As commerce increasingly transcends national borders, the demand for seamless, reliable cross-border transactions has intensified.

In response, Verve has launched a deliberate continental expansion under its Destination Campaign, positioning itself not merely as a domestic card scheme, but as a pan-African payments enabler.

With over 100 million cards issued, Verve has achieved significant scale within domestic markets. The next phase focuses on enhancing interoperability across African corridors, with East Africa, particularly Kenya and Uganda, serving as the primary testing ground for this African Expansion Drive.

Vincent Ogbunude, managing director of Verve International, emphasized the strategic importance of African-owned payment infrastructure in facilitating cross-border commerce and reinforcing economic resilience:

“Africa’s economic potential depends on payments infrastructure that is designed for its unique realities. Verve’s expansion into East Africa goes beyond issuing cards, it is about creating a network of payment infrastructure that is secure, reliable, and purpose-built for the continent. By enabling entrepreneurs, SMEs, corporates, and everyday travellers to transact seamlessly across borders, we are ensuring that value remains within African markets, fostering economic integration, and demonstrating that Africa can build world-class financial systems from within.”

The choice of East Africa is highly strategic. The region’s mature digital banking ecosystem, robust regulatory frameworks, and vibrant commercial networks provide an ideal environment to validate cross-border acceptance and infrastructure integration.

Verve’s expansion model leverages a hybrid advantage, combining the reliability and local alignment of a domestic scheme with growing cross-border capabilities.

This approach allows African markets to transact regionally without excessive reliance on external settlement systems.

Significant progress has already been achieved. Key issuing partners, including FCMB, Union Bank, Jaiz Bank, Taj Bank, and Access Bank, have enabled cardholders to use Verve cards confidently beyond Nigeria.

On the acquiring side, partnerships with KCB, Equity Bank and others are embedding acceptance across East Africa’s merchant ecosystem, strengthening the practical infrastructure required for seamless regional payments.

Cherry Eromosele, executive vice president, group marketing and Corporate Communications at Interswitch Group, highlighted the tangible benefits this expansion brings to consumers, businesses, and regional trade:

“Our vision is to contextualise payments for African realities. By extending Verve’s trusted domestic infrastructure into East Africa, we are enabling consumers and businesses to transact across borders with the same convenience and security they enjoy at home. This expansion is not simply about issuing cards; it is about facilitating transactions and exchange of value, supporting regional commerce, and strengthening financial connectivity across the continent.”

Significantly, Verve has extended its reach beyond financial institutions to secure real-world merchant acceptance. Cardholders can now transact seamlessly at Kenya Commercial Bank ATMs and POS, prominent lifestyle and hospitality destinations, including The Carnivore Restaurant, Tamarind Hotels, Tamarind Dhow, Roast by Carnivore, Kengeles, and Social House.

These channels and venues serve as strategic touchpoints within the continent’s business and tourism ecosystems.

By ensuring acceptance in high-traffic, high-visibility locations, Verve transforms payment infrastructure into a seamless, lived experience.

This expansion is not about scale for its own sake, it is about relevance, adaptability, and reinforcing Africa’s internal economic connectivity.

As trade corridors deepen and mobility across the continent grows, interoperable payments are becoming indispensable infrastructure.

Through its East Africa rollout, Verve demonstrates that Africa’s financial future can be powered by solutions designed and built from within for African realities and scaled to meet continental ambitions.

This development marks the end of a multi-year integration process that began in 2021 with the signing of a Share Sale Agreement.

Under the merger, Union Bank has fully absorbed Titan Trust’s operations and assets. Titan Trust Bank will cease to operate as a separate entity, according to this report, while the unified institution continues to deliver services under the Union Bank brand.

With the expanded footprint, Union Bank now boasts over 293 service centres, 937 ATMs, and enhanced digital platforms, positioning itself to better serve retail, SME, and corporate clients across Nigeria.

