Zenith Bank Plc yesterday marked a significant milestone with a Closing Gong Ceremony at the Nigerian Exchange (NGX), celebrating the successful conclusion of its public offer and the achievement of the Central Bank of Nigeria’s (CBN) recapitalisation target.
The Bank’s recently concluded public offer, which was heavily over-subscribed, contributed ₦350.46 billion to its total capital raise, bringing its capital base to ₦614.65 billion.
This positions Zenith Bank comfortably above the ₦500 billion regulatory threshold for banks with international authorization and underscores the strong confidence investors continue to place in the institution’s leadership, performance, and growth strategy.
Speaking at the ceremony, Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), commended the success of the offer, describing it as a reflection of the market’s strength and integrity. “This capital raise demonstrates the robust capacity of our markets. It’s a clear signal that with sound fundamentals and transparency, Nigeria can efficiently mobilize capital for growth,” he said.
Also speaking, Alhaji (Dr.) Umaru Kwairanga, Group Chairman of Nigerian Exchange Group (NGX Group), described the milestone as “a testament to strong leadership and a win for our capital markets,” adding that “Zenith Bank’s achievement solidifies its position as a pillar of the financial sector and underscores the market’s faith in its future.”
In his remarks, Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, highlighted the role of innovation in driving the success of the offer. “The oversubscription of Zenith Bank’s offer is a direct result of innovation and collaboration. Our NGX Invest platform was instrumental in broadening access, onboarding a new generation of investors, and deepening market participation,” he stated.
Reflecting on the achievement, Dr. Jim Ovia, Founder and Chairman of Zenith Bank Plc, expressed gratitude to the investing public for their trust and support. “This successful capital raise, which secures our regulatory standing, is a vote of confidence in our legacy and our future growth trajectory,” he said.
Dame (Dr.) Adaora Umeoji, Group Managing Director/Chief Executive Officer of Zenith Bank Plc, described the accomplishment as both a regulatory milestone and a springboard for sustainable growth. She also acknowledged the role of NGX Invest as a vital enabler in achieving the Bank’s goals.
“Reaching a capital base exceeding ₦600 billion is not just a compliance achievement; it’s a foundation for the future. Through platforms like NGX Invest, which expanded access and simplified participation, we were able to reach a broader pool of investors. This underscores how innovation within our market ecosystem can drive inclusivity and accelerate growth,” she stated.
The Closing Gong Ceremony symbolised the beginning of a new chapter for Zenith Bank, one defined by strengthened capacity, innovation, and renewed investor confidence.
It also underscored the productive collaboration between the Bank, regulators, and the exchange group in fostering a resilient and dynamic capital market in Nigeria.

Ecobank Nigeria says the ongoing “Fela Kuti: Afrobeat Rebellion” exhibition reflects its belief in the transformative power of art and culture to inspire change across Africa.
Speaking at the event, Omoboye Edu, Head of SME at Ecobank Nigeria, described the exhibition as one of the many ways the bank continues to promote African creativity and innovation.
“Hosting Afrobeat Rebellion at EPAC aligns with our mission to showcase the continent’s creative energy. We are proud to celebrate Fela’s legacy and the vibrant spirit of Afrobeat in a space that inspires dialogue, imagination, and progress,” she said.
She explained that the three-month exhibition, which celebrates the life, music, activism, and enduring influence of Fela Anikulapo-Kuti, opened on October 12 and will run until December 28, 2025.
Beyond the music and memories, the exhibition speaks to Ecobank’s broader commitment to economic growth through the creative sector. By providing platforms like EPAC, the bank continues to nurture collaboration, entrepreneurship, and cultural exchange, which are all vital to building a thriving creative economy in Africa.
At the opening ceremony, Lagos State Governor Babajide Sanwo-Olu applauded Ecobank for its unwavering support of Nigeria’s creative industry. Represented by Mrs. Bukola Agbaminoja, CEO of the Lagos State Film & Video Censors Board, the Governor noted that Ecobank’s involvement in Afrobeat Rebellion reflects its long-standing dedication to nurturing the country’s artistic and cultural heritage.
“By hosting this exhibition, Ecobank reaffirms its belief in the power of art and culture to drive economic development. The bank understands that creativity is not just an expression of identity; it’s a force that can reshape communities, build industries, and spark innovation,” he said.
Also speaking at the event, Laurent Favier, Consul General of France in Nigeria, described Afrobeat Rebellion as an inspiring blend of cultural diplomacy and artistic reclamation, praising Ecobank and its partners for championing the project.
“Supporting this exhibition in Lagos reflects our belief that culture is a bridge between nations. It builds on the success of the earlier Paris edition, celebrating Franco-Nigerian collaboration and honouring Fela’s enduring legacy,” he noted.
Supported by the French Embassy in Nigeria, Ecobank, and other partners, the exhibition highlights Fela’s dual legacy, as a revolutionary musician and fearless political visionary.
The opening night came alive with performances by Ezra Collective, Seun Kuti and several others. These performances set the tone for a season of artistic exploration inspired by Fela’s Afrobeat revolution.
Other highlights of the three months exhibition include, the Talks — a thought-leadership series featuring Yeni Kuti, Prof. Oyeronke Oyewumi, Falana, Ade Bantu, Minna Salami, and Kadaria Ahmed — and Kalakuta Cinema, a film series curated by S16 Collective, showcasing films like Music is a Weapon, Mami Wata, Timbuktu, and Finding Fela.
For younger audiences, the Young Rebels’ Corner offers an engaging creative hub for children aged 6 to 15, with workshops such as the Rebel Scrapbook, Jam Station, and Anikulapo Design Workshop — nurturing a new generation of imaginative thinkers.
The programme also features Karatu Book Readings, Manifesto: The Weapon of the Future, Òrò Abamì Spoken Word Competition, and Dance for Freedom, a movement workshop by The Mud Art Company.
Open to the public, Afrobeat Rebellion invites visitors to experience Fela’s legacy not only as a musician but as a symbol of courage, creativity, and social change — reinforcing Ecobank’s belief that when art is empowered, society is transformed.

