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University Dons Proffer Solutions to Africa’s Economic Prosperity at the UBA Professorial Lecture
Intellectuals and leading minds across Africa have suggested the adoption by governments, of strategic policy actions which are expected to ultimately lead to the economic prosperity of the continent.
The Academics who spoke during the first Lecture Series of the UBA Professorial Chair in Finance at the University of Lagos (UNILAG) on Tuesday, listed a number of policy measures and strategies that can bring about far reaching results. These include instituting stable macro-economic policies, the adoption of supply-side strategies, capital market development, enhancement of banking and financial system, liberalisation of the economy, privatisation and reduced government dominance of economic management, democracy and good governance, human capital development, policy co-ordination and enabling the multilateral environment.
These polices are capable of creating a sustainable path towards the socio-cultural, economic and political development of the continent.
The Professor of Finance and Chairman, UBA Professorial Chair, University of Lagos( UNILAG) Prof John Ezike was joined by the Head of Department, Economics, UNILAG, Professor Risikat Dauda and Senior Lecturer, Finance Department UNILAG, Dr Olalekan Obademi as they took turns in making contributions on the theme ‘The Dynamic Structure of World Economy from Globalisation To Slowbalisation; The African Dilemma’.
Ezike who led the discourse, explained that the global economy is currently witnessing the fourth wave of revolution in civilisation, which is the movement towards de-globalisation or Slobalisation, adding that countries that have not benefitted from globalisation are those that fail to implement sound macroeconomic measures to maintain financial and exchange stability.
He said, “It behoves countries in sub Saharan –Africa, therefore, to strive to adopt policies that are in consonance with the realities of the rapid integration of world economies. The world must seek for answers in a new ideology which will allow globalisation to prosper faster, but prevents the rise of elitism. In point of fact, some world leaders are already of this view as they have condemned the trickledown theory of capitalism.”
Supporting his point, Professor Ezike shed light on how the mentioned policies can take the continent to a new high. On Stable Macroeconomic Policies, he explained that Globalisation increases the cost of macroeconomic distortions while enhancing the reward for sound policies. “As a result, it is important that sound macroeconomic, sectorial and structural policies are applied to improve internal balance, ensure external sector viability and increase the overall rate of economic growth”. Stable macroeconomic policies also ensure that the domestic economy is insulated from disruptive short term capital flows as investment savings decisions would be predicated on domestic economic fundamentals rather than market sentiments that may be unrelated to developments in the economy.
While explaining Capital Market Development, he explained that the capital market should be developed before opening it to international competition. He further noted that the gradual opening up of the capital market would help to reduce the influx of destabilising short term capital flows which in some cases may result in economic overheating. To avoid unintended developments, the capital market should be opened up gradually after adequate safeguards have been put in place and productive sectors have been strengthened.
Enhancing of the Banking and Financial System: In this case, he said the banking and financial systems needs to be strengthened through adequate supervisory and prudential regulations to ensure that internationalisation does not disrupt the financial sectors, precipitate macroeconomic instability and weaken the productive sectors of the economy.
For Democracy and good governance, Ezike noted that good governance is invaluable for a prosperous economy and that the rule of law, transparency and accountability, the bedrock of public administration prevails. He added that, it is worthy to note that excessive government intervention in economic management creates a fertile ground for corruption and rent seeking agencies. “A well-focused administration geared towards reducing bottlenecks on the path of the private sector, would generate adequate impetus for the acceleration of economic growth, he concluded, saying rule of law reduces the incentives for corruption and ultimately creates an enabling environment for the efficient allocation of resources through the free interplay of market forces”.
According to him, history has shown that it is difficult or near impossible to sufficiently gain sustain growth in an economy like Nigeria which is highly multi-ethnic, has diverse parts, but is highly dependent on a mono-product export resource.
“At this juncture, it is safe to say Nigeria and other countries in its league, must out of necessity enthrone true federalism, in its governance and diversify its economic and export base in order to reposition the economy so as to reap the attendant benefits of dynamic world globalisation/slobalisation”, she noted
On his part, the Deputy Vice Chancellor, and Chairman UBA Board of Trustees, Mr. Ben Oghojafor, appreciated UBA for resuscitating the UBA Professorial Chair of Finance and the laudable support it continues to give the institution.
