Banking
UBA Shares Jump 2.5% on Announcement of Two New Deputy MDs
By Adedapo Adesanya
The stock price of a top pan-African financial institution, United Bank for Africa Plc (UBA), appreciated by 2.5 percent on Tuesday at the Nigerian Stock Exchange (NSE) following the announcement of the appointment of Mr Ayoku Liadi and Mr Oliver Alawuba as Deputy Managing Directors of the bank.
Shares of the tier-1 lender, which closed on Monday at the Customs Street at N6.05 per share, jumped by 15 kobo yesterday to settle at to N6.20 per share.
News of the announcement of the two new deputy managing directors for the financial institution was received with excitement by investors, who are optimistic that it would lead the company to greater heights because of the pedigree of the appointees.
The previously non-existent position will see Mr Liadi in charge of UBA’s Nigeria operations, while Mr Alawuba will oversee its Africa businesses.
The appointees will report to the Group CEO, Mr Kennedy Uzoka.
It was stated that the creation of the new positions was on the back of the strategic recognition of the growth of UBA’s pan-African business, which represents in excess 40 percent of group revenue, and the critical importance of Nigeria, the group’s largest market.
According to the company, this combined with UBA’s unique international business, operating from New York, London and Paris, UBA Africa and Nigeria will bring unparalleled service offering to clients across Africa and globally.
Commenting on the appointments, Group Chairman, Mr Tony Elumelu said: “In 2005, we set out our pan-African vision. Fifteen years later, we are present in 20 African countries, serving over 20 million clients, leveraging our service culture and technology platform, to provide an integrated and seamless customer offering across the continent.”
“In Africa, we lead in innovation and service, whilst our international business, operating from New York, Paris and London, provides global and African clients access to treasury, trade finance and corporate banking products, uniquely tailored to the African opportunity,” he added.
Mr Oliver Alawuba has worked with the UBA Group for almost 20 years and was appointed in January 2020, CEO for the Group’s Africa operations and Oliver’s knowledge of UBA’s business in Africa is unrivalled. He previously held the role as CEO of UBA in Ghana and more recently, as Regional CEO for UBA in Anglophone Africa.
Mr Ayoku Liadi joined the UBA Group in 2014 and was appointed the Executive Director of Lagos and West bank in Nigeria, two years later. Ayo is widely recognised for his innovation in driving business development.
Meanwhile, the UBA Group Board has announced the retirement from the board with effect from August 1, 2020, Mr Dan Okeke who has been with the UBA Group for 22 years. Mr Okeke served on the board as an Executive Director for three terms and a total of nine years.
According to the Group Chairman, “Dan was born for UBA. He has worked tirelessly for the Group and achieved so much in the past two decades. We will miss him, but he will still be very much around us.”
UBA is one of the largest employers in the financial sector on the African continent, with approximately 20,000 employees’ group-wide and serving over 20 million customers with a presence in 20 African countries and globally in the United Kingdom, the United States and France.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
