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Tag: bank

  • EXPOSED! Billionaire Otedola reveals how banks sent ‘bewitching ‘ladies to secure deposits from him

    EXPOSED! Billionaire Otedola reveals how banks sent ‘bewitching ‘ladies to secure deposits from him

    Billionaire businessman, Femi Otedola, has revealed how banks once deployed “bewitching ladies” to get deposits and loans when his business empire was flourishing.

    Otedola made the disclosure in his forthcoming memoir, ‘Making It Big: Lessons from a Life in Business,’ published by FO Books and scheduled for release on August 18, 2025.

    Excerpts from the memoir revealed the oil magnate detailed how a series of financial crises including the global crash in crude oil prices and the devaluation of the naira left his businesses deeply indebted and under immense pressure.

    “All told, I lost more than US$480 million to the plunge in oil prices, US$258 million through the devaluation of the naira, US$320 million because of accruing interest, and another US$160 million when the stocks crashed.

    “It was devastating, like a terrible nightmare, but a nightmare would have been better: day would break, and I would wake up. There was no waking up from this,” Otedola wrote.

    He recounted how drastically his fortunes changed, saying, “One moment, I was the darling of the banks, who did everything in the world to court me, do business with me, give me loans, take deposits from me.

    “They would send bewitching ladies to make their offers more convincing, and now I was waking up to the sight of hefty, barrel-chested men standing menacingly in front of my gate, waiting for the moment I’d step out of my compound.”

    Otedola broke into the Nigerian mega business scene with Zenon Petroleum which grew from selling diesel in drums to owning the largest share of the local market.

    He also acquired African Petroleum in the downstream market and rebranded it to Forte Oil Plc, at a time one of the highest performing in the stock market.

    However, a diesel shipment he ordered in 2008 when crude oil was $147/barrel did not arrive until the price had crashed to $40, plunging him into massive debt.

    As a result of falling forex inflow, the naira was also devalued from N120/dollar to N167 in 2009 presenting Otedola with a double problem which include low diesel price and high dollar liability.

  • Bank recapitalisation crucial to achieving $1trn economy – CBN

    Bank recapitalisation crucial to achieving $1trn economy – CBN

    The Central Bank of Nigeria (CBN), says recapitalisation of Nigerian banks is crucial to the march towards achieving a one-trillion dollar economy.

    CBN’s Deputy Governor, Corporate Services, Emem Usoro, said this on Monday in Abuja, at the ongoing 36th edition of the Finance Correspondents Association of Nigeria (FICAN).

    The theme of the seminar is, “Banking Recapitalisation Towards a One Trillion Dollar Economy ”.

    Usoro’s address was delivered by Mrs Hakama Sidi-Ali, CBN’s, the Acting Director, Corporate Communications Department.

    According to her, the global financial system and architecture have assumed a new dimension even before the new administration of Donald Trump in the United States of America.

    She said that globalisation had broken the limits of financial flows , and investors have inadvertently taken full advantage of the opportunities.

    “However, countries and their financial systems must be prepared to utilise opportunities created by financial globalisation through appropriate policy support and actions.

    “The Nigerian banking system has also undergone reforms, including recapitalisation and consolidation exercises.

    “The 2004 banking sector consolidation and recapitalisation exercise, which set a limit of N25 billion minimum capital base for banks, brought the Nigerian banks from 89 to 25,” she said.

    She said that as the country worked towards building a one-trillion dollar economy, it must consider recapitalisation of its banks to be able to finance the economy and favourably compete globally with its peers.

    “We should particularly pay significant attention to bank recapitalisation to ensure that our banks are strong, resilient and stable enough to carry our financial intermediation.

    “Building a one-trillion dollar economy is not as easy task. It will require careful planning, robust and clear policy direction, dutiful implementation and averred commitment from stakeholders that would galvanise various sectors of the economy.

    “Today, our economy is valued at approximately 25 billion dollars. As we aspire to build a trillion-dollar economy, all hands must be on deck, ” she said.

  • FG reveals plan to establish youth development bank

    FG reveals plan to establish youth development bank

    The Federal Government on Tuesday revealed plan to establish a National Youth Development Bank and a Youth Data Bank.

