Tag: UBA

  • Bauchi approves purchase of 60 buses at N1.38bn

    Bauchi approves purchase of 60 buses at N1.38bn

    Bauchi State Executive Council on Wednesday approved the purchase of 60 buses at N1.38 billion to boost its Mass Transit Company, operators of “Yankari Express” and other agencies.

    Alhaji Ali Ali, the Special Adviser on Media and Strategy to Gov. Mohammed Abubakar, said this in Bauchi while addressing newsmen on the outcome of the State Executive Council meeting, presided over by the governor.

    Ali explained that the 18-seater, 2015 model buses would be supplied by Transfiguration Integrated Resource Ltd on loan.

    He further explained that 30 buses out of the figure would be allocated to the state-owned Mass Transist Company, operators of Yankari Express, to enable the company to boost its fleet.

    Ali said that 20 buses would be allocated to the 20 Local Governments in the state while the remaining 10 buses would be retained by the government.

    Read Also:  Bauchi gets 19 commissioners

    He said that the loan would be repaid in three years through an “irrevocable standing order of N190 million monthly and would be deducted at source.

    Ali said that the exco also approved for the state government to access credit facilities of N8 billion from the Central Bank of Nigeria (CBN) under the bank’s Commercial Agriculture Credit Scheme.

    He said that the state House of Assembly had earlier approved the loan while the EXCO, during its Wednesday’s meeting, approved the loan to improve agricultural activities in the state.

    The special adviser said that the state government would access the loan through United Bank for Africa (UBA) and would be used to encourage rice, fish and agro-allied production in the state.

    He said that government had started accessing the credit facilities since 2016 when it introduced its ANCHOR Farmers Borrowers’ Programme.

    NAN

     

  • UBA Foundation commissions project

    UBA Foundation commissions project

    UBA Foundation, the Corporate Social Responsibility Arm of United Bank for Africa (UBA) Plc, has completed the construction of a pedestrian bridge primarily for students of the Usman Danfodiyo University, Sokoto State, thus bringing comfort to students of the institution.

    The construction of the bridge, valued at about N13 million was commissioned by the Governor of Sokoto State, Aminu Tambuwal.

    For over four decades, the students of UDUS, especially those living off-campus had found it tedious to connect the campus as the area was impassable, especially during rainy season. They couldn’t get in and out of their dormitories and to the mosque easily and were going through an uncomfortably long route to get to lectures.

    In August 2017, at the  National Dialogue Series organised by the Students’ Union Government (SUG) of the school , the Chairman of UBA Plc, Tony Elumelu acceded to the request of the students who had informed him of their plight and promised to assist them.  UBA Foundation came to their aid.

    At the opening ceremony of the newly constructed bridge, the UBA Group Managing Director, Kennedy Uzoka expressed delight at the prompt completion of the project and reminded the students that UBA  remained committed to easing the day-to-day challenges of  the citizens, and especially students living within and beyond its areas of operations.

    He said: “As an institution, we are passionate about giving back to society through UBA’s Foundations’ components: Empowerment, Education and Environment.

  • UBA contactless cards hit three million mark

    UBA contactless cards hit three million mark

    United Bank for Africa (UBA) Plc, has demonstrated its superiority in the  e-banking space with the issuance of over three million Near Field Communication (NFC) technology enabled  contactless cards to its teeming customers.

    UBA has revolutionised the payments landscape in Nigeria in 2015, with the introduction of contactless payment cards which enable customers pay with ease by leveraging the NFC technology.

    The NFC technology allows wireless communication between devices that are a few centimetres apart. The NFC payment Card uses microchips/antenna to transmit data via shortwave radio frequencies. Usually, when one NFC-enabled device is close enough to another NFC device, a connection can be established and data shared between them. The card communicates data to the reader to initiate and complete the transaction using NFC technology.

    The bank developed this solution to ease transactions and to make life simpler for its customers in all parts of the world. This has been done in response to the increasing need for digitally-driven processes as well as to develop products to meet up with the current fast-paced needs of consumers.

