The Nation Newspaper

Author: The Nation

PenCom issues Consumer Protection Framework (Part 1)

Continuing its commitment to protecting pension consumer rights and enhancing service standards, the National Pension Commission (PenCom) has issued the inaugural Consumer Protection Framework for the pension industry.

The framework is designed to ensure exceptional service delivery from the PenCom and Licensed Pension Fund Operators (LPFOs).

The Director-General, PenCom, Mrs. Aisha Dahir-Umar in a statement, said an essential feature of the Contributory Pension Scheme (CPS) is the involvement of active contributors and retirees in critical decision making for their pension savings.

According to her, Retirement Savings Account (RSA) holders play an active role in the CPS, having defined rights such as selecting a Pension Fund Administrator (PFA), choosing the type of Investment Fund for their pension contributions, and determining the mode of pension payment upon retirement.

Since its inception, she said PenCom has refined strategies to safeguard pension consumers’ rights and ensure exceptional service delivery.

She said: “In April 2017, PenCom issued a Circular on Service Delivery by PFAs, emphasising RSA holders’ entitlement to quality services. The importance of outstanding service and protecting pension consumer rights was further underscored in the Code of Ethics and Business Practices for Licensed Pension Operators introduced in 2017. Furthermore, PenCom issued a Circular in August 2023 concerning the Operations of Branch Offices and Service Centres by PFAs. The aim was to expand the reach of PFAs and enhance service quality for RSA holders.

Mrs Dahir-Umar explained that as a precursor to issuing the Framework, PenCom established the Consumer Protection Department (CPD) as part of its Corporate Strategy, aimed at enhancing consumer confidence, a critical element in fostering a robust and sustainable pension industry.

“The CPD focuses on monitoring and ensuring compliance with the rights of contributors and retirees, as well as handling complaints related to the CPS. The Consumer Protection Framework is essential to achieving the high service delivery standards within the Pension Industry, setting forth guiding principles to meet consumer expectations.

“The primary objective of the Framework is to boost consumer confidence, thereby ensuring the stability and sustainability of Nigeria’s pension industry. Specific objectives include effectively managing Pension Funds to provide sustainable retirement income, promoting transparency and accountability in pension management, ensuring fair treatment of consumers, facilitating consumer access to information for informed decision-making, promoting professionalism and ethics, and expeditiously handling complaints and resolving disputes.

“Consumer Protection Framework is applicable to organisations that render pension-related services, including Pension Fund Custodians (PFCs) and Closed Pension Fund Administrators (CPFAs). This Framework is informed by international best practices, drawing from guidelines such as the International Organisation of Pension Supervisors (IOPS) Good Practices and the G20 High-Level Principles on Financial Consumer Protection.

“Additionally, it aligns with the Central Bank of Nigeria (CBN) and the Saudi Arabia Central Bank’s Consumer Protection Frameworks. It is structured into four primary sections: Introduction, Principles of Consumer Protection, Rights and Responsibilities of Consumers, and Reviews and Inquiries. Within the Framework, the basic rights of pension consumers have been established for adequate protection. Consumers are to be treated fairly, regardless of the complaint, financial knowledge, status, physical ability, age, gender, tribe, or religion.

“Pension contributors and retirees have access to an efficient redress mechanism for settlement of claims or disputes. PenCom and LPFOs protect consumer information from unauthorised access and disclosure. Also, LPFOs provide a safe and conducive environment, channels, and platforms for use by the consumers”.

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In addition, she stated that pension contributors and retirees have the liberty to choose from a variety of products and services without restriction. Prospective RSA holders have a right to choose their PFAs. RSA holders also have the choice to transfer from one PFA to another.

“They can decide to select either Programmed Withdrawal or Retiree Life Annuity at retirement for pension payments. They also have the right to be provided with adequate and necessary information needed to make informed decisions. Therefore, LPFOs are required to provide consumers with accurate and timely information on products and services to enable consumers make informed decisions.

“Meanwhile, PenCom has instituted measures for enforcing strict compliance with provisions of the Framework.

“These measures encompass comprehensive examination of complaints, performance audits, and the application of essential administrative penalties on any Pension Fund Operator discovered to be in breach of consumers’ rights. These enforcement measures are carried out promptly, impartially, and resolutely, underscoring PenCom’s dedication to consistently safeguarding consumers’ rights. This commitment demonstrates PenCom’s unwavering dedication to safeguarding consumers.