Access Bank Plc has taken a major step toward seamless intra-African payments with the recent integration of the Pan-African Payment and Settlement System (PAPSS) into its flagship mobile application, AccessMore.
This strategic move underscores Access Bank’s commitment to enhancing cross-border payment experiences for its customers across the continent.
To mark the launch, the Chief Executive Officer of PAPSS, Mike Ogbalu III, paid a courtesy visit to the Bank’s head office in Lagos, where he held high-level discussions with Chizoma Okoli, Deputy Managing Director of Access Bank and Seyi Kumapayi, Executive Director for African Subsidiaries at Access Bank.
The discussions centered on deepening collaboration and optimizing the capabilities of PAPSS within the AccessMore ecosystem to deliver real-time, cost-effective, and secure cross-border transactions.
Speaking on the partnership, Chizoma Okoli, Deputy Managing Director, Access Bank said: “The integration of PAPSS into the AccessMore app is a significant milestone in our mission to unify Africa’s payment landscape. With Access Bank’s extensive footprint across the continent, this collaboration ensures that millions of our customers can now experience fast, efficient, and transparent cross-border payments like never before. Our goal is to leverage what we are building together to unlock innovations that seamlessly connect the continent, and we are delighted to partner with PAPSS in making this vision a reality”
Mike Ogbalu, Chief Executive Officer (CEO) Pan-African Payment and Settlement System (PAPSS), commenting on the collaboration said: “Our partnership with Access Bank is a game-changer for cross-border trade and payments across Africa. With the integration of PAPSS on AccessMore, we are enabling customers, individuals, SMEs, and corporates alike to transact effortlessly across borders, thereby supporting the goals of the African Continental Free Trade Area (AfCFTA). We’ve created a rail, and Access Bank has the network and customers. Within that, our rail can be used for all sorts of innovations. Access Bank can create products that we can carry on our network for every customer to use.”
Also speaking on the broader strategy, Seyi Kumapayi, Executive Director, African Subsidiaries at Access Bank, commented, “Access Bank’s vision is to be the world’s most respected African bank, and collaborations like this are essential to achieving that. By embedding PAPSS into AccessMore, we’re unlocking a new era of financial connectivity for our customers across our subsidiaries in over a dozen African markets.
PAPSS is significantly cost effective for cross border transactions, which makes it a highly valuable opportunity. To fully harness its potential, we need greater communication, stronger engagement, and coordinated rollouts across multiple countries at the same time. With the right momentum, we can accelerate adoption and achiever the scale this innovation deserves.”
This partnership between Access Bank and PAPSS is a step forward in realizing a fully interconnected Africa, where payments and trade move without friction. Customers can now enjoy a simplified, reliable, and faster method to send and receive money across African borders—directly from their AccessMore app.
The Access Bank Payments and Remittances Group manages AccessAfrica — the Bank’s proprietary cross-border payments platform — and oversees all remittance activities between Access Bank’s subsidiaries and international money transfer partners. At the core of its operations, AccessAfrica simplifies global transactions with speed, affordability, and reliability.
Currently available in Nigeria and 11 Access Bank subsidiaries across Africa, AccessAfrica enables cross-border payments to over 140 destinations worldwide through multiple channels, including branches, AccessMore, USSD, and Internet Banking. Access Bank is a leading force in African cross-border and remittance solutions, we facilitate a broad spectrum of international transfers — P2P, P2B, B2P, and B2B — reaching over 140 countries, connecting with more than 20,000 banks, and operating in over 20 global currencies.
The Group also drives remittance services in partnership with licensed International Money Transfer Operators (IMTOs), enabling customers worldwide to send funds to beneficiaries in Nigeria either as cash payouts or direct bank credits.

