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Uwaleke, ACMAN Boss Urges CBN to Set Up Whistle-Blower System

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Uche Uwaleke, president, Association of Capital Market Academics of Nigeria (ACMAN) has urged the  Central Bank of Nigeria (CBN) to set up a whistle-blower system to assist in its implementation of recent guidelines and policies.

Uwaleke, ACMAN Boss Urges CBN to Set Up Whistle-Blower System

Uwaleke, also a renowned Professor of Capital Market, gave the advice at a media briefing on recent financial stability measures taken by the CBN and their likely impact on the nation’s capital market.

According to Uwaleke, aside the raft of COVID-19 interventions through the banking system which require close monitoring, the financial sector has recently witnessed a number of measures by the CBN designed to stabilize it and possibly insulate it from the negative impact of the pandemic.

“These include the Global Standing Instruction designed in part to reduce the Non-Performing Loans in the banking industry as well as measures that directly impact the liquidity in the forex market’.

“In order to contextualize the CBN’s recent measures regarding forex, it is pertinent to realize that the Q2 2020 negative growth in real GDP, high inflation rate, increase in inflation and downturn in virtually all macro indicators are all partly attributed to scarcity of forex following collapse in oil price since oil revenue accounts for over 90% of our forex receipts. This precarious supply situation is excercebated by spurious demand for forex, activities of speculators and sharp practices. So, the CBN is faced with a double Whammy sort of situation’.

He listed part of the sharp practices which exert pressure in the forex market as the over-invoicing of products imported into the country due to the activities of middle men arguing that, requiring banks to raise Form-M only in favour of a supplier as opposed to routing payments for imports through agents will go a long way in reducing the pressure in the forex market especially if the product price verification mechanism the CBN is putting in place is effectively implemented.

He equally commended the directive by the CBN to Exporters to ensure that all export proceeds are repatriated as a measure capable of boosting forex supply if complied with. He urged the CBN not to hesitate to apply sanctions on violators to serve as deterrent. According to him, ‘this is the time for the apex bank to wield the big stick, not mere slap on the wrist, on any Deposit Money Bank that flouts the Form-M order regarding third parties’.

‘I have not stopped wondering where people who hawk forex in the black market get their hard currencies. The CBN should device means of checking round tripping to ensure that the banks are not diverting forex to the parallel market. Ditto for BDCs especially now that the Bank has announced plans to resume sale of forex to the BDCs’

Uwaleke believes that improved liquidity in the forex market will rub-off positively on the capital market but thinks that the real challenge now is how to ensure that these laudable measures are not circumvented thereby defeating the purpose for which they were put in place. He therefore urged the CBN to put in place a comprehensive Whistle-Blower System to support the effective execution of these measures.

On the proposed WBS, he goes on to explain: ‘’I am not referring to the one set up by the Federal Ministry of Finance some time ago. I am also aware of the Whistle-Blower policy statement contained in Section 5 of the CBN Revised Code of Corporate Governance for Banks and Discount Houses which requires banks to have a whistle-blowing policy that contain mechanisms, including assurance of confidentiality, that encourage employees and stakeholders to report any unethical activity to the bank or the CBN. Again, the comprehensive WBS is different from the Customer complaints mechanism handled by the Consumer Protection department of the apex Bank.

‘I am talking about a facility that allows customers, shareholders, NGOs and other members of the public, who may not be stakeholders of a bank, to report to the CBN any observed wrongdoing by a bank or non-bank financial Institution akin to the whistle-blower policy of the South African Reserve Bank. Through this system, the public can report any alleged violation of the guidelines or directives of the CBN especially in relation to forex. It goes without saying that whistle-blowers who inform regulators of suspected instances of infractions, especially at this time, can be a vital source of information to support regulation against sharp practices’.

Uwaleke is convinced that following the example of South Africa, the WBS will help rein-in misconduct in Nigeria’s financial markets. ‘Whether this should involve monetary incentives to individuals who come forward to report possible violations is left for the CBN to figure out’ he noted.

 

 

 

 

 

 


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E-Financial

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

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United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

Oliver Alawuba, GMD/CEO, UBA group,

This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.

The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.

Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.

He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.

“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.

The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.

“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.

Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.

 

 

 

 

 

 


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E-Financial

Ecobank Plans to Raise $250m Capital Through Private Placement

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Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.

In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.

“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”

The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.

Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”

It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.

 


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EFCC Recovers Funds Lost to CBEX Fraud

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Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.

EFCC Recovers Funds Lost to CBEX Fraud

Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.

The EFCC Chairman emphasised that the suspects found are facing prosecution.

“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.

Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.

“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.

He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.

“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.

He urged the public to stay vigilant, assuring them that the body will see the case to the end.

“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.


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