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  • N156b dispute: UBA takes over Stallion’s Lagos, Port Harcourt, Kano assets

    N156b dispute: UBA takes over Stallion’s Lagos, Port Harcourt, Kano assets

    The United Bank for Africa (UBA) Plc has taken over the assets of Stallion Nigeria Limited and its subsidiaries in Lagos, Port Harcourt and Kano following an order of the Federal High Court in Lagos, over an alleged N156,026,032,804.84 (billion) debt.

    The bank’s receiver-manager Romeo Michael and court bailiffs protected by the police on Friday, October 10, in the three cities, executed the interim orders made by Justice Akintayo Aluko on October 20, 2023.

    The judge made the order after hearing Temilolu Adamolekun, who appeared with Mohammed Usman, move the motion ex parte as counsel for the plaintiff/applicants, in a suit marked FHC/L/CS8/2074/2023.

    The order subsists pending the hearing and determination of the motion on notice.

    The case was adjourned till November 20, for hearing of the Motion on Notice.

    The affected assets include mortgaged property known as “all that piece or parcel of land together with any building thereon” at Plot 371, Trans Amadi Industrial Layout, Port Harcourt, Rivers State.

    “Plot 353, Trans Amadi Industrial Layout, Port Harcourt, Rivers State, Plot 370, Trans Amadi Industrial Layout, Port Harcourt, Rivers state, KM17, Lagos Badagry Expressway, Lagos State and No. 54, Challawa Industrial Estate, Kano State, Nigeria.”

    The order also affects the defendants’ sums totalling N156b in commercial, microfinance and other financial institutions across the country.

    The 1st to 4th plaintiff/applicants in the suit are UBA Plc, UBA Cameroon SA, Cote D’Ivoire SA and Romeo Ese Michael.

    The 1st to 11th defendants/respondents are Stallion Nigeria Limited (In Receivership), Von Automobile Nigeria Limited, Popular Farms And Mills Limited, Havana Nigeria Limited.

    The other defendants are KRBL Food Industries Limited, Qingqi Motorcycle Manufacturing Limited, Stallion Auto Keke Limited, Stallion Motors Limited, The Honda Place Limited, Yokohama Construction Limited and Mr. Sunil Vaswani.

    The plaintiff/applicants also listed all the commercial banks in Nigeria and Kuda Microfinance Bank, Moneypoint Microfinance Bank, Piggyvest technology Limited, Cowrywise Financial Technology Limited, Opay Digital Services, the Federal Ministry Of Defence and Federal Ministry Of Finance as 12th to 44th respondents in a Mareva Order to protect the Res of the suit.

    In granting UBA’s prayers, Justice Aluko also restrained the defendants, their directors, shareholders, employees, officers, agents, from interfering with or frustrating the receiver/manager from exercising all the powers vested in him or performing his duties as receiver of the mortgaged properties 

    The court further granted an interim injunction restraining the defendants or anyone else, from tampering with, remaining in, selling, leasing, or dealing in whatsoever manner with any of the defendants’ assets/mortgaged properties covered by the order.

    It also granted a mareva injunction restraining the 1st to 11th defendants or their agents from dealing with any of the monies standing to their credit in all of their accounts or howsoever held with the 12th to 41st respondents up to the tune of the N118.6b or its equivalent in any foreign currency pending the hearing and determination of the motion on notice.

    They were also restrained from monies standing to their credit in all of their accounts with the 12th to 41st respondents and also monies standing to its credit in custody of the 1st to 3rd Plaintiffs and their affiliates and subsidiaries in other countries including UBA (Ghana) Limited up to N156b or its equivalent in any foreign currency.

    The order also barred the Federal Ministry of Defence and Federal Ministry of Finance from releasing to the Defendants or any of their Affiliates, any funds belonging or accruing to any of the Defendants, up to N156b.

    According to the affidavit deposed to on October 18, 2023 by Mr. Anthony Chilaka, Group Head, Recovery and Remedial Management Department of the 1st to 3rd plaintiffs companies, UBA in 2014 gave various credit facilities to the first defendant, (Stallion Nigeria Limited).

