Business
UBA’S DEBUT $500M EUROBOND OVERSUBSCRIBED 240% BY GLOBAL INVESTORS, FURTHER VALIDATION OF UBA’S PAN-AFRICAN GROWTH STRATEGY
United Bank for Africa Plc (UBA) successfully raised USD500 million, though a debut Eurobond, which was 240% over-subscribed. The significant investor demand reflects the strong global investor appetite for UBA’s credit and support for the Group’s pan-African financial services strategy. The Global Offering is a five-year senior unsecured benchmark bond (144A/Reg S) listed on the Irish Stock Exchange and will further support the Group’s strategic vision, as it continues to grow its franchise across the continent and client segments.
The bond, which is rated by both Fitch (B, stable outlook) and S&P (B, stable outlook), matures in June 2022 and was issued with a coupon rate of 7.75%, priced at an effective yield of 7.875%. This pricing is seen by the global investor community as the best possible pricing for a debut issue from a financial institution of Nigerian origin in current markets. The pricing was at par to the recent bond issue by the Federal Republic of Nigeria, which issued USD1 billion in February 2017.
Investor interest was global, including the United Kingdom, Europe, Asia, the Middle East and the US.
Speaking on the offering, the Group Managing Director/CEO of UBA Plc, Mr. Kennedy Uzoka stated: “This successful dollar-denominated offering further illustrates global investor confidence in the strong fundamentals of our Group. The USD500 million bond will complement our stable funding base and support the growth of our balance sheet and the overall business. More importantly, this medium-term funding will further enhance our strength in financing profitable, impactful projects on the African continent.”
Also commenting on the Eurobond, the Group CFO, Mr. Ugo Nwaghodoh said: “UBA’s debut global offering is another milestone for us. It is timely in the Group’s growth phase and aligns with our strategic plan to profitably grow the balance sheet, as we maintain our prudent risk management and benchmark asset quality ratios.”
The United Bank for Africa Plc is a leading pan-African financial institution, offering banking services to more than 14 million customers, across over 1,000 business offices and customer touch points in 19 African countries. With presence in New York, London and Paris, 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.
Business
Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech
Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech.
The founder of coHouse.ng is reimagining how millions of Africans access, experience, and share housing through technology.
In Africa’s rapidly evolving innovation landscape, the most transformative companies are no longer defined by the industries they enter, but by the systems they redesign.
For Dennis Ekamah, the opportunity was never about constructing buildings, it was about confronting a deeper question.
why is access to housing still so structurally difficult for millions of Africans in a digital age?
Rather than stepping into real estate as a developer. Dennis chose a different path, positioning coHouse.ng as a PropTech platform rethinking how housing is accessed, experienced, and shared. At the heart of this vision which is connecting potential home owners together via resource pooling for the purpose of either Living or Growth. Simply, *Connect. Live. Grow.*
*A Platform Not a Property Company*
coHouse.ng is not a real estate company. It is a technology-driven ecosystem connecting like-minded individuals into structured communities where they can live intentionally, invest collectively, and grow within a shared system.
From Insight to Recognition
In 2025, coHouse.ng was recognised among the Top 50 Tech Startups in Africa. Even ahead of its official launch, the platform attracted over 1,000 early waitlist users, individuals eager to be part of a new way of living and investing.
Solving for Access, Alignment, and Trust
Dennis Ekamah’s diagnosis goes deeper than supply shortfalls. The real barriers he argues are access, coordination, and trust. coHouse.ng tackles all three through identity verification powered by a third party verification system api. coHouse is not flying solo without the help and collaboration with government bodies across Nigeria and other African countries.
In his words;
“Imagine what you would achieve as an individual or group if you’re living with the right people or like-minded individuals around you.”
I’m not a developer, I’m not a professional realtor, I’m just someone who sees the need for this solution based on the problem we face as youth/young entrepreneurs in today’s housing deficiency across Africa.
— Dennis Ekamah
Join our waitlist by visiting www.cohouse.ng
Business
Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil
Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil
The Federal High Court sitting in Uyo has dismissed a ₦50 billion lawsuit filed against ExxonMobil, sued as Mobil Producing Nigeria Unlimited, now Seplat Energy Producing, in a ruling analysts say could significantly reshape oil spill litigation and compensation claims in Nigeria’s petroleum sector.