UBA had in 2015 resuscitated the UBA Professorial Chair of Finance at the UNILAG with an endowment sum of the N52.9 million with the aim of bridging the huge gap in the funding of educational system in the country.
Oghojafor said, “It is to the credit of UBA, that the seed they planted through the first endowment has grown and is now bearing fruit. It is on record that the first endowment in 1972 facilitated the establishment of the department of finance in 1973, the first of such department in Finance in any University in Nigeria and has helped train a great number of finance graduates who have gone on to make great impacts in the country”.
“We appreciate the generosity of UBA in helping to make this colloquium a reality today and are hopeful that the bank will sustain this noble initiative for a long time to come”, Oghojafor said.
In his response, Group Managing Director, Kennedy Uzoka, United Bank for Africa, represented by Head, Micro-small, Small and Medium Enterprises (MSMEs),Mr Babatunde Ajayi said: “UBA is very proud to be associated with the endowment of professorial chair of finance in University of Lagos and it is our plan to continue to endow that chair”. He also noted that it is the banks passion to improve the quality of education across the continent, particularly in the 20 African countries that the bank is present.
“It is also our way of giving back to the society, as we will continue to sustain the initiative and many more that concern education, because it is very important to UBA and we are more than committed to providing the necessary support for the youths in Nigeria and across the African continent,” Ajayi said
l-r: Director of Advancement office, University of Lagos; Mr. Oluwarotimi Shodinmu; Regional Head, UBA Plc, Mr Uzoechina Molokwu; Guest Speaker, Professor Dauda Risikat; Deputy Vice Chancellor, University of Lagos and Chairman Board of Trustees, UBA Professorial Chair, Professor Ben Oghojafor; Chair Occupier, UBA, Professorial Chair in Finance, Professor John Ezike; Head, Head, Micro-small, Small and Medium Enterprises (MSMEs), United Bank for Africa, Mr. Babatunde Ajayi; and Regional Head, UBA Plc, Mr. Uche Agu, at the 1st Annual Lecture of UBA Professorial Chair in Finance, themed: The Dynamic Structure of World Economy, From Globalisation To Slowbalisation ; The African Dilemma… held at University of Lagos on Tuesday
Regional Head, United Bank for Africa(UBA) plc, Mr. Uche Agu; Head, Micro-small, Small and Medium Enterprises (MSMEs), UBA Plc Mr. Babatunde Ajayi; Deputy Vice Chancellor, University of Lagos(UNILAG) and Chairman Board of Trustees, UBA Professorial Chair in Finance, Professor Ben Oghojafor; Guest Speaker, Professor Dauda Risikat; Head Of Department, Finance, UNILAG, Dr. Ayo Olowe; and Chair Occupier, UBA, Professorial Chair in Finance, Professor John Ezike, at the 1st Annual Lecture of UBA Professorial Chair in Finance, themed: The Dynamic Structure of World Economy, From Globalisation To Slowbalisation ; The African Dilemma… held at University of Lagos on Tuesday
l-r: Director of Advancement office, University of Lagos; Mr. Oluwarotimi Shodinmu; Regional Head, UBA Plc, Mr Uzoechina Molokwu; Guest Speaker, Professor Dauda Risikat; Deputy Vice Chancellor, University of Lagos and Chairman Board of Trustees, UBA Professorial Chair, Professor Ben Oghojafor; Chair Occupier, UBA, Professorial Chair in Finance, Professor John Ezike; Head, Micro-small, Small and Medium Enterprises (MSMEs), United Bank for Africa, Mr. Babatunde Ajayi; and Regional Head, UBA Plc, Mr. Uche Agu, at the 1st Annual Lecture of UBA Professorial Chair in Finance, themed: The Dynamic Structure of World Economy, From Globalisation To Slowbalisation ; The African Dilemma… held at University of Lagos on Tuesday
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AUBA Commences Comtempt Proceedings Against WEMPCO Directors over Alleged Disobidence of Court Order
Mr. Lewis Tung and his brother Robert Tung
The Federal High Court, presided over by Honourable Justice Aluko, has granted an application by United Bank for Africa (UBA) Plc for substituted service of Form 49 on directors of Wempco named as alleged contemnors in the case of UBA v. Wempco.