    In addition to the contactless cards, the bank has issued well over 10 million debit and prepaid cards, serving both customers and non-bank customers in its countries of operation.

  • RenCap picks UBA, Access Bank as top stocks for banking sector

    RenCap picks UBA, Access Bank as top stocks for banking sector

    United Bank for Africa (UBA) Plc and Access Bank Plc have the upside potential and valuation for the highest returns in the banking sector, Renaissance Capital (RenCap) has said.

    In an investment research report titled: “Nigerian Banks: Path to Recovery”, RenCap noted that improving macro indicators points to a recovery in the Nigerian banking sector, which made the investment firm to increase its target prices for most of the stocks in the sector on the back of lower risk-free rate assumption of 13.0 per cent as against previous estimate of 14.0 per cent.

    “We believe earnings resilience will also be demonstrated by net interest margin protection. We are less concerned about the declining yield environment at Access Bank, Stanbic IBTC Holdings and FCMB Group, as we expect that improvements in the cost of funds will be more than offset asset-yield pressure. Our top picks in the sector remain UBA and Access Bank on upside potential and valuations, but we also like FBN Holdings and Stanbic IBTC Holdings, as we believe both banks have scope to report lower cost of risk in 2018. We like GTBank given the quality of its earnings, but believe that current valuations are full,” the report, anchored by Olamipo Ogunsanya stated.

    The investment firm noted that things appear to be looking up for the Nigerian economy after a challenging few years pointing out that improving macro-economic condition and high crude oil prices may lead to improvement in assets quality of banks.

    “We believe capital buffers will rise as profits improve and note that the banks are increasingly more comfortable, using an exchange rate of N330/$ – an average of the official rate and Investors and Exporters (I&E) window rate as against previous N306/$– to value their foreign currency portfolios. We take this to mean potential revaluation gains in fourth quarter 2017, which we think could offset any negative asset quality surprises,” RenCap stated.

    The investment firm, however, cautioned that the political risks might moderate performance in 2018 as Nigeria enters into election season.

    “Despite a positive macro backdrop, we believe 2018 will be a recovery story at best; earnings growth will be challenged by the declining yield environment, volatility in foreign exchange-related gains, and limited scope for cost efficiencies. Tough economic decisions are likely to be delayed till after the 2019 general elections, but the political risks that come with a pre-election year render us cautious on the recovery ahead,” RenCap noted.

    The UBA‘s board had last week approved the audited report and accounts of the bank for the year ended December 31, 2017. The directors also approved payment of final dividend for the 2017 business year.

    The bank’s Group Company Secretary, Bili Odum, confirmed the approval of the audited report and proposal for dividend payment, noting that the approved audited report has been forwarded to the Central Bank of Nigeria (CBN) for approval.

    He said the actual final dividend recommendation and the audited report would be released to the investing public after the approval by the apex bank.

    Market sources said they expected the bank to increase its dividend payout, citing the improvement in the overall performance of the bank in 2017.

    UBA had earlier paid an interim dividend of 20 kobo per share, after the audit of its 2017 half-year results. It had declared a final dividend of 55 kobo per share, in addition to an interim dividend of 20 kobo for the 2016 business year.

    Key extracts of the interim report and accounts of UBA for the nine-month period ended September 30, 2017 showed that gross earnings rose by 26 per cent while pre and post tax profits grew by 33.2 per cent and 23 per cent respectively.

    UBA’s gross earnings rose to N333.9 billion in third quarter 2017 as against N265.5 billion reported in corresponding period of 2016. Group’s operating income stood at N236.9 billion in 2017 compared with N183.3 billion recorded in the corresponding period of 2016, representing a 29.3 percent growth.  Profit before tax jumped to N78.3 billion in 2017 as against N58.8 billion recorded in the similar period of 2016. Profit after tax grew from N49.5 billion in 2016 to N60.9 billion in 2017.