    President Bola Tinubu, represented by  his vice, Kashim Shettima, disclosed this at a Stakeholders Roundtable on Northern Youth Development organised by the Sir Ahmadu Bello Memorial Foundation, in Abuja,

    The President described the banks as crucial tools for “providing financial and informational support to young Nigerians.”

    He said since assumption of office, his administration unveiled a comprehensive youth development strategy spanning multiple key sectors to drive Nigeria’s economic transformation.

    Tinubu extolled the legacy of the late Sardauna of Sokoto and former Premier of Northern Nigeria, Ahmadu Bello

    ”The late Sir Ahmadu Bello, the Sardauna of Sokoto, was one of the towering giants on whose shoulders we have ascended as a nation.

    ”His vision was clear: the North cannot progress in isolation, and Nigeria cannot prosper unless every part of this nation thrives,” he said.

    Tinubu declared that the development of Northern Nigeria remains fundamental to the nation’s prosperity.

    According to him, “whatever disrupts the growth of one region sets back the entire nation.

    “For far too long, we have been taunted as a nation with the most children out of school—a reality that should not elicit pride but provoke urgent action.

    “This alarming statistic has turned the promise of our population into a challenge rather than the dividend it ought to be”.

    Tinubu re-echoed his administration’s pioneering youth development initiatives, including the three million Technical Talent (3MTT) programme and the Presidential Initiative for Youth Enterprise Clusters.

    “Our creative and digital economy is another goldmine,” the President said, outlining programmes such as the Skill-Up Artisans Programme (SUPA), Nigerian Youth Academy (NIYA), and the National Youth Talent Export Programme (NATEP).

    He listed other programmes to include the Nigeria Education Loan Fund (NELFUND) for higher education access, Investment in Digital and Creative Enterprises (iDICE) for digital entrepreneurship.

    They also included, Outsource to Nigeria Initiative (OTNI) for global market participation, Youth Enterprise Clusters for business development, and the Renewed Hope Housing Scheme to address accommodation needs.

    On agriculture, the President said that investments in the sector  and industrialisation would further position the North as Nigeria’s foremost agricultural hub.

    Addressing the region’s security challenges, Tinubu further outlined measures “to restore stability to the North.

    ”The measures include strengthening community policing, rehabilitating displaced persons, and addressing cross-border challenges like smuggling and insurgency.”

    He emphasised the urgency of the moment, saying ” By 2050, Nigeria will become the third-largest nation globally, with three-quarters of our citizens under the age of 21.

    “Our challenge here is to engineer a transition towards a federation defined by order, stability, and safety,” he added, noting that “this task is both urgent and achievable.”

    The President also made a direct challenge to young Nigerians: “You are not just the future of this nation—you are its present.

    ”Your energy, ideas, and determination are already shaping our policies and programmes.”

    “Our commitment is to provide you with the skill set and opportunities to thrive in a competitive world”.

    He assured that the administration would unlock the potential of the Nigerian youth, ensuring that their dreams transform the country into an enduring symbol of democracy, development, and progress.

    Speaking in the same vein, the Sultan of Sokoto, Sa’ad Abubakar III, emphasised the critical role of youth education in national development.

    “Our youths are the foundation of any development we envisage in our society. They are not just leaders of tomorrow but leaders of today,” he said.

    The Sultan further highlighted the importance of continuous dialogue with the youth, stating that “forums like this must be held continuously to dialogue with our youths across the northern states.”

    He emphasised the primacy of education, asserting that it “is the strongest legacy any leader can leave to society.

    “Without education, you are a nobody. I believe in infrastructural development like roads and bridges but more money should be spent educating our children.

    “That is why we need to dwell more on how we can ensure that our children are educated.”

    Earlier, the Chairman of the foundation’s Board of Trustees, Muazu Babangida, noted that the event marked the foundation’s 15th anniversary.

  • Court orders release of man detained for over 8 months, award him N25m in damages

    Court orders release of man detained for over 8 months, award him N25m in damages

    An Enugu High Court has ordered the immediate release of Mr Sunday Onyeabuchi over unlawful detention by the police and ordered his bank to unfreeze his account.

