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Tag: Kennedy Uzoka

  • UBA shareholders approve 2017 final dividend of N22.23bn

    United Bank for Africa ( UBA ), on Monday endorsed the payment of N22.23 billion final dividend declared by the board for the financial year ended Dec. 31, 2017.

    The shareholders gave the approval at the bank’s 56th Annual General Meeting held in Lagos.

    The final dividend translated to 65k per share when compared with final dividend of 55k paid in the corresponding period of 2016.

    The dividend was in addition to the 20k per share paid as interim dividend earlier.

    Speaking at the meeting, Mr Boniface Okezie, the National Chairman, Progressive Shareholders Association of Nigeria ( PSAN ), commended the board and management for the dividend in spite of unfriendly operating environment.

    Okezie lauded the bank for the enhanced dividend and its great work as well as achievements in the continent.

    He said that the bank had showed that good things could come from Africa, noting that the bank would continue to showcase the strength of Africa.

    The shareholder activist urged the board and management of the bank to live up to the desired expectation.

    Okezie , however, called on the shareholders to leverage on the Securities and Exchange Commission ( SEC ) e-dividend initiative in order to bring down the bank’s unclaimed dividend totaling about N7 billion.

    Mr Nona Awo, a shareholder urged the bank’s management on investors’ enlightenment on the benefits of e-dividend.

    Awo said that the bank should engage the company secretary and the registrars to tackle the unclaimed dividend figure.

    He also commended the bank’s subsidiaries for improved contribution to the company’s performance indicators.

    Mr Timothy Adesiyan, Grand Patron, Nigerian Shareholders’ Solidarity Association, appreciated the bank for the dividend and achievement during the year under review.

    Adesiyan said that the bank should conform to regulatory rules and regulations to avoid payment of unnecessary fines.

    Responding, Mr Tony Elumelu, the bank’s Chairman, assured the shareholders of enhanced returns in the years ahead.

    Elumelu said the bank had opened a banking license few months ago to operate UBA London, noting that it would continue to increase its footprint across the globe.

    On unclaimed dividends, he said that the bank would continue to create e-dividend awareness in partnership with APR Registrars to reduce the figure.

    Mr Kennedy Uzoka, the bank’s Group Managing Director, said that the bank would leverage its Pan-African platform to deepen and formalise intra-Africa trade through cross border synergies across its group operation.

    Uzoka said that the bank would focus on growing its market share and would remain committed to sustainable banking principles and risk management practices.

    “Notwithstanding the ever increasing competition from traditional peers and emerging Fintechs, we are approaching 2018 with strong optimism,’’ he said.

    Uzoka said that the bank had made a lot of investment in technology to drive business operations.

    He assured the shareholders that the bank would ensure efficient service delivery in its operations.

    The company posted profit before tax of N105.26 billion during the period compared to N90.64 billion in the previous year.

    Its profit after tax stood at N78.59 billion in contrast with N72.26 billion in the comparative period of 2016.

    NAN

  • UBA raises $500m through Eurobond

    UBA raises $500m through Eurobond

    United Bank for Africa Plc (UBA) has raised $500 million from international investors through Eurobond.

    The Tier-1 lender said investors in the bond came from United Kingdom, Europe, Asia, the Middle East, United States and other parts of the world.

    The dollar-denominated bond, which was first of such offer by the bank, was 240 per cent oversubscribed.

    The significant investor demand, analysts said reflected the strong global investor appetite for the bank’s credit and support for the group’s pan-African financial services strategy.

    UBA Plc, which is a leading pan-African financial institution, offers banking services to more than 14 million customers, across over 1,000 business offices and customer touch points in 19 African countries.

    The $500 million Eurobond is a five-year senior unsecured benchmark bond (144A/Reg S) listed on the Irish Stock Exchange.

    The bank said the fund realised from the offering will further support the group’s strategic vision, as it continues to grow its franchise across the continent and client segments.

