E-Financial
Union Bank Share Scam: Investments and Securities Tribunal Exonerates Akande, Okoloko
The Investments and Securities Tribunal, sitting in Abuja over the illegal procurement of the Bank’s own shares with its funds has exonerated Onikepo Akande and Onajite Okoloko from the shares scam perpetrated on behalf of Union Bank against its investors.
The Securities and Exchange Commission (SEC) had dragged Union Bank and 21 other Individuals comprising of Directors and Company Secretary who had served on the Board of the Bank between 2007 and 2008 before the Investments and Securities Tribunal.
The aggrieved Applicant, SEC had informed the Tribunal, that the 21 respondents engaged and/or participated in a scheme and or artifice that enabled Union Bank of Nigeria Plc to either directly or indirectly fund the purchase of its Shares and thereby retaining the beneficial ownership of the shares, and as a consequence, (i) violated or contributed to the violation of the provisions of the Investments and Securities Act and the rules and regulations made thereunder, (ii) undermined the fair and orderly conduct of the securities market, and (iii) abused, breached and undermined the integrity of the securities market;
SEC further informed that the Respondents unlawfully employed, (in connection with the purchase or sale of the securities of Union Bank of Nigeria, Plc) a device, scheme or artifice for the purpose of creating a false and misleading appearance of active trading of Union Bank securities and/or shares, which devise, scheme or artifice so employed by the Respondents herein, violated the provisions of the Investments and Securities Act and the rules and regulations made there under.
SEC further claimed that the Respondents undermined the regulatory and supervisory authority/activities of the Applicant, by ordering the appointment of KPMG Professional Services or any other reputable firm of accountants acceptable to the Tribunal for the purpose of undertaking an inquiry/investigation to determine, (i) the extent and quantum of the losses suffered by investors in the securities market as a result of the unlawful activities of the Respondents outlined in this suit and, (ii) the nature, extent and quantum of any direct benefit or advantage received or receivable by the Respondents as a result of the Respondents’ aforesaid unlawful activities.
But, in its decision, the Tribunal of Six (6) headed by Nnenna A. Orji ruled that the names of Onikepo Akande and Onajite Okoloko who had been originally sued as 19th and 20thRespondents respectively, be struck out on the grounds that they were not yet Directors when the alleged infractions took place.
In the Suit listed as CASE NO. IST/LA/OA/20/2010, the Tribunal noted that the processes were amended to include both Onikepo Akande and Onajite Okoloko, who were appointed only after the infractions had taken place.
It would be recalled that some Directors of Union bank were involved in a share scam involving the purchase of Union Bank shares for itself to mislead the Public, using funds borrowed from two foreign financial houses totaling over N30bn between 2007 and 2008.
Kuda Microfinance Bank has unveiled the 2025 edition of “My Year on Kuda,” its annual recap providing customers with personalised insights into their spending, saving, and money management habits from the previous year.
Kuda Microfinance Bank
The tool analyses transaction data across categories like transfers, card payments, online purchases, and bills, revealing patterns such as highest-spending months, biggest payments, saving frequency, and savings from Kuda’s 25 free monthly transfers. Customers can compare 2025 activity against 2024, including income versus expenditure.
In an era of inflation and economic uncertainty, the recap promotes financial literacy by highlighting responsible borrowing via Kuda Overdraft usage, including access frequency, amounts borrowed, and repayment patterns.
Customer-shared screenshots on X reflect national trends: Nigeria recorded over 2.2 billion electronic transactions worth ₦285 trillion in Q1 2025, up 20 percent year-on-year, with POS terminals driving the shift to cashless commerce.
Kuda Group CEO Babs Ogundeyi, in the recap’s opening video, urged users: “Before you carry on with January, this is the perfect time to see everything you did with your money on Kuda last year and learn something.”
The feature underscores Kuda’s focus on actionable insights to help Nigerians navigate evolving personal finance amid shifting earning and spending behaviours.
Wema Bank has introduced SAW, a new AI voice assistant integrated into the ALAT 2.0 app, allowing customers to manage finances through natural voice commands similar to Siri, Bixby, or Alexa.
Wema Bank
SAW understands everyday language and delivers instant responses tailored to banking needs, such as checking account balances, transferring money, reviewing transactions, and accessing support.
This feature brings conversational banking to Nigerian users, eliminating complexity and enhancing accessibility.
The bank positions SAW as a pioneer in AI-powered financial services, aligning with global trends where millions interact daily with voice assistants for tasks like setting reminders or playing music.
ALAT 2.0 represents the next evolution in digital banking, making services more efficient, personal, and human-like for everyday Nigerians.
Ecobank Nigeria Limited has fully repaid bondholders who validly tendered their notes ahead of the February 2026 maturity date.
The bank announced the successful completion of its tender offer, under which it prepaid approximately $245 million of its $300 million Eurobond, representing more than 80 per cent of the total issuance.
According to a statement, the transaction relates to the 7.125 per cent Senior Note Participation Notes due February 2026.
Ecobank Nigeria Limited said it launched a tender offer to eligible noteholders in respect of the outstanding $150 million on the bond on November 27, 2025, providing them with an opportunity to redeem their holdings ahead of the original maturity date of 16 February 2026.
It stated that the early and late tender participation deadlines were 11 December 2025 and 29 December 2025, respectively.
According to the bank, holders of notes validly tendered and accepted received a cash consideration of $1,000 per $1,000 in principal amount, in addition to accrued interest from the last interest payment date up to, but excluding, the final settlement date of 31 December 2025.
Following completion of the offer, the bank said the outstanding principal amount of the notes has been reduced to approximately $55.092 million.
The bank also stated that the initiative reflects Ecobank Nigeria’s proactive approach to liability management and prudent balance sheet optimisation.
The tender offer was conducted with Renaissance Capital Africa (Renaissance Securities Nigeria Limited) acting as financial adviser and dealer manager, while Sodali & Co Limited served as tender agent.
The notes were originally issued by EBN Finance Company B.V., with limited recourse to the issuer, for the sole purpose of financing the purchase of the $300 million 7.125 per cent Senior Note due 2026 issued by Ecobank Nigeria Limited.
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