    The Court sitting in Enugu also awarded N25million in damages against the first and second Respondents, Chidiebere Ijioma
    Commander Octopus Squad Enugu
    and the Commissioner of Police Enugu State

    In his ruling, Justice C.I. Nwobodo on Wednesday declared that “through the prompting of the 1st Respondent a wrongful, unreasonable, oppressive and unconstitutional and amounted to infringement of Applicant’s Fundamental right to freedom of personal liberty and dignity of
    his human person guaranteed under Ss. 34(1) and 35(1) of the Constitution
    of the Federal Republic of Nigeria 1999 (as amended) and Articles 4, 5 and
    6 of the African Charter on Human and Peoples Rights.

    The Court also declared that the freezing of the Applicant’s bank account No.
    0040009884 with the 3rd Respondent bank on the behest of the 1st
    Respondent is unwarranted, arbitrary, oppressive and unconstitutional and
    breached the Applicant’s right against compulsory acquisition of his
    property.

    “This Court hereby Orders the Respondents particularly the 3rd Respondent to
    unfreeze the Applicant’s account with it forthwith.

    ” The Respondents, their agents are perpetually restrained from further
    harassing the Applicant or freezing his bank account in connection with this
    matter.

    “The 1st and 2nd Respondents had no respect for the stature of the person of
    the Applicant nor respect for his personal dignity for which he is to be
    compensated in damages to assuage the breach of his right to personal
    liberty and dignity.

    “In all the circumstances of this case the Court makes an
    award of twenty five million naira (N25,000,000.00) against the 1st and 2nd
    Respondents in vindication of his fundamental rights.

    “The 3rd Respondent is found not liable for violating the Respondent’s rights
    in this application haven merely obeyed the Order of the Court.

    “There is cost of N100,000.00 to the Applicant against the 1st and 2nd Respondents.
    Appearance; Emeka Asogwa, Esq. for the Applicant.

  • 75th Anniversary: UBA’s story is one of transformation and resilience – Alawuba

    75th Anniversary: UBA’s story is one of transformation and resilience – Alawuba

    The Group Managing Director of United Bank for Africa, UBA Plc, Oliver Alawuba, says the bank’s enduring resilience, relentless innovation, and steadfast commitment to excellence over the decades shaped it to its current position.

    Oliver Alawuba, speaking at the Global Press Conference marking the 75th anniversary of United Bank for Africa (UBA), underscored the bank’s strategic focus on becoming the payment bank for capital flows, trade, and investment between Africa and the global market.

    “UBA’s story is one of transformation and resilience. Over the past 75 years, we have consistently evolved to meet the needs of our customers and communities, driving financial inclusion and economic development across Africa.

    “Our journey has been defined by our ability to adapt and thrive amidst changing market dynamics,” he remarked. The bank’s historical trajectory from a modest beginning in Lagos to a formidable global financial institution exemplifies its strategic vision and operational acumen.

    “Innovation and digital transformation are the key parts of the bank’s best strategy for future growth and competitiveness. UBA will continue to invest in innovative products, services, and digital platforms that enhance customer satisfaction and experience,” he said

    He noted that N100 a share is possible for the bank stock.

    UBA currently trades at N21 and a price to book value 0.28 times. This means a valuation closer to book value will see the shares trading closer to N80.

    Speaking also, the Group Deputy Managing Director, Muyiwaa Akinyemi, said the anniversary “not only marks our legacy but signifies our transformation journey from inception as British & French Bank that was established in 1949, to becoming the leading financial institution in Africa as Africa’s Global Bank”.

    He said UBA, today, operates across 4 continents with a presence in 20 African countries, the United States of America, France, United Kingdom and UAE.

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  • Full Year 2023: UBA gross earnings rises by 143% YoY, profit hits N757.7bn

    Full Year 2023: UBA gross earnings rises by 143% YoY, profit hits N757.7bn

    …declares N2.30 kobo Final Dividend

    …total Assets Rise by 90.2% to N20.65 trillion
    …shareholders’ Funds Hits N2.0tn, achieving an impressive growth of 120.2%.

    In another unprecedented performance, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2023, showing exceptional and impressive performance across all its major indicators.

