News
Union Bank, BEREE partner to revitalize loan portfolios
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)
News
Air Peace tenders apologies over disruption of flights by unions
The management of Nigeria’s largest airline, Air Peace, has apologised to passengers following disruptions to its flight operations in Lagos and Abuja airports as a result of an ongoing industrial action by organised labour unions.
The airline said members of the Nigeria Labour Congress, NLC, Air Transport Services Senior Staff Association of Nigeria, ATSSSAN, and Trade Union Congress, TUC, barricaded the entrances to its departure terminals at the Murtala Muhammed Airport Terminal 1, comprising the Alpha and Zulu Terminals and Terminal 2 in Lagos.
The blockade also affected access to the Nnamdi Azikiwe Airport terminal in Abuja, preventing scheduled flights from departing from both cities.
The statement by the airline’s management reads: “The ongoing industrial action has resulted in the barricading of the entrances to our departure terminals at Murtala Muhammed Airport Terminal 1 (Alpha and Zulu Terminals) and Terminal 2 in Lagos, as well as the Nnamdi Azikiwe International Airport Terminal in Abuja.
“The blockade has restricted access to these terminals, preventing the departure of scheduled flights from Lagos and Abuja. Consequently, passengers scheduled to travel across our network have been significantly affected by the disruption to flight operations.
“Air Peace sincerely apologises to all affected and stranded passengers for the disruption and inconvenience caused by circumstances beyond the airline’s control. Passengers scheduled to travel later today are being contacted and provided with relevant updates as the situation evolves.”
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News
NHRC demands Sheikh Yahya Jingir’s arrest over inciting remarks
The The Executive Secretary of the National Human Rights Commission (NHRC) has urged the security agencies to arrest and Islamic cleric, Shiekh Yahya jingir over what the Commission described as inflammatory remarks capable of triggering crisis that could lead to abuse of rights of citizens.
The Executive Secretary of the Commission, Chief Tony Ojukwu, SAN, while condemning the remarks which is circulating on social media, said it was not only divisive and inviting but has potential to compromise peaceful life in communities across the country.
In a statement Tuesday signed by Hajoa Fatimah Mohammed Agwai, Director, Public Affairs and External Linkages,the NHRC boss described the statements as a direct attack on the principles of equality, non-discrimination, and peaceful coexistence guaranteed under the 1999 Constitution and Nigeria’s international human rights obligations.
“The Commission finds these remarks to be hate speech and incitement to religious hatred and potential violence. At a time when we are preparing for another general election, such utterances are reckless and dangerous. They serve no purpose other than to divide Nigerians along religious lines and set citizens against one another,” the Executive Secretary stated.
“We cannot afford to look away. If we fail to speak and act now, we embolden both Christian and Muslim clerics and other influential persons to make worse statements in the coming months. That path leads only to crisis,” he added.
In view of the foregoing, the Chief Human Rights Officer of Nigeria called on the Inspector General of Police, the Director General of the Department of State Services and other relevant authorities to immediately arrest and prosecute Sheikh Yahaya Jingir for hate speech and incitement.
Prosecution must proceed irrespective of status or political affiliation in order to serve as a deterrent to others who may seek to exploit religion for political gain during this election period.
The Learned Silk further called on all religious leaders, traditional rulers, and politicians to refrain from divisive rhetoric. He urged Nigerians to reject identity politics and to hold leaders accountable based on competence, service delivery, and respect for human rights.
“The Commission will continue to monitor compliance and will engage with security agencies, INEC, and civil society to ensure that the 2027 elections are free from hate and violence”, he concluded.
News
Many abducted as bandits attack three commercial vehicles along Kogi highway
Many passengers were abducted on Sunday when suspected bandits attacked three commercial buses along Itobe-Achigili-Anyigba highway in Ofu Local Government Area of Kogi State.
The incidents, according to local sources, occurred in two separate attacks within a two-hour interval on Sunday at locations believed to be close to each other along the highway.
The first attack reportedly occurred at about 4 pm between Ojuwo-Ajengo and Mamerebo settlements, when a Hummer bus belonging to a popular mass transit company, said to be travelling to Abuja from the eastern part of the country, was intercepted by the gunmen.
The second incident took place around 6 pm between Ojodu and Ojuwo-Olijo village, where a Sharon bus and a Sienna commercial vehicle, both reportedly on inter-state journeys, were attacked.
Sources said the gunmen barricaded the highway, forcing the vehicles to stop before ordering the occupants into the surrounding bush.
A local source said two mobile phones were recovered from the grass around one of the vehicles and subsequently handed over to security operatives.
The source said the first bus, identified as a Hummer belonging to Peace Mass Transit with fleet number 2838, was intercepted around 4 pm.
The two other vehicles, identified as a Sharon and a Sienna with registration numbers Kogi ERE 138 AE and BB 362 MKA, respectively, were reportedly ambushed around 6 pm.
“The armed men left with all the occupants of the three buses. The exact number of people abducted from each vehicle is not yet known and may only be established through the passengers’ manifests,” another source said.
Following the attacks, a joint security operation involving personnel of the Nigerian Army, police, local vigilantes and hunters was reportedly deployed to the area to search for the victims and track down the perpetrators.
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