The application forms part of proceedings seeking to determine whether the named individuals disobeyed an order of the court and whether they should be committed to prison for contempt.
The directors named as alleged contemnors are Lewis Shui Ngor Tung, Phillip Shui Chei Tung, M.A. Ola Yusuf, Tung Lawrence Blake, Aali Aare Hadji Tokunbo, Paul Shui Po Tung, Tung Robert, C.L. Ip and Taiwo Alli.
In advancing the application, counsel to UBA argued that service of Form 49 on the alleged contemnors was necessary to enable them to appear before the court and show cause why an order of committal should not be made against them.
He also argued that the Directors of Wempco and some members of staff took illegal steps in an attempt to disobey the Order of Court.
The court’s decision to grant substituted service provides a procedural step towards bringing the notice to the attention of the individuals concerned in accordance with the court’s directions.
Form 49 is a notice requiring an alleged contemnor to show cause why an order of committal to prison should not be made against them for alleged disobedience of a court order.
The Federal High Court had earlier made an Order of Mareva Injunction and appointed a Receiver/Manager over some of the Assets of Wempco following the indebtedness of Wempco to UBA in the sum of N61,445,695,993.76 (Sixty One Billion FourHundred and Forty-Five Million Six Hundred and Ninety Five Thousand, Nine Hundred and Ninety Three Naira, Seventy Six Kobo).
A Lagos State High Court, last Thursday, granted interim preservative orders of Mareva Injunction against Vitol SA – a Switzerland based Energy Trading company, and four other shipping companies in favour of United Bank for Africa Plc.
The bank alleged Vitol of wrongful release of cargoes of petroleum products which were consigned to the order of United Bank for Africa Plc in the Bills of Lading.
Addressing the Court, Bode Olanipekun, SAN, lead counsel for United Bank for Africa, urged the Court to grant the interim preservative orders against Vitol and the other shippers.
In a ruling on the application, the presiding judge, Honourable Justice K. A. Jose (Mrs.) granted three prayers in UBA’s application, including requests to restrain the dissipation of assets and dealings with funds up to the disputed amount by Vitol S.A.
“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.
The application was brought pursuant to Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.
UBA is seeking to contend in the substantive proceedings that Vitol SA and the owners of the vessels, are liable for alleged conversion, misrepresentation and negligence arising from the non-delivery of the petroleum products.
UBA also cited 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service, in connection with the application.
In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, stated that the bank issued a letter of credit for the benefit of Vitol SA to facilitate a petroleum products transactions.
UBA alleged that the cargo was transported to Nigeria and that the vessels’ masters issued several bills of lading.
The bank further alleged that Vitol subsequently endorsed the bills of lading “to the order of” UBA and handed over the original copies to it.
UBA maintained that the endorsement entitled it to take possession of the cargo upon completion of the voyage.
However, Chilaka stated that the bank had not received the gasoil despite the completion of the voyage.
“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.
UBA alleged that the cargo was instead, applied to the use of another party, contending that the respondents’ failure to deliver it amounted to conversion and negligence.
The bank argued that the respondents had obligations arising from the transaction and the endorsement of the shipping documents, which it claimed were not fulfilled.
The bank alleged that the cargoes associated with those transactions were also diverted to the use of other parties after their voyages, rather than delivered to UBA.
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BANKING ON HER TOMORROW: ZENITH BANK EMPOWERS 300 GIRLS WITH EDUCATION, KNOWLEDGE AND CONFIDENCE
Zenith Bank Plc has launched the maiden edition of its Girl-Child Empowerment Programme, themed “Banking on Her Tomorrow,” bringing together 300 schoolgirls aged 13 to 17 from selected schools across Lagos for a day of learning, mentorship and personal development.
