The Nation Newspaper

Tag: UBA

  • UBA, Brymo, students honored at Nigerian Universities Merit Awards

    The United Bank for Africa, Brymo and over thirty students have emerged winners of the 2018 Nigerian Universities Merit Award.

    The second edition of the award was held on August 11 in Ile Ife, Osun State with many dignitaries in attendance.

    The winners of the various categories are as follows:

    1) Dele Momodu Best Writer in Nigerian Universities
    Imran Abdullahi (Bayero University Kano )

    2) Most Active Departmental /Faculty Association (Faculty of LAW, OAU)

    3)Most Infleuntial Nigerian University Student
    (Ajiboye Adekanmi)

    4)most active students union (LAUTECH)

    5) Best Nigerian University rated artist
    (Tobiano ace)

    6)Best Nigerian varsity (Adeleke University )

    7) Most Promising Nigerian University student (Imran Abdullahi)

    8)Best Nigerian University news editor (Olufemi Alfred)

    9) Most Beautiful Nigerian University student
    Oluchi Justina
    (Chicorrola)

    10) Best Nigerian University On-air-personality (RadioSultan)

    11)Lekan Otufodunrin Best Nigerian University Journalist(Adejumo kabir)

    12)Best Editorial comment in Nigerian Universities (Union of Campus Journalists ,Ilorin)

    13) Oustanding faculty of Nigerian Universities
    (Faculty of sciences)

    14 ) Event of the year
    Deydam intro party

    15) Students Political Icon (Fawole Isreal)

    16) Students choice department of the year
    (English department OAU)

    17) Most Student Friendly Bank of the Year
    United Bank For Africa (UBA PLC)

    18)Nigerian University Students Music Icon of the Year,
    Music legend Brymo (Olawale Ashimi)

    19) Award of certificate Meritorious service
    (United Bank For Africa)

    20)Man of peace- adegboye funsho (assistant commissioner of police ile ife)

    21)Perfect gentleman- ukrakpor michael

    22)Most sophisticated- ajibola evelyn

    23)Most expensive- alabi moses oluwabusayo

    24)Rich kid- alabi moses oluwabusayo

    25)Money bag- ibezimuoh simon femi

    26)Best recording studio- xzibition recording studio ile ife

    27)Most influential entertainment brand- alola empire OUI

    According to the head of the organising team, Olanrewaju Oyedeji, the purpose of the event is to celebrate Nigerian students, organizations and firms who have worked tirelessly in contributing on various aspects across all campuses.

    While speaking at the event, Professor Remi Sonaiya, a former presidential aspirant in 2015, stated that the country is endowed with young talents.

    The ex-presidential candidate cited examples of how Nigerian youths have made the country proud including the recent victory of students of a secondary school in Anambra who won a competition in Scotland.

    Also speaking at the event, the Dean of the Division of Student Affairs, Professor Aransi, who also represented the Vice Chancellor, Obafemi Awolowo University, Prof Eyitope Ogunbodede, advised Nigerian youths to work hard in everything they lay their hand upon.

    The event was attended dignitaries including Mr Dele Momodu who was represented by the General Manager of Ovation International, Mr Segun Adebowale, Dean of Students Affairs Obafemi Awolowo university Ile ife, Prof Isiaka Aransi, Prof Remi Sonaiya the Female Presidential Aspirant in 2015 under the Umbrella of KOWA and Music legend Brymo (Olawale Ashimi) among others.

  • UBA named Best Institution in Digital Banking

    United Bank for Africa Plc has emerged Africa’s best bank in the Digital category at the prestigious Euromoney awards in London.

    This further lends credence to UBA’s dominance in the digital banking space. The Euromoney awards ceremony which was held on Wednesday, July 11, 2018 covers more than 20 global product categories, best-in-class awards and the best Banks in over 100 countries around the world, recognising institutions that have demonstrated leadership, innovation, and momentum in the markets in which they operate.