    Both parties agreed that the credit facilities could be used and were used by Stallion’s sister companies i.e. the 2nd to 10th defendants in accordance with the offer letter.

    As security for the various loans, the defendants mortgaged their aforementioned assets in Port Harcourt, Lagos and Kano.

    Vaswani (the 11th defendant and alter ego of Stallion) also made a personal guarantee, among other securities.

    Read Also: UBA, Saudi EXIM Bank partner on export, growth

    Sometime in 2014, Stallion Motors (8th defendant) was awarded a contract by the Federal Government to supply 700 Ashok Leyland trucks/Stallion troop carrying vehicles and 50 Falcon seater buses to be used by the military.

    Stallion Motors financed the contract with funds it secured from UBA through the credit line the bank gave Stallion Nigeria Limited, with the understanding of the parties that the receivables from the Federal Government would be paid into Stallion Account with UBA.

    But after delivering the vehicles to the Federal Government, Stallion Motors allegedly directed the government to make the initial payment of $50million into its Dubai account and also received another N8.2b into its offshore account, rather than to it’s UBA account as agreed.

    UBA alleged that the defendants failed to clear their debts totalling N156b.

  • UBA, Saudi EXIM Bank partner on export, growth

    UBA, Saudi EXIM Bank partner on export, growth

    United Bank for Africa (UBA) and Saudi Export-Import Bank (Saudi EXIM) yesterday announced a partnership aimed at strengthening business growth and economic cooperation.

    Both institutions sealed the partnership with the signing of a Memorandum of Understanding (MoU) to boost trade relations between them.

    The MoU was signed on the sideline of the ongoing Saudi – African Summits in Riyadh, Saudi Arabia.

    The partnership outlines the guiding principles for developing cooperation and relations between the two banks, focusing on promoting trade through the export of goods and services between the Kingdom of Saudi Arabia and the African markets.

    Apart from collaboration, both institutions will also ensure sustained participation in the development of the African economy through intercontinental business relationships that will be facilitated by the new partnership.

    The MoU will also work towards supporting joint projects and collaboration involving the export of goods and services from Saudi Arabia, and exploring opportunities to co-finance, co-insure, co-guarantee, and reinsurance projects jointly undertaken by companies from both regions.

    It will also facilitate the exchange of information and know-how in the field of export credit policies and practices, the sharing of experiences and best practices through meetings, conferences, seminars and workshops, as well as providing training for each other’s staff members and staff exchanges when beneficial to both parties.

    The framework for cooperation on specific projects will be established under separate agreements, with each party determining the terms and conditions of its support in line with its policies, procedures and national legislation.

    Both institutions also agreed to exchange information and share technical know-how in the field of export credit policies and practices.

    UBA’s Chief Executive Officer, Oliver Alawuba, who expressed his enthusiasm about the collaboration, explained that through the partnership, both companies will Identify and support joint projects and collaboration in the respective areas of exportation of goods and services.

    He said: “We are happy to join hands with Saudi EXIM Bank in a partnership that holds great promise for businesses and economies in both regions. This agreement will not only facilitate the export of goods and services, but also solidify our commitment to intercontinental business relationships and contribute to the development of the African economy.

    Read Also:UBA to finance Africa’s SMEs

    “This relationship is particularly promising, considering that Saudi Arabia is deliberate in deepening economic cooperation with Africa and UBA, with presence in 20 African countries, providing the necessary vehicle for deepening this engagement. The partnership also expands our access to Asia and the Middle East, where the Bank recently opened a subsidiary in Dubai.”

    The CEO of Saudi EXIM, Saad Al-Khalb, said: “By uniting our strengths, we are setting in motion a dynamic platform that will propel the export of innovative Saudi goods and services, catalyze industrial growth and magnify our global footprint across the rich tapestry of African economies.

    “This, we believe, will not only augment Saudi Arabia’s export diversification, but also contribute significantly to the socio-economic fabric of the African nations we will serve together.”

  • UBA to finance Africa’s SMEs

    UBA to finance Africa’s SMEs

    United Bank for Africa (UBA) Plc has expressed its readiness to finance small and medium scale businesses (SMEs) in Nigeria and Africa.

