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September 19, 2025 - 4:22 PM

Afreximbank Disburses $40M to Fidelity Bank for Union Bank UK Acquisition and Recapitalization – Trending Today

Hello and welcome! In today’s trending news stories;

1. Abike Dabiri-Erewa, Chairman of the Nigerians in Diaspora Commission (NiDCOM), has condemned human trafficking after the rescue of 10 Nigerian girls trafficked to Ghana under the guise of becoming “sales girls.” The rescue, involving girls aged 15 to 18 from Imo and Plateau States, followed the arrest of the suspect now in custody. The operation, led by the Nigerians in the Diaspora Organisation in Ghana, involved multiple stakeholders, including Imo State representatives, the Eze Igbo of Ghana, and the Acting Nigerian High Commissioner to Ghana. Dabiri-Erewa praised the rescue team and called for a permanent solution to eradicate human trafficking, urging parents to monitor their children and advocating for the prosecution of traffickers. The girls will receive counseling and rehabilitation from the National Agency for the Prohibition of Trafficking in Persons before returning home. The Imo and Plateau State governments have also committed to supporting the girls’ rehabilitation.

2. Thirty-five members of Nigeria’s House of Representatives have proposed a six-year single term for the presidency and governors. They are also advocating for constitutional amendments to rotate the presidency among the country’s six geo-political zones. The lawmakers, addressing a press conference in Abuja, argue that these changes will reduce government spending, increase efficiency, and enhance national stability. Ikenga Ugochinyere, representing Ideato South/Ideato North Federal Constituency in Imo State, highlighted these benefits while speaking on behalf of the group.

3. An aircraft carrying Malawi’s Vice-President Saulos Chilima and nine others went missing after leaving the capital, Lilongwe, en route to Mzuzu International Airport. The plane lost radar contact and failed to land as scheduled. Chilima was traveling to attend the funeral of former cabinet minister Ralph Kasambara. President Lazarus Chakwera announced an ongoing search and rescue operation, using all available resources and international assistance from the U.S., U.K., Norway, and Israel. The search focuses on a 10-kilometer radius in a mountainous forest near Mzuzu. President Chakwera canceled his trip to the Bahamas to oversee the search efforts and urged Malawians to pray for those on board.

4. The foreign exchange (FX) turnover on Nigeria’s official market fell by 39.95% on Monday, dropping from $269.27 million at the end of the previous week to $161.69 million. This decline is attributed to traders and financial institutions adopting a cautious stance on the first trading day of the week to assess market conditions. This drop marks the first since June 6, 2024, coinciding with Afrexim Bank’s announcement of a $925 million disbursement, part of a $3.3 billion loan agreement with the NNPC. Despite this effort aimed at market stabilization, the FX turnover saw considerable fluctuations, reflecting ongoing volatility. Over the days following the announcement, the naira experienced minor changes against the dollar, while FX turnover values fluctuated.

5. Afreximbank has disbursed $40 million to Fidelity Bank Nigeria Plc to support the acquisition and recapitalization of Union Bank UK. This funding, divided into two $20 million tranches, enabled Fidelity Bank to acquire a 100% equity stake in Union Bank UK and inject additional equity as approved by the UK financial regulator. This acquisition is part of Fidelity Bank’s international expansion, aiming to create a pan-African financial institution offering correspondent banking and offshore services to African banks and the African diaspora. According to Afreximbank’s Executive Vice President, Kanayo Awani, the transaction was important for promoting African capital control and enhancing intra-African trade and investments. Fidelity Bank’s MD/CEO, Nneka Onyeali-Ikpe, expressed gratitude for the support, stating that the partnership could unlock additional value and create a scalable service franchise. The move is expected to boost Africa’s economic growth by increasing trade finance and flows between Nigeria and the UK and enhancing the competitiveness of SMEs across the continent.

6. Nigeria’s Super Eagles are facing a weak prospect of qualifying for the 2026 FIFA World Cup after a 2-1 loss to Benin. With just three points from four games in the second qualifying window, their chances hinge on winning all six remaining matches. Despite a promising start with Raphael Onyedika’s early goal, defensive errors led to Benin’s comeback, leaving Nigeria with no significant threats in the second half. Head coach Finidi George, under pressure after this and a previous draw with South Africa, made controversial changes to the defensive setup, abandoning the effective back-three structure used earlier this year. His adjustments, including deploying players in unfamiliar positions, backfired, resulting in a porous defense. Now, the Super Eagles must drastically improve their performances to keep their World Cup hopes alive

7. The Netherlands capped their Euro 2024 preparations with a dominant 4-0 win over Iceland at Stadion Feijenoord. Xavi Simons opened the scoring in the first half, followed by goals from Virgil van Dijk, Donyell Malen, and Wout Weghorst in the second half. Joey Veerman’s assist set up Simons, and Van Dijk scored early in the second half. Malen extended the lead after a pass from Memphis Depay, who had a goal disallowed by VAR. Malen then assisted Weghorst for the final goal. The Dutch, winning six of their last seven matches, are in strong form heading into Euro 2024, where they will face Poland in their opening match. In filling in for the injured Frenkie de Jong, Veerman excelled with top statistics in several areas. Players’ ratings revealed Veerman as the standout performer with a rating of 9.

 

 

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