiling ceremony held at the bank’s Head Office in Lagos on Friday, explained that the UBA Campus Ambassador programme offered a unique opportunity to students of tertiary institutions in Nigeria to be part of a dynamic and forward-thinking Pan-African bank by representing the brand both within and outside the campus.
He noted that the programme is designed to be a win-win for both the students and the bank as it presents a learning experience and a highly rewarding pursuit for selected students, while providing them with a platform to display their leadership capabilities and showcase their diverse talents which will in turn drive further growth to the bank.
Speaking to the students, he said, “We are glad because since we began this programme a few years ago, the narrative has indeed changed. We are now seen as a bank for the young and vibrant and we have been able to develop leadership skills, creativity among the youth. And so with your successful selection, I am happy to say that your learning experience has already begun. You are now expected to exhibit the core values of the bank, show the spirit of excellence, execution and enterprise in whatever you do.”
Continuing, he said, “We believe that the youths are the future of every country so we selected the best from the universities to collaborate with them to build their leadership skills and creative skills so that they can be better leaders in the future, whether they choose to operate in the public sector or the private sector,” he said.
Rao explained that the students were selected after an assessment to ensure that they possess the qualities that UBA prides itself in, adding “You need to show that you have the spirit of enterprise, excellence and that you do what you say you will do, which is execution. These qualities are dear to us and to what we stand for here in UBA. And, because these people now represent the brand, they must also share this passion and be able to project the brand and what UBA stands for that is our core values.
Tomiwa Sotiloye, UBA’s Head Retail Liabilities, explained that the students will undergo necessary training and will be expected to execute specific projects meant to add value to the environments. This, he added, will help the students to understand intently all that is expected of them as brand ambassadors of the bank.
He thereafter charged them to be good leaders and positive influencers who should stand out by ensuring that the bank’s reputation soars high in their respective campuses and beyond.
He said, “We know that we have selected the best out of all those of those who applied to be part of this programme, and so we expect nothing short of the best from you as you take your studies seriously, add value to your schools and the society at large and represent the UBA brand in positive light always.”
The selected students from Ahmadu Bello University are: Abbas Shaibu, Nafisat Mogaji, Sharifah Muhammad; Faisal Shuaib, Ibrahim Muhammed. Justina Adeogun and Dennis Fanijo from Bayero University, Kano; Blessing Emah, Fadekemi Ajibola, Opeyemi Olowogbade, Oluwatotobiloba Awofolaju, Oluwaseun Ijaseun from Obafemi Awolowo University; Alice Gbobo and David Jim, from Rivers State University; Eunice Edeoghon and Precious Nzeakor from University of Benin.
From the University of Ibadan, Damilola Onaiyekan and Oscar-Romero Izuka were selected; while Aboyowa Johnson, Princewill Nwachukwu, Ezenwoke Nwosu and Oluwalayomi Azeez came from the University of Lagos. From the University of Port Harcourt came Justice Anthony, Olubusayo Faluyi, Blessing Elikor and Belema Agbake; while Chukwuebuka Orjiakor, and Ifeoma Atuonah came from Nnamdi Azikiwe University. Deborah Ajana and Esther Afu-Adajo were selected from Lagos State University.
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.
UBA was incorporated in Nigeria as a limited liability company after taking over the assets of the British and French Bank Limited who had been operating in Nigeria since 1949.
The United Bank for Africa merged with Standard Trust Bank in 2005 and from a single country operation founded in 1949 in Nigeria – Africa’s largest economy – UBA has become one of the leading providers of banking and other financial services on the African continent.
The Bank which was awarded the Best Digital Bank in Africa by the Euromoney awards in 2018, provides services to over 17 million customers globally, through one of the most diverse service channels in sub-Saharan Africa, with over 1,000 branches and customer touch points and robust online and mobile banking platforms.
The shares of UBA are publicly traded on the Nigerian Stock Exchange and the Bank has a well-diversified shareholder base, which includes foreign and local institutional investors, as well as individual shareholders.
The next currency crisis could accelerate the shift of the roughly $315 billion global stablecoin market into a digital-dollar alternative for citizens in emerging economies, notably in regions like sub-Saharan Africa and Latin America.
As local fiat currencies face devaluation and high inflation, citizens and businesses are increasingly utilizing smartphone-based stablecoins (such as USDT and USDC) as hedges and primary mediums of exchange.
According to the International Monetary Fund (IMF), the rapid adoption of dollar-linked digital assets—particularly in countries heavily affected by inflation like Nigeria—poses significant risks to monetary sovereignty.
With up to 95% of surveyed individuals in some African markets preferring to receive payments in stablecoins over local fiat, the rising volume of these decentralized, cross-border channels weakens domestic currency demand and dilutes the effectiveness of local monetary policy.