About Access Bank Plc
Access Bank Plc, a subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets, spanning three continents and over 20 countries. The Bank is focused on driving sustainable economic growth and financial inclusion across Africa.

About PAPSS
The Pan-African Payment and Settlement System (PAPSS) is a centralized financial infrastructure that enables secure and instant cross-border payments in local African currencies. Developed by Afreximbank in collaboration with the African Union and AfCFTA Secretariat, PAPSS is set to revolutionize how money moves across Africa.

Stanbic IBTC Holdings Plc proudly supported UAC of Nigeria Plc in its landmark acquisition of CHI Limited, delivering end-to-end financial support towards its successful completion.

Stanbic IBTC, in its capacity as Mandated Lead Arranger and Global Co-ordinator, partnered closely with UAC to structure a multi-product investment banking solution and financing package tailored to UAC’s objectives in executing a complex transaction.

Beyond arranging the facility, Stanbic IBTC provided a truly comprehensive solution, mobilising our full product suite, with our Global Markets team designing hedging solutions to manage FX risk, while our Escrow services structured settlement flows aligned to the transaction’s requirements.

Crucially, by leveraging the broader Standard Bank platforms, Stanbic IBTC was able to combine its pan-African expertise, cross-border counsel with deep local knowledge to successfully close one of the most significant FMCG acquisitions in Nigeria.

This support enabled UAC to complete its acquisition of a 100% equity stake in CHI Limited on 03 October 2025.

CHI Limited is one of Nigeria’s biggest food and beverage companies, with a leading position in the dairy, juices, nectars, and snacks segment of the Nigerian consumer goods segment. Its flagship brands, Hollandia (milk and yoghurt) and Chivita (fruit juice) have become household staples, supported by a nationwide distribution network and proprietary technologies.

UAC of Nigeria PLC is one of Nigeria’s oldest institutions with history dating as far back as 1879. Today, UAC is a holding company with interests organised around four key verticals – Edibles and Feed, Packaged Food and Beverages, Paints, and Quick Service Restaurants. They also own interests in a leading logistics services provider and a real estate development company. Creator of iconic brands such as Gala, Mr Bigg’s, Dulux, Grand, Supreme, UAC has shaped industries and consumer culture for over a century and remains a symbol of resilience, innovation, and leadership in Nigerian enterprise.

This acquisition enables UAC to expand its reach in the FMCG sector, accelerating entry into new product categories while consolidating its leadership position. Through the acquisition, UAC gains immediate access to CHI’s established distribution network, proprietary technologies, and a portfolio of dominant household brands in juice, dairy, and snacks. CHI’s strong brand equity, particularly in the dairy and fruit juice segments, compliments UAC’s ambition of building a powerful platform for growth and enhanced market penetration.

Speaking on the acquisition, Funke Ijaiya-Oladipo, Group Finance Director of UAC, stated: “This acquisition represents a transformative step for UAC as we expand our presence in the FMCG sector. Stanbic IBTC’s ability to provide an integrated, end-to-end financing solution, backed by the wider Standard Bank Group, was instrumental in helping us achieve this milestone through a flawless execution that gave us confidence throughout the process.”

“This transaction underscores our ability to deliver integrated solutions across advisory, structuring and execution. We are proud to have partnered with UAC on a transformative acquisition that not only advances their growth ambitions but also contributes to Nigeria’s economic development.” Oladele Sotubo, Chief Executive of Stanbic IBTC Capital Limited remarked.

The Managing Director/Chief Executive Officer of Unity Bank Plc, Mr. Ebenezer Kolawole, has said that a service culture built on responsiveness and innovation will differentiate the impact that customer service can make in any organisation.