Mrs. Yetunde Oni, Managing Director and CEO of Union Bank, described the merger as “a pivotal moment in our 108-year journey, and a launchpad for delivering greater value to our customers.”

She emphasized that the integration of stability with innovation will better position the bank as a trusted financial partner for Nigerians.

Mr. Bayo Adeleke, chairman of the Board, added that the merger ushers in a new era of growth, collaboration, and shared prosperity, reinforcing the institution’s commitment to advancing financial inclusion throughout the country.

Union Bank reassured customers that there will be no disruption to existing services, account details remain unchanged, and users can continue accessing services seamlessly. The bank is also fast-tracking enhancements to its digital delivery channels.

Why This Matters:

• Strengthens Union Bank’s presence with an enlarged service network and digital capabilities.
• Combines the legacy and trust of Union Bank with Titan Trust’s agility to foster sustainable growth.
• Bolsters Nigeria’s financial inclusion efforts by expanding access to modern banking services nationwide.

Jega appeared as the third prosecution witness in the ongoing trial of the former AMCON boss, Mr. Ahmed Kuru, and four others, who are standing trial over alleged financial misappropriation amounting to N76 bn and $31.5m. The matter is presided over by Justice Mojisola Dada.

Providing the court with the details of what he could recollect about the Arik Air/Union Bank business relationship that went bad, Jega recalled that following the directive of the Central Bank regarding the dumping of non-performing loans to AMCON, Union Bank had informed AMCON then that the CBN informed them to collapse the guarantee of Arik into loan because of the huge amount involved in the Union Bank had exceeded the single obligor limit allowable by the apex bank.

Jega whose directorate in AMCON was in charge of the transaction (as Executive Director, Credit) disclosed that it was in a certain meeting held in London that we ‘first knew that what Union Bank sold to us was not a loan but a guarantee given to some foreign lenders, that in the event Arik died or burnout, Union Bank will pay the instalments.’

He said,

“When we came back to Nigeria… we now invited the Union Bank to explain why AMCON should pay for the guarantee. At the end of the deliberations, AMCON agreed with Union Bank that the money paid should be returned to AMCON, so that if Arik does not pay any instalment, AMCON will make the payment on behalf of Arik. We (AMCON) invited Arik to resolve the issue with Union Bank.

However, AMCON sources have confirmed that the arrangement disclosed by Jega never existed. AMCON, being a recovery agency of the federal government of Nigeria, was never in a position to take over the repayment of an obligor’s exposure to foreign lenders, particularly when it never had any concrete arrangement with the obligor for the same.

Jega also disclosed that the Chairman of Arik, Sir Johnson Arumemi-Ikhide, was avoiding a discussion with us (AMCON), probably because he believed he shouldn’t be talking to AMCON, because he didn’t have an NPL with Union Bank.

But he didn’t realise that some of the measures put in place by the system were that if AMCON takes over your loan, you cannot borrow in the banking industry. This forced him to come to the table. We signed some agreements on how to restructure the loans.

He said that after the restructuring agreement, AMCON gave Arik even more money to help them sort out their working capital problems.

As a result, AMCON created additional loan facilities for Arik, but Arik still failed to meet their repayment obligation to AMCON.

He added that,

“At the time AMCON took over Union Bank that the guarantee was performing, but since AMCON took over Arik, it stopped performing because the nature of the facility had changed, and Arik was not amenable to that change. It was unable to source its working capital from the money market. This complicated both the relationship between Arik/AMCON and the ability of Arik to honour its obligations.

“We tried in AMCON to save the situation through a debt equity swap, but the burden in AMCON’s books cannot be sustained by the airline. We also proffered a solution where AMCON becomes a shareholder in Arik, and the legacy owners will lose some control. We took steps to implement this option, but Arik refused.

“The second option was to have management control in Arik. To appoint MD and CFO, so that AMCON can have both oversight and financial control. Initially, Arik agreed. But they dragged in the implementation. This was the stage at which the matter was when I left AMCON.”