    The balance sheet showed that while the group closed the third quarter with total assets of N3.77 trillion, a year-to-date growth of 7.6 per cent, the bank prudently grew net loans to N1.6 trillion, a 6.0 per cent year-to-date growth in the loan book. Group’s shareholders’ fund grew by 13.3 per cent to N507.6 billion in 2017 while the annualised return on average equity stood at 18 per cent.

    Access Bank in December 2017 launched a new five-year plan that aimed at making the bank Nigeria’s foremost in the next five years.

    The new plan is the latest in a series of transformative strategies that have resulted in sustained growth. From 2013 to November 2017, Access Bank has increased its total assets at a CAGR of 18 per cent and delivered shareholder returns of 90 per cent. The bank has also grown its customer base from 90,000 in 2002 to over 8.0 million in 2017 and in the same period opened 351 new branches.

    The new five-year strategy is expected to accelerate this growth story to position Access Bank as the leading Nigerian bank by 2022.

  • UBA bullish as directors meet over dividend payment

    The board of director of United Bank for Africa (UBA) Plc will be meeting today to approve the audited financial statement and accounts for the year ended December 31, 2017. The meeting will among others consider dividend recommendation to be made to shareholders.

    UBA’s share price appreciated by 2.48 per cent at the weekend, 343 per cent above equities market’s average gain of 0.56 per cent. As the equities market staged its first rally in five days on Friday, UBA chalked up 31 kobo to close at N12.80 per share. The All Share Index (ASI)-the benchmark index at the Nigerian Stock Exchange (NSE) recorded average gain of 0.56 per cent on Friday.

    UBA’s share price rose by 129 per cent in 2017 while it has performed above average so far in 2018 with average year-to-date return of 24.3 per cent at the opening of the stock market today.

    UBA had earlier paid an interim dividend of 20 kobo per share, after the audit of its 2017 half-year results.

    UBA had declared a final dividend of 55 kobo per share, in addition to an interim dividend of 20 kobo for the 2016 business year. With the bank’s improved performance in 2017, market analysts expected the bank to increase its payout, an expectation that has seen bullish trading on the stock.

    As a mark of its sound corporate governance and in line with NSE Rule Book and the Amendments to the Listing Rules, UBA had announced commencement of its closed period on Friday, January 12, 2018, implying that directors, persons discharging managerial responsibility, employees with sensitive information, advisers and consultants of the bank and their connected persons may not directly or indirectly deal in the securities of the bank until 24 hours after the publication of its audited full year reports and accounts for 2017.

    Key extracts of the interim report and accounts of UBA for the nine-month period ended September 30, 2017 showed that gross earnings rose by 26 per cent while pre and post tax profits grew by 33.2 per cent and 23 per cent respectively.

    UBA’s gross earnings rose to N333.9 billion in third quarter 2017 as against N265.5 billion reported in corresponding period of 2016. Group’s operating income stood at N236.9 billion in 2017 compared with N183.3 billion recorded in the corresponding period of 2016, representing a 29.3 percent growth.  Profit before tax jumped to N78.3 billion in 2017 as against N58.8 billion recorded in the similar period of 2016. Profit after tax grew from N49.5 billion in 2016 to N60.9 billion in 2017.

    The balance sheet showed that while the group closed the third quarter with total assets of N3.77 trillion, a year-to-date growth of 7.6 per cent, the bank prudently grew net loans to N1.6 trillion, a 6.0 per cent year-to-date growth in the loan book. Group’s shareholders’ fund grew by 13.3 per cent to N507.6 billion in 2017 while the annualized return on average equity stood at 18 per cent.

  • UBA, GTBank, others meet over dividend payment

    The boards of directors of United Bank for Africa (UBA) Plc, Guaranty Trust Bank (GTBank) Plc, Zenith Bank Plc, Continental Reinsurance and many other quoted companies have scheduled meetings later this month to approve the audited financial statement and accounts for the year ended December 31, 2017. The meetings will, among others, consider dividend recommendation to be made to shareholders.