    In selecting its recipients, Euro money’s principle is hinged both on quantitative and qualitative data to honor institutions that have brought the highest levels of service, innovation and expertise to their customers.

    At the awards ceremony, UBA beat other nominees taking away the prize for best institution in Digital banking across Africa, an affirmation of its recent investment in cutting edge technology, one of which gave birth to Leo, the chat banker that has disrupted banking across Africa.

    In a bid to be the undisputed leading financial services industry Africa in the area of innovation and technology, UBA has steadily included new and emerging trends to its range of solutions in-branches, across subsidiaries and on digital platforms.

     

  • UBA’s LEO launched in Cameroon, Zambia

    United Bank for Africa (UBA) Plc’s chat banking personality, Leo, has been launched in Cameroon, Zambia, Cote D’Ivoire, Senegal and Congo.

    Already Leo which has been very active in Nigeria, has brought ease to the customers, as it has aided them with numerous transactions since the beginning of the year when it was officially launched in Lagos.

    With this launch, customers and non-customers of the bank will be able to make use of their social media accounts to carry out numerous banking transactions from the comfort of their devices – mobile phones, laptops, tablets, palmtops and the likes.

    The interesting thing to note is that Leo, while delivering lifestyle and quality banking through the Facebook Messenger chat platform, has come into these markets with some new and additional features.

    For instance, users can derive vital information from the chatbot as he can provide the names of global personalities around key markets. Another new feature of Leo is that when asked, he can provide the current time in any city and the weather conditions making it easy for customers and non-customers who seek to navigate between cities to do so with ease.

    This, is in addition to the other key features of the artificial intelligence personality which include addressing any type of banking concerns raised by customers. They will be able to open new accounts, receive instant transaction notifications, check their balances on the go, transfer funds and airtime top up.

  • UBA to reward customers

    United Bank for Africa (UBA) Plc will be rewarding its loyal customers who refer friends and family to the bank in its new diaspora campaign.

    The campaign was designed to reward customers of the bank who refer their Diaspora friends/relatives to open a UBA account.

    Specifically, this campaign will last for three months and the bank will be rewarding any customer who refers other customers with the reward of N5,000 for every successfully opened new and funded account.

    For instance, new and existing customers who refer friends and relatives in the Diaspora to open new UBA accounts will be eligible to grab the reward as many times as the number of people they refer.

    According to the campaign managers, the referrer who must have an account with UBA, will have his/her account number inputed in the provided field by the referred. The account number is expected to serve as a reference code for paying the reward, and once the new Diaspora account is funded with a minimum of $100,  $100, £100, €100 or N50,000, for a one-month period, the reward sum of N5,000 will be automatically credited into the Referrer’s account.

     

     

     

  • Ohanaeze, Uba, others seek probe of explosion at Nwodo’s residence 

    Security agencies have been urged  to probe Sunday’s explosion at the Enugu home of Ohanaeze Ndigbo leader Chief John Nwodo with a view to bringing the culprits to book.

    Senator Andy Uba and the Ohanaeze youth wing in separate statements criticized the throwing of explosives at the Nwodo home.

    Uba, Chairman of Senate committee on Interior described the incident as “dastardly”

    To him, the peace of the South east should “not be polluted with incidents such as this one.”

    He sympathised with Chief Nwodo and assured him that “the good people of the Southeast and beyond are with him as he continues to advance the cause of the Igbos.

    Uba urged the President-General to continue to discharge his duties without fear or favour.

    He called upon the security agencies to as a matter of urgency investigate the explosion  leaving no stone unturned.

    The Ohanaeze Ndigbo Enugu Chapter yesterday paid a solidarity visit to Nwodo.

    Led by its leader Dr Alex Ogbonnia, the 17 local government areas  in Enugu State were represented.

    Ogbonnia described  Nwodo as the conscience of Igbo nation

    He said whoever was trying to repress  Nwodo was wasting his time because the ideological foundation of what he advocated and was fighting for was anchored on truth.