IMF observed in a report titled “Stablecoins in Nigeria: A Growing Cross-Border Channel” noted that the widespread use of stablecoins poses risks to monetary sovereignty, particularly as more individuals and businesses turn to digital dollar-linked assets for savings and transactions.
Nodding in agreement is Future Investment Initiative Institute (FII Institute), a non-profit organisation run by the Public Investment Fund, Saudi Arabia’s main sovereign wealth fund.
FII Institute said that central banks face structural challenges.
And according to the institute, when citizens move savings out of national banks and into private digital wallets, conventional capital controls lose their grip.
Institutions like the Bank for International Settlements warn that interest-bearing stablecoins compete directly with domestic-currency deposits, complicating financial oversight and making smartphone-based transfers incredibly difficult for authorities to monitor.
In Nigeria, Naira depreciation has pushed users toward dollar-stablecoins, according to report by Gino Matos in cryptoslate.com.
A stablecoin is a type of cryptocurrency designed to maintain a steady value by pegging its price to a reserve asset, such as a fiat currency (e.g., the U.S. dollar) or a commodity (e.g., gold).
They act as a bridge between traditional money and the digital asset world, providing the speed of crypto without the extreme price swings of assets like Bitcoin.
Federal government has reopened three federal government of Nigeria (FGN) bond issues valued at N1.2 trillion for subscription as part of efforts to raise long-term funds from the domestic debt market.
The Debt Management Office (DMO), which announced the offer on Tuesday, said the three reopened bond issues are each valued at N400 billion.
According to the DMO, the first offer is the January 2035 FGN Bond, a 10-year reopening, carrying an interest rate of 22.60 per cent per annum.
The second is the May 2028 FGN Bond, a 15-year reopening, with a coupon rate of 15.45 per cent per annum, while the third is the June 2037 FGN Bond, a 20-year reopening, also valued at N400 billion.
The office said the bond auction is scheduled for July 20, while successful subscriptions will be settled on July 22.
It explained that the bonds are offered at N1,000 per unit, with a minimum subscription of N50 million and additional investments in multiples of N1,000.
For the reopened bonds, the DMO said successful bidders would pay a price based on the yield-to-maturity that clears the auction, in addition to any accrued interest on the instruments.
Interest on the bonds will be paid every six months, while the principal will be repaid in full on the respective maturity dates.
The DMO reaffirmed that FGN bonds are backed by the full faith and credit of the Federal Government and constitute obligations chargeable on the general assets of the federation.
It added that the bonds qualify as trustee investment securities under the Trustee Investment Act and enjoy tax exemptions for eligible investors, including pension funds, under the Company Income Tax Act and Personal Income Tax Act.
The bonds are listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange and also qualify as liquid assets for banks in computing their liquidity ratios.
FGN bonds are long-term debt instruments through which investors lend money to the Federal Government in exchange for periodic interest payments and repayment of the principal at maturity.
Gigbanc, Nigerian fintech startup, has announced it is winding down operations, after three years, citing a tough fundraising climate.
Paul Omoregie Okundaye, and Babatope Oni, co-founders of Gigbanc
The company, which set out to build cross-border financial infrastructure for African freelancers, creators, entrepreneurs and businesses, confirmed the decision in a statement signed by its co-founders.
“After careful consideration, Gigbanc’s leadership has made the difficult decision to wind down operations,” the company said, adding that the move “reflects the broader funding environment affecting early stage startups in Africa, a challenge that has been widely documented across the ecosystem.”
Since its founding, Gigbanc grew a community of more than 150,000 people across multiple countries and processed over $7.28 million (N10 billion) in payment volume, helping thousands of users receive their first international payment.
The company also ran conferences, fellowships and community events aimed at connecting entrepreneurs and creators across the continent.
`Despite the shutdown, Gigbanc said it is not walking away emptyhanded.
The company disclosed that it is in active acquisition discussions with a prominent financial infrastructure firm, with further details to be shared once the process closes.
Paul Omoregie Okundaye, co-founder and CEO, and Babatope Oni, co-founder and CTO, framed the closure as the end of a chapter rather than the erasure of Gigbanc’s impact.
“While Gigbanc is winding down operations, we don’t see this as the end of what we built together. Instead, we see it as the completion of an important chapter,” the founders said. “The relationships, lessons, community, and impact we’ve created will continue to outlive the company itself.”
The founders thanked users for their trust throughout the company’s run, citing everything from transactions and feature requests to bug reports and criticism as forces that shaped the product
“We leave this journey incredibly proud. Proud of our team, who gave everything they had.
Proud of the community that rallied behind us,” they said.
Gigbanc’s exit adds to a growing list of African startups that have shut down or scaled back operations in recent years as venture funding on the continent has tightened, with founders increasingly citing capital scarcity as the primary driver behind closures and consolidations.
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