    In separate regulatory filings, the companies indicated that their directors would be meeting to review and approve the earnings report and accounts for the 2017 business year, preparatory to sending the accounts for release to the investing public at the Nigerian Stock Exchange (NSE).

    Financial services companies including banks and insurance companies are statutorily required to submit approved audited results to their primary regulators for clearance before release to the NSE and the investing public.

    Under the enhanced listing rules at the NSE which took effect on January 1, 2017, quoted companies are expected to submit their annual audited account to the Exchange not later than 90 calendar days after the relevant year end, and published same in at least two national daily newspapers not later than 21 calendar days before the date of the annual general meeting. They are also required to post same on their websites with the web address disclosed in the newspaper publications. Also, an electronic copy of the publication shall be filed with the Exchange on the same day as the publication.

    The board of directors of UBA has scheduled its meeting for Monday, January 29, 2018, where the board will consider the financial statements for 2017 and also proposals for final dividend for the 2017 financial year. UBA had earlier paid an interim dividend of 20 kobo per share, after the audit of its 2017 half-year results.

    Also, the board of directors of Continental Reinsurance has scheduled to meet on Wednesday, January 31, 2018 in Lagos. Company Secretary, Continental Reinsurance Plc, Abimbola  Falana, in a statement, confirmed that the meeting would discussed dividend payment.

    The board of Pharma-Deko will also be meeting on Friday, January 26, 2018 to discuss dividend payment.

    UBA had declared a final dividend of 55 kobo per share, in addition to an interim dividend of 20 kobo for the 2016 business year. With the bank’s improved performance in 2017, market analysts expected the bank to increase its payout, an expectation that has seen bullish trading on the stock. UBA’s share price rose by 129 per cent in 2017 while it has performed above average so far in 2018 with average year-to-date return of 18 per cent at the opening of the stock market on Monday.

    As a mark of its sound corporate governance and in line with NSE Rule Book and the Amendments to the Listing Rules, UBA had announced commencement of its closed period on Friday, January 12, 2018, implying that directors, persons discharging managerial responsibility, employees with sensitive information, advisers and consultants of the bank and their connected persons may not directly or indirectly deal in the securities of the bank until 24 hours after the publication of its audited full year reports and accounts for 2017.

    Key extracts of the interim report and accounts of UBA for the nine-month period ended September 30, 2017 showed that gross earnings rose by 26 per cent while pre and post tax profits grew by 33.2 per cent and 23 per cent respectively.

    UBA’s gross earnings rose to N333.9 billion in third quarter 2017 as against N265.5 billion reported in corresponding period of 2016. Group’s operating income stood at N236.9 billion in 2017 compared with N183.3 billion recorded in the corresponding period of 2016, representing a 29.3 percent growth.  Profit before tax jumped to N78.3 billion in 2017 as against N58.8 billion recorded in the similar period of 2016. Profit after tax grew from N49.5 billion in 2016 to N60.9 billion in 2017.

    The balance sheet showed that while the group closed the third quarter with total assets of N3.77 trillion, a year-to-date growth of 7.6 per cent, the bank prudently grew net loans to N1.6 trillion, a 6.0 per cent year-to-date growth in the loan book. Group’s shareholders’ fund grew by 13.3 per cent to N507.6 billion in 2017 while the annualized return on average equity stood at 18 per cent.

    Key extracts of the interim report and accounts of GTB for the nine-month period ended September 30, 2017 showed that profit before tax rose to N150.03 billion in 2017 as against N137.99 billion recorded in comparable period of 2016. Profit after tax also increased from N117.08 billion in third quarter 2016 to N125.58 billion in third quarter 2017. Earnings per share thus increased from N4.14 in 2016 to N4.44 in 2017. However, gross earnings dropped from N329.28 billion in third quarter 2016 to N309.91 billion in third quarter 2017. The decline in the top-line was mainly due to depressed non-interest and other incomes. Interest income had grown from N181.91 billion to N248.27 billion.

