Banking
UBA Targets Huge Market With New Branch in United Arab Emirates
By Adedapo Adesanya
The United Bank for Africa (UBA) Plc has extended its operations to the United Arab Emirates (UAE) with the official launch of its new branch at the Dubai International Financial Centre (DIFC).
UBA Plc (DIFC Branch) will operate under the Category 4 license and will be regulated by the Dubai Financial Services Authority (DFSA), the financial regulatory agency of the special economic zone.
The UBA branch in the DIFC will service corporate & financial Institutions and customers across the Middle East with a core focus on correspondent banking, relationship management and advisory services.
According to a press statement on Monday, the lender noted that, “Through this new expansion, the UBA Group will be able to harness opportunities in the Middle East, Africa and South Asia (MEASA), which comprise 72 countries with an approximate population of 3 billion and a nominal GDP of $7.7 trillion and thereby, reinforce its strong franchise as Africa’s Global Bank, facilitating trade and capital flows between Africa and the rest of the world.”
Speaking during the launch of the new subsidiary in Dubai, the Chairman of UBA Group, Mr Tony Elumelu, explained that with the Group’s foray into the Gulf region, UBA continues to focus on its strategic intent to lead the way when it comes to doing business in Africa.
“Collaborating with our franchises in 20 African countries and the major financial centres of London, New York and Paris, UBA (DIFC Branch) will facilitate the financing of trade transactions between the Middle East and Africa, enabling trade finance and investments,” Mr Elumelu said.
“We have been looking forward to this day as it is the first time we will have a presence in this part of the world. We know that our international expansion is incomplete if we are not present in the gulf,” he continued
On his part, UBA’s Group Managing Director/CEO, Mr Kennedy Uzoka, who also spoke at the event said, “Today, we are formally on four continents across the globe, operating in 24 countries, serving over 35 million customers and still growing.”
“We are the only bank of Nigerian origin that has extended out of Nigeria to the UAE. Those before us have come through other locations and that shows the strength and respect the Dubai authorities have for UBA. Our presence in Dubai affirms that UBA is a strong franchise, expanding its reach across the world.
“The authorities and business environment here in the DIFC is phenomenal and UBA is seeing Dubai as the gateway for Africa and that is why we are here, to be closer to our clients, to be partnering with them and facilitate businesses and trade flow into Africa through the UBA franchise. So, we are super excited,” Mr Uzoka added.
On his part, the CEO of UBA (DFIC), Mr Vikrant Bhansali, said; “Trade, commerce and investments in Africa are expanding in the Gulf region and Asia. Leveraging the presence of UBA Group in global financial centres, UBA (DFIC) will enhance the ability of the group to facilitate access of Gulf investors and banks to African markets. We will finance trade, facilitate commerce and help grow investment in Africa, across all sectors.”
Adding his input, Mr Arif Amiri, the CEO of DIFC said, “UBA (DFIC) attests to the strong relationship between Dubai and Africa.
“It is a beautiful start as we are looking forward to achieving more interaction, channelling more trade and investments into Africa, and with UBA DIFC, we are closer to achieving our objectives. DIFC will continue to seek partnerships that will deliver winning relationships as we have just witnessed with UBA Group.”
UBA has been in operation for over seven decades. Today, the group is present in 20 African countries as well as the United Kingdom, the United States of America and France.
By Dipo Olowookere
Additional shares of First HoldCo Plc worth about N149.6 billion have been listed on the Nigerian Exchange (NGX) Limited.
The fresh equities were introduced to the stock exchange on Monday, April 7, 2025, to increase the total issued and fully paid-up share of the financial services provider to 41,877,841,591 ordinary shares of 50 Kobo each.
Before now, First HoldCo had a total of 35,895,292,792 ordinary shares of 50 Kobo each but this increased with the addition of another 5,982,548,799 ordinary shares of 50 Kobo each.
The new equities were from the rights issue of the organisation, which saw shareholders getting one new stock for every existing six stocks held at the close of business on Friday, October 18, 2024.
The exercise, which was oversubscribed by 25.46 per cent, was part of the strategies to meet the new minimum capital requirement of the Central Bank of Nigeria (CBN) for its banking business, First Bank of Nigeria Limited.
The banking arm of First HoldCo is in the tier one category in Nigeria and it is required to have at least N500 billion as its capital base because of its operations outside the country.
Business Post reports that the fresh 5,982,548,799 ordinary shares of First HoldCo listed on the bourse last Monday was at a unit price of N25, amounting to N149.6 billion.
Confirming this development, the NGX in a notice said, “Trading licence holders are hereby notified that additional 5,982,548,799 ordinary shares of 50 Kobo each at N25.00 per share of First HoldCo Plc were on Monday, April 7, 2025, listed on the daily official list of Nigerian Exchange (NGX) Limited.