    The bond, which is rated by both Fitch (B, stable outlook) and S&P (B, stable outlook), matures in June 2022 and was issued with a coupon rate of 7.75 per cent, priced at an effective yield of 7.875 per cent.

    The Group Managing Director/CEO of UBA Plc, Kennedy Uzoka, said the acceptance of the offering shows strong confidence global investors have in the bank.

    “This successful dollar-denominated offering further illustrates global investor confidence in the strong fundamentals of our group. The $500 million bond will complement our stable funding base and support the growth of our balance sheet and the overall business. More importantly, this medium-term funding will further enhance our strength in financing profitable and impactful projects on the African continent,” Uzoka said.

    Also speaking on the Eurobond, the UBA Group Chief Finance Officer, Ugo Nwaghodoh, described the offering as timely and will help the group achieve its growth objectives:

    “UBA’s debut global offering is another milestone for us. It is timely in the group’s growth phase and aligns with our strategic plan to profitably grow the balance sheet, as we maintain our prudent risk management and benchmark asset quality ratios,” the bank’s finance chief said.

  • Meet the jewel behind Kennedy Uzoka

    ONLY Kennedy Uzoka, the Managing Director of UBA Plc, and his wife know what it is about their union that drives them to demonstrate pure love, no matter whose ox is gored. It’s simply infectious to see the couple holding hands or sharing smiles in public, as if oblivious of other things or people around them.

    Their bond is unmistakable. You would think they are a newly-wedded couple if you find yourself in their company. Within a short while, Princess Uzoka has transformed into a glamorous socialite, thus proving that her-hitherto simple posturing may be a facade after all.

    In recent times, she has been exhibiting traits of a prospective fashion icon. And with enough war chest to throw around, there is no doubt she will gain a foothold in the fashion scene. She has left no one in doubt that she has got style and maturity to complement her husband’s towering corporate status. Princess Uzoka has been sighted at a few upscale shindigs, most times in company with her better half, Kennedy.

    But she shouldn’t be envied: having endured the trying times with her better half, it’s only fair and proper that she enjoys the fruits of perseverance with him as the going gets rosier.

  • Stylish banker Kennedy Uzoka

    As generations come and go, it is important to admire how the end of one era signifies the beginning of another. Hence when Kennedy Uzoka was tipped to succeed Philip Oduoza as the Group Managing Director (GMD) of the United Bank of Africa (UBA), he knew that a new era was about to begin in his life and career, just as that of Oduoza ended. Kennedy Uzoka was thus thrust into the vortex of history but he does not intend to get consumed by it. Rather than ease into his newfound role as United Bank of Africa (UBA)’s head honcho without colour or verve, he has decided to savour the moment and its privileges while it lasts.

    If there are many ways to describe the hard working banker, ‘boring’ is certainly not one of them. More than most men, he understands the importance of looking good and he never disappoints when it comes to making colourful fashion statements. The new UBA boss is known for his impeccable taste in fashion just as he is known for his invincibleness when it comes to competition in the business world.

    Like the beautiful bride, he is courted by everyone, so much so that he now has more friends than he ever anticipated. As bees to honey, Uzoka now attracts hordes of favour seekers who are ready to do the bidding of the new UBA boss.

  • Kennedy Uzoka: let the good times roll

    The Nigerian banking sector is widely regarded as a battle ground. It takes the fearlessness of Hercules, the doggedness and shrewdness of an expert to survive.  One of the reasons for Kennedy Uzoka’s longevity in the Nigerian banking sector is his ability to perfectly blend these traits. Little wonder he has become the beloved of the creme de la crème of Nigeria’s high society.

    Kennedy, the incoming Management Director of UBA, and the next man in line to take over the rein of leadership from August 1st, has been going about his preparations in a fashion reminiscent of a mountain climber. Kennedy is leaving no stone unturned to ensure that his tenure is devoid of unforeseen hitches. Now, many favour seekers have begun to mill around him in a desperate bid to enjoy his good graces. Many of his close associates are also said to be planning to honour him with a party, with the details still under wraps.