     

    The 2023 financials, filed by the Bank at Nigerian Exchange Limited (NGx) on Monday, showed an impressive leap in gross earnings, as it grew from N853.2 billion recorded at the end of 2022 to close at N2.08tn; representing a strong 143 percent growth.

     

    The banks’ total assets also rose remarkably by 90.22 percent, doubling the N10 trillion mark, to close at N20.65 trillion in December 2023; up from N10.86 trillion in 2022. This leap remains a very significant achievement and milestone in the history of the financial powerhouse.

     

    Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with an exponential growth of 277 percent, to close the year under review at N758billion, rising from N201 billion recorded at the end of the 2022 financial year; while profit after tax (PAT) grew by 257 percent from N170 billion in 2022, to N608 billion in the year under consideration.

     

    Consequently, UBA Group Shareholders’ Funds rose from N922 billion as at December 2022 to close the 2023 financial year at N2.0tn, achieving an impressive growth of 120.2%, compared to prior year.

     

    In the year under consideration, UBA Group cost-to-income ratio dropped from 59.2%, in 2022, to 37.2 per cent pointing at the Group’s improving efficiency.

    In fulfilment of the promise made by the UBA Group Chairman, Tony Elumelu, to shareholders at the last Annual General Meeting, the Bank proposed a final dividend of N2.30 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2023. The final dividend is subject to the ratification of the shareholders during its upcoming annual general meeting (AGM).

    Also worthy of note, UBA recorded a 61.3 percent growth in loans to customers, moving up to N5.5 trillion in 2023, whilst customer deposits improved by 90.31 percent to N14.9 trillion, compared to N7.8 trillion recorded in the corresponding period of 2022, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise.

    Commenting on the results, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said: “I am very pleased with the unprecedented results achieved by our Group in FY2023. The Group made a profit before tax of N758billion, from N201 billion in the prior year. The balance sheet also grew to N20.7trillion from N10.8trillion in the previous year.

    He said, “The Group’s shareholder’s funds crossed N2trillion from N922bn in 2022, whilst total assets crossed the N20 trillion mark (90.2% YoY growth). The Group is well positioned for further business expansion in FY2024 having closed FY2023 with Capital Adequacy Ratio of 32.6%.”

    He added that the bank’s diversified business model (Pan-African and International strategy) is justified by the contribution of its Ex-Nigeria business to the Group’s results and reinforces its resolve to expand our market share of customers, funding, digital and transaction banking businesses across Africa.

    “Driven by our customer service and execution-led delivery model, we will continue to expand our market share and create value for our shareholders and meet the expectations of our various stakeholders,” the GMD stated.

    UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the 2023 full year was a particularly eventful year, with galloping inflation and currency depreciation ravaging key markets, amidst pockets of regional conflicts and security challenges.

    “I am delighted however at the strong growth in earnings and profitability recoded in the year. The Group conservatively set up significant impairment reserves against its overall risk assets portfolio considering the latent impact of the macroeconomic headwinds on our credit portfolio. Consequently, Cost of Risk grew to 3.09% from 0.63% in the prior year,” Nwaghodoh noted.

    On the expectation for the 2024 financial year, he said, “The Group remains fervently committed to sustainable growth and maintaining its strong compliance and risk management practices culture even as we drive our business through the next phase of growth.”

     

    United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than thirty-five (35) million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

  • GTB, First bank in hot soup as Ghana apex bank suspends their forex licenses

    GTB, First bank in hot soup as Ghana apex bank suspends their forex licenses

    … maybe restored after investigation

    The Bank of Ghana has suspended the Foreign Exchange Trading Licences of two Nigerian-owned banks, Guaranty Trust Bank Ghana Limited and FBNBank Ghana Limited.

    The suspension takes effect from March 18, 2024, for one month.

    The suspension was announced in a statement, on Monday, by the Ghanaian apex bank.

    suspension comes in response to various breaches of foreign exchange market regulations which include incidents of fraudulent documentation within their foreign exchange operations.

    “Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024, for a period of one month, in accordance with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

    “This is as a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations which which have come to the attention of the Bank of Ghana.

    The licence will be restored at the end of the one-month suspension period once the Bank of Ghana is satisfied that they have put in place effective controls to ensure strict adherence to regulations to the foreign exchange market.” the statement read in part.

