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Union Bank, BEREE partner to revitalize loan portfolios

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Lagos, Nigeria — Union Bank of Nigeria and BFREE, a cutting-edge German-Nigerian FinTech firm, have signed a Memorandum of Understanding (MOU). This agreement signifies a joint commitment to addressing economic challenges and revitalising distressed loan portfolios in Nigeria. This MOU was formalised during the German-Nigerian Business Forum in Berlin on November 21, 2023.

Under the terms of the MOU, BFREE, in conjunction with its international financing partners, will explore the acquisition of distressed loan portfolios from Union Bank, with a potential investment cap of $40 million. The key focus will be refinancing non-performing loan portfolios, particularly those delayed in repayment or already written off.
Union Bank, a leading provider of loans to Retail customers and Small & Medium Enterprises in Nigeria, has proactively adapted to the challenging economic environment. The ongoing economic pressures have necessitated increased flexibility for loan repayment plans, and BFREE, leveraging artificial intelligence (AI), presents an innovative solution.
BFREE’s AI-driven automated interaction with loan customers facilitates discussions and agreements on revised loan terms. This streamlined approach enables the rapid review of many loan agreements within short periods, resulting in higher repayment rates and reduced instances of loan write-offs for Union Bank. It also demonstrates the Bank’s confidence in BFREE’s robust recovery process. This strategic partnership not only positions Union Bank for enhanced financial resilience but also relieves the institution of the burden of managing low-performing loan portfolios.
President Tinubu’s active participation in promoting Nigeria as a prime destination for business and investment underscores the collaborative efforts to attract international businesses. The anticipated increase in foreign currency inflow, particularly USD and EUR, is expected to alleviate pressure on the exchange rate of the Naira, contributing to economic stability.
Speaking about the partnership, Joe Mbulu, Executive Director of Union Bank, said:
“We are excited about the strategic partnership with BFREE as it aligns with Union Bank’s commitment to innovation and adaptability. This collaboration signifies our dedication to finding innovative solutions to the economic challenges faced by our customers. By leveraging BFREE’s advanced AI capabilities, we aim to enhance the efficiency of our loan portfolio management, ensuring flexibility for our customers in these challenging times. This partnership reflects Union Bank’s proactive approach to navigating the evolving financial landscape and reinforces our commitment to providing sustainable financial solutions to individuals and businesses in Nigeria.”
Also commenting on the partnership, Julian Flosbach, Chief Executive Officer of BFREE, expressed:
“BFREE is thrilled to announce our strategic partnership with Union Bank, a collaboration that underscores our joint commitment to innovation and resilience in the face of economic challenges. With a track record of successfully managing over 4 million distressed customers across Africa, BFREE brings extensive experience to the table. Our proprietary AI capabilities will play a crucial role in streamlining Union Bank’s loan portfolio management, offering unparalleled flexibility to customers during these challenging times. The commitment of our financing partners is instrumental in driving this initiative, highlighting their dedication to supporting Union Bank’s revitalisation efforts.”
Union Bank is optimistic that this strategic partnership with BFREE will not only bolster the bank’s financial health but also contribute significantly to the broader economic recovery of Nigeria.

About Union Bank Plc:
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria. The Bank currently offers a variety of banking services to both individual and corporate clients, including current, savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance. The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.
More information can be found at: www.unionbankng.com
Media Enquiries: Email acomolayole@unionbankng.com

About BFREE:
BFREE is a FinTech start-up founded in 2020 that has developed a proprietary AI-first ethical credit collection process. BFREE has worked with more than 35 financial institutions in Nigeria, Ghana, and Kenya and has managed collection processes of over four million distressed retail customers with a cumulative distressed loan value of over USD 400 million.
More information can be found at: www.bfree.io
Media Enquiries: Email Mr. Julian Flosbach (julian@bfree.io)

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Buhari’s army Chief warns US authorities not to release Tinubu’s records

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Former Chief of Army Staff, Lt. Gen. Tukur Buratai (retd.), has w@rned the United States aga!nst releasing documents allegedly linked to past illegal drug investigations involving President Bola Ahmed Tinubu, saying such a move could amount to foreign interference in Nigeria’s affairs and influence the 2027 election.

Buratai made the remarks in a paper titled “Nigeria First: A Case for Pr0tecting National Sovereignty and Dignity – A Patriotic and Non-Partisan Perspective,” published on his verified Facebook page.

He argued that the controversy should not be viewed solely as an issue concerning Tinubu, stressing that its implicat!0ns could extend to the country’s image, sovereignty and political stability.

“This is not merely about Bola Tinubu; it is about 250 mill!0n Nigerians whose national pride, economic prospects, and global standing hang in the balance,” he stated.