“This initiative reflects PenCom’s proactive approach to consumer protection, ensuring that pension contributors and retirees are treated fairly and that the pension system operates with transparency and accountability. Through ongoing collaboration and vigilant enforcement, PenCom remains steadfast in its mission to uphold consumer rights within Nigeria’s consolidating pension landscape.’’

May 8, 2024
Pension complaints and solutions

KWAMI: I am Kwami. I have not been paid my pension. I want Access Pension to transfer my contribution to AIICO Insurance Plc. What is going on with Access Pension?

I submitted my provisional agreement two months ago, precisely January 2024 authorising Access Pension to transfer my money to AIICO. Why is the PFA refusing to do so to enable me purchase annuity plan.

Also, I want know if Access has submitted my provisional agreement to PenCom for approval.

Finally, I want to know if PenCom has approved it.

PENCOM: Dear Mr. Kwami, please note that your request has not been submitted to the Commission. Kindly liaise with your PFA.

AORNAN: Good day, I strongly need your help.

My dad, Aornan, a staff member of Federal Government Girls College, Gboko, died in service on July 8, 2015.

He was even on his way from work when he had an accident. He didn’t susrvive it.

My brother and I are his next of kin, but we have not been paid. I would be very happy if you could help me on this matter.

PENCOM: Dear Sir, kindly liaise with your late dad’s Pension Fund Administrator (PFA) to ensure the necessary documents are submitted for the processing of his benefits.

However, in case the documents have been submitted to his PFA, do provide his RSA PIN and other details to enable the Commission verify further.

ELIZABETH: My name is Elizabeth. I worked at NIPOST Bayelsa for 16 years and transferred my service to the Bayelsa State Government where I retired in 2020.

I came to the PenCom office in Abuja to complain in respect of the non-payment of my benefit.

I have done everything about clearance with my documents at Premium Pension office in Bayelsa State.

Finally, I did my capturing on the October 6, 2023.

But, Premium Pension has refused to pay me my contribution.

I look forward to hearing from you for the payment of my benefits.

UFOT: Good day, my name is Ufot. I wish to complain about my unpaid pension by my former employer of over three years.

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My former employer is Caverton Helicopters Offshore Support Group, based at Murtala Muhammed International Airport, Ikeja. My PFA is ARM Pension. I have not retired as I am still under 60.

Caverton Offshore Support Group put me on furlough and even before they put me on leave without pay, they had not been paying my pension contributions to my PFA for over three years, yet they were deducting my contributions from my salary without adding their part to remit to my pension administrator.

I would appreciate it if you could compel them to pay my contributions of many years as it runs into a couple of millions.

If you require any proof, I can provide it. Thank you.

PENCOM: Dear Mr. Ufot, kindly write a letter of non-remittance to the Compliance and Enforcement Department of the National Pension Commission, stating the necessary information such as name and address of the employer, period in which remittances were not made and any other useful information for your complaint to be resolved.

FATAI: I applied to my PFA, Stanbic IBTC, for my pension benefit for more than a year.

Since then, I have been receiving messages from them thanking me for my patience and informing me that they are yet to get approval from PenCom. I want to sue them. Do I add PenCom or LASPEC too?

PENCOM: Dear Mr. Fatai, please be advised that your request is yet to be forwarded to the Commission. Kindly get in touch with your PFA.

DSP BASSEY: I am DSP Bassey. I am with ARM Pension. Should I join the NPF Pension too?

PENCOM: Dear Mr. Bassey, please note that it is not compulsory that you move to NPF Pensions but it is advisable you discuss with your employer.

OKPOSO: I retired on September 22, 2022 from Cfao Nigeria Plc. Please, assist me on the payment of my pension which covered July 2023 to March 2024. Best regards.

PENCOM: Dear Pastor Okposo, kindly forward your RSA PIN as well as other information to enable the Commission investigate further.

May 8, 2024
Making money from grasscutter farming

In Sub-Saharan Africa, the raising of grass cutters, also known as the cane rat, has proven to be a successful business. This is because it’s popular, its meat is tasty and sells at good prices. Farmers’ efforts and study into raising grass cutters have led to the development of methods that are proven to be profitable and effective. Jovanna Farms is spearheading an initiative in Nigeria to encourage more people to establish profitable small-scale grass cutter farms, DANIEL ESSIET reports.

