Business
UBA To Rollout Banking Products For Ex-staff

” As a bank that is interested in the welfare of both staff and ex-staff, we are going to roll out products that are specifically tailored to suit the needs of all our alumni.”
Oliver Alawuba, UBA’s Group Managing Director, disclosed this, during the relauch of the UBA Alumni Network Programme, in Lagos.
He said that some of the new offerings and benefits to be enjoyed by the members of the UBA alumni include debt restructuring and a moratorium for staff who left while still servicing loans, top-up loans, CoT concessions, access to senior citizens loans, and fast-tracking of banking services, among others.
He expressed the bank’s commitment to reposition the alumni to do more to ensure that ex-staff remain comfortable ambassadors of the brand.
“I understand that this very key network was launched in 2021, and we have come here today to assure all the members of our alumni that UBA, which is over 75 years old, will continue to play the role of becoming a beacon of hope to our Ex-staff,” he said .
Muyiwa Akinyemi, the UBA’s Deputy Managing Director, also noted that the bank is where it is today because of the sacrifices made by its ex-staff several years ago, adding that this is the driving force behind the bank’s desire to support them.
“Today, we are here, but tomorrow, we might be somewhere else, and it is, therefore, essential for us to bond with our former employees who we recognise as ambassadors that have contributed to the bank’s legacy in various sectors over the years,” Akinyemi stated.
He explained that with 35 million customers and over 25,000 staff, the bank remains committed to fostering a vibrant alumni community.
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“We will continue to rely on this all important network to help us to know how to serve you better, in the four continents and 24 countries that UBA currently operates in,” he said
The Chairperson of the UBA Alumni Network, Mosunmola Yusuf, who was a former staff with the Employee Experience unit, explained that the bank aims to harness the wealth of knowledge and experience of its former employees, creating a powerful network that extends far beyond the continent.

The Dangote Petroleum Refinery and Petrochemicals has appointed David Bird, the former head of Oman’s Duqm Refinery, as its new Chief Executive Officer.
A report by S&P global on Friday said, Bird heads the refinery’s petroleum and petrochemicals division in a strategic move to overcome production challenges and advance its next wave of expansion.
Effective from July 2025, the former Shell head of operations at its Balau Pokom refinery stepped in as CEO of the Dangote Group’s fuels and petrochemicals business, which commissioned the world’s largest single-train refinery last year.
The CEO participated at the just concluded Dangote Leadership Development Program Graduation Ceremony.
Business
Trump Imposes 15% tariff on Nigerian Imports
Under the revised tariff schedule:15% tariffs now apply to Nigeria, Angola, Ghana, South Korea, Turkey, Japan, Israel, Norway, and several others.10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.

US President Donald Trump has approved a 15 percent import tariff on Nigeria and dozens of other countries.
The White House announced the implementation of the new reciprocal tariff rates on Thursday.
In April, Trump imposed a 14% tariff on Nigerian imports, citing the need for fairer trade terms.
That move was followed by a 90 – day grace period to allow time for bilateral trade negotiations, pushing the final decision deadline to August 1.
However, the majority of talks failed to result in new trade agreements.
As a result, the new tariff rates are now being implemented, with Nigeria among dozens of countries facing increased duties under the revised plan.
African countries, including Nigeria, were unable to secure individual trade deals with the United States despite urgent efforts from both sides.
During the negotiation window, Trump also reintroduced travel restrictions targeting several African nations. Though Nigeria was initially exempt, it was later added to the list as the policy evolved.
Under the revised tariff schedule:15% tariffs now apply to Nigeria, Angola, Ghana, South Korea, Turkey, Japan, Israel, Norway, and several others.10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.
Tariffs climb to 18% for Nicaragua, 19% for countries like Indonesia and Pakistan, and 20% for countries like Indonesia and Pakistan, and 20% for Bangladesh, Vietnam, and others.
10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.Tariffs climb to 18% for Nicaragua, 19% for countries like Indonesia and Pakistan, and 20% for Bangladesh, Vietnam, and others.
More severe penalties include 25–41% tariffs for countries like India, South Africa, Iraq, and Syria.
Switzerland faces a steep 39% duty, while Laos and Myanmar are hit with 40%.Syria tops the list at 41%.
Meanwhile, negotiations are still ongoing with China, Washington’s main trade rival.
Canada is facing a 35% tariff, while Mexico was hit with a trio of levies, including a 50% duty on metals. Brazil, previously under a 10% tariff, was slapped with an additional 40% charge on Thursday, bringing its total to 50%.
Business
EU accuses online giant Temu of selling ‘illegal’ products
EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users.

The European Union accused Chinese-founded online shopping giant Temu on Monday of breaking the bloc’s digital rules by not “properly” assessing the risks of illegal products.
AFP reports that TEMU, wildly popular in the European Union despite only having entered the continent’s market in 2023, Temu has 93.7 million average monthly active users in the 27- country bloc.
EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users.
Evidence showed that there is a high risk for consumers in the EU to encounter illegal products on the platform,” the European Commission said in its preliminary finding.
It pointed to a mystery shopping exercise that found consumers were “very likely to find non-compliant products among the offer, such as baby toys and small electronics.”
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