    Nwodo  thanked them for their solidarity visit which he said had emboldened him as it was a sign of acceptability and support.

    Nwodo observed that the country had entered another stage of its struggle for independence and called for total vigilance as the attack was only symbolic and could happen to any other person.

    The Ohanaeze youth wing pleaded with security agencies to fish out the people behind the explosion at the  Nwodo home at Ukehe, Nsukka.

    A member of the youth wing, Chief Chinedu Ugwa,  the News Agency of Nigeria (NAN) that the incident as strange, saying that the youth wing was in solidarity with Nwodo.

    Ugwa, who is the coordinator of the Ohanaeze Youth Wing in the Southsouth, called for vigilance in Igbo land as the security situation worsens in parts of the country, especially in neighbouring Benue State.

    “We in the youth wing of Ohanaeze are saddened by the development and condemn it. We pray for safety of the President-General of our parent body, Chief John Nnia Nwodo.

    “This incident is unfortunate and we urge our leader not to lose focus on his task of unifying the Igbos and building bridges of peace amongst Igbos across the world.

    “Nwodo is a peace advocate and should put the incident behind him and move on.

    “We frown at it and say no to the act as we await the response of security agencies to unravel the cause of the explosion that went off on Sunday at Nwodo’s house.

    “This is a distraction that should not be allowed to divert the attention of the Ohanaeze leadership from its vision of re-positioning the Igbos in Nigeria to play greater roles in economic development of the country.

    “We earnestly ask the security agencies to reinforce security around Nwodo to enable him function in his office while the perpetrators of this dastardly act should be arrested and prosecuted,” he said.

  • UBA records N26.6b profit in Q1

    United Bank for Africa Group (UBA) Plc started the 2018 business year on a strong footing as the commercial banking group witnessed considerable growths in the top-line and bottom-line.

    Key extracts of the interim report and accounts of UBA for the first quarter ended March 31, 2018 showed that gross earnings rose by 18 per cent to N119.4 billion in first quarter 2018 compared with N101.25 billion recorded in corresponding period of 2017. Profit before tax rose to N26.6 billion in first quarter 2018 as against N25.5 billion posted in first quarter 2017. Profit after tax stood at N23.7 billion in first quarter 2018 compared with N22.4 billion recorded in corresponding period of 2017. The group sustained its strong profitability with an annualized 18 per cent Return on Average Equity (RoAE).

    Group Managing Director, United Bank for Africa (UBA) Plc, Mr. Kennedy Uzoka, said the first quarter was impressive given the intensifying competition and moderation in yield environment in Nigeria and Ghana.

    According to him, the first quarter result is a good start to the year and a reflection of the bank’s capacity to sustainably grow earnings over the medium to long term.

    “We recorded 18 per cent growth in gross earnings, as both interest and non-interest income grew 18 per cent and 19 per cent respectively. Notwithstanding the moderation in sovereign yield in Nigeria and Ghana, we achieved a 60 basis points improvement in net interest margin to 7.6 per cent, as we extract efficiency gains from balance sheet management,” Uzoka said.

    He noted that the eight per cent growth in retail deposit during the three month period was a reflection of the benefit of improved customer service and continued customer acquisition.

    “We are committed to exceeding our 2018 deposit growth target in the year, with strategic focus on retail, low cost savings and current accounts, which is critical to sustaining our net interest margin uptrend,” Uzoka said.

    He expressed optimism on the steady recovery of the Nigerian economy and improving fundamentals of most African countries, where the bank operates.

    He pointed out the increasing relevance of the group’s African operations to its bottom line, adding that the bank is increasingly becoming systemically important across the 19 other African countries, where it operates.

    “Barring unforeseen circumstances, we look forward to sustaining this strong performance through the year, with the primary objective of delivering superior return to our shareholders,” Uzoka said.

    Group Chief Financial Officer, United Bank for Africa (UBA) Plc, Ugo Nwaghodoh, said the management is committed to delivering on the group’s financial goals for the year.