Farmers across various regions in Africa are involved in the practice of raising miniature livestock animals such as goats, pigs, rabbits, chickens, and grass cutters. The main reason behind this trend is that these animals require less space and feed compared to larger livestock. Moreover, the cost of raising them is relatively low. Another benefit is that they mature faster than regular-sized animals, enabling farmers to generate income more quickly. Nigerians, in particular, are keen on exploring the potential of grass cutters due to their suitability for small-scale farming and urban agriculture projects. Farmers understand that by raising grass cutters, they can bring about significant changes in their communities and positively impact people’s lives.

One of them is the Chief Executive, Jovanna Farms, Prince Arinze Onebunne. Starting from modest beginnings, he has meticulously built a prosperous agribusiness empire. His exceptional skills in raising grass cutters and other miniature livestock animals have contributed to his well-deserved triumph.

A key factor in his success lies in his willingness to seek guidance and knowledge from agricultural experts, demonstrating a keen understanding that continuous learning is crucial for growth. His business has experienced significant growth since he adopted appropriate feeding methods. By implementing strict hygienic practices, he successfully managed disease outbreaks and optimised the growth of his animals. Through the implementation of modern practices, he improved the quality of his grass cutters and increased their productivity. Additionally, he took advantage of market demand by networking with local restaurants, hotels, and supermarkets.

He emphasised the nutritional value and health benefits of grass cutter meat, which resonated with health-conscious consumers.

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He ploughed his profits back into his farm, purchasing more breeding stock and improving infrastructure for better animal welfare. Onebunne’s story serves as a reminder that even the tiniest endeavours may grow into successful ventures with perseverance, commitment, and a desire to learn.

He explained, however, that starting a grass cutter farming requires dedication, patience, and a willingness to learn, and that with proper planning and management, it can be a rewarding and profitable venture.

Though the livestock industry is primarily dominated by cattle, pigs, and chickens, he noted that grass cutters provide a unique alternative. In comparison to larger livestock such as cattle or pigs, he indicated that grass cutter farming requires a lower capital investment.

Furthermore, grass cutter farming has the potential to generate higher returns on investment when compared to other livestock ventures.

His words: “ You will require at least half plot of land. You will build on it a 30 x 60 feet half wall block. If you go outside the cities to the villages, this may not cost you more than N450,000. You also require lighting equipment, that is, two hurricane lamps (alternative to electricity), which will cost you less than N5,000. After land and light, you will require watering equipment; that is, a well water reservoir, pumping machine, water buckets, and about 100 cast troughs. All these would cost you about N100,000. The next requirement is the housing equipment, which I would suggest should be about 50 wooden cages which should cost about N900,000. The last is the feeding equipment which should comprise a wheel barrow, hand shovels, plastic troughs, which should cost less than N80,000. All the equipment should cost about N300,000. The last is the working capital requirement. To stock six colonies of one male plus five females at N150,000 per colony should be about N900,000. Then feeding for a one-year gestation period of a mixture of 30 breeders, 50 castrated bucks and 200 weaners should be about N7million This is just a small commercial proto-type; it could be scaled down or made bigger depending on your financial capabilities.”

He attributed this to the fact that grass cutters primarily feed on grasses, which significantly reduces feed production costs.

Also, he mentioned that a single grass cutter female can give birth to eight babies in a year.

“With proper handling and in a good environment either in the backyard homestead or in the bush, a female grasscutter can farrow twice a year with five to eight litters each. The gestation period is usually 152 days on the average, while a range of 150 to 160 days is possible,” he added.

With such a high reproduction rate, he indicated that grass cutter rearing has proven to be a highly profitable business opportunity.

How many animals can one start a grasscutter farm? He counselled: “As a starter on a small scale, one will suggest that you start with two or three colonies; that is, 10 or 15 breeding does and two or three bucks. Honestly, for a man or woman that lost the job and wants to really get involved, six colonies will be a better starting point.”

In his opinion, the grass cutter rearing business offers considerable profitability to individuals within a short timeframe. This is primarily due to the fact that grass cutters can attain maturity relatively quickly, usually within six to eight months, depending on the breed and the effective implementation of management practices.

With the objective of empowering Nigerians and lifting them out of poverty, Onebunne has initiated a training outreach. His aim is to educate a larger number of people on the prospects of profitable grass cutter rearing. Onebunne believes that with the right guidance and support in utilising contemporary agricultural methods, grass cutter farming can be financially rewarding. He is confident that initiatives such as the one he is championing can make a significant difference in uplifting communities and fostering growth.

