FirstBank Announced as Sponsors for Calabar Entertainment Conference

Hit FM, the leading radio station in Cross Rivers state, and organizers of Calabar Entertainment Conference (CEC) has announced First Bank of Nigeria Limited as official bank partners for the flagship youth engagement program in the Creative Sector.

CEC has held every year since 2017, and now in its 9th year, executive producer and CEO of Hit FM Patrick Ugbe says the creative sector “has not been in more urgent need of interventions that facilitate capacity building, funding, distribution, and thought leadership.”

This year’s event will hold on the 17^th and 18^th of October at Hogis Royale, in Calabar, Cross River State, bringing together young talents, industry leaders, investors, and policymakers to explore opportunities, tackle challenges, and chart pathways for sustainable growth within Nigeria’s dynamic creative economy.

FirstBank’s partnership underscores the bank’s long-standing commitment to supporting youth empowerment, innovation, and entrepreneurship across diverse sectors. 

Ugbe adds: “by coming on board as the Official Bank, FirstBank further demonstrates its role as a catalyst for growth, providing financial inclusion and fostering creativity among young Nigerians. “

“We are thrilled to welcome FirstBank as the Official Bank of the Calabar Entertainment Conference. Their support not only validates the importance of the creative sector in driving national development but also provides a strong platform for youth to access resources, knowledge, and networks that will help transform their ideas into sustainable ventures”.

Also speaking on the partnership, Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communications, FirstBank, stated, “At Firstbank, we are passionate about supporting platforms that empower young people and nurture talent. Our partnership with the Calabar Entertainment Conference aligns with our drive to promote innovation, creativity, and entrepreneurship as key drivers of Nigeria’s future”.

“Through our First@Arts initiative, which is geared at consolidating support for the creative arts, we are leveraging platforms like the Calabar Entertainment Conference to enable our stakeholders to explore the wealth of opportunities that the creative industry has to offer.”

The two-day event will feature keynote addresses, masterclasses, panel discussions, and networking sessions designed to inspire and equip participants to maximize the opportunities in the creative industry.

Wema Bank Concludes ₦150 Billion Rights Issue with CBN & SEC Approval, Surpasses Regulatory Capital Requirement.

Lagos, Nigeria – Wema Bank Plc (“the Bank”) announces the successful completion of its ₦150 billion Rights Issue, which opened on April 14th,2025, and closed on May 21st,2025. The exercise has received formal approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission.

This Rights Issue was undertaken in response to the CBN’s directive on the recapitalization of banks in Nigeria. With the successful completion and regulatory approval, Wema Bank has now met the₦200 billion minimum capital requirement applicable to commercial banks with national authorization.

In addition to the Rights Issue, Wema Bank also recently concluded a ₦50 billion Private Placement, which is now awaiting regulatory reviews. This additional capital raises the Bank’s total capital base above the regulatory threshold, further strengthening its buffer, enhancing its shock-absorption capacity, and positioning the Bank for sustained growth.

Commenting on the Bank’s success in meeting the regulatory threshold ahead of the 24-month timeline, Moruf Oseni, Wema Bank’s MD/CEO, reaffirmed the Bank’s promise of delivering the best value as it continues its growth journey. According to Oseni, “As a growth-driven Bank, the industry recapitalization requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the ₦200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders. We do not take this trust for granted, and we take this moment to firmly reiterate our commitment to continue delivering optimum value to every shareholder and stakeholder of Wema Bank.”

The conclusion of these capital-raising initiatives reinforces the Bank’s prudential position and provides a solid foundation for long-term stability. It also reflects the continued confidence of stakeholders in Wema Bank’s governance, financial performance, and strategic direction.

Wema Bank remains committed to full regulatory compliance and prudent risk management. With its strengthened capital base, the Bank is well-positioned to support customers, contribute to the stability of the Nigerian financial system, and deliver sustainable value to its stakeholders.

For more information, please reach out to [email protected] or visit www.wemabank.com.

UBA, Mastercard launch Prepaid Card to Promote Financial Inclusion

Africa’s Global Bank, United Bank for Africa (UBA) Plc, in collaboration with Mastercard, Tuesday announced the launch of the Mastercard prepaid card to further accelerate financial inclusion and expand access to digital payment solutions across Africa.

The card, which does not require a traditional bank account, is designed to serve individuals who have historically lacked access to formal financial services, particularly young adults, gig workers, and low-income earners. It enables users to top up funds easily, transact both locally and internationally, and manage spending with flexibility and security.

With more than 28.9 million adults in Nigeria remaining unbanked, and digital-first tools increasingly demanded by youth and freelancers, the prepaid card directly addresses pressing gaps in the financial ecosystem.

Mastercard’s Country Manager, West Africa, Dr Folasade Femi-Lawal and Group Head, Retail & Digital Banking, United Bank for Africa (UBA), Shamsideen Fashola, during the the launch of the Mastercard Prepaid Card to further accelerate financial inclusion and expand access to digital payment solutions across Africa, held at the Bank’s headquarters in Lagos on Monday

Group Head, Retail & Digital Banking, United Bank for Africa (UBA), Shamsideen Fashola, who noted this is a demonstration of the bank’s customer-first approach, stated that the bank is committed to ensuring that every Nigerian is banked and gets the best service.

“This collaboration with Mastercard is yet another demonstration of our customer-first approach. We are committed to providing practical solutions that meet the everyday needs of Nigerians, and this card will make payments simpler, safer, and accessible to all”

Mastercard’s Country Manager, West Africa, Dr Folasade Femi-Lawal, said: “At Mastercard, we are relentlessly committed to advancing financial inclusion through innovative and secure digital payment solutions that serve both banked and unbanked Nigerians. Collaborating with UBA enables us to unlock endless possibilities by connecting individuals across all income levels, demographics, and social strata. Together, we are empowering Nigerians with the tools they need to confidently participate in the global economy and shape a more inclusive digital future.”

The prepaid card offers distinct benefits for different user groups. Cardholders can use it as a convenient budgeting tool; freelancers and gig workers gain a flexible expense solution; and the unbanked are empowered through a secure, reloadable allowance card. The product is globally accepted and supported by Mastercard’s trusted infrastructure, providing users with peace of mind and seamless digital payment experiences.

This collaboration aims to pave the way for a more inclusive and sustainable financial future in Africa, by striving to break down long-standing barriers, enable underserved communities, and advance economic growth.

United Bank for Africa (UBA) Plc is a leading pan-African financial institution, offering banking services to more than 45 million customers across 20 African countries, as well as in the United Kingdom, the United States, France, and the United Arab Emirates. With a strong focus on innovation, financial inclusion, and customer service, UBA provides retail, commercial, and institutional banking solutions, empowering individuals, businesses, and governments through cutting-edge digital platforms and inclusive financial products.

Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.

www.mastercard.com