    The Ghanaian apex bank said the development “is in strict accordance with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723), underscoring the Bank of Ghana’s commitment to maintaining the integrity and stability of the foreign exchange market.

    “The suspension serves as a direct consequence of the banks’ failure to comply with established regulations, highlighting the central bank’s zero-tolerance policy towards regulatory non-compliance,” the bank said.

  • Bank Of Ghana suspends foreign exchange  Licences of GTB, First Bank over fraudulent documentation

    Bank Of Ghana suspends foreign exchange  Licences of GTB, First Bank over fraudulent documentation

    The Bank of Ghana has suspended the foreign exchange trading licences of two Nigerian-owned banks operating in the country.

    The Banks affected are: Guaranty Trust Bank and First Bank

    In a statement on Monday, the Ghanaian regulator said the suspension will become effective from March 18, 2024, for a period of one month.

    The statement reads: “Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024, for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

    “This is as a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations which have come to the attention of Bank of Ghana.

    “The licence will be restored at the end of the one-month suspension period once the Bank of Ghana is satisfied that they have put in place effective controls to ensure strict adherence to the foreign exchange market regulations.”

    The regulator cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.

    Last Friday, the Central Bank of Nigeria (CBN) revoked the licenses of 4,173 Bureaux De Change Operators, accusing the affected institutions of failing to observe regulatory provisions.

     

     

     

  • Dollar scarcity: CBN bans staff, govts, banks, others from owning BDCs

    Dollar scarcity: CBN bans staff, govts, banks, others from owning BDCs

    The Central Bank of Nigeria (CBN) has excluded governments, commercial banks, merchant banks, Other Financial Institutions (OFIs), public officers among other parties from owning Bureau De Change (BDCs) directly or indirectly.

    CBN disclosed this on Friday in its Guidelines for the operations of BDCs in Nigeria.

    The apex bank noted that no person is permitted to carry on the business of BDC in Nigeria without its authorization.

    Section 2.0 of the guidelines stated: “The following shall not be allowed to participate in the ownership of BDCs, directly or indirectly: Commercial, merchant, non-interest and payment service banks, OFIs, including holding companies and payment service providers, serving staff of financial services regulatory and supervisory agencies;

    Serving staff of regulated financial services providers, Governments at all levels, public officers as defined in 5th Schedule Part IV of the Constitution of the Federal Republic of Nigeria;

    “Non-Governmental organizations, cooperative societies, charitable organizations, academic and religious institutions, non-Nigerian non-resident natural persons, non-Nigerian resident natural persons, non-resident non-regulated companies, telecommunication services providers;

    “Sanctioned individuals and entities, a shareholder in another BDC (whether directly or indirectly), any other entity that the CBN may from time to time designate.”

  • Evangelist, 5 others sentenced to d3ath over bank robberies in Ondo

    Evangelist, 5 others sentenced to d3ath over bank robberies in Ondo

    An Akure High Court in Ondo State has sentenced an Evangelist, Adewale Adelu, and five others to death by hanging over their roles and involvement in armed robberies in the state.

    The convicts, including Adelu, Ikechuckwu Maduagwu, Fayemi Olubusuyi, Ropo Adeleye, Dele Otopka, and Bayo Omotosho, were found guilty of attacking and robbing two commercial banks in Akure and Idanre 13 years ago.

    The robbery incidents took place at the defunct Diamond Bank in Akure, the capital of Ondo State, and the First Bank in Idanre, the headquarters of the Idanre Local Council.

    Justice Yemi Fasanmi presided over the case and delivered the death sentences to the convicts.

    The culprits were arraigned on July 14, 2022, on four counts of conspiracy, armed robbery, and illegal possession of firearms.

    Following their arraignment, they were subsequently remanded in the Olokuta Correctional Centre.

    During the trial, the Prosecution Counsel, Salami, presented evidence that the convicts, armed with AK-47 rifles and dynamite, carried out the robberies that shook the communities of Akure and Idanre.

    While stating that the defendants were unanimous in their confessions and the role each of them played in the operations, Justice Fasanmi consequently sentenced all the defendants to death by hanging in each of the counts.