    “We are diligently executing our priorities for the year, as we focus on profitable growth. We are making strong progress in Nigeria, where our continuous market share gain is translating into higher profit. I am pleased that our drive towards optimal scale across our subsidiary operations is progressing well. More importantly, the contribution of these foreign operations to the group’s profit is impressively reflective of geographic diversification,” Nwaghodoh said.

     

  • UBA targets higher returns as shareholders get N29.1b dividend

    Directors of United Bank for Africa (UBA) Plc yesterday assured that the bank will continue to improve its performance as shareholders unanimously approved the distribution of N29.1 billion as cash dividend for the 2017 business year.

    At the annual general meeting in Lagos, shareholders commended the board and management of the pan-African commercial banking group for the strong growth in 2017, particularly the remarkable growth and profitability of the group’s subsidiaries, which contributed 45 per cent of UBA’s profit for the year.

    With the approval of the dividend payment, shareholders will receive a total dividend per share of 85 kobo, consisting of a final dividend per share of 65 kobo in addition to interim dividend of 20 kobo earlier paid after the first-half results. The total payout for 2017 represented a 13 per cent growth on a dividend per share of 75 kobo paid for the 2016 financial year.

    Chairman, United Bank for Africa (UBA) Plc, Mr Tony Elumelu, said the bank remains strong and continues to explore opportunities across the continent to deepen its growth and diversify income sources.

    “Our balance sheet is well protected and our commitment to exceeding regulatory requirements remains unhindered. We recently opened operations in Mali, because that economy is a viable one and will contribute to our bottomline. Mali will benefit from UBA’s presence across Africa, especially with the economic and trade ties amongst Senegal, Guinea and Mali. UBA Group as well as other subsidiaries will also benefit from the Mali operation,” Elumelu said.

    He assured shareholders that the bank will remain a socially responsible organisation by continuing its investments as well as donations to worthy causes aimed at the progress of host countries and Africa at large.

    Group Managing Director, United Bank for Africa (UBA) Plc, Mr. Kennedy Uzoka, said the banking group has been positioned to surpass its previous performance in the years ahead.

    According to him, while the significant growth of 16 per cent in profit before tax to N105.3 billion in 2017 demonstrated the viability of the bank’s growth model, management’s focus on operational efficiencies and other initiatives will position the bank o achieve better performance in the next financial year.

    “UBA has built a great brand that is recognized all over the world, and because of this, we have decided to focus on strategy on what the customer wants rather than what we like. Everything we do is from the standpoint of the customers because this approach will ensure the sustainability of our growth trajectory. To this end, we have made a lot of investments in technology to ensure that we cater to the dynamic needs of our customers at all times,” Uzoka said.

    Shareholders who spoke at the meeting commended the bank for the impressive performance, which has seen steady growth in dividend payment to shareholders.

    Chairman, Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie, commended Uzoka for his hard work on customer service, product innovation and more importantly, the continuous improvement in the group’s profitability.

    “We are impressed with what our bank is doing across the continent and I will say that we are beginning to live our name, as the Global Bank for Africa. It reinforces the fact that good things can come from Africa. UBA has showcased a high level of ingenuity in the banking space, and we are glad for how this is translating into gains for our business and steady returns to shareholders,” Okezie said.

    Shareholders also lauded the bank on the recent promotion of more than 47 per cent of its workforce, within 12 months, adding that it remained a commendable feat at a period where many banks and companies are laying off staff, due to the recession that rocked the country about two years ago.

    Another shareholder, Mr. Timothy Adesiyan, commended the bank for being the first bank in Africa to embrace artificial intelligence technology into the banking space, through the introduction of UBA’s virtual banking robot, called “Leo”.

    He said shareholders remained impressed that UBA’s investments in key countries such as Ghana, Burkina Faso and Cote d’Ivoire were paying off adding that UBA has become a catalyst for growth in Africa.

    “We have been benefitting from this in the area of dividends, and we ask that this momentum be sustained,” Adesiyan said.