The additional shares listed on NGX arose from First HolCo Plc’s rights issue of 5,982,548,799 ordinary shares of 50 Kobo each at N25.00 per share
“With the listing of the additional 5,982,548,799 ordinary shares, the total issued and fully paid-up shares of First HoldCo Plc have now increased from 35,895,292,792 to 41,877,841,591 ordinary shares of 50 Kobo each.”
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has reiterated its commitment to the growth of the Small and Medium Enterprises (SMEs) sector.
This was made known by the Acting Director for Corporate Communications Department of the CBN, Mrs Hakama Ali, on Sunday, during the CBN’s Special Day at the ongoing 36 Enugu International Trade Fair 2025.
In her address, Mrs Ali said that the theme for this year’s fair, Developing Nigeria Industrial Sector/SMEs for Economic Advancement & Global Recognition is apt as it addresses the imperative of value addition and the links that would help to support industrial activities, to fully integrate the economy into the global industrial architecture.
Mrs Ali said that the current management of the bank was committed to correcting identified challenges of the Nigerian economy to stimulate productivity, especially the SMEs.
Business Post reports that SMEs account for the highest job creation efforts in Nigeria and contributes around 50 per cent to the country’s gross domestic product (GDP).
She noted that achieving an impactful industrial development for global recognition is premised on a tripod, including robust financial systems fundamentals, foreign, exchange market stability and strong collaboration between the monetary and fiscal authorities.
“The bank’s efforts in these directions are already yielding the desired results, this has resulted in significant increase of inflow in foreign direct and portfolio investments and positive trade balance in recent times,” she said.
She maintained that the improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.
“The CBN annually participates in the Enugu fair to raise awareness and sensitize teeming stakeholders on its policies and programmes which are key to driving economic activities, inclusiveness, and attainment of global recognition,” she said.
By Modupe Gbadeyanka
The British government has promised to support a Nigerian financial technology (fintech) firm, Moniepoint Incorporated, to enhance trade and investment partnerships between the two nations.
This assurance was given by the British Deputy High Commissioner in Lagos, Mr Jonny Baxter, during a working visit to the United Kingdom office of Moniepoint recently.
Present at the meeting were the co-founder and chief executive of Mr Tosin Eniolorunda; the co-founder and Chief Technology Officer of Moniepoint, Mr Felix Ike; the Senior Vice President for M&A & Investor Relations at Moniepoint, Ross Strike; and the chief executive of Moniepoint UK, Ravi Jakhodia, among others.
Mr Baxter said the investment of British International Investment (BII) in Moiniepoint is a critical point in increasing economic opportunities for small businesses in Africa, as well as enhancing financial inclusion for consumers and providing direct financing to impactful companies.
He emphasised the importance of trade as a cornerstone of diplomatic and economic relations between the two nations, emphasizing its role in fostering prosperity, innovation, and cooperation across sectors such as energy, financial services, and infrastructure.
In his remarks, Mr Eniolorunda acknowledged the Enhanced Trade and Investment Partnership (ETIP) between Nigeria and the UK as a critical framework for unlocking market access, regulatory cooperation, and job creation in emerging sectors.
He highlighted opportunities for collaboration in areas such as innovative financial services and cybersecurity products.
The entrepreneur lauded the British government and DBT for creating an enabling environment for Nigerian businesses operating in the UK, noting that Moniepoint’s presence in the UK contributes to actualizing this bilateral relationship by ensuring it is not a one-sided transfer of investments but a mutually beneficial partnership.
“Trade and investment are pillars of UK-Nigeria relations. We’re proud to be part of a movement that’s turning those pillars into bridges for real economic transformation.
“Our mission has always been to engineer financial happiness while powering the dreams of millions businesses and individuals through digital financial technology.
“Every step we take—whether in Nigeria or the UK—is about making that vision a reality. Our growth is a testament to what’s possible when partnerships go beyond investment—it’s about shared prosperity and innovation,” Mr Eniolorunda said.
The UK-Nigeria trade relations are expected to see significant growth in several sectors this year and Moniepoint plans new solutions to help Nigerians in the UK easily send money home.
These solutions will leverage the company’s reputation for trust, speed, and transparency to solve payment issues, and this is part of a larger effort to improve economic and trade relations between Nigeria and the UK.
Moniepoint operates as an all-in-one financial ecosystem, offering seamless payments, banking, credit, business management and cross border solutions to over 10 million businesses and individuals across Nigeria and Africa.
It has established itself as the leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), especially those in the informal segment of the economy.
Moniepoint’s mission to drive financial inclusion and empower businesses has been widely acknowledged and signposted by its listing for two consecutive years as Africa’s fastest growing financial institution.
As Nigeria’s largest merchant acquirer, the company powers most of the country’s Point of Sale (POS) transactions, processing over 1 billion transactions monthly, with total payments volume exceeding $22 billion.
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