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UBA Group To Commence Full Banking Operations In France

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As part of President Bola Ahmed Tinubu’s state visit to France, the Chairman of UBA Group, Tony Elumelu in the presence of President Tinubu and the President of France, Emmanuel Macron, signed a landmark business cooperation agreement with the French Finance Minister, Antoine Armand.

The agreement is a significant indication of support by the French Government for the development of UBA’s full banking operations in France.

Speaking at the signing ceremony, Tony Elumelu, the Chairman of UBA Group commented:
”This partnership reinforces our commitment to seamless international banking services for our customers, not just across the 11 Francophone African countries we serve, but Africa as a whole; and French and European customers transacting with Africa.

Expanding into France is a natural progression, with Paris serving as our European Union hub, as we continue to bring Africa and the world together, through innovative financial solutions. Paris will join London, New York and Dubai, as a critical component of our unique global network.”

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.

Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

 

BIG STORY

BREAKING: Lagos Set To Lead Africa’s Climate Revolution, Tokunbo Wahab Unveils Bold Agenda Ahead Of “Blue Economy, Green Money” Summit

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The Lagos State Government has reaffirmed its commitment to transforming environmental challenges into economic opportunities, as preparations heighten for the 11th Lagos International Climate Change Summit themed “Blue Economy, Green Money: Financing Africa’s Coastal Resilience and Ocean Innovation.”

Speaking at a press briefing held earlier today at the Eko Atlantic Corporate Office in Victoria Island, the Honourable Commissioner for the Environment and Water Resources, Tokunbo Wahab, declared that “Africa is not waiting to be rescued we are ready to lead.”

Wahab highlighted Lagos’ massive investments in coastal defenses, flood mitigation, renewable energy, urban greening, and circular economy initiatives, noting that these efforts are positioning Lagos as a model for climate resilience across the continent.

The upcoming summit is expected to attract subnational governments, global institutions, investors, scientists, and innovators to design actionable, bankable solutions for Africa’s coastal and environmental challenges.

Wahab was joined at the briefing by Special Adviser on Environment, Engr. Olakunle Rotimi-Akodu, alongside permanent secretaries, heads of agencies, and other key officials in the ministry.

“Together, we are shaping a Lagos that not only adapts to change but leads it,” Wahab affirmed.

#BlueEconomyGreenMoney #ClimateChangeLagos #AGreaterLagosRising

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Bill To Create Ijebu State Scales Second Reading At House Of Reps

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A bill proposing the creation of Ijebu State in Nigeria’s south-west region has passed its second reading at the House of Representatives.

The proposed legislation, sponsored by Olufemi Ogunbanwo, who represents Ijebu Ode/Ijebu North East/Odogbolu Federal Constituency of Ogun State, along with three other lawmakers, was considered and approved for second reading during Thursday’s plenary session.

The bill seeks to amend the 1999 Constitution to carve Ijebu State out of the existing Ogun State. This development adds to the increasing number of proposals before the National Assembly advocating for the creation of new states across the country.

Benjamin Kalu, the Deputy Speaker, who presided over the session, subsequently referred the bill to the House Committee on Constitutional Review for further legislative action.

The National Assembly is currently in the process of reviewing the 1999 Constitution, and Kalu, who also chairs the committee overseeing the exercise, had earlier stated that the process is expected to conclude in December 2025.

However, creating a new state in Nigeria remains a difficult constitutional process. According to Section 8(1) of the 1999 Constitution, such a move demands broad legislative and public approval.

For a new state to be created, the proposal must first receive a two-thirds majority vote from lawmakers representing the affected area in both the Senate and the House of Representatives, as well as from members of the State House of Assembly and the local government areas concerned.

After securing legislative approval, a referendum must be conducted in the proposed area, with at least two-thirds of residents voting in favour of the new state. The result of the referendum must then be ratified by a simple majority of all State Houses of Assembly across the federation before final approval is given by a two-thirds majority of both chambers of the National Assembly.

No new state has been created in Nigeria since the country returned to democratic rule in 1999.

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House Of Reps Moves To Peg Rent Increases At 20% Nationwide

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The House of Representatives has urged the federal government to collaborate with state governments to regulate rent increases across the country.

The resolution was adopted during plenary on Thursday after a motion moved by Bassey Akiba, a lawmaker representing Cross River State, was debated and passed.

Akiba noted that the prevailing economic situation in the country has severely affected individuals, households and businesses, particularly those who rely on rented accommodation.

The lawmaker said there is often a “sudden surge in rent” in neighbourhoods where public infrastructure projects such as roads, markets and other amenities have been completed.

He cited instances in the Federal Capital Territory (FCT) where rent in certain areas jumped from N800,000 to N2.5 million per annum following new road constructions, describing the increase as a heavy burden on tenants.

According to him, the “wanton exploitation” by some landlords undermines the government’s efforts to improve citizens’ welfare through public infrastructure projects. He warned that the trend could push struggling Nigerians into desperation and crime.

Akiba stressed the need for a fair balance between property owners’ rights and tenants’ welfare, urging that rent control be introduced to promote stability in the housing sector.

Following the adoption of the motion, the House called on the federal government to increase investment in affordable housing schemes and expand access to low-cost homes to ease pressure on the rental market.

It also directed the Ministry of Housing and Urban Development to work with states to “enforce rent control measures, ensuring that public infrastructure projects do not lead to exploitative rent hikes, and cap rent increases at no more than 20 percent of the existing rent, irrespective of infrastructure improvements or other factors”.

The Committee on Housing and Habitat was mandated to ensure compliance and report back to the House within four weeks for further legislative action.

In a related development, stakeholders in Nigeria’s real estate industry had earlier warned that rising land costs remain a major contributor to the country’s growing housing deficit, urging government intervention to make housing affordable for low- and middle-income earners.

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