The Central Bank of Nigeria (CBN) has denied involvement in the activities of fraudsters who are falsely alleging to have received award letters for construction contracts and special financial interventions.

In a statement on Monday, Hakama Sidi Ali, CBN’s acting director of corporate communications, warned that the individuals are driven solely by the intent to deceive unsuspecting Nigerians, advising citizens to disregard such claims.

“The Central Bank of Nigeria (CBN) wishes to alert members of the public to the activities of fraudsters purporting to be in receipt of award letters of contracts related to construction works and special financial interventions on behalf of the Bank,” the statement reads.

“We wish to clarify that this is false. These individuals are solely motivated by the desire to defraud unsuspecting Nigerians. Any such assertions are fraudulent and should be disregarded.

“The Bank hereby reiterates that, in line with the focus of its current management, it has discontinued direct development interventions and special projects funding.”

Sidi Ali stressed that the regulator has not authorised any public announcements regarding such interventions on social media or other media channels.

She reaffirmed CBN’s commitment to its core mandate of maintaining monetary and price stability and ensuring a sound and efficient financial system in Nigeria.

She also encouraged Nigerians to remain vigilant and report any suspicious activities or publications to law enforcement authorities.

The Lagos State Government has called on residents, particularly those in Ikeja axis, to give their cooperation for the smooth delivery of the Right of Way ( RoW) of the improvement works at major junctions within the Toyin/Opebi/Allen and Adebola/ Salvation areas.

This call was made during a meeting jointly organized by the Ministries of Physical Planning and Urban Development and Transportation at the Lagos State Physical Planning Permit Authority (LASPPPA) Headquarters, Ikeja, which was attended by business owners, residents, and government officials as seen in a statement on the official x page of the Oluwaseun Osiyemi, Lagos State Commissioner for Transportation.

Hon. Oluwaseun Osiyemi stressed the value of an inclusive approach to the project.

He noted the importance of involving government officials, community leaders, residents, and business owners to harmonize ideas and ensure success.

“He called for understanding and support throughout the duration of the junction improvement works, especially the delivery of the RoW stage that might necessitate the removal of encroaching structures,” the statement said.

The Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Olumide, represented by the Permanent Secretary, Office of Physical Planning, Engr. Oluwole Soire called on residents to cooperate with the government for the smooth delivery of the Right of Way (RoW).

“The junction improvement works, based on the urban intervention programme generated from the Model City Plan, was being done in cognisance with indices such as population growth, changes in land use part, erns and the ongoing Opebi-Odo Iya Alaro link bridge,” Sotire explained.

He also emphasized the collaborative efforts of the Ministries of Physical Planning and Transportation to achieve the state’s T.H.E.M.E.S+ Agenda, which focuses on socio-economic development.

The Permanent Secretary of the Ministry of Transportation, Mr. Olawale Musa, explained that improving junctions and ensuring the delivery of rights of way are essential components of urban planning and development.

He further noted that stakeholder engagement would provide valuable insights to guide decision-making and address community concerns.

“By engaging with stakeholders, the government can gather valuable insights and feedback that will help inform the decision-making process and ensure that the needs and concerns of the community are taken into consideration,” he said.

Represented by a Director in the Ministry of Transportation, Engr. Adebayo Osomo, Musa highlighted that the improvements would complement the Odo Iya Alaro/Opebi link bridge to ease traffic and enhance interconnectivity.

Tpl. Daisi Oso, General Manager of the Lagos State Planning and Environmental Management Authority (LASPEMA), urged residents to adhere to regulations, particularly those related to the use of incidental open spaces.

Business owners and residents in the affected areas welcomed the project, describing it as a much-needed development. However, they called for its swift completion and compensation where necessary.

The United Bank for Africa (UBA) says it will raise N239.4 billion through a rights issue to existing shareholders.

According to a statement on Thursday, the bank is offering a rights issue of 6.83 billion ordinary shares of 50 kobo each at N35 per share.

The financial institution said the offering, opened on November 15, gives existing shareholders the opportunity to buy additional shares in proportion to their current holdings and is being offered based on one new ordinary share for every five existing ordinary shares held by shareholders, as of November 5.

Speaking to shareholders, Tony Elumelu, group chairman of UBA, said the rights issue is the first step in its broader capital-raising programme.

“UBA’s rights issue aims to raise N239.4 billion, through the issuance of new Ordinary Shares to our shareholders,” Elumelu said.

“The primary objective of this Rights Issue is to further strengthen our capacity to take advantage of growth opportunities and sustain our leadership in the banking industry.”

Elumelu said beyond regulatory compliance, the funds would expand UBA’s lending capacity, investment in digital infrastructure, support sustainable business practices, and expand its African operations.

The group chairman also highlighted how UBA is driving economic growth across Africa.

“Our historic partnership with the Africa Continental Free Trade Area (AfCFTA) Secretariat, where UBA pledged up to US$6 billion in financing over the next three years to support eligible SMEs across Africa underscores our commitment to fostering economic development,” he added.

The businessman also said the issuance complies with the revised minimum capital requirements for Nigerian commercial banks announced by the apex banking regulator in Nigeria — the Central Bank of Nigeria (CBN) earlier this year.

In April, UBA sought shareholders’ approval at the company’s 62nd annual general meeting (AGM) to raise capital.

The development followed the CBN’s directive to commercial banks with international licences to raise their capital base to N500 billion, pegging the capital requirement for national and regional financial institutions at N200 billion and N50 billion, respectively.