Buratai questioned why an issue dating back about 33 years was being revived, particularly if it could be used for political purposes ahead of the 2027 elect!0ns. He also argued that Nigeria’s democratic and legal institutions should be allowed to handle allegations involving its leaders.

He wrrned that releasing the documents before the 2027 polls could give foreign actors undue influence over Nigeria’s electoral process and undermine the country’s political sovereignty.

However, Buratai clarified that defending national sovereignty should not be interpreted as shielding leaders from accountability, maintaining that allegations can still be investigated while respecting the dignity of the office and the nation.

 

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Sheikh Yahya jingir denies hate speech against Christians

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The Chairman of the Izalatil Bid’a Wa’ikamatis Sunnah (JIBWIS), Sheikh Sani Yahaya Jingir, has denied saying that he hates Christians.

He described allegations that he dislikes Christians as “mere lies” and a misinterpretation of his recent remarks.

The Islamic cleric had come under heavy criticism following his support for the Muslim-Muslim tickets and his reference to Christians as infidels.

However, speaking at a One-Day National Symposium, with the theme, “Enhanced Political Participation and Social Justice as a Panacea for Unity and Development in Nigeria,” held in Jos on Sunday, Jingir explained that his remarks were not intended to express hatred towards Christians or non-Muslims.

He said: “A lot of people are saying I dislike Christians. I didn’t say I dislike Christians. It is a lie. My remarks were misinterpreted.

“Leadership in Islam is not about cheating people of different faiths. Islam teaches us to share love with people of different faiths or sects.”

Jingir further explained that Islam teaches fairness and justice to people irrespective of their religion, and warned Muslims that they would be held accountable if they harmed non-Muslims.

He added that Prophet Muhammad (SAW) lived peacefully with people of other faiths, urging Nigerians to promote peaceful coexistence.

The cleric also called on President Bola Ahmed Tinubu, governors, and other political leaders to ensure fairness and justice in discharging their responsibilities, irrespective of religious affiliation.

“I call on President Bola Ahmed Tinubu not to cheat non-Muslims and Muslims alike. I also call on you not to cheat those who are not in the same political party with you. You should lead with justice and fairness to all Nigerians,” he said.

Jingir maintained that every Nigerian has the right to freely choose and support any candidate during elections.

“Everyone has the right to vote for whoever he feels is okay with him to vote for during an election,” he said.

 

 

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NDC targets 1m votes for Obi in FCT

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Nigeria Democratic Congress (NDC) in the Federal Capital Territory (FCT) says it is targeting one million votes for the party’s presidential ticket in the 2027 general elections.k

Chairman,‌⁠‌‍⁠⁠‌‌‍⁠‍⁠‍⁠⁠‌ FCT South-East of the NDC, Mike Nwosu, disclosed this on Saturday when he led members from the six Area Councils in the FCT on a solidarity visit to the NDC National Vice Chairman, South-East, Mr Teddy Obey.

Nwosu said the visit is to appreciate the party’s national leadership for giving the South-East the opportunity to produce its presidential candidate.

He said the South-East has a responsibility to reciprocate the gesture by mobilising support for the party and ensuring victory for its candidates in the 2027 elections.

“We are going to bring together,c not less than one million people in Abuja. We want to bring all the Igbos in Abuja and the FCT together under one umbrella, the NDC,” he said.

Nwosu said the group would commence intensive mobilisation ahead of the campaigns, stressing that the objective is to ensure that the party’s presidential ticket received massive support across the FCT.

He described the emergence of Peter Obi as the party’s presidential candidate as a significant step toward greater political inclusion for the South-East.

According to him, the region has consistently demanded greater inclusion in national political leadership, and the NDC’s decision to back an aspirant from the region represents an opportunity that must be utilised.

Also speaking, Mr VinMartin Ilo, Chief Technical Adviser to NDC National Leader, Sen. Seriake Dickson, said the visit demonstrated the South-East’s appreciation of the opportunity extended to the region by the party.

Ilo said the South-East had a major role to play in convincing Nigerians across the country that an Igbo presidency would serve the interests of all Nigerians.

He said the NDC is ready to partner with the South-East in mobilising support for Obi and the party’s presidential ticket.

“The Igbos know that for this task to be achieved, they have to lead from the front and reassure other Nigerians that the Igbo man as president will bring the change that Nigeria needs.

“They also have a task to convince other Nigerians that this will be a presidency for all Nigerians, not just for the people of the South-East,” he said.

Ilo said the NDC’s campaign strategy would involve reaching Nigerians at every level, including people in remote communities.

He said the party would rely on facts, statistics and evidence to convince voters that Obi is the best candidate for the 2027 presidential election.

“The campaign is top to bottom. We are not leaving any Nigerian or any part of Nigeria out of it. We need Nigerians in every part and we are reaching out to them,” he said.

 

 

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