    The bank’s management made this pledge at the official opening of the 37th Lagos International Trade Fair (LIFT) 2023, organised by the Lagos State Chamber of Commerce and Industry (LCCI) with the theme, ‘Navigating Economic Challenges, Forging a Path to Prosperity’ held in Lagos State.

    Since 2019, UBA has been the headline sponsor for this all-important event, and this year’s edition which is the 36th edition, held at the Tafawa Balewa Square, Lagos, between November 4 and 13, is also being headlined by the bank.

     Speaking at the event, the Deputy Managing Director, UBA, Muyiwa Akinyemi, lauded LCCI for its visionary leadership in consistently hosting the trade fair as well as its continuous efforts at creating a veritable platform for businesses in Nigeria and Africa to thrive and prosper.

    He took time to recognise the priceless role that SMEs play in advancing the success of economies all over the world, adding that “We have continued to not only pull our weight behind the fair, by consistently retaining headline sponsorship for this all-important event, but have also provided far reaching expert advice that empower SMEs to go ahead and become global champions as we have seen with many success stories of businesses that have participated in this fair at any point in time.”

         “Also as a leader in African trade, we have identified this fair as a veritable avenue for both domestic and international exhibitors to promote their businesses through product launches, sales opportunities, and business-to-business meetings with government agencies while fostering international trade partnership deals across borders,” Akinyemi stated.

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        UBA’s Group Head, Retails Products and Sales, Prince Ayewoh, who also spoke at the event, said the LCCI has done well to transform the fair to become one of the major attractions of trade in Africa when it comes to SME attendance across the continent.

        Ayewoh explained that SMEs typically contribute around 50 per cent of Gross Domestic Product (GDP) and 60 per cent of employment in national or local economies while evidence suggests they contribute only about 30 per cent of exports and even less of international investment.

        He noted that it is on this premise that the UBA, which has an extensive spread across Africa and other major economies of the world, is always on the lookout for partnership opportunities that will benefit the business environment and the economies where we operate.

        “To this end, UBA has aligned its commitment and dedication to carrying every single stakeholder along in its objective of lifting businesses in Africa to unprecedented heights,” Ayewoh said.

  • UBA records N1.3tr gross earnings in Q3

    UBA records N1.3tr gross earnings in Q3

    United Bank for Africa (UBA) Plc recorded impressive growths in earnings and profitability in the third quarter with gross earnings crossing the trillion naira mark to N1.31 trillion.

    Key extracts of the interim report and accounts of UBA for the nine-month period ended September 30, this year, released yesterday at the Nigerian Exchange (NGX), showed that gross earnings rose by 115.2 per cent while pre and post tax profits grew by 262 per cent and 287.2 per cent.

    Gross earnings grew to N1.309 trillion in third quarter 2023 as against N608 billion recorded in third quarter 2022. Operating income rose by 146 per cent from N414 billion in September 2022 to N1.018 trillion in 2023. Profit before tax leapt to N502.01 billion in third quarter 2023 compared with N138.49 billion recorded at the end of the third quarter of 2022. Profit after tax also rose impressively from N116 billion to N449.29 billion.

    The balance sheet also improved significantly. Total assets rose to N16.24 trillion, representing a 49.5 per cent increase over N10.86 trillion recorded at the end of December 2022.

    The bank  benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years as customer deposits rose to N11.63 trillion, representing a 48.6 per cent increase on N7.8 trillion recorded at the end of the last financial year in December 2022.

    Shareholders’ funds remained very strong at N1.778 trillion up from N922.1 billion recorded in December 2022, reflecting a strong capacity for internal capital generation and growth.

    Group Managing Director, United Bank for Africa (UBA) Plc, Mr. Oliver Alawuba, said the group has once again shown sustainable and remarkable improvement in key performance metrics over the period, reflecting its commitment to delivering value to shareholders and various stakeholders.

    “This significant improvement is attributed to the impact of foreign exchange harmonisation, efficient balance sheet management, and our service-focused strategies,’’ he aded.