Upon cross-examination, Jega confirmed that Kamilu Omokide and Capt Ilegbodu never played any role in the purchase of the loan from Union Bank, nor did they play any role in the so-called London meeting between Union Bank, AMCON and Arik’s foreign lenders.

Jega also confirmed during cross-examination that Arik’s inability to repay was a result of over-trading by Arik, that is, stretching beyond its capacity and leading to their inability to service existing and due debts.

He confirmed Arik’s indebtedness to AMCON as at the time of his exit in 2015 was over N100bn, and the same remained unpaid.

He further disclosed that the Arik loans acquired by AMCON were not limited to Union Bank but also included Keystone Bank.

But the Zenith Bank loan was purchased after his exit, leading to the level of exposure Arik had to AMCON.

The matter was adjourned to 30th June, 1st and 2nd July 2025 for the continuation of cross-examination of Abass Jega.

Other defendants in the case include Mr. Kamilu Omokide, a former receiver manager of Arik Air Limited, Capt. Roy Ilegbodu, Arik Air’s Chief Executive Officer (CEO), Union Bank Limited, and Super Bravo Limited.

During the proceedings, the second prosecution witness, Mr. Augustine Obikwe, a retired Union Bank official, sought to tender a document he obtained from the EFCC.

However, the defense team objected to its admissibility, arguing that it was neither signed nor properly certified.

After hearing arguments from both sides, Justice Dada ruled that the witness was not part of the EFCC’s investigative team or an AMCON official, making him ineligible to tender the document.

Citing Section 104(1) of the Evidence Act, she held that only an officer with the original document had the authority to certify it.

“It is trite that the party must lay the foundation for any document sought to be tendered under the Evidence Act. Public documents must be certified by a public official,” the judge stated, rejecting the document.

Led in evidence by prosecution counsel Dr. Wahab Shittu (SAN), the witness, Mr. Obikwe, recounted his role in the financing of Arik Air’s aircraft procurement. He disclosed that he had worked in the United States from 1980 to 1982 before serving as the Group Executive Director of Corporate and International Banking at Union Bank.

He explained that Union Bank acted as a guarantor for Arik Air in securing funding for the acquisition of five aircraft—three Boeing 737-800 and two Airbus 340-500 planes—through export credit agencies, including US EXIM Bank, Coface of Germany, and the Export Credit Guarantee Department (ECGD) of the UK.

“Union Bank did not commit any money for the guarantee of the 85 percent. The three Boeing 737-800 were used for local operations, while the widebody aircraft were deployed to New York and London,” Obikwe testified.

He further noted that until his retirement from Union Bank in August 2009, Arik Air had never defaulted on its loan repayments.

During the hearing, the prosecution sought to tender a report from a meeting held by stakeholders in London. However, the defense team, led by Prof. Taiwo Osipitan (SAN) and Mr. Olalekan Ojo (SAN), objected on the grounds that the document was neither signed nor dated.

Ojo (SAN) argued that the document lacked authenticity, while Osipitan (SAN) questioned its origin, emphasizing that only original copies could be certified under the law.

Despite the objections, prosecution counsel Shittu (SAN) insisted on its relevance, stating, “Even if the document was stolen, in as much as it is relevant to the case, my lord, it is admissible in the law court.”

Justice Dada ruled in favor of the defense, maintaining that the document could not be admitted as evidence due to improper certification and the fact that the witness was not an EFCC investigative officer.

Following this ruling, the court adjourned the trial to May 19, 2025, for further proceedings.

The adjustment, effective from 1 November 2024, covers over 2,000 staff members, including executive trainees, general managers, and outsourced associates.

An internal memo revealed that employees would receive arrears for November alongside their December 2024 pay. 

The revised structure now sees entry-level executive trainees earning ₦364,000 monthly, up from ₦260,000, while senior banking officers will receive an annual gross salary of ₦20 million. 