May 8, 2024
Tinubu propelling Nigeria towards renewal

By Mohammed Idris

Three weeks from now, President Bola Ahmed Tinubu will mark his first year in office. As we approach that first anniversary, it is only natural that the entire nation will be looking back and reflecting on the journey so far. In this piece, I would like to highlight some of the foundational elements of the thinking underpinning the work that President Tinubu is doing to reset and remake Nigeria. I believe that the more Nigerians are able to understand the ‘whys’ behind the ‘whats’, the easier it will be to connect the dots between the vision and its outcomes.

I will start by reiterating known facts: that President Tinubu came to the Presidency with eight years of experience as the Governor of the largest subnational economy in Africa, during which he mastered the art of implementing enduring institutional and process reforms. The President also showed up with an unparalleled understanding of the private sector, honed by his high-flying career as a corporate executive in the oil and gas industry. These have no doubt shaped his approach to the task of leading Nigeria. It is with these in mind that I will now turn to highlight five core principles or ideas that underpin the President’s leadership vision.

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Firstly, President Tinubu is resolutely focused on policies and actions that will attract long-term local and foreign investments to Nigeria, knowing that every naira and dollar of new investment in the country means new jobs, increased productivity for local consumption and for export, and much-needed economic growth. For these investments to happen, the business environment must be conducive. This is what is fueling the painstaking rebuilding of the credibility and capacity of the Central Bank. It is also why we have extensive tax and fiscal reforms ongoing, to reduce the burden on businesses.

It is why Mr. President has established the Renewed Hope Infrastructure Development Fund (RHIDF), which is mobilizing billions of dollars for infrastructure projects that will reshape the country’s landscape – our roads and highways, airports and seaports, power plants, and so on. It is equally what explains the constant engagement with local and foreign investors, in which the President plays the role of Chief Marketing Officer with great energy and enthusiasm — and with remarkable success. In the last one year, we have seen investment commitments in excess of 30 billion USD, across various sectors.

Secondly, President Bola Ahmed Tinubu is focused on policies and programs that provide direct and targeted economic relief and benefits to the pockets and livelihoods of Nigerians, by way of grants, education loans, food and fertilizer distribution, cash transfers, health insurance, and consumer credit. As we speak, disbursement has since commenced of the nano-grants of fifty thousand Naira each intended for one million Nigerians, part of a larger 200 billion Naira MSMEs credit program.

The National Social Investment Programme (NSIP) is currently being repositioned to ensure that it delivers maximum value to the intended beneficiaries, without the distortion of middlemen. This vision of targeted economic relief has also led to the launch, in recent weeks, of the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CrediCorp), as well as the work going on to negotiate a new minimum wage that will touch the lives of millions of Nigerians. A Presidential Compressed Natural Gas (CNG) initiative to provide a cheaper alternative to petrol and diesel for transporters and commuters is also being finalized.

Thirdly, the President understands that desirable developmental outcomes often require a temporary period of pain and adjustment. He seizes every opportunity to be seen and heard asking for the understanding of the Nigerian people. Speaking recently at the World Economic Forum meeting in Riyadh, Saudi Arabia, he said, “Concerning the question of subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt and to reset the economy and the pathway to growth. It was going to be difficult, but the hallmark of leadership is making difficult decisions when they need to be made.”

On the foreign exchange regime reforms, he said, “The currency management was necessary, equally to remove the artificial element of value in our currency. Hence, our local currency finds its level and competes with the rest of the world’s currencies as we remove corrupt arbitrage and opaqueness.”

President Tinubu wants to build a Nigeria that is confident and competitive on the global stage. Because of this, we can no longer afford certain ways of doing things. We must push past the false comfort of certain ingrained habits and practices, and endure inevitable but temporary discomfort, because we are certain that ahead of us lies lasting reward.

Fourthly, we have a President who listens very actively to the opinions of Nigerians, who does not allow ego to get in the way of doing what is best, and does not shy away from implementing adjustments in the policy-making process, where necessary. When the Students Loan Act required some more work, he wasted no time in getting this done. He sent the Act back to the National Assembly, where it was revised in record time, and returned for presidential assent. Today we have a much-improved Act that will deliver even greater value to the young Nigerians for whom it is intended.

Fifthly, President Tinubu is an adept communicator who leads by example, and wants Nigerians to always be in the know regarding the decisions being taken on their behalf. As the Minister of Information and National Orientation, I can attest to the enthusiasm that I have always seen in him, which has helped greatly in my work. I have personally enjoyed the President’s support to inaugurate a pioneering National Communications Team (NCT) that brings together key communications experts in the Presidency and the Federal Government, alongside the heads of our public information agencies. Our goal is to ensure that Nigerians are carried in a timely and transparent manner, as the President intensifies his determination to deliver on the Renewed Hope agenda. Nigerians will in the months ahead see even more effort from us to communicate this journey of transformation.

