Banking
UBA Boosts Brand Affiliation, Unveils 15 Campus Ambassadors
By Dipo Olowookere
One of the leading banks in Africa, the United Bank for Africa (UBA) Plc, last Friday, launched the maiden edition of its Campus Ambassador Programme with the induction of the first 15 brand ambassadors.
A statement issued by the bank’s spokesman, Mr Ramon Nasir, explained that the 15 successful candidates were selected from among 200 students across tertiary institutions in Nigeria through a rigorous screening exercise in line with set criteria.
The colourful inauguration ceremony was held at the UBA house in Lagos with the Deputy Managing Director of the firm, Mr Victor Osadolor, and other senior management staff in attendance.
Speaking, Mr Osadolor said, “UBA is pleased to have you all on board as valuable Ambassadors who will help us propagate our goodwill messages, ethos, values and what we stand for as a bank, across your institutions.”
He noted that the goal is to give students a platform to demonstrate leadership as well as build and instil the brand ethos into the consciousness of the youths.
According to Mr Osadolor, UBA is a bank with strong affiliation to youths, evident in the Bank’s scholarship and grants schemes through the UBA Foundation National Essay Competition among other educational initiatives.
“Two hundred of you went through the process and 15 of you came out tops, which proves that you are leadings lights, energetic and enterprising with great potentials which is exactly what we want to explore.
“The values you bring on board will help us support this process and we do hope as you learn and internalize what we stand for, you will all be good ambassadors and represent us well as admirable leaders others can look up to, propagating our message even beyond the 12 months period of your assignment as UBA ambassadors,” Mr Osadolor said.
Also speaking, the Head, Student Banking of UBA Plc, Mr Tomiwa Sotiloye, said UBA, being a top financial institution with presence across Africa, is one the ambassadors should be proud of, especially in the discharge of their duties of spreading the institution’s ethos. He charged them to be good leaders and positive influencers who should stand out by ensuring the bank’s reputation soars high in their respective campuses.
The 15 ambassadors, who are A-list students in their various institutions, include Orji Somtochukwu Philippa a 300 Level Medical student of Abia State University, Uturu. She is currently a UBA Scholar after winning the UBA Foundation National Essay Competition in 2011. Phillipa is a Member of the Campus Press Student Authors’ Association (CAPSAA) and a Founder of ‘The Fe-clinical Group’ for Female pre-clinical medical students, ABSU. Ahmad Mustapha is a 400 Level, Quantity Surveying student at the Ahmadu Bello University, Zaria. He is a Social Media Enthusiast, Writer and an avid reader. Odunewu Oluwasegun, from the University of Lagos is a 300 level student of the Department of Radiography, University of Lagos. He is into writing and blogging.
Others are Jennifer Nev, Ahmadu Bello University, Zaria; Tagbo Ijeoma, Federal University Of Technology, Owerri, Imo State; Onyedikachukwu Edeh, Babcock University; Fadaini Asalewa, Obafemi Awolowo University; Barakat Tiamiyu, Obafemi Awolowo University; Queen Jaja, Rivers State University Of Science and Technology; Ihechi Opara, University of Ibadan; Chisom Anastatia Nwaezuoke, University of Ibadan, Ukododeta Nyerhovwo Maxwell, University of Abuja; Odunewu Oluwasegun, College of Medicine, University of Lagos, Vivian Nneka Nwajiaku, University of Lagos; Chukwuemeka Orukwowu, University of Portharcourt and Kachikwu Stephen, University of Portharcourt.
During their one year renewable tenure based on active participation, the ambassadors are expected to develop different initiatives that will be sponsored by the Bank and execute various objectives of the bank over the period. They will also serve as a bridge between the bank, the students and the school authorities.
The selected ambassadors will form a preferred pool for recruitment consideration upon graduation.
The UBA Campus Ambassador Programme is an initiative to identify young emerging leaders among students of tertiary institutions and give them a unique and highly rewarding learning experience.
By Adedapo Adesanya
The Nigeria Deposit Insurance Corporation (NDIC) says it has paid the insured deposits of about 700,000 customers of the defunct Heritage Bank and has commenced the reimbursement of depositors of 46 microfinance banks (MFBs) whose operating licences were recently revoked by the Central Bank of Nigeria (CBN).
The chief executive of NDIC, Mr Oludare Sunday, made this known on Wednesday during a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos.
He said the corporation immediately began settling the insured deposits of customers after the CBN revoked the licences of the 46 microfinance banks and appointed the NDIC as their provisional liquidator.
“We are working on those. The CBN revoked the licences, and we were appointed as the provisional liquidator. We have started paying depositors of those banks, and gradually we intend to cover all the insured depositors,” he said.
Mr Sunday explained that the NDIC’s responsibility extends beyond paying insured deposits to recovering outstanding loans owed to the failed institutions and disposing of their assets to generate funds for the settlement of uninsured depositors.
“Our function as liquidator involves the payment of guaranteed sums. Thereafter, we go after those who owe the institutions and have not paid. We also ensure that we sell the available assets and realise their investments towards paying the uninsured portion of the deposits. So, we have started paying the guaranteed deposits. What we are doing now is also realising the assets of those institutions,” he stated.
Although he declined to disclose the exact number of depositors of the failed microfinance banks who had been reimbursed, Sunday said the Corporation was working with the Nigerian Interbank Settlement System (NIBSS) to identify depositors through their Bank Verification Numbers (BVN) to ensure seamless payments.
“So, the more accounts we discover, the more payments we make,” he added.
Providing an update on the liquidation of Heritage Bank, the NDIC chief said about 700,000 depositors had already received their insured deposits, while efforts were ongoing to trace other customers whose identities could not be verified from available records.