This is the third pay adjustment by the bank since 2022, reiterating a consistent focus on supporting its workforce as the economic challenges increase.

Not just Union Bank, but some other Nigerian banks have also responded to the economic stresses. In recent months, other financial institutions such as Guaranty Trust Bank (GTBank) and Sterling Bank have introduced similar measures. 

GTBank increased salaries by 40% in September 2024, while Sterling Bank began paying employees a cost-of-living adjustment in August.

The Nigerian economy has been greatly impacted by currency devaluation and skyrocketing inflation, with consumer spending under pressure. 

Union Bank acknowledged these challenges in its memo, stating, “The recent adjustments to our compensation and benefits package strongly reflect our commitment to investing in our employees and aligning with industry standards.”

Union Bank spent ₦34 billion on personnel expenses in 2023, representing a 27% increase from the previous year. With this new adjustment, the bank is projected to spend ₦47.6 billion on personnel in 2024.

This salary increase can also be connected to the banks’ goal to remain competitive, attract talent, and retain staff. GTBank’s recent salary increase, for instance, included all 3,300 employees, from junior staff to contract workers. 

The bank also raised wages for cleaners and drivers, who now earn between ₦70,000 and ₦150,000 monthly.

Nigeria’s current economy, shaped by President Tinubu’s reforms—including the removal of fuel subsidies and currency devaluations—has worsened financial difficulties for citizens, with inflation rates climbing to 33% and the naira depreciating by nearly 70%.

“By supporting this strategic transaction, we are not only bolstering Nigeria’s banking sector but also fostering greater financial integration between Africa and its Diaspora. This initiative is a testament to our commitment to enhancing intra-African trade, promoting economic stability and driving forward the objectives of Agenda 2063 for a prosperous and self-reliant Africa.” She added.

Mrs. Awani stated that Afreximbank’s Bank Acquisition Strategy, empowers African entities to acquire financial assets divested by foreign entities in Africa and the diaspora.

This is also in line with the Bank’s Diaspora Strategy which seeks to promote and finance the integration of the African Diaspora with the rest of the continent.

She noted that, through the facility, Fidelity was extending its services to the UK, in particular, to Africans and African-owned businesses in the UK, including products to support Diaspora investments.

In the words of the MD/CEO of Fidelity Bank, Dr (Mrs) Nneka Onyeali-Ikpe, “We are very thankful to Afreximbank for supporting our expansionary initiatives for international growth. It is, indeed, the result of a strong partnership between the two institutions over the years that has produced this good outcome.

The refinancing of the Union Bank (UK) acquisition by Afreximbank will unlock additional value and help create a scalable and more sustaining service franchise that will support trade businesses in Africa and diaspora banking.”

The acquisition is expected to contribute to Africa’s economic growth and development by increasing intra- and extra-African trade finance and trade flows between Nigeria and the UK, supporting the integration of the African Diaspora into regional and continental supply chains and enabling small and medium-sized enterprises across the continent to improve their export competitiveness and light export manufacturing capabilities.

The development follows the Central Bank of Nigeria’s (CBN) recent announcement of dissolving the board and management of three Nigerian banks, including UBN, due to regulatory non-compliance and corporate governance failure.

The RWN indicates the uncertainty surrounding the reasons for the CBN’s intervention, potential further regulatory actions, and the negative impact on UBN’s standalone credit profile.

Fitch aims to resolve the RWN within six months, seeking more clarity on the CBN’s intervention and its implications for UBN’s credit profile.

A downgrade and resolution of the RWN may occur with additional regulatory interventions, such as restrictive measures, fines, or findings affecting UBN’s asset quality, resulting in substantial losses and capital erosion. Funding instability, such as a deposit run or unavailability of additional liquidity sources, could also contribute to a downgrade.

Ratings affirmation and removal from RWN are possible if UBN operates normally under the new management without further regulatory interventions or adverse financial profile implications.