    Our banking operations outside of Nigeria have continued to capture the broader business opportunities inherent across, and beyond Sub-Saharan Africa, ” Alawuba said..

    Speaking on plans and strategy to sustain and surpass the performance at the end of the year, he explained that the bank will continue to leverage its customer-centric strategies, speed to market, and innovation to consolidate market share in its various jurisdictions.

    Read Also: UBA joins PCAF Global Core Team to boost accounting standards

    He assured of the bank’s commitment towards expanding and deepening digital and other transactional banking offerings while building strategic alliances to take advantage of emerging opportunities in due time.

    “Looking ahead, we are optimistic that the growth trajectory will be sustained in the final quarter of the year as we remain focused on consolidating the gains achieved so far in delivering enhanced returns to our shareholders.,” Alawuba pointed out,” Alawuba said.

    Executive Director, Finance & Risk, United  Bank for Africa (UBA), Ugo Nwaghodoh, said the performance in the third quarter demonstrates the strong momentum of the bank, as it delivers continuous improvements across our businesses and key performance metrics.

    “This is reflective of the combined impact of higher asset yields, modest funding cost, and balance sheet optimisation,” Nwaghodoh said.

    Speaking on UBA’s strategy for an excellent performance by the end of the 2023 financial year, Nwaghodoh said, “Notwithstanding changes in the monetary and fiscal regime in some of our markets, we remain committed to driving sustainable and improved performance across our various business segments.”

  • UBA joins PCAF Global Core Team to boost accounting standards

    UBA joins PCAF Global Core Team to boost accounting standards

    United Bank for Africa (UBA) Plc has been admitted into Partnership for Carbon Accounting Financials (PCAF) team.

    The admission will enable the bank contribute to the  development of international accounting standards for the financial industry.

    The admission makes UBA the only financial institution from West Africa to be selected and listed among the 14 members of the global core team representing all regions.

    The selection process, which attracted over 50 highly qualified candidates from the PCAF signatory community, highlighted UBA’s exceptional commitment and leadership in sustainable finance, and as a core team member.

    The Chief Executive Officer, PCAF, Ace Robinson, commended UBA and the new core team members for their exemplary contributions.

    He specifically pointed out that UBA is the only bank from West Africa on the global core team, emphasising the bank’s alignment with PCAF standards.

    He said, “UBA stood out exceptionally after a rigorous application process, which attracted over 50 highly qualified candidates from across the PCAF signatory community. The bank is the only financial institution from west Africa to be listed on the prestigious global core team, that is commendable and shows that UBA is indeed in the forefront when it comes to pushing the Carbon Accounting agenda.

    UBA’s Head of Sustainability, Chidozie Ezike, expressed gratitude at the opportunity for the bank to serve as a PCAF member, just as he emphasized UBA’s dedication to inclusivity, social responsibility, decarbonization, responsible business practices, and strong governance.

    Read Also: UBA opens talks with IFC, Afreximbank, AfDB on $6b loans to SMEs

    He pointed out that  sustainability is a strategic focus for UBA in driving economic, social, and environmental value across the bank and its entire value chain, adding that “We remain a purpose driven organisation, dedicated to Africa’s long-term wellbeing and to generating social economic and environmental value, which is an outcome we regard just as important as our financial results.

    With UBA’s inclusion in the PCAF global core team, the bank is poised to deepen its engagement with the PCAF standards and contribute to greater international consistency and comparability of financed emission accounting.

    The new members of PCAF’s Global Core Team are: UBA’s  Chidozie Ezike (Nigeria), Emily Rodgers of EIG (US), Frida Panayi of Metrics Credit Partners (Australia), Giel Linthorst of ING (Netherlands), Hetal Patel of Phoenix Group (UK), Jamie Mattison of Morgan Stanley (US), Maren Bodenschatz of Swiss Re (Switzerland), Melanie Janse van Vuuren of Investec (South Africa and UK), Rafael Martins de Oliveira of Itau Unibanco (Brazil).