    A shareholder and analyst, Nonah Awoh, also commended the bank for the performance and urged the management to do more to ensure that all the African subsidiaries contribute at least 50 per cent to the bottomline.

  • UBA projects 50% profit contributions by subsidiaries

    United Bank for Africa (UBA) Plc expects its operations in 18 other African countries to account for half of its earnings over the next three years, its Chief Financial Officer Ugochukwu Nwaghodoh has said.

    Bloomberg reports that the bank injected more than $100 million into its units in the Democratic Republic of Congo, Benin, Ivory Coast, Tanzania and Mozambique to help them expand. The cash, pumped into the operations over July and August, will start having a “full effect” on income from this year, Nwaghodoh said.

    UBA expects contributions from its foreign branches to increase from 45 percent last year even as the operations in its home market continue to grow, he said.

    Nigeria’s third-largest lender by revenue raised $500 million selling Eurobonds last year to fund its expansion as the economy of Africa’s biggest oil producer recovered from a 2016 contraction after a slump in crude prices triggered a foreign-currency shortage.

    It is targeting an improvement in its return on equity, a measure of profit, to 18 percent this year from 16 percent in 2017, the CFO said. UBA will “defend” its net interest margin in Nigeria amid declining interest rates by reducing what it pays depositors for their savings, Nwaghodoh said.

    “The loan-to-deposit ratio today is 60 percent, so I have a lot of liquidity, and can dictate the price at which to take deposits,” he said.

    In Ghana, UBA is looking to boost its operations and increase the capital beyond the minimum 400 million cedis ($90 million) that regulators require, Nwaghodoh said. It will bolster the buffers by capitalizing earnings, in which it transfers surplus income to its capital holdings, within the unit for 2017 and mid-year 2018, he said.

     

  • UBA, Access Bank, 2 others scale up to NSE’s premium board

    United Bank for Africa (UBA) Plc, Access Bank Plc, Lafarge Africa Plc and Seplat Petroleum Development Company Plc were yesterday scaled up from the main board of the Nigerian Stock Exchange (NSE) to the elite premium board.

    The migration of the four companies brought the number of companies on the premium board to seven including Dangote Cement, FBN Holdings and Zenith Bank International. The migration followed the attainment of key indices for the premium board by the companies including corporate governance, size and liquidity.

    The premium board was designed as a market for the most capitalised stocks with the best corporate governance and liquidity. The premium board was meant to showcase Nigeria’s best stocks to the global market.

    The Exchange had indicated that the premium board is aimed at providing a platform for greater global visibility for eligible Nigerian entities, which will make it easier for them to attract global capital flows and reduce the cost of borrowing.

    The criteria for the premium board include that companies to be listed on the board must have market capitalisation of not less than $1 billion or about N157 billion.

    Also, premium board’s companies must also score at least 70 per cent on the Exchange and the Convention for Business Integrity’s Corporate Governance Rating System (CGRS). Besides, the companies must have a minimum free float of 20 per cent or value of shares floated must be equal to or above $1 billion and the number of shares representing its issued share capital must be equal to or above 10 billion units.

    The companies are expected to meet stringent corporate governance, capitalisation and liquidity conditions.

    To remain on the premium board, a company’s continued eligibility shall be evaluated by the Exchange annually in line with all the outlined criteria or on the basis of additional requirements which may from time to time be prescribed by the Exchange, provided that each company shall comply with all other continuing listing obligations as specified under the listings rules of the Exchange.

    UBA, with a market capitalisation of N374.48 billion, had earlier passed the CGRS benchmark. Lafarge Africa, Seplat and Access Bank had market capitalisation of N391.37 billion, N378.60 billion and N347.12 billion respectively.

    Speaking at migration ceremony at the NSE yesterday in Lagos, Group Managing Director, United Bank for Africa (UBA) Plc, Mr. Kennedy Uzoka said the migration of UBA to the premium board of the Exchange evoked the leading roles of the bank as the pioneer of Initial Public Offering (IPO) in the Nigerian banking sector, following its listing on the NSE in 1970.