Let me now also add this: We were well aware, from the very start, that the task we signed up for as a party and a government — to renew the hope of Nigerians, and to convert that hope into genuine satisfaction, under the inspired leadership of President Tinubu — was never going to be an easy one. That is in fact why we put ourselves forward; because we knew that at this critical juncture in our history, Nigeria requires thinking that is fresh, audacious, and pragmatic; and we are confident that we can deliver this, against the backdrop of a world assailed by myriad fiscal, geopolitical, and technological challenges. Under President Tinubu’s watch, we will rebuild and restore the faith of Nigerians in their country.

As the implementation of our administration’s first full-year budget gathers momentum, Nigerians will increasingly see, across all sectors of the economy, concrete manifestations of the renewed hope they ushered in a year ago. This is where I will again ask for the continued understanding and support of all Nigerians, and for the media to strive to become fully alive to its democracy-nurturing obligations.

As a government, we must be held accountable for all that we have promised the people of Nigeria. At the same time, we also deserve to have Nigeria’s budding success narratives reported and amplified with enthusiasm, and without distortion. With a committed President and team, as we move into the second year of the administration, there is no doubt in my mind that things can only get better for this blessed and beautiful country of ours.

•Idris is the Minister of Information and National Orientation

May 8, 2024
Nigeria-U.S. trade volumes hit $10b

The trade volumes between Nigeria and the United States (U.S.) reached $10 billion while the U.S. government announced a fresh injection of $125million cash into the economy for food security and water.

The U.S. government commended the economic reforms of President Bola Tinubu and noted that Power Africa, working with Congress, intends to support a new, five-year, $90 million program to support on and off-grid development, underscoring the importance the two countries placed on expanding energy access and reliability as fundamental to achieving economic growth and prosperity.

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According to a text released by the governments of U.S and Nigeria on the occasion of the sixth U.S.-Nigeria Binational Commission in Abuja held between April 29 and 30, this year, Nigeria expressed its desire to increase African exports to the U.S., while the U.S. reaffirmed its commitment to Nigeria’s development and pledged efforts to facilitate Nigeria’s use of trade opportunities. The two sides discussed Nigeria’s utilisation of the African Growth and Opportunity Act (AGOA) and identified ways to increase sustainable and inclusive growth.

The Binational Commission built on the strong foundation agreed during the January 23, this year meeting between President Tinubu and Secretary of State Antony J. Blinken in Abuja, as well as the momentum from the last BNC in Washington, D.C. in February 2020.

Foreign Minister Yusuf M. Tuggar led the Nigerian Inter-ministerial delegation, while Deputy Secretary of State Kurt M. Campbell and Assistant Secretary of State for African Affairs Molly Phee headed the U.S. delegation of Federal Departments and Agencies.

Participants discussed Nigeria’s economic reform agenda and the importance of sound macroeconomic policies to enhance investor confidence and attract private sector investment.

May 8, 2024
Transcorp GCEO makes MIPAD’s global top 100 list

President/Group Chief Executive Officer (GCEO) of Transcorp Group, Dr. Owen Omogiafo, has been recognised as one of the most influential people of African descent (MIPAD)’s Global Top 100 Futurist & Innovators List.

The list recognises individuals who have made remarkable contributions in shaping the future and pioneering innovative solutions within their fields.

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The announcement of the recognition comes as Transnational Corporation Plc (Transcorp Group) released its first quarter 2024 results, which showed impressive growth on all indices.

Profit before tax (PBT) grew year-on-year (YoY) by 1,475 per cent to N45.7 billion in the first quarter of 2024 (Q1’24) from N2.9 billion in the corresponding period of 2023. The company also reported a 173 per cent year-on-year growth in revenue to N88.6 billion in first quarter of 2024 from N32.4 billion in first quarter of 2023.

May 8, 2024
Govt assures investors of friendly environment

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Commission Chief Executive, Gbenga Komolafe, have assured foreign investors that the government will eliminate every challenge hindering smooth operations of businesses.

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The duo, gave the assurance during the opening session of the Nigerian Pavilion at the Offshore Technology Conference (OTC) in Houston, U.S., stressing that the administration of President Bola Tinubu is fully committed to breaking all entry barriers for would-be investors.

