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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
Nigerian woman sentenced to prison in US
A Nigerian-born man, Dr. Nkechy Ezeh, 61, of Kent County, Michigan, has been sentenced to 70 months in federal prison for orchestrating a fraud scheme that stole $1.4 million in taxpayer and donor money intended for vulnerable preschool children.
According to a statement by the U.S. Attorney’s Office, Western District of Michigan, Dr Ezeh was also sentenced to a concurrent prison term of 60 months for evading income taxes.
Chief U.S. District Judge Hala Y. Jarbou, who imposed the sentence, characterized Ezeh as “a fraud and a thief,” described the scheme as “brazen and widespread,” and noted that Ezeh stole money intended for some of West Michigan’s most vulnerable children. Judge Jarbou ordered Ezeh to pay $1.4 million in restitution to the victims of the fraud and $390,174 to the IRS. Judge Jarbou also remanded Ezeh directly to prison to begin serving her sentence immediately.
“Nkechy Ezeh’s greed is beyond reprehensible,” VerHey said. “She stole taxpayer and private-donor dollars meant for low-income children in our community. Instead of helping kids, she spent that money on herself. The stolen money could have supported hundreds of West Michigan children and their families. Judge Jarbou’s sentence was perfectly appropriate.”
Ezeh – the 2018 West Michigan Woman of the Year, a two-time appointee to the State of Michigan’s Early Childhood Investment Corporation’s Executive Committee, and a tenured professor of education – founded Early Learning Neighborhood Collaborative (ELNC), a West Michigan nonprofit funded by the Department of Health and Human Service’s Early Head Start program, the U.S. Department of Education, and private donors. It provided meals, transportation, funding, advocacy, and other services to children in preschools located in underserved communities.
As a result of the fraud, ELNC had to close its doors in 2023, many West Michigan preschools lost funding, and needy children lost valuable resources. ELNC also had to lay off its 35 employees without any notice. Sharon Killebrew, ELNC’s former bookkeeper and Ezeh’s co-conspirator, was sentenced in November 2025 to 54 months in federal prison for her role in the scheme.
In a sentencing memorandum, the U.S. Attorney’s Office said that Ezeh used the stolen money to fund her lifestyle, pay for a family member’s wedding, and to travel to Hawaii, Europe, and Africa. She placed her family members on a ghost payroll that caused ELNC to pay them hundreds of thousands of dollars for little or no work, and she used money mules to wire hundreds of thousands of dollars of stolen money to her family in Nigeria.
News
PRP rejected Obi, Kwakwanso before they moved to NDC – Baba Ahmed
The revelation by the national chairman of Proples Redemption Party, PRP, Hakeem Baba Ahmed, that the party rejected attempt by Peter Obi and Rabiu Kwakwanso to join them before the fuo moved to National Democratic Congress, NDC, has continued to generate public reaction.
Baba Ahmed made the statement in a report that was published on Wednesday, May 13, 2026.
This is coming after the former governor of Anambra state and the former governor of Kano state defected from the African Democratic Congress, ADC to the Nigeria Democratic Congress, NDC.
In the report that surfaced online, the PRP Chairman said he blocked Peter Obi and Rabiu Musa Kwankwaso from joining the party because they demanded for the ticket of the party.
“But for you to come even before a decision is made and ask us to guarantee you the ticket without opposition. If you are truly strong contenders, then why fear competition?”.
News
Nigeria’s human rights body demands accountability over recurrent civilian casualties from military airstrikes
The National Human Rights Commission has expressed deep concern over the recurrent incidents of military airstrikes reportedly resulting in significant civilian casualties across different parts of the country, describing the development as troubling and incompatible with established human rights and humanitarian law standards.
The Executive Secretary of the Commission, Dr. Tony Ojukwu OFR, SAN, who stated this in a statement on Wednesday, said while the fight against insurgency, banditry, and other forms of insecurity remains a legitimate responsibility of the Nigerian State, such operations must at all times be conducted in strict compliance with the Constitution of the Federal Republic of Nigeria, international human rights obligations, and international humanitarian law principles.
According to the statement which was signed by Fatimah Agwai Mohammed, Director, Corporate Affairs and External Linkages, Ojukwu said repeated reports of civilian deaths and injuries, including women, children, and other vulnerable persons, arising from aerial bombardments raise serious concerns regarding the protection of the right to life, human dignity, and the obligation of State actors to exercise precaution and proportionality during security operations.
The Commission therefore calls on the Nigerian Air Force to provide a comprehensive explanation regarding the circumstances surrounding these incidents and the measures being taken to prevent further loss of innocent civilian lives.
“Nigerians deserve to know why this has become a recurring decimal, in April and May alone we have recorded the following casualties, in April Jilli market Yobe, in May Shiroro market Niger, again in May Tumfa market in Zamfara, for how long will this continue?” The Chief Human Rights Officer asked.
The NHRC Cheif emphasized that the principles of distinction, necessity, proportionality, and accountability are fundamental obligations under international humanitarian and human rights law and must guide all military engagements, particularly in conflict-affected communities.
Dr. Ojukwu noted that civilian lives must never be treated as collateral damage and urged security agencies to strengthen intelligence gathering, operational safeguards, and accountability mechanisms in order to minimize harm to non-combatants during military operations.
He further called for prompt, transparent, and independent investigations into all reported incidents of civilian casualties resulting from airstrikes, with a view to ensuring accountability, justice for victims, and adequate remedies, including compensation and psychosocial support for affected families and communities.
The NHRC reiterated that national security objectives and human rights protection are not mutually exclusive, stressing that sustainable peace and public trust can only be achieved where security operations are carried out within the bounds of legality, accountability, and respect for human dignity.
Ojukwu reaffirmed the Commission’s commitment to monitor the situation closely and engage relevant authorities and stakeholders to ensure the protection and promotion of the rights of all persons in Nigeria.
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