    According to him, the migration of the bank is a further attestation of its size and the liquidity of the stock on the Exchange.

    “It is also reinforcing of our continuously evolving sound corporate governance, which is a pre-requisite for companies to be listed on the premium board of the NSE. In expectation that this premium listing will further enhance the visibility of our stock on the Nigerian Bourse, we believe our decision to migrate UBA to this new board will deepen value creation for our shareholders,” Uzoka said.

    He reiterated the commitment of the bank to sustainable and superior wealth creation for all shareholders, noting that the bank places utmost importance on value creation for all its investors.

    In his remarks, Chairman, United Bank for Africa (UBA) Plc, Mr. Tony Elumelu described the migration as a well-deserving recognition of the size, liquidity and sound corporate governance of the UBA Group.

    He commended the management of the Exchange for creating the premium board noting that the board should provide relevant visibility for prime stocks listed on the Exchange while helping discerning investors in their stock selection and broader investment decision process.

    “I expect stocks listed on the premium board to attract the justified premium valuation, which they truly deserve, as large-cap companies with proven record of sound corporate governance and stock liquidity. I would expect the NSE or any of the major brokerage houses to develop an index around the premium board, as this my further deepen the market and create the much-needed products and liquidity for the Nigerian equity market,” Elumelu said.

    Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe said the bank has always placed premium on sound corporate governance in line with its vision of being the leading African bank.

    “Access Bank is pleased to have attained this status. We have always adhered to international corporate governance best practices, which is line with our aspiration to become Africa’s gateway to the World,” Wigwe said.

    Managing Director, Seplat Petroleum Development Company Plc, Mr. Austin Avuru, said the migration of the company to the premium board four years after it was listed on both the London Stock Exchange and NSE in 2014 confirmed the adherence of the company to international best practices.

    “Seplat has always adhered to international corporate governance best practices in every area of our operations,” Avuru said.

    Managing Director, Lafarge Africa Plc, Mr. Michel Puchercos, said the cement company as a member of the world’s largest building material multinational, LafargeHolcim, strives to be a role model in every country of operations.

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, said the migrated companies have fulfilled all the stringent listing requirements for the premium board.

    “It is a platform for showcasing sector leaders, with sound corporate governance. Premium board features companies that adhere to international best practices on corporate governance and meet the Exchange’s highest standards of capitalisation and liquidity,” Onyema said.

    According to him, companies on the board are well-run corporates with sound governance, which have strong visibility on the Exchange and are expected to further appeal to investors, seeking to invest in companies with the highest standards of corporate governance.

  • Court dismisses businessman’s suit against UBA

    A Lagos High Court sitting in Igbosere on Tuesday dismissed a suit filed by a businessman, Alhaji Azeez Ayomumoye, seeking N36.8 million from United Bank for Africa (UBA) for alleged breach of contract.

    Justice Bola Okikiolu-Ighile held that the facts did not support Ayomumoye’s claims.

    The businessman sued UBA in 2009, claiming that the bank demolished his property without his consent, contrary to a property lease agreement.

    In the alternative, the landlord demanded N24million as cost of restructuring the present building to a multi-purpose structure similar to the “corporate style” of the bank.

    In her verdict, Justice Okikiolu-Ighile held that the court “will not attach any weight to exhibit CWN ( the Deed of Sub-lease) which is the pillar of support for the claimant’s argument, because facts already established does not support the claimant’s claims.”

    “I believe the defendant’s argument that the claimant was aware at the time the building was altered and did supply goods in form of building materials to the defendant.

    “I cannot therefore believe the claimant not being aware of the alteration.

    “By this act, the claimant had knowledge, therefore consented, and I wonder why it took the claimant two years before complaining, which I consider as an afterthought.

    “The claimant’s claims therefore fails.”

    The judge also ordered the claimant to pay the defendant N100,000 as cost of the suit.