Business
Elumelu unveils Ucee MFB
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.”
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
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