Business

Elumelu unveils Ucee MFB

Published

2 years ago

August 20, 2024

654 Views

The Chairman of the United Bank for Africa (UBA), Tony Elumelu, has launched Ucee Microfinance Bank (MFB), a subsidiary of United Capital Plc.

Mr Elumelu, flanked by the Chairman of Ucee MFB, Stephen Nwadiuko; Group CEO of United Capital Plc, Peter Ashade; and Managing Director/CEO of Ucee MFB, Esther Adeola-Balogun; performed the official tape cutting on Monday in Lagos.

Elumelu said that the MFB was birthed in fulfilment of the group’s long-time dream.

Elumelu said, “What we have done is just one per cent of making sure that we help to improve lives, create prosperity and help the society in living a more comfortable life.”

He expressed optimism that MFB would surpass the collective expectations of the group, customers and the Nigerian public.

The top investment banker also expressed confidence in the ability of the MD/CEO to take Ucee MFB “beyond the shores of Nigeria.”

On his part, Mr Ashade said the Ucee MFB aimed to drive financial inclusion and increase access to capital financial services in line with the objectives of the Central Bank of Nigeria (CBN).

He said, “Our mission is simple, helping our esteemed clients to reach their financial goals and democratising access to financial services and infrastructure.”

Related Topics:Elumelu Featured Ucee MfB

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Business

NCC, CBN To Warn Companies By Flagging Fraudulent Phone Numbers

“A phone number has also become part of our digital identity, used to access financial services, manage pensions and shop online,” Maida said.

Published

31 minutes ago

October 21, 2026

OCHEFA

3 Views

The Nigerian Communications Commission is working with the Central Bank of Nigeria (CBN) to identify recycled phone numbers and numbers flagged for fraudulent activities.

The NCC Executive Vice Chairman, Dr Aminu Maida, disclosed this on Tuesday in Lagos at the commission’s 95th Telecom Consumer Parliament.

Maida said that the proposed verifications under its Telecommunications Identity Risk Management System (TIRMS) would help organisations to identify fraudulent linked phone numbers and reduce the risk of unauthorised access to customers’ accounts and services.

He said phone numbers have become central to how people access digital services.

“A phone number has also become part of our digital identity, used to access financial services, manage pensions and shop online,” Maida said.

Business

Currency Words You Should Know

Appreciation is an increase in a currency’s value under a market-driven exchange-rate system.

Published

56 minutes ago

October 21, 2026

OCHEFA

6 Views

As of October 21, 2026, the Naira is exchanging at the parallel makert at 1370 USD, 1800 British Pound, while the EURO is1500.

Here’s are some words commonly used in currency movement in the foreign exchange market:

Devaluation occurs when authorities deliberately reduce a currency’s official value under a fixed or managed exchange-rate system.

Revaluation occurs when authorities deliberately increase a currency’s official value under such a system.

Depreciation is a decline in a currency’s value under a market-driven exchange-rate system.

Appreciation is an increase in a currency’s value under a market-driven exchange-rate system.

For example, if the exchange rate moves from ₦1,500 per dollar to ₦1,200 per dollar, the naira has appreciated against the dollar because fewer naira are needed to purchase one dollar. If the rate moves from ₦1,200 to ₦1,500 per dollar, the naira has depreciated.