Business
UAE company urges CBN to probe extortion allegation it brought against Ecobank
A Company based in the United Arab Emirate has urged the Central Bank of Nigeria to investigate the Ecobank Transnational Incorporated, a subsidiary of Ecobank specialized in recovery of funds, over extortion claims it brought against the organization
The letter alleging extortion by the UAE-based company which was dated 26th July, 2024 and was signed by Patience Onu with the title: “Improper Conduct by Ecobank Nigeria, ETI Specialised Resolution Company Limited,” urged the apex bank to investigate their allegations within its purview as a regulatory body.
Senior executives of Ecobank were involved in the extortion attempt, the UAE Company further alleged
Checks by NationalUpdate on Thursday in Abuja, indicated that the letter has been acknowledged by the Central Bank of Nigeria and a reply has been forwarded to the complainant indicating that the apex bank would investigate the matter.
The CBN’s reply, which was issued by its Consumer Protection Department, CPD, dated Friday 26th July, 2024 partly read: “We write to inform you to acknowledge receipt of your letter dated 22nd July, 2024 on the above subject.
“Your complaint has been forwarded to Ecobank in line with our helpdesk Circular. In view of the involvement of the Consumer Protection Department, your bank may contact you in its efforts to resolve the complaint.
“The outcome of the engagement will be communicated to you as soon as possible.”
Moreso, checks indicated that the letter of complaint has also been published on the website ecobankextorts.com, alleging that Jeremy Awori, the Group CEO of Ecobank Transitional Inc, ETI, is aware of the case but has failed to stop the situation, suggesting that ETISRC’s corrupt actions have ETI’s backing.
A senior official of Ecobank, who pleaded not to be named, when contacted on Thursday, explained that the bank had In July 2021, wrote to the former Attorney General of the Federation through their legal practitioners, Wigwe & Partners, alleging that the UAE-based company were being investigated in connection with an alleged fraud perpetrated by Agrico Agbe.
He declined speaking further as he does have power to give detail of the controversy to journalists, but said further verification can be obtained on Ecobank and CBN’s website.
Business
Flexible Workplace Solutions berths in Abuja as Regus Partners with Chelsea Hotel
Following the growing demand for adaptable workplace solutions in the Federal Capital Territory(FCT), a leading flexible workspace provider under IWG, has signed an agreement with Chelsea Hotel to unveil a premium 1,500-square-meter flexible workplace in the Central Business District.
The partnership, which was formalized on Tuesday on the 5th Floor of Chelsea Hotel, Plot 123 Cadastral Zone A0, is aimed at delivering tailored workspace solutions that meet the dynamic needs of modern professionals and businesses.
The innovative workspace offerings will include co-working spaces, private offices, and high-tech meeting rooms, designed to enhance productivity, foster collaboration, and provide flexible options for businesses of all sizes.
“Regus is committed to shaping the future of work by delivering adaptable, premium solutions that enable businesses to thrive. This partnership with Chelsea Hotel reflects our shared vision to empower professionals with world-class workspace environments,” said Marc Descrozaille, EMEA CEO of Regus.
With the growing demand for adaptable workplace solutions, this partnership reinforces the position of Regus and Chelsea Hotel as leaders in meeting the evolving expectations of Nigeria’s business community.
This milestone marks Regus’ first collaboration with a hotel group in Nigeria, following similar successful ventures in other parts of Africa, including Ghana.
Speaking at the partnership signing ceremony held at Chelsea Hotel in Abuja, Regus Country Manager, Mr. Ayo Akinmade, expressed excitement about the venture.
He highlighted the potential of this partnership to redefine workspace solutions in Nigeria, starting with a 1,500-square-meter facility on the hotel’s fifth floor.
“This is the first time in Nigeria we are partnering with a hotel group. We are very excited because we know the experience we’ve had elsewhere can and will be replicated here,” said Mr. Akinmade.
The Country Manager revealed that the partnership is likely to extend beyond Abuja, with plans to explore other Chelsea Hotel locations across Nigeria, including Lagos. “Chelsea Group operates in several locations, and this collaboration could serve as a precursor to expansions in Lagos and other cities,” he noted.
The new workspace in Abuja is designed to offer a blend of comfort and functionality, combining the expertise of both Regus and Chelsea Hotel to meet the evolving needs of professionals.
The project is set to launch in four months, with stakeholders and customers invited to preview the space upon completion.
With two existing locations in Nigeria, Regus views this partnership as a strategic move to enhance its footprint while delivering customer-focused, flexible workspace solutions.
The signing event was attended by key executives, including Regus EMEA CEO Marc Descrozaille, Sales Director for Nigeria Mr. Henry Onyeche, and Chelsea Group Chairman Chief Patrick Chidolue, along with other dignitaries and team members from both organizations.
This collaboration signals a new era in workplace solutions in Nigeria, merging the strengths of a global workspace leader and a leading hospitality brand to create environments that foster productivity and growth.
Business
Paymenex Introduces OneCard Africa, Simplifying Payments Across the Continent
In a significant step to enhance ease of payment across Africa, fintech network Paymenex has launched OneCard Africa—a digital payment card designed to streamline cross-border transactions for individuals and businesses alike. Unveiling the card in Abuja, CEO Dr. Kingsley Chibuzor Aguoru highlighted OneCard’s broad acceptance in African countries and its ability to operate in all African currencies, eliminating the hassle of currency conversions within the African Continental Free Trade Area (AfCFTA).
OneCard Africa is available as a debit, prepaid, and credit card, allowing users with or without existing bank accounts to access its features. With a focus on flexibility, OneCard offers multiple payment options, including mobile, QR code, email, SMS, and social media, with strong customer authentication for secure transactions.
The card has already proven effective in Cameroon, where it was piloted for contactless toll payments in collaboration with the Ministry of Finance and Cameroon Postal Services.
Dr. Aguoru emphasized OneCard’s support for African businesses, which can accept payments through various platforms such as mobile apps, websites, and in-store points of sale.
Users also earn reward points with each transaction, encouraging consumer loyalty. Uniquely designed for African currencies, OneCard avoids costly currency conversions typically associated with international digital cards, reducing transaction costs and promoting financial inclusion.
Since its founding in 2007, Paymenex has focused on building affordable, alternative payment networks suited to emerging markets.
With OneCard Africa, Paymenex aims to create a strong financial ecosystem that empowers Africans to navigate seamless cross-border payments without the constraints of traditional networks.
Business
Nigeria’s financial markets receive boost with $900m Dollar Bond Sale
The Nigeria’s financial markets have received boost after the Federal Government of Nigeria successfully launched its first domestic dollar-denominated bond, raising over $900 million and marking a significant milestone in the country’s financial strategy.
This groundbreaking bond sale, led by the Africa Finance Corporation (AFC), has generated significant interest from local and international investors, demonstrating confidence in President Bola Ahmed Tinubu’s economic policies and development plans.
A statement by Mohammed Manga, Director of Information and Public Relations explained that the success of the bond sale has bolstered Nigeria’s economic resilience and consolidated its position as a leader in Africa’s financial markets as it has set a new precedent for other African nations.
The statement highlighted the achievement to have signaled a new chapter in Nigeria’s financial strategy, aimed at boosting economic resilience and fostering long-term growth.
This landmark bond sale the statement indicated, has the potential for innovative financial solutions to drive economic growth and development in Africa.
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