    The balance sheet size expanded to N3.2 trillion by September 2017 compared with N3.12 trillion recorded at the beginning of this year. Deposits from customers declined marginally from N1.99 trillion to N1.9 trillion. Shareholders’ funds meanwhile increased from N496.06 billion to N571.62 billion.

  • UBA: Providing quality banking services with technology

    UBA: Providing quality banking services with technology

    Banking is gradually moving away from the banking halls, with banks and customers doing everything to ensure that banking transactions are simple and accessible at all times. United Bank for Africa, is taking strategic steps to integrate more people into the digital financial services net, drive down cost to serve, and build consumers’ confidence in digital platforms. UBA at the weekend launched Leo, a chat banking personality on social media platforms where customers can now carry out different transactions with ease, writes COLLINS NWEZE.

    It was a busy Friday morning in Lagos. And Michael Silas, a civil servant residing in Ikeja- Lagos, was rushing to his office in Victoria Island for the day’s job. Halfway into the journey, he discovered that he forgot his mobile phone at home. Silas had two options- to continue his journey and get to the office on time or return home and for his mobile phone. He chose the latter.

    That option explains how important mobile phones have become to nearly 150 million Nigerians connected to mobile networks. Many people would not be bothered if they left their wallets at home, provided their mobile phones are with them as they have become a handy platform for digital banking. Digital banking is becoming more attractive to banks and their customers. It is catching the attention of everyone thinking of speed, efficiency and cost saving.

    Hence, banks with eyes in the future and conversant with the new trend in customer behaviour, are designing new products and service that meet the needs of customers anytime anywhere. That explains why the United Bank for Africa (UBA) Plc at the weekend, revolutionlised e-banking with the introduction of Leo, a chat banking personality on social media platforms.  The bank launched the product in collaboration with Facebook, as the transaction is carried out on the Facebook Messenger. The chat banking has already taken off in the Facebook Messenger.

    Group Managing Director/CEO UBA Plc, Kennedy Uzoka, who unveiled Leo in Lagos, described it as a solution developed with people’s lifestyles in mind. He described Leo as the UBA Chat Banker who enables customers make use of their social media accounts to carry out key banking transactions.

    The transactions, he said, are done through mobile phones, which he said have become synonymous with modern day banking.  He explained that with Leo, one’s banking needs become easy and as simple as chatting.

    Highlighting how mobile phones have become critical part of people’s lives, he said: “We now live on mobile devices, laptops. You can forget your wallet for a whole day, not your mobile phone”.

    He said Leo was designed to work within the platforms people are already familiar with adding that the lender is committed to serving its customers with technology. “With Leo, our customers can pay their bills, transfer money, get balances and even pay for Uber right there on their phones,” he said.

    Speaking further at the Meet Leo launch, he said that with the launch of the chat banking, customers will be able to open new accounts, receive instant transaction notifications, check their balances on the go, transfer funds and airtime top up. They will also be able to confirm cheques, pay bills, apply for loans, freeze accounts, request for mini statements, amongst other things.

    The bank customers present at the event were given a step by step demonstration on the novel way of delivering lifestyle and quality banking through the Facebook Messenger chat platform driven by Leo. “This is the first time that a financial institution in Africa has come up with this manner of solution to simplify the way customers transact. Something that has become necessary in today’s fast-paced world with demands for quick-time transactions and response,” Uzoka said.

    The bank chief said that the launch of Leo is part of initiatives aimed at putting the bank’s customers first with UBA continuously developing strategies aimed at easing transactions for the bank’s numerous users, while ensuring utmost safety of their transactions.

    Uzoka said: “The formulation of this product is consistent with the bank’s customer first philosophy, where we are doing things not the way we like, but focusing on what the customers want, where they want it, and in the exact platform they want it.