Making the remarks at the flag off of the Customer Service Week 2025 in Unity Bank, Mr. Kolawole stated that “apart from constantly improving the way in which better customer support can be achieved, the increasing sophistication of our customers have made the Bank to also begin to focus more on customer experience innovation with investment being made in technology, systems, and people which enable us redefine our customer journey altogether.”

While extolling the Bank for always rising to any occasion, the Managing Director celebrated the resilient frontline staff for their unwavering dedication and reaffirmed the institution’s commitment to delivering exceptional customer service across all touch points, stating that this year’s celebration, themed “Mission: Possible,” underscores the Bank’s unwavering belief that every customer needs can be met through innovation, teamwork, and with service culture.

“The Bank’s customer service teams are well acclaimed for their passion, professionalism, and resilience in fulfilling the institution’s mission to provide exceptional service to its growing customer base”, the Unity Bank MD further stated.

In further acknowledgement, Mr. Kolawole stated: “At Unity Bank, our mission is clear — to make banking simple, accessible, and rewarding for every customer. ‘Mission Possible’ captures the spirit with which we approach every challenge and opportunity to serve; whether through our digital platforms, branch interactions, or customer support channels.”

Additionally, the Bank’s Chief Customer Service Officer, Elfrida Igebu, emphasised the significance of recognising and celebrating staff who consistently go above and beyond to serve customers.

“This year’s theme reminds us that what may seem challenging is always achievable with the right attitude, teamwork, and customer-first mindset. Our frontline teams embody this every day by demonstrating that at Unity Bank, service excellence is not just a goal, it is our mission,” Igebu said.

Throughout the week, Unity Bank organised activities across its branches and offices nationwide to reflect the Customer Service Week 2025, from customer appreciation engagements, Award of recognition for Staff, setting up festive ambience and decor, flamboyant service and cultural costumes donned by members to digital media activations. In time past, Unity Bank was among the first financial institutions to introduce a multilingual USSD platform, *7799#, and from then onwards, the Bank continues to upgrade features of its mobile banking platform, Unifi app, for optimisation, reinforcing customer experience innovation and convenience.

Stanbic IBTC Bank has taken a significant step in empowering stakeholders by hosting a strategic client forum focused on Nigeria’s economic trajectory.

The event, themed “Beyond the Numbers: Unpacking Nigeria’s Economic Trajectory – 2025 and Beyond,” brought together key stakeholders to discuss the country’s economic future and the role of financial institutions in driving growth.

The global market forum featured expert presentations that highlighted the significance of macroeconomic analysis and market intelligence in navigating Nigeria’s economic landscape. Attendees were provided with insightful perspectives on current trends and future projections, enabling them to make informed, strategic decisions in a dynamic environment.

Eric Fajemisin, Executive Director, Corporate and Transaction Banking, Stanbic IBTC Bank, expressed the bank’s commitment to enabling clients and partners to make informed choices. “Our goal with this forum is to empower our clients and partners to navigate these times when economic conditions are continually evolving,” he remarked.

Dare Otitoju, Head, Global Market Nigeria, Stanbic IBTC Bank, highlighted the bank’s focus on evolving beyond traditional financing solutions. “Our role extends beyond traditional financing. We strive to be true partners that enable success for all our clients by equipping them with relevant tools that foster growth,” he stated.

The forum provided a platform for attendees to engage directly with the bank’s team of economists and analysts, fostering a collaborative atmosphere that encouraged the sharing of innovative ideas and strategies. Feedback from attendees indicated that the event was a resounding success, with many remarking on the importance of informed decision-making in navigating economic challenges.

Stanbic IBTC Bank’s dedication to thought leadership and client empowerment is evident in this initiative. As Nigeria navigates significant reforms and global shifts, this forum has equipped participants with the clarity and context needed for effective decision-making.

Aboubakr Barry, CFA

Managing Director

Results Associates

Bethesda, MD

Why Must Global Trade Rely on the Dollar?

In April 2023, Brazil’s President Lula questioned in Shanghai why global trade should rely so heavily on the U.S. dollar—a currency whose supremacy was never the result of a democratic global vote. Despite frequent headlines about “de-dollarization,” the basic reality endures: the dollar’s dominance is maintained due to its liquidity, scale, and unrivaled supply of trusted assets. According to Paul Blustein in King Dollar (2025), around 60 percent of central bank reserves are held in dollars, predominantly U.S. Treasuries. Over three-quarters of global trade outside Europe occurs in dollars, and in the Western Hemisphere it’s an astonishing 96 percent.