Oni’s appointment was contained in the announcement made on Wednesday by Sidi-Ali Hakama, the acting director of Corporate Communication at the Central Bank of Nigeria (CBN), through a circular dated January 10, 2024.

The appointment comes at a tumultuous time, following the dissolution of the Board and Management of three prominent banks, including Union Bank, Keystone Bank, and Polaris Bank. “We are confident in Yetunde Oni ’s abilities to lead Union Bank in these challenging times,” stated Hakama. “Her extensive experience in the banking industry is what Union Bank needs to navigate the current situation.”

Profile – Yetunde Oni

Yetunde Oni’s arrival as the new CEO adds a new dimension to the ongoing issues surrounding the acquisition of Union Bank by Titan Trust Bank (TTB). She replaces Mudassir Amray, the former CEO, amid heightened scrutiny over the bank’s acquisition.

Yetunde Oni, a seasoned professional with over 25 years in the banking sector, is known for her dynamic leadership and expertise in client solutions and team management.

Education

Yetunde Oni ‘s academic credentials include an Economics degree from the University of Ibadan and an MBA from Bangor University, complemented by executive training at Oxford University.

Career

Oni’s career began at Prime Merchant Bank Treasury & Money Markets Group, followed by an 11-year stint at Ecobank Nigeria as a Relationship Manager. She joined Standard Chartered Bank Nigeria in 2005, where she held various key positions, culminating in her role as the Managing Director & Country Head of Commercial Banking in West Africa.

Before joining Union Bank, Oni was the first female Managing Director and CEO at Standard Chartered Bank in Sierra Leone.

“This appointment is a testament to Yetunde Oni’s remarkable career and the value she brings to the banking industry,” said a spokesperson from Union Bank. “Her leadership is vital in steering Union Bank towards a future of growth and stability.”

He was indicted by the special investigator commissioned by President Bola Tinubu to investigate into the activities of the apex bank during Emefiele’s term.

According to the report, Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited, as well as Keystone Bank without any evidence of payment.

As a result, it recommends that the Federal Government should reverse the sale of the banks and also take them over.

The special investigator, Jim Obazee, had on Wednesday submitted the report of his investigations into the acquisition of Union Bank and Keystone Bank to President Bola Tinubu in two separate letters dated December 20, 2023.

This is coming on the heels of findings by the investigator that Emefiele illegally lodged billions of naira in foreign currencies in no fewer than 593 bank accounts in the United States, United Kingdom, and China without the approval of the apex bank’s board of directors and the CBN Investment Committee.

Obazee found out that the ex-CBN governor lodged £543,482,213 in fixed deposits in UK banks alone without authorisation.

Emefiele, who is currently in the Kuje Custodial Centre, is being prosecuted for N1.2bn procurement fraud.

Obazee, who was appointed special investigator in July, submitted his final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences)’ to the President on Wednesday.

He had earlier submitted an interim report on the probe of the CBN and related entities on December 9.

In his letters to the President, Obazee said he had completed his investigation into the illegal acquisition of Union Bank by Titan Bank, and was on the verge of recovering the two banks for the Federal Government.

He stated in his letter to the President, “When we carried out the investigation, we discovered that some persons were used as proxies by Mr Godwin Emefiele to set up Titan Trust Bank and acquire Union Bank therefrom, all from ill-gotten wealth.

“We were able to secure some documents and investigation reports will lead to the forfeiture of the two banks to the Federal Government. We have completed our investigation on this acquisition and have also held meetings with the relevant parties except for Mr Cornelis Vink, who is currently hospitalised in Switzerland.

“Otherwise, we are on the verge of recovering these two banks for the Federal Government.”

During the probe into the UBN acquisition supervised by the Emefiele-led CBN, Obazee explained that he requested the apex bank to furnish him with the details of the deal.