    “At UBA, we have been working with technology giants that have the global capacity to ensure not only seamless but also effortless banking for millions of our customers across Africa. We at UBA have collaborated with Facebook to come up with this innovation that is capable of revolutionising the way banking is done in Africa,” he said.

    Uzoka noted that Leo will in the nearest future, show up on other social platforms and added that all it takes to enjoy the services is simply to have a Facebook account.

    As he unveiled the character of Leo, Uzoka stated:  “Leo being an intelligent personality will give you feedback instantaneously as you transact your business on the platform. A solution that is from the customer’s standpoint and is easy to use by anyone”.

    Explaining further, he said: “You do not need to learn to use it because it has always been part of your life. It is solution from customers’ point of view. Its greatest asset is its simplicity. Leo is an artificial intelligence. He will address all banking concerns. He should help pay for everything but you need to have an account with UBA to transact with Leo”.

    He said that the chat language is elementary, and Leo can even help one remember what he or she needs to do at every particular point in time.

    Also speaking at the launch of Leo, the Group Head of Online Banking at UBA, Austine Abolusoro, who conducted a step by step demonstration on the working of Leo reiterated that Leo is not just a chat machine, but an artificial intelligence personality meant to address any type of banking concerns raised by customers.

    “Leo is ready and waiting to help with most transactions and to deliver any form of banking services. Leo is operating a lifestyle banking platform on Facebook messenger to assist with your transactions while chatting with your friends and business partners. The security with this platform is that for every transaction, an One Time Password (OTP) is generated to the phone number that is registered on your account.”

    While noting that this was the first time this kind of solution was coming up on the continent, he expressed belief that with the huge number of customers the bank has as well as its growing customer base in all the 19 countries of operation, customers will be served using technology, and not just traditional technology, but modern and forward looking technology.

    “Leo being an intelligent personality will give you feedback instantaneously as you transact your business on the platform. A solution that is from the customer’s standpoint which is easy to use by anyone regardless of your career,” he said.

    Speaking on the security of the platform, Uzoka said the Chat Banking with Leo does not elevate the risk already available.

    On how to open an account and enjoy the chat banking advantage, he said the prospective customer just needed to log on to the Facebook Messenger and open up chat with Leo, who takes over the conversation by telling the customer what steps to take.

    On security measures, he said the prospective customer needs to provide a Bank Verification Number (BVN) and phone number that is linked to the BVN. “Leo will ask the customer to provide his/her BVN, and that is followed by phone number that is linked to the BVN”.

    On the transaction volume required to be done by customers, Uzoka said customers with low key Know Your Customer (KYC) will transact to a limit of N50,000 daily, already existing customers can do N200,000 and N100,000 in the first seven days even as the accounts can be upgraded to do higher transaction volumes. “We are increasing customers’ happiness level with this product. We have brought banking to the chartroom,” he said.

    Other innovative solutions

    The UBA has scored many firsts in the industry. A social media report by Alder Consulting ranked the bank among the top three, in effective use of social media in Nigeria. The UBA is active on Twitter, Facebook, Youtube, Instagram and Google plus and runs a corporate blog. With a large customer base, the bank has invested heavily in building a robust and secure e-Banking platform that supports its e-banking operations globally through strategic partnerships with various local and international organisations.

    Also, the bank’s customers can also receive transaction alerts on their twitter handles as direct messages. It is an innovative first from the pan-African bank and currently the only bank in Africa to offer this service.

    “What we have done is take social media banking to a new level. Twitter is increasingly becoming a popular means of communication especially among the young adults. As a highly innovative bank, we are giving the Millennials, who are increasingly banking with us an option to get transaction alerts on their preferred platform,” the bank said.

  • Analysts pick UBA, Access Bank, five others as stocks to watch

    Investors looking for high returns on investment should consider a diversified portfolio of leading companies in the banking, healthcare, consumer goods, financial services and industrial goods sectors.