    Others are Ryan Greenwald of PIMCO (US), Sharad Tuladhar of NMB Bank (Nepal), Sharna Bourke of the Commonwealth Bank of Australia (Australia), Stefan Henningsson of Nordea (Finland) and Yu Takita of Mizuho Financial Group (Japan). The group is chaired by Hetal Patel, Head of Climate Investment Risk at Phoenix Group.

  • UBA to protect customers against fraud

    UBA to protect customers against fraud

    United Bank for Africa (UBA) Plc has hosted stakeholders and industry regulators at its Fraud Awareness Week.

    The event is aimed at empowering customers with knowledge and tools to protect them against fraud and financial malpractices in the banking and financial sector.

    The week-long event, which began on October 16 and ended on October 20, saw huge participation from key stakeholders across the financial sector who expressed concerns about the rising cases of fraud and how this crucial issue can be combated.

    As part of its awareness campaigns the bank last Thursday, held a Stakeholders’ Round-Table. The guest speakers at the event were the Head, Cybercrime Investigation, Advance Free Fraud Economic & Financial Crime Commission (EFCC), Lagos State Command, Abbah Sambo Usman; Managing Partner; Akin Adesomoju & Co, Mr Akin Adesomoju; the Chief Risk & Compliance Officer.

    Others were AG, Head, Corporate Services Directorate, Nigerian Inter-Bank Settlement System, Mr. Temidayo Adekanye, Manager, Cyber and Intelligence Mastercard Customer Solutions Centre.

     West Africa, Peter Ehizogie and Assistant Commissioner of Police and Head, Legal Department, Police Special Fraud Unit, Barrister E.A Jackson.

    All the panelists jointly agreed on the need for collaborative efforts of all players including all banks, other financial institutions and agencies to help in providing the information, data and intelligence that will enable the detection of gaps in the fight against fraud in order to prevent occurrences.

    Read Also: Experts brainstorm at UBA Business Series

    While welcoming guests earlier at the event, the Group Managing Director/Chief Executive Officer, Oliver Alawuba, who was represented by the Group Internal Auditor, Gboyega Sodiq, extended a warm welcome to the distinguished ladies and gentlemen in attendance. He emphasized the critical significance of the Stakeholders’ Round-Table session, underscoring that it forms a central component of UBA’s commitment to combatting fraud and safeguarding the integrity of the nation’s financial systems.

    He said: “In a rapidly evolving world of finance, where technology and innovation are transforming the landscape of financial services, the need for robust fraud prevention measures is more crucial than ever before.

    “This year’s campaign is encapsulated in two simple yet powerful slogans: “UBA won’t ask; so don’t share,” and “Stay Secure, Stay Alert, Stop the Fraud.” These slogans serve as a reminder that as a bank, we will never request sensitive information such as PINs, passwords, OTPs/token responses, or personal details via email, phone calls, or any other digital channels. They stress the fundamental rule that must be adhered to rigorously to maintain account security and combat fraud actively.”

    United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 35 million customers globally. Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

  • Experts brainstorm at UBA Business Series

    Experts brainstorm at UBA Business Series

    Financial experts have advised Small and Medium Scale Enterprises (SMEs) owners and operators on essential tips that will help them create and manage their wealth successfully, especially in the tough economy and business climate.

    Speaking during the United Bank for Africa (UBA) Business Series hybrid event at the bank’s Head office in Lagos, the financial experts and entrepreneurs noted that discipline, consistency and diversification are key requirements for wealth management.

    The Chief Executive Officer/Executive Editor, Frontier Africa Reports and eminent television host, Boason Omofaye; Managing Director/CEO, United Capital Asset Management Plc, Odiri Oginni and Recording Artist and CEO/founder of Mover Networks, Akitoye ‘Ajebutter22’ Balogun, were panellists at the event who spoke on the topic: ‘Personal Finance: Wealth Management in Today’s Economy’.

    “As business owners, we need to see money as a tool rather than a goal. Money is a moving target, and we need to ensure discipline in our spending habits. Savings is a culture that should be imbibed, as your little savings today could help to do something big tomorrow,” Omofaye stated, as he also emphasised the need for diversification in making financial decisions.