Delivering judgment on April 29, 2026, Justice Onyetenu held that the suit instituted by the Ejige Ore Njenyisi Muma & Fishing Co-operative Society Ltd was incompetent and liable to dismissal for lack of jurisdiction.
The plaintiffs had sought ₦50 billion in damages over an alleged hydrocarbon spill said to have occurred on September 12, 2021.
However, counsel to the defendant, Chinonso Ekuma of KENNA LP, successfully argued that the claimants failed to disclose any legally recognisable violation attributable to the oil firm.
In its findings, the court held that the plaintiffs failed to establish any actionable wrongdoing against the defendant.
A key element in the court’s decision was the Joint Investigation Visit (JIV) Report tendered by the plaintiffs themselves, which showed that the alleged spill incident was confined within ExxonMobil’s operational facility and did not impact the members of the cooperative society or their sources of livelihood.
The court further ruled that claims arising from such incidents must be pursued strictly under the statutory compensation framework provided in Section 11(5) of the Oil Pipelines Act, rather than through common-law claims founded on negligence or nuisance.
Justice Onyetenu held that the plaintiffs’ attempt to circumvent the statutory regime by framing the suit as a tort action rendered the matter incompetent before the court, thereby depriving it of jurisdiction.
Legal analysts say the judgment reinforces the supremacy of the Oil Pipelines Act in determining compensation procedures relating to oil pipeline incidents and environmental claims in Nigeria.
The ruling is also seen as strengthening the evidential weight of Joint Investigation Visit Reports, particularly in cases where such reports indicate no direct impact on claimants or host communities.
Industry observers believe the judgment will have far-reaching implications for future oil spill litigation, especially regarding the procedural requirements for compensation claims against oil operators.
The court’s decision further provides clarity for operators within Nigeria’s energy sector by reaffirming that compliance with Section 11(5) of the Oil Pipelines Act is mandatory and cannot be sidestepped through alternative legal formulations.
While K.O. Uzuokwu appeared for the plaintiffs, the defence was led by Chinonso Ekuma of KENNA LP on behalf of ExxonMobil.
Bank
Union Bank Honoured by ASBON at Nigeria National SME Business Awards
Union Bank Honoured by ASBON at Nigeria National SME Business Awards
Lagos, Nigeria – Union Bank of Nigeria has reaffirmed its reputation as a strong supporter of Nigerian businesses, receiving the Best SME Growth Banking Initiatives Award for 2025 from the Association of Small Business Owners of Nigeria (ASBON) at the Nigeria National SME Business Awards, held recently in Lagos.
The award was presented to the Bank in recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises, through a differentiated suite of solutions designed to enable business expansion and long-term value creation.
Receiving the award on behalf of the Bank, Ayokunnumi Abraham, Head of SME Segment at Union Bank, described the recognition as a strong endorsement of the Bank’s commitment to supporting small and medium-sized businesses. He said:
“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible. Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting. These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive.”
Organised by ASBON in partnership with the Lagos State Government through the Ministry of Commerce, Cooperatives, Trade and Investment, the event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.
Union Bank remains focused on deepening its support for SMEs through customer-led solutions and processes that strengthen business growth across the ecosystem.
-
news5 months agoWHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
-
society1 week agoSOCIAL MEDIA IS NOT A BATTLEFIELD COMMAND – WHY THE NIGERIAN ARMY’S ACTION AGAINST JUSTICE CRACK IS A NATIONAL SECURITY IMPERATIVE
-
celebrity radar - gossips4 months agoDr. Chris Okafor Returns with Power and Fire of the Spirit -Mounts Grace Nation Altar with Fresh Anointing and Restoration Grace on February 1, 2026
-
celebrity radar - gossips5 months agoProphet Kingsley Aitafo Releases 2026 Prophecy: ‘Nigeria Will Rise, but the World Must Prepare for Turbulence’



You must be logged in to post a comment Login
You must log in to post a comment.