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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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GTCO Plc Becomes the 1st Financial Services Institution in West Africa to Achieve Listing and Trading of its Ordinary Shares on the London Stock Exchange
Guaranty Trust Holding Company Plc (GTCO Plc), Africa’s leading and most profitable Financial Services Group, has recorded a significant milestone in its growth and expansion journey with the successful admission of its Ordinary Shares to the Equity Shares (International Commercial Companies Secondary Listing) category of the Official List of the Financial Conduct Authority (FCA) and to trading on the main market for listed securities of the London Stock Exchange.
This historic achievement makes GTCO Plc, the 1stFinancial Services Institution in West Africa to dual list its Ordinary Shares on both the Nigerian and London stock exchanges, and subject to certain criteria, it is expected that the Shares will be transferrable between the two exchanges.
The admission follows the successful pricing of its fully marketed offering (The Offering) on the London Stock Exchange to raise gross proceeds of $105million in exchange for 2.29 billion of new ordinary shares in the company, which was supported by a strong book of high-quality, long-term institutional investors.
Concurrent with the Offering, the Company also gave notice of its intention to cancel the listing of its existing GDRs on the certificates representing certain securities (depositary receipts) category of the Official List of the United Kingdom Financial Conduct Authority (“FCA”) and the admission to trading of GDRs on the London Stock Exchange’s main market for listed securities.
Building on the momentum of the successful first tranche of its equity capital raise programme in July 2024, which secured ₦209 billion, GTCO will deploy the proceeds from the Offering to strengthen its capital base, meet its recapitalization target, and fund strategic expansion across high-growth markets and priority sectors within and outside Nigeria.
It is expected that Admission and unconditional dealing in the Shares will become effective on or before 8.00 a.m. (UK time) on 9 July 2025 under the ticker “GTHC”. Following the cancellation of the GDRs listing, the Company intends to change the ticker symbol for the Shares from “GTHC” to “GTCO” and will issue a separate announcement in due course to that effect.
Commenting on the LSE Listing, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Today marks a major milestone—not just for GTCO, but for the future we see for African financial institutions on the global stage. We are incredibly proud to be the 1stFinancial Services Institution in West Africa to list our ordinary shares on London Stock Exchange’s main market for listed securities, and even more honored by the trust placed in us by the investing community. For us, this was not just about raising capital. It was about validating the strength of our franchise, the clarity of our strategy, and the discipline with which we execute.”
He further said; “I would like to thank everyone who made this possible—our advisors and legal teams, our longstanding shareholders, the regulators both in Nigeria and in the UK, as well as the Nigerian government for creating an environment that supports our bold ambition and vision to be Africa’s leading financial services institution.”
GTCO’s fully marketed offering attracted long-term institutional capital, reflecting investor confidence in the Group’s fundamentals, governance, and strategic outlook. It also signals improving market sentiment, buoyed by ongoing economic reforms by the Federal Government and a return to traditional orthodox monetary policy by the Central Bank of Nigeria, which have gone a long way to stabilising the macroeconomic environment and gradually restoring investor confidence in Nigeria’s long-term prospects.
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ZENITH BANK RETAINS TOP SPOT AS NUMBER ONE BANK IN NIGERIA BY TIER-1 CAPITAL FOR THE SIXTEENTH CONSECUTIVE YEAR IN THE 2025 TOP 1000 WORLD BANKS’ RANKING
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Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital forthe sixteenth consecutive year, in the 2025 Top 1000 World Banks’ Rankings, published by TheBanker,FinancialTimesGroup,UnitedKingdom.ThisrankingplacesZenithBankPlcasthe581st Bank globally, with a Tier-1 Capital of $2 billion.The global rankings, published inthe July 2025 edition of TheBanker, was based on the 2024year-end Tier-1capital ofbanks. Thisis theprimary basisformost internationalorganizations’assessments of banks.Commenting on this achievement, the Group Managing Director/CEO of Zenith Bank Plc, Dame(Dr.) Adaora Umeoji, OON, said, “We are thrilled to have retained our position yet again as theNumber One Bank in Nigeria by Tier-1 capital for the 16th consecutive year. This achievement isa reflection of the bank’s robust financial performance, prudent risk management and steadfastdedication to delivering exceptional value to our customers and stakeholders”. She thanked theFounder and Chairman, Jim Ovia, CFR, for his visionary and transformative leadership which hasplayedapivotalroleincultivatingaresilientandthrivinginstitution.Shealsoexpressedherdeepest appreciation to the bank’s esteemed customers for their continued loyalty to the Zenithbrand, the Board for the sound corporate governance, and the staff for their relentless & tirelessefforts in ensuring the bank’s success.Tier-1 Capital describes capital adequacy, the core measure of a bank’s financial strength from aregulator’sperspective.Accordingtotheranking,Tier-1Capital,asdefinedbytheBankforInternational Settlements(BIS) guidelines,includes loss-absorbingcapital, i.e.,common stock,disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that areless than whollyowned. A strongTier-1 capital ratio boostsinvestor and depositorconfidence,indicating the Bank is well-capitalised and financially stable.Accordingtotheaudited financialresultsforthe2024financialyearpresented totheNigerianExchange (NGX), the Bank recorded a double-digit growth of 86% in gross earnings, increasingfrom N2.13 trillion in 2023 to N3.97 trillion in 2024. This growth was driven by a 138% increase ininterest income, supported by investment in high-yield government securities, and growth in theBank’s loan book. Zenith Bank’s profit before tax (PBT) rose by 67%, reaching N1.3 trillion in 2024from N796 billion in 2023. This performance saw the bank record an unprecedented total dividendpayout of N195.67 billion at N5.00 per ordinary share in the 2024 financial year.Zenith Bank’s track record of excellent performance has continued to earn the brand numerousawards including being recognised as the Bank of the Year (Nigeria) in The Banker’s Bank of theYear Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025,in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the -
