Business
UBA Group Announces Loknath Mishra As UK CEO
Commenting on the appointment, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said, “Loknath brings an exceptional combination of global banking experience, regulatory credibility and deep expertise in wholesale and transaction banking.
• UBA UK CEO Loknath Mishra
United Bank for Africa (UBA), has announced the appointment of Loknath Mishra as Chief Executive Officer of UBA UK.
The appointment, which takes effect from February 2nd, 2026, reinforces the Group’s commitment to strengthening its international footprint and enhancing its role as a key financial bridge between Africa and the world.
As CEO of UBA UK, Mishra will focus on positioning the UK subsidiary as a centre of excellence for regulatory compliance and customer service, strengthening financial resilience through diversified liquidity and income sources, as well as deepening UBA’s leadership in trade, transaction, and correspondent banking in support of business flows in and out of Africa.
Mishra brings with him several decades of international banking experience across retail, corporate, investment and transaction banking, with a distinguished track record of building and leading regulated banking platforms in the United Kingdom and Europe.
Before joining UBA UK, Mishra served as Managing Director and Chief Executive Officer of ICICI Bank UK, where he played a central role in strengthening the bank’s presence across the UK and European markets, while significantly enhancing governance, regulatory engagement, and operational resilience.
He also held other senior leadership roles at ICICI Bank Limited, including Group Head of Wholesale Banking and Global Head of Transaction Banking, contributing to the expansion of the bank’s global wholesale franchise, strengthening risk management frameworks, and leading customer-centric transformation initiatives across corporate, institutional and financial institution segments.
Mishra is widely recognised for his leadership in complex regulatory environments and for driving digital innovation across trade finance, cash management and retail banking, and in recognition of his contribution to financial services, he was conferred with the Freedom of the City of London.
Commenting on the appointment, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said, “Loknath brings an exceptional combination of global banking experience, regulatory credibility and deep expertise in wholesale and transaction banking.
His leadership will be instrumental in advancing UBA UK’s role as a flagship subsidiary for the Group and in strengthening our capacity to support trade and investment flows between Africa and international markets.”
Official CBN Exchange Rates
US Dollar (USD) ₦1, 358.75
Great British Pound (GBP) ₦1,828. 06
EURO (EUR) ₦1,581. 58
SWISS FRANC (CHF) ₦1,724. 74
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦200.58
West African CFA (XOF) ₦2.40
SAUDI RIYAL (SAR) ₦361. 90
SOUTH AFRICAN RAND (ZAR) ₦83..65
Black Market Rates
US Dollar (USD) Buy ₦1,390 Sell ₦1,398
Great British Pound (GBP)Buy ₦1,580 Sell ₦1, 600
EURO (EUR) Buy ₦1, 590 Sell ₦1, 610
Canadian Dollar (CAD) Buy ₦1, 000 Sell ₦1, 100
South African Rand (ZAR)Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦180 Sell ₦200
Ghana Cedi (GHS) Buy ₦100 Sell ₦115
West African CFA Buy ₦2,450 Sell ₦2550
Central African CFA Buy ₦2,320 Sell 2,400
Australian Dollar Buy ₦800 Sell ₦900
Source: CBN/ Aboki Forex
Business
Dangote Refinery increases processing capacity to 700,000 bpd
Speaking on the development, Vice President of oil and gas at Dangote Industries Limited, Devakumar Edwin, said that the refinery plans to expand its processing capacity to 1.4 million bpd within the next 30 months.
Dangote Petroleum Refinery & Petrochemicals has increased its crude oil processing capacity to 700,000 barrels per day (bpd), surpassing its official nameplate capacity of 650,000 bpd.
This was disclosed today in a statement issued by the Dangote Group’s Head of Corporate Communications, Anthony Chiejina.
Chiejina emphasised that the increased capacity highlights the refinery’s strong engineering design and operational efficiency.
Speaking on the development, Vice President of oil and gas at Dangote Industries Limited, Devakumar Edwin, said that the refinery plans to expand its processing capacity to 1.4 million bpd within the next 30 months.
According to him, the goal is to position the facility among the largest refineries in the world.
Edwin noted that the expansion would enhance Nigeria’s energy security, eliminate dependence on imported petroleum products, and strengthen the country’s position as a major exporter of refined products.
Business
NEPZA to go live on RevOP, FTe-R
Oyedele added that a total of 31 MDAs had already gone live on the platform and 21 more agencies are to be captured next, as the government is working assiduously to achieve 100 percent financial probity before the end of the year.
Photo: Minister of Finance, Taiwo Oyedele
The Nigeria Export Processing Zones Authority (NEPZA) and 20 other Federal ministries and agencies (MDAs) have made a firm commitment to integrate and adopt the Revenue Optimisation and Assurance Platform (RevOP) and the Federal Treasury e-Receipt (FTe-R) to improve overall transparency in Federal Government financial operations.
RevOP is a digital, technology-driven system used to track, collect, reconcile, and protect financial revenues. These platforms are typically designed to identify revenue leakages, prevent fraud, automate billing, and ensure that every transaction is visible and traceable in real time.
This revelation came after a meeting between the Minister of Finance and the Chief Executive Officers of 21 affected agencies in Abuja on Tuesday.
The new RevOP was approved by the Federal Executive Council to eliminate day-to-day financial fraud and to advance the financial transparency initiative of President Bola Ahmed Tinubu’s administration.
The Minister, who was represented by the Permanent Secretary of the Ministry of Finance, Muhammed Sanusi, reminded the CEOs that the new revenue monitoring platform was created by the government to comprehensively record its revenue and expenses.
Oyedele added that a total of 31 MDAs had already gone live on the platform and 21 more agencies are to be captured next, as the government is working assiduously to achieve 100 percent financial probity before the end of the year.
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