  • UBA appoints Uzoka new Group MD

    The United Bank for Africa (UBA) Group Board yesterday approved the appointment of Kennedy Uzoka as the Group Managing Director, with effect from August 1.

    The appointment, the company said, is subject to the approval of the Central Bank of Nigeria (CBN).  Uzoka succeeds Phillips Oduoza, who retires on July 31 after two terms of leading the UBA Group.

    Uzoka has most recently been leading the transformation agenda of the bank, after returning from completing the Advanced Management Programme of Harvard Business School.

    He has over two and half decades of experience in commercial banking, strategy and business transformation. Prior to his sabbatical at Harvard, he served as Deputy Managing Director, UBA group and was also the CEO of UBA Africa, responsible for the Group’s operations in 18 countries across Africa.

    He is a graduate of Mechanical Engineering from University of Benin and holds a Masters Degree in Business Administration from University of Lagos.

    Also appointed yesterday, was Victor Osadolor as the Deputy Managing Director, UBA Group.  Mr Osadolor brings a strong finance and risk background, having previously served as the Executive Director, Risk and Finance at UBA. Mr Osadolor also held the position of Chief Strategy Officer at Ecobank Transnational Incorporation. He holds a Bachelor of Science degree in Accounting and is a Fellow of the Chartered Institute of Accountants of Nigeria. He also holds the Advanced Management Programme Certificate from the Harvard Business School.

    The Chairman of UBA Group Mr. Tony Elumelu said of both appointments: “Kennedy brings an extremely strong skill set and is ideally positioned to lead UBA in its next phase of growth. His most recent experience of managing the Group’s increasingly important African business, is particularly relevant, as we all work to build one of the leading financial services franchises in Africa.   I have no doubt that both he and Victor with their expertise and depth of business experience will ensure that the Bank is best positioned to deliver on its strategic ambition.

    I would also like to take the opportunity to thank Phillips, for all that he has done for the bank in guiding UBA through a particularly challenging period. The Board feels that the strong foundations created during Oduoza’s term provide an excellent basis for our further success.”

  • E-commerce to hit $75b by 2025, says UBA Chief

    E-commerce to hit $75b by 2025, says UBA Chief

    The Deputy Managing Director and CEO, UBA Africa, Kennedy Uzoka, says the e-commerce market in Africa will hit $75 billion by 2025.

    He spoke following the bank’s deal with Ixaris and its Nigerian partner “Ojapay” meant to deploy a virtual card platform across its 20 African markets. He said the bank will use Ixaris Payment Server to deliver innovative payment options for individuals and corporates.

    Uzoka said many consumers and businesses across the continent currently lack a secure, convenient and low-cost means to make purchases online. The bank, he said, selected Ixaris payments server to quickly and cost-effectively deploy payments programmes based on virtual prepaid cards.

    “We have partnered with Ixaris and Ojapay to make this convenient payment option available to customers because virtual cards are not only easy and convenient to use but also protect users against online fraud. They will offer our customers across Africa a new layer protection and security for their online transactions.” Uzoka said.

    He said the banks’s new virtual card option will enable more than 10 million customers across 20 African markets to make safe and easy online purchases at any online merchant worldwide.

    The new virtual payment card will also enable the bank’s corporate clients take advantage of the wider range of goods and services available on the Internet, while also enhancing internal controls through full traceability of purchasing and payments activities.

    Founder and CEO of Ixaris, Alex Mifsud said: “We are excited to be working with UBA, one of the most respected banks in Africa, to help bring safe and convenient e-commerce to millions of people who can really benefit from it. This deal shows how open payments platforms like Ixaris Payments Server are transforming how banks approach the product development lifecycle for payments.  By using this technology, enterprising banks like UBA can bring compelling payment applications to the market at a fraction of the time and cost it would take using traditional methods”.