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    On her part, Oginni advised customers and business owners at the event to ensure financial independence, as she explained that building personal wealth means investing in the future. “The best way to master discipline is just start. Do not wait till you have all the funds you need because that time may never come. Just start small, and be consistent in doing this,” she said.

    Akitoye, advised business owners on the need to set goals, and ensure that they stick to the goals as much as possible. “Even if you do not have adequate funding for your business, make sure you have a plan, having a good business plan could very well attract investors into your business,” he noted.

    Together, all the speakers at the event noted that keeping abreast with current and correct information is vital for small business owners, as they pointed out that the knowledge could help business owners to guard against financial recklessness which can be a huge problem for the SMEs if not avoided.

    Earlier, while welcoming the panellists and participants to the event, Head, Transaction Banking, Osilama Idokogi, explained that the UBA Business Series is a regular capacity building initiative organised by the bank where business leaders and entrepreneurs gather to share insights on best business practices and how entrepreneurs can build a sustainable business empire especially in Africa’s challenging business environment.

    He added that in line with its promise of putting Customers’ First, the bank has consistently supported businesses with essential tips to re-examine their models and strategies as well as ensure they stay afloat and remain thriving.

  • UBA opens talks with IFC, Afreximbank, AfDB on $6b loans to SMEs

    UBA opens talks with IFC, Afreximbank, AfDB on $6b loans to SMEs

    The United Bank for Africa (UBA) has begun lending discussions with the International Finance Corporation (IFC), Afreximbank and Africa Development Bank (AfDB) on the best way to disburse the $6 billion loans to Africa Small and Medium Enterprises (SMEs).

    UBA had, working with the Africa Continental Free Trade Agreement (AfCTA), put $6 billion forward for SMEs financing in Africa.

    Speaking on the sidelines of the just-concluded International Monetary Fund (IMF)/ World Bank Annual Meetings in Marrakech, Morocco, Group Managing Director, UBA, Oliver Alawuba, said the bank held discussions with the three global banks on ways to partner to support Africa SMEs and women-led businesses within the continent. 

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    He said the meetings with the development partners were fruitful, adding that UBA will be working with these partners and corporate organisations across Africa to develop the resources and opportunities available in the continent.

    “UBA is a bank focused on Africa development. My presence here for this conference, has been such that we have been inspired by all the developments happening in Africa. I have had fruitful meetings with the development partners who share agenda for Africa development. I also had very good meetings with some of my customers here, who also shared the same development agenda for Africa. And I believe that this is our time,” Alawuba said. 

    According to the bank chief, UBA is present in 20 Africa countries, and four other countries outside Africa.

    “And all we are doing is to show that Africa has tremendous opportunity and we need to have partners and institutions that will be able to harness these opportunities. UBA is well-positioned to facilitate businesses, between Africa and rest of the world, and even among African countries,” Alawuba said.

    On financial inclusion, the bank chief said Africa needs to bring more people into the financial system.

    “The most important thing for Africa today is to drive financial inclusion. We still have a lot of Africans that are left out of the banking industry. That is where UBA comes in. The bank is at the forefront of using digital technology to drive financial inclusion. 

    “And that is important, and we think it is good for us to build strong African institutions that will be able to support infrastructure development, and support SMEs development and the development of our continent, and that is why UBA is here.”

    He said UBA’s sterling performance in the 2022 financial year results and half year results for this year was because its diversification in Africa is beginning to yield a lot of fruits. 

    “And we need to harness that, and we need to go beyond Nigeria to Africa and rest of the world to achieve that opportunities for us in Africa and rest of the world,” he said.

    Speaking further, he said inter-Africa trade is UBA’s area of strength. 

    “Our presence in many African countries is to drive inter-Africa trade. Our partnership with AfCTA is also to drive inter-Africa trade. So, inter-Africa trade is important and Africa needs to trade more with each other, and that would further improve our development,” he said.

  • UBA begins anti-fraud awareness today

    UBA begins anti-fraud awareness today

    United Bank for Africa (UBA) Plc is to commence a Fraud Awareness Week – an initiative aimed at empowering customers with knowledge and tools to protect themselves against fraud and financial malpractices. 