The Nigerian Pavilion at OTC is organised by the Petroleum Technology Association Nigeria (PETAN).

May 8, 2024
Edun woos foreign investors with growing market

The Federal Government has reiterated its commitment to welcome foreign investors, showcasing the country’s vast opportunities for economic growth.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who hosted a gathering to celebrate the outgoing World Bank Country Director emphasised Nigeria’s readiness for international partnerships.

Edun pointed out Nigeria’s attractiveness to investors, citing its large and growing market, abundant natural resources, and skilled workforce.

He urged the international community to explore these opportunities, stating: “Our country offers a favourable business environment, investment incentives, and a dynamic market waiting to be tapped.”

Highlighting the government’s dedication to creating a conducive business environment, Mr. Edun invited international development partners to invest in Nigeria, emphasising the diverse business opportunities and profit potential within the country.

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Furthermore, Edun assured continued collaboration with the World Bank, noting the government’s commitment to implementing policies that would bolster Nigeria’s economy and make it more resilient.

He applauded the outgoing World Bank Country Director for his support and recognition of Nigeria’s efforts, and aligning with President Bola Ahmed Tinubu’s leadership in providing good governance.

Dr. Shaubham Chaudhari, the outgoing World Bank Country Director, commended Nigeria for its proactive measures in economic development despite challenges.

He expressed the World Bank’s readiness for further collaborations and partnerships for Nigeria’s growth.

Mrs. Lydia Shehu Jafiya, the Permanent Secretary of the Federal Ministry of Finance, reiterated the government’s commitment to providing an enabling environment for policy implementation.

She urged the international community to support the administration’s efforts in boosting the economy and emphasized the need for foreign investment to leverage Nigeria’s diverse resources for mutual benefit.

May 8, 2024
Standard Chartered partners Lagos Food Bank

Standard Chartered Bank has collaborated with the Lagos Food Bank Initiative to bring smiles to the faces of thousands of people in Lagos.

The bank partnered with the non-governmental organization to sort, pack and distribute 300 food and dental hygiene boxes with items sufficient to support underprivileged and vulnerable families with a minimum of five individuals per family.

This initiative, which was targeted at reducing hunger, creating more social impact in the communities, and demonstrating the bank’s dedication towards supporting communities where it operates in, was executed with the support of 50 employees from the bank’s head office in Lagos.

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Acting Head of Corporate Affairs, Brand and Marketing, Standard Chartered Bank Nigeria, Joke Adu said the bank was very proud of the volunteering opportunity it had with the Lagos Food Bank Initiative as the bank believes in contributing time, expertise, and resources towards improving the various communities where it operates.

“To achieve this, every employee gets three days every year to volunteer towards various initiatives focused on education, employability, entrepreneurship, environmental protection, relief effort support etc that foster development and economic empowerment in society.

“Today, we have packed and distributed food boxes that will support over 300 families across the state as a testament to our commitment towards making a positive impact in the community. For us this is one of the many ways we continue to reiterate that we are here for good,” Adu said.

President and Executive Director, Lagos Food Bank Initiative, Dr Michael Sunbola appreciated the proactiveness of Standard Chartered Bank, especially in this season where there is a steady increase in the cost of food and living expenses.

May 8, 2024
UBA consolidates with 110% growth in gross earnings

• Profit triples to N156b in 3 months

United Bank for Africa (UBA) Plc started off the new business year on a strong footing with three-digit growths across all major performance indicators.

Key extracts of the interim report and accounts of UBA for the first quarter ended March 31, 2024 released at the Nigerian Exchange (NGX) showed that gross earnings rose by 110 per cent while pre and post profits grew by 155 per cent and 165 per cent respectively.

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Gross earnings doubled from N271.1 billion in first quarter 2023 to N570.2 billion in first quarter 2024. The top-line performance was driven by strong growth in the core banking operations with interest income rising by 130 per cent to N440.7 billion. Operating income doubled by 115 per cent from N175.7 billion to N378.59 billion. Profit before tax jumped by 155 per cent from N61.7 billion in first quarter 2023 to N156.34 billion in first quarter 2024. Profit after tax leapt by 165 per cent from N53.5 billion to N142.5 billion.

The balance sheet of the bank further expanded within the three months. Total assets grew by 23 per cent to N25.4 trillion in March 2024. Customer deposits also rose by 23 per cent to close the period at N18.4 trillion, largely attributed to growth in current accounts and savings accounts.”

May 8, 2024