He attributed the challenge to legacy accounts created before the introduction of the BVN system, as well as incomplete customer records inherited from banks that were later merged into Heritage Bank.
“If you know Heritage Bank, you know it is an amalgamation of several banks, including the acquisition of Enterprise Bank in 2014. So, if you think of banks like Guardian Express and Spring Bank, they are all part of Heritage Bank.
“There are depositors we have not been able to trace, and this is an opportunity for them to come forward. I am sure many of us did the National Youth Service Corps (NYSC) and may have left some money in an account, but there was no BVN then.
“Even the addresses we had were sometimes things like ‘opposite filling station.’ How do you trace such a person? Once they come forward, and for those we have been able to identify from the institution’s database, we have been paying them,” he explained.
Mr Sunday added that the Corporation would continue to recover outstanding loans and dispose of Heritage Bank’s assets to generate funds for the payment of liquidation dividends to depositors whose balances exceeded the insured limit.
Earlier in his remarks, he described the NDIC as a critical pillar of Nigeria’s financial safety net, stressing the need for stronger collaboration between regulators and the National Assembly as the banking sector responds to recapitalisation efforts and rapid financial technology developments.
According to him, while the ongoing banking recapitalisation programme has strengthened the resilience of financial institutions, it must be complemented by sound corporate governance, effective risk management, strict regulatory compliance and robust supervision to safeguard long-term financial system stability.
He also disclosed that more than 98 per cent of depositors, representing over 281 million accounts across insured financial institutions, are fully protected under the NDIC’s deposit insurance scheme.
By Adedapo Adesanya
Zenith Bank Plc is investigating an incident involving unauthorised access to customers’ data, noting that the breach does not involve financial information and has not compromised its banking services or digital channels.
In an email sent to customers on Wednesday, the bank stated that the incident was part of a broader global cyberattack affecting multiple international organisations across various sectors.
The lender stated that it immediately activated its incident response protocols and intensified its cybersecurity and remediation efforts upon discovering the incident.
“This incident is part of a broader, global cyber-attack targeting multiple international organisations across various sectors. Upon discovery, we promptly activated our incident response protocols, cybersecurity actions and remediation efforts,” the bank said.
The bank reassured customers that its banking services and digital channels remain secure and fully operational.
As a precautionary measure, Zenith Bank advised customers to remain alert to potential phishing attempts and other forms of social engineering.
“As a precaution, we encourage our customers to remain vigilant against phishing emails, text messages, or phone calls, and never to disclose their password, PIN, One-Time Password (OTP), or other security credentials to anyone,” the bank said.
The incident is the latest in a series of cybersecurity challenges facing Nigerian financial institutions, with banks in recent months suspending their social media operations over impersonation and other fraudulent activities.
Earlier in April, the Nigeria Data Protection Commission (NDPC) said it was investigating alleged data breaches involving Sterling Bank, Remita and the Corporate Affairs Commission (CAC).
Nigerian banks have long been prime targets for cybercriminals because of the vast amounts of customer data and financial transactions they handle every day.
While many attacks have traditionally sought to steal funds, cybercriminals are increasingly targeting personal information, which can be used for identity theft, phishing schemes, account takeovers and other forms of financial fraud.
Cybersecurity threats have increasingly targeted Nigerian banks in recent years. In 2025, Union Bank of Nigeria warned customers about fraudulent websites and phishing campaigns designed to steal login credentials and personal information by impersonating the bank.
In August 2024, Guaranty Trust Bank experienced a domain-related security incident that temporarily disrupted access to its official website, although the lender assured customers that their deposits and banking services remained secure while it resolved the issue.
By Adedapo Adesanya
The chairman of First HoldCo Plc, Mr Femi Otedola, has affirmed plans to increase his 26 per cent holding in the organisation to 51 per cent, confirming a planned takeover of Nigeria’s oldest banking institution.
Mr Otedola spoke in an exclusive interview with Nairametrics published on Monday, giving a rare direction following recent speculations about the financial institution.
The milestone followed a series of share acquisitions, as Mr Otedola sought to tighten his grip as the company’s largest shareholder following the recent acquisition of additional shares worth N222.21 billion.
In the interview, the mogul said he has invested more than N600 billion of his personal wealth in First HoldCo, describing the move as a “long-term generational commitment” rather than another turnaround investment he would eventually exit.
Responding to speculation that he intends to consolidate his position in the group, Mr Otedola hinted that his investment journey is far from over.
“My investment threshold is always over and above 51 per cent,” he said. “One of my key investment principles is that firm shareholder control, with due regard for minority interest, is a key ingredient to executing reforms and restructuring to deliver value to all stakeholders.”
The businessman said the same strategy had guided his investments in African Petroleum Plc, later renamed Forte Oil Plc, where he gradually increased his shareholding from 28 per cent to 75 per cent before exiting the company in 2019.
He said he also increased his stake in Geregu Power Plc from 51 per cent to 95 per cent before reducing it to 77 per cent after the company’s public listing.
“I am on the same trajectory with First HoldCo Plc,” Mr Otedola said.
“To date, I have invested over N600 billion of my personal wealth in First HoldCo Plc — a figure that speaks not to speculation, but to unflinching confidence in the institution’s future, fundamentals and an unwavering personal commitment to its success.”
Mr Otedola said his decision to invest in First HoldCo came at a time when the institution was facing one of the most challenging periods in its history.
The billionaire steadily increased his investment in the group, accelerating his share purchases in 2026. His stake grew from 6.68 billion shares (15.95 per cent) in June 2025 to 8.06 billion shares by March 2026, then to 9.28 billion shares by June after acquiring about 1.22 billion shares in one quarter. A further purchase through Calvados Global Services last month lifted his holdings above 10 billion shares for the first time.