Findings indicate Titan Trust Bank sought the CBN’s no-objection to its proposed consolidation with UBN, excluding its United Kingdom operations via a letter dated October 25, 2021.

In the letter, TTB stated that the consolidation was being contemplated in four phases via acquisition of 91.5 per cent of the issued shares of UBN; mandatory tender offer for the remaining UBN shares; buyout of any share that were not voluntarily sold to TTB on the MTO; and merger of TTB and UBN with UBN as the surviving entity.

The TTB letter also stated that the consolidation was to be funded via a combination of debt and equity.

The CBN in a letter dated March 9, 2022 granted no-objection to TTB’s requests to obtain a $300m facility from Afrexim Bank as well as capital injection of $175m from two existing shareholders of TTB, Luxis International DMCC and Magna International DMCC.

The TTB, via a letter dated June 3, 2022, informed the CBN that it made the payment of the purchase consideration to the selling shareholders on June 1, 2022, and thus completed the acquisition of 93.41 per cent of the issued shares of UBN.

According to the investigator, the TTB sought approval for the mandatory takeover of the remaining 6.59 per cent of UBN shares vide a letter dated October 14, 2022.

The MTO was reportedly triggered by the successful acquisition of 93.41 per cent of the UBN shares and TTB was granted a no-objection to acquire the remaining 6.59 per cent shares through a letter dated October 24, 2022.

On November 2, 2022, the TTB officially launched the MTO, offering to acquire the remaining shares and the MTO concluded with the TTB purchasing an additional 0.64 per cent of the issued shares of UBN, thus bringing its total shareholding to 94.05 per cent.

To approve a scheme arrangement between itself and the holders of the balance of 5.95 per cent shares not yet bought by the TTB following an order of the Federal High Court, the UBN convened a meeting on June 13, 2023.

This was expected to result in the transfer of the outstanding UBN shares to TTB.

The investigation report noted, “The process to acquire the remainder of 5.95 per cent of the issued share capital of UBN by TTB is ongoing through a court-ordered scheme of arrangement between itself and the holders of the balance of 5.95 per cent.

“TTB stated that its ultimate objective is to acquire 100 per cent of the total outstanding shares of UBN.”

Further investigation showed that TTB is owned by Luxis International DMCC and Magna International DMCC, said to be based in Dubai, United Arab Emirates.

The two firms were said to be owned by Vink Corporation Middle East FZC, which is controlled by Cornelis Vink.

However, efforts to verify the corporate status of Luxis and Magna in Dubai failed as they did not have a physical presence in the Arab country as claimed.

“This contravenes Section 3(5) of the Banks and Other Financial Institutions Act, 2020. Accordingly, they are not supposed to be allowed to operate or acquire a bank in Nigeria,” the report declared.

It stated, “The special investigator probed the activities of the TTB and discovered that there is a mysterious shareholder who has given interest-free long-term loan to (with no fixed repayment schedule) to the entities mentioned above (Luxis International DMCC and Magna International DMCC). This mysterious shareholder is believed to be Mr Godwin Emefiele. [Details: Source]

The accords valued at $500m, encompass a renewable energy pact and a gas export deal, marking a milestone in bilateral cooperation, the Presidential spokesperson, Ajuri Ngelale said in a statement.

Union Bank of Nigeria and Germany’s DWS Group formalised a Memorandum of Understanding on renewable energy.

This strategic partnership aims to attract $500m in investments dedicated to renewable energy projects, with a primary focus on rural communities across Nigeria.

According to the statement, the second MoU solidified a gas export partnership between Riverside LNG of Nigeria and Germany’s Johannes Schuetze Energy Import AG.

Nigeria commits to supplying 850,000 tons of natural gas annually to Germany, with projections indicating an increase to 1.2 million tons. The initial shipments are scheduled for 2026, the statement confirmed.

An integral aspect of this deal is its contribution to processing approximately 50 million cubic feet per day of natural gas that would otherwise be flared.

[Source]