Euromoney Awards 2023; and being listed in the World Finance Top 100 Global Companies in2023.Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021to2024intheWorldFinanceBankingAwardsandMostSustainableBank,NigeriaintheInternationalBanker2023and2024BankingAwards.Additionally,ZenithBankwasacknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance CorporateGovernance Awards from 2022 to 2024 and ‘Best in Corporate Governance’ Financial Services’Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand inNigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year2023 and 2024 at the BusinessDayBanks and Other Financial Institutions (BAFI) Awards, andRetail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFIAwards.TheBankalsoreceivedtheaccoladesofBestCommercialBank,NigeriaandBestInnovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.ZenithBankwasalsonamedMostResponsibleOrganisationinAfrica,BestCompanyinTransparency and Reporting and Best Company in Gender Equality and Women Empowermentat the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank oftheYear2024byNewTelegraphNewspaper;andBestinMSMETradeFinance,2023byNairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year’at the Nairametrics Capital Market Choice Awards 2025
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Body of Bank CEOs Delivers Critical Relief to Flood Victims in Niger State, Pledges Continued Support
Pix 1 L-R: Registrar & Chief Executive of the Chartered Institute of Bankers of Nigeria (CIBN) Akin Morakinyo; Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Group Managing Director/Chief Executive, Zenith Bank, Dame (Dr.) Adaora Umeoji; The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba; Managing Director Taj Bank Mr. Hamid Joda; and Secretary to the Government of Niger State (SSG), Alhaji Abubakar Usman during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend.
The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend
Pix 3: L-R: Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Group Managing Director/Chief Executive, Zenith Bank, Dame (Dr.) Adaora Umeoji; The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba; and Managing Director Taj Bank Mr. Hamid Joda, during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend.
In a heartwarming display of corporate social responsibility and solidarity, a consortium of Nigerian Bank CEOs, has pledged significant support to alleviate the suffering of flood victims in Niger State
The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago on Saturday in Abuja received relief materials from the Body of Bank CEOs led by its Chairman, Mr Oliver Alawuba.
The gesture is aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area of the state.
Oliver Alawuba who is also the Group Managing Director/CEO of United Bank for Africa(UBA), led the delegation to the Niger State Government house Abuja, where they presented essential relief items, including bags of rice, beverages, vegetable oil, and mattresses, valued at millions of naira.
The devastating floods, which have affected thousands of families in the region, have prompted the banking community to come together in a show of empathy and support to those displaced and affected by the disaster.
In his address, Alawuba expressed the banking industry’s deep sympathy for the affected communities and reaffirmed their dedication to sustainable support while pointing out that the gesture underscores the banking sector’s commitment to corporate social responsibility and humanitarian intervention especially in times of crisis.
He said, “Today, we stand with the people of Niger State in their time of need. We want you to know that we feel your pain and we give you our firm resolve to assist in rebuilding lives. This donation is just the beginning; we pledge continued collaboration with the Niger State Government to ensure long-term recovery and resilience.”
Other top CEOs and executives at the presentation included by the Group Managing Director/Chief Executive of Zenith Bank, Dame (Dr.) Adaora Umeoji, the Registrar and Chief Executive of the Chartered Institute of Bankers of Nigeria (CIBN), Mr. Akin Morakinyo, Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Managing Director Taj Bank Mr. Hamid Joda; Secretary to the Government of Niger State (SSG), Alhaji Abubakar Usman senior government officials, banking executives, and media representatives, marking a significant step in public-private collaboration for humanitarian relief.
Governor Bago, who received the relief materials on behalf of the state, commending the banking sector for its timely intervention.
“This gesture reinforces the critical role of private-sector partnerships in disaster response,” Governor Bago stated. “We are grateful for this support and look forward to deeper collaboration in safeguarding our communities against future challenges. On behalf of the good people of Niger State, particularly the affected families in Mokwa, I extend our sincerest thanks for this timely and compassionate intervention,” Bago stated.
“The recent floods in the state brought immense hardship to the people, displacing families, destroying livelihoods, and disrupting communities and the banking sector, under the leadership of Alawuba and his esteemed colleagues, has demonstrated that beyond financial stewardship, they are true partners in national development and humanitarian service.
This donation is not just about the physical items; it is a symbol of hope, resilience, and the unwavering support of Nigeria’s financial institutions in times of need. It reassures our people that they are not forgotten, the governor stated.
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