The dollar accounts for 60 percent of cross-border deposits and loans, 70 percent of all international bonds, and about 90 percent of foreign exchange trades.

Even for business transactions between unrelated currencies, such as between Nigeria and Chile, the dollar typically remains the vehicle.

Why the Dollar Still Dominates

Exporters prefer billing and borrowing in dollars to reduce exchange rate risk. Once paid, those dollars are exchanged for local currency needs, driving continued FX demand. Risk management worldwide is built around dollar-based instruments.

The Bank for International Settlements (BIS) reported that daily FX trading hit $9.6 trillion in April 2025, with the dollar involved in 89 percent of trades.

The U.S. Treasury market, the world’s largest, stands at $18 trillion with $600 billion traded daily—allowing participants to transact huge sums without moving prices.

As David Mulford, a longtime advisor to Saudi Arabia, noted, such liquidity is absent elsewhere; even $5–10 million can impact prices in smaller markets. U.S. financial markets retain haven status due to strong property rights, reliable contract enforcement, and monetary independence.

What About the Euro and the Yuan?

The euro’s global ambitions face persistent structural and policy barriers.

ECB President Christine Lagarde wrote in June 2025 that Europe’s slow growth, fragmented capital markets, and shortage of high-quality safe assets (sovereign bonds rated AA or better are under 50 percent of EU GDP, versus over 100 percent in the U.S.) all limit the euro’s international reach.

For the euro to rise as a global currency, Europe must complete its single market, streamline regulations, and unify its capital markets.

Additionally, eurozone government debt is fragmented, which restricts the bond market’s depth and hinders the euro’s liquidity.

China is gradually increasing the yuan’s role. The Cross-Border Interbank Payment System (CIPS) now processes $90 billion in daily transactions—a leap from 2020 but small compared to $1.8 trillion daily via CHIPS, the dollar system.

The yuan only covers around 4.5 percent of international payments and about 2 percent of all global FX reserves. Restricted by capital controls, limited legal protections, and official oversight of many transactions, the yuan cannot offer the versatility of the dollar.

Past attempts at de-dollarization reveal key limits. In 2018, Xi Jinping encouraged Saudi Arabia to denominate oil sales in yuan, yet major questions emerged about how to use excess yuan. Similarly, when Russia sold oil to India in rupees (2023), Foreign Minister Sergei Lavrov admitted the funds could not be easily used without conversion to a more liquid global currency.

What This Means for Africa

Dollar appreciation, especially following Fed rate hikes in 2022, triggered severe consequences for many African economies. Dollar-denominated debts and imports ballooned. UNCTAD and The New York Times reported local wheat prices in Egypt soared 112 percent from 2020–2022 (well above the global average), with Ethiopia seeing a 176 percent increase. In Ghana, essential household costs rose by two-thirds in a year and borrowing costs exploded from 8 percent in 2016 to over 35 percent by 2022.

Lessons and Next Steps

The Asian response to the 1997 crisis is instructive. Kenneth Rogoff, ex-IMF chief economist, terms it the “Tokyo consensus,” recommending:

• Accumulating large FX reserves (as seen in Japan, India, Brazil, and South Africa) to reduce IMF reliance.
• Strengthening financial regulations and liquidity rules.
• Applying selective capital controls to curb volatile inflows.
• Granting central banks operational independence, focusing on price stability and deepening local currency markets to reduce dollar reliance.
• Opting for a managed exchange rate—neither strictly pegged nor fully floating—to improve competitiveness while mitigating USD volatility.

Former Malaysian central bank governor Zeti Akhtar Aziz admits building deep local markets and strong regulation is arduous work, but essential for emerging markets’ financial resilience.

For Africa, core priorities must include stabilizing exchange rates, empowering independent central banks, reinforcing financial regulation, and especially broadening the ability of governments and businesses to borrow in domestic currency.

This trajectory allows for reduced over reliance on the dollar. African finance ministers and central bank chiefs have real power to improve conditions by adapting the Tokyo consensus, tailoring it to African realities.

The critical determinant will be the political will to enact challenging reforms and resist pressures for easy but unsustainable solutions. As Paul Volcker, legendary Federal Reserve chairman, said, “The exchange rate is the most important price in an economy.”

By managing this crucial variable, Africa can better insulate itself from external shocks, strengthen sociopolitical stability, and attract investment for transformative growth.