Held on Monday, October 12, 2026, at the Civic Centre, Victoria Island, Lagos, the programme featured sessions on finance and investment, etiquette and personal development, social media ethics, and social relationships and interactions, equipping participants with practical knowledge and skills for their personal, educational and future career journeys.
The initiative, a brainchild of the Bank’s Group Managing Director/Chief Executive Officer, Dame (Dr.) Adaora Umeoji, OON, reflects Zenith Bank’s commitment to nurturing the potential of young girls and helping them make informed choices about their futures.
In her welcome address, Dame (Dr.) Umeoji urged the participants to believe in their abilities, pursue their ambitions and remain focused and disciplined. Drawing on examples of young girls who have achieved remarkable feats, she challenged them to look beyond their present circumstances and envision the women they aspire to become.
“To all my amazing young ladies here today, each of you possesses gifts, talents, and ideas that are capable of revolutionising the world. You can revolutionise the world with your ideas,” she said.
The GMD/CEO further encouraged the girls to explore their interests and resist societal limitations, stressing the importance of taking ownership of their futures.
“Never allow gender or age to limit your goals. Whatever interests you today, explore it. Whatever you choose to pursue in life, give it your best shot,” she said.
Delivering the keynote address, Her Majesty, Olori Atuwatse III, Queen Consort of the Warri Kingdom, encouraged the girls to embrace their identities, develop resilience and use their abilities to make a positive difference in the lives of others.
Using the mangrove tree as a metaphor for resilience, she reminded the participants that challenges need not define their futures and that their worth extends beyond academic results and external expectations.
“Every time you affirm the truth about who you are, you are building confidence. Every time the tide of life goes out and you are still standing, you are building resilience. And every time you use your gifts for another person, you are discovering your purpose,” Olori Atuwatse III said.
The programme featured interactive sessions led by accomplished professionals and personalities:
Ayanime Edem, founder of The Elite Finishing School and modern etiquette educator, discussed confidence, communication, self-presentation and etiquette.
Nigerian actress and content creator Bukunmi Adeaga Ilori, popularly known as Kie Kie, addressed responsible social media use, authenticity and digital boundaries.
Representing Zenith Bank, Thelma Okonye and Adesola Adeyemo introduced the girls to saving, responsible money management and investment, highlighting the importance of developing sound financial habits early.
While Nigerian filmmaker, creative executive and educator,Praise Onyeagwalam, Director Pink, led a session on healthy relationships, self-awareness and effective communication.
The sessions encouraged active participation, giving the girls opportunities to ask questions and engage with the speakers on issues relevant to their experiences and aspirations.
The programme also featured competitions, with cash prizes totalling over ₦1 million awarded to winners. The participants received books to encourage reading and personal growth, while musical performances by Nigerian singers Qing Madi and No. 11 added to the lively atmosphere. The event was hosted by Temi Badru, public speaker, communications coach and lawyer, with Darasimi Destiny Nadi serving as mini host.
Delivering the closing remarks, Executive Director, Zenith Bank Plc, Dr. Mrs. Adobi Nwapa, highlighted the GMD/CEO’s vision for the initiative and the Bank’s commitment to sustaining its impact.
“The programme is the vision of our GMD/CEO, who conceived and championed it, demonstrating her unwavering commitment to the empowerment of the girl child. Through her leadership, she has shown the girls what is possible when a woman dares to lead. At Zenith Bank, our commitment to the girl child extends beyond today, and we will continue to nurture their aspirations through this annual initiative,” she said.
Dr. Nwapa thanked the speakers and participants for contributing to the programme’s success and encouraged the girls to apply the lessons learnt, remain confident and pursue their aspirations with determination.
The initiative builds on Zenith Bank’s longstanding commitment to advancing opportunities for women and girls through programmes including its annual International Women’s Day Seminar, the Zenith Women’s Basketball League, the Women of Honour Awards in partnership with the Ford Foundation, the Pad-a-Queen Initiative and Z-Woman, which supports women-owned businesses through business support and access to credit at discounted rates.
Through “Banking on Her Tomorrow,” Zenith Bank is extending this commitment to a younger generation, equipping girls with the knowledge, skills and confidence to pursue their ambitions and contribute meaningfully to their communities and society.
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