    The event, which has as its theme, “Fighting Fraud Together,” will begin today  and end on  Friday.

    Activities lined up for the programme include in-house sessions, train-the-trainers Webinars, engagement with external stakeholders, seminars and an anti-fraud clinic bank-wide. 

    The engagement with external stakeholders is scheduled for Thursday. The guest speakers include the Head (Cybercrime Investigation, Advance Free Fraud), Economic and  Financial Crimes Commission {EFCC}, Abbah Sambo Usman and Managing Partner  Akin Adesomoju & Co,  Akin Adesomoju.

    Other speakers are  Temidayo Adekanye, E.A. Jackson and  Dr Rabiu Olowo.

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    The bank said: “Our commitment to integrity remains unwavering. Lately, we have seen the need to work together with our customers to protect their assets. We need to continue to let them know for instance that UBA will never ask for your PIN, password, or OTP, and through the activities lined up for the week, we will share vital information to our customers on how to stay secure, stay alert, and help us fight and stop fraud together.”

    With a 25,000 workforce, UBA is one of the largest employers of labour in the financial sector in  Africa.

    The bank operates in 20 African countries,  the United Kingdom, the United States,   France and the United Arab Emirates.

  • UBA announces super savers promo draw

    UBA announces super savers promo draw

    United Bank for Africa (UBA) Plc has announced its upcoming Super Savers promo draw, which promises to bring even more excitement and opportunities to its valued customers.

    In line with its commitment to rewarding loyalty and promoting a culture of savings, UBA will be giving the opportunity for more of its customers to become millionaires through its Super Savers Draw, billed to hold at the UBA Head Office, Lagos in December.

    As usual the draw is open to both new and existing UBA account holders in Nigeria, with various mouth-watering prizes to be won by customers.

    In this edition, more than 100 lucky customers will qualify to win any of the following prizes; a grand prize of N10million Jackpot for one lucky winner; while another winner will go home with the Star Prize of N5million.

    Also, another lucky customer will win N1.8m rent allowance for one year.

    Other prices up for grabs include: shopping allowance of N500,000; a cash prize of N100,000 each for 35 winners and N10,000 for the top 50 transacting customers.

    Ten  current account or  savings accounts holders (CASA) will quality to win N1million each in the draws and 20 customers who open accounts via any of the bank’s digital channels will be rewarded with N10,000 every month (For how many months?).

    Also, 15 kids with a UBA Kiddies Account will each win N200,000 scholarship reward while 10 Next gen account holders will go home with N180,000.00 cash prize each.

    UBA’s Head, Retail Products and Sales, Prince Ayewoh, who spoke ahead of the draws said that the unique Super Savers draw has something big for everyone and is organised by the bank to appreciate its customers who have cultivated a savings culture and stayed loyal to the bank over the years.

    He said it will also offer fresh opportunities to new customers to join the growing number of UBA millionaires and lucky winners who have, in the past, benefitted from various promos held by the bank.

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    He pointed out that UBA remains passionate about actualising the dreams of its customers as the bank is relentless in helping them grow by making more and more of its customers millionaires.

    He said:  “As always, UBA has decided to lift the burdens of customers at a time when the nation is going through a challenging time due to the removal of fuel subsidy and the unification of the exchange rate which seems to have taken a hefty toll on Nigerians and has put in place quite a lot to make it happen.

    “UBA always walks the talk and never relents in helping its customers succeed. Our customers are special to us, and this is another opportunity to prove just that.”

    UBA’s Group Head, Marketing & Corporate Communications, Alero Ladipo, noted with excitement that this edition of the upcoming Super Savers draw will transform the lives of an increased number of people who will benefit from UBA’s reward of loyalty especially at this time where the nation’s economy is going through a phase.

    She added that no matter how hard the economy is or how expensive things have become, UBA always thinks of how to make life easier for its customers.  “Once again, i encourage people who do not yet have a UBA account to take advantage of this opportunity to open their accounts quickly, so they can fully participate in these draws,” she noted.