    Analysts at GTI Securities said seven companies including United Bank for Africa (UBA), Access Bank, United Capital, Fidson Healthcare, Flour Mills of Nigeria, Dangote Cement, Lafarge Africa and Zenith Bank should be on investors’ watch list.

    GTI Securities, which stocks to watch had successfully achieved 95 per cent of indicated targets, premised its analysis on corporate earnings and market information.

    UBA had recorded a well-rounded performance in the third quarter of 2017 as growing market share and improving efficiency led to significant improvements in gross earnings and profitability.

    Key extracts of the interim report and accounts of UBA for the nine-month period ended September 30, 2017 showed that gross earnings rose by 26 per cent while pre and post tax profits grew by 33.2 per cent and 23 per cent respectively.

    UBA’s gross earnings rose to N333.9 billion in third quarter 2017 as against N265.5 billion reported in corresponding period of 2016. Group’s operating income stood at N236.9 billion in 2017 compared with N183.3 billion recorded in the corresponding period of 2016, representing a 29.3 percent growth.  Profit before tax jumped to N78.3 billion in 2017 as against N58.8 billion recorded in the similar period of 2016. Profit after tax grew from N49.5 billion in 2016 to N60.9 billion in 2017.

    The balance sheet showed that while the group closed the third quarter with total assets of N3.77 trillion, a year-to-date growth of 7.6 per cent, the bank prudently grew net loans to N1.6 trillion, a 6.0 per cent year-to-date growth in the loan book. Group’s shareholders’ fund grew by 13.3 per cent to N507.6 billion in 2017 while the annualised return on average equity stood at 18 per cent.

    Access Bank in December 2017 launched a new five-year plan that aims at making the bank Nigeria’s foremost bank in the next five years.

    The new plan is the latest in a series of transformative strategies that have resulted in sustained growth. From 2013 to November 2017, Access Bank has increased its total assets at a CAGR of 18 per cent and delivered shareholder returns of 90 per cent. The bank has also grown its customer base from 90,000 in 2002 to over 8.0 million in 2017 and in the same period opened 351 new branches.

    The new five-year strategy is expected to accelerate this growth story to position Access Bank as the leading Nigerian bank by 2022.

    The new strategy has six strategic levers including digitally led, retail banking growth and consolidation in wholesale markets, customer focused, analytics-driven, with robust risk management, strong global collaboration in key gateway markets and the creation of a universal payments gateway.

  • I SEE ENTREPRENEURIAL SPIRIT IN NIGERIANS

    I SEE ENTREPRENEURIAL SPIRIT IN NIGERIANS

    South African-born Edward Stevenson grew up loving to fly planes. At 23, he had already gone way ahead to achieve that dream. He had acquired a licence to fly small planes, and was at the verge of going for further studies to become a commercial airline pilot, when he recalled his other talents. Young Stevenson comes from a family of traders. His father was a retail trader, and he recalls selling oranges right in front of his father’s shop in South Africa at the age of six. So, faced with a decision of an eventual career, Edward Stevenson chose to study retail management. Now the General Manager of Tejuoso Property Development Company Ltd, Lagos, he is saddled with the task of putting in place the new ultra-modern Tejuoso Shopping Centre in the heart of Yaba, Lagos. He told PAUL IKPABIO how his early life in South Africa prepared him for this job, and how he hopes to transform the once fragmented Tejuoso market stalls to the ambitious biggest shopping centre in the country.

    How long have you been in Nigeria?

    I have been in the country for more than a decade. I come and go. But here at Tejuoso, I have been around for two years. When I came to Tejuoso, the place was filled up with small market people. If you look around Nigeria and other places in the world, you will notice that the market environment is changing. The market stalls are changing into proper retail shops. That was my mandate when I came here. So when I got here, I had to create a shopping centre instead of an open market. I had to create larger shops that appeal to the people on the street and at the same time appeal to the guy up there in the corporate world. So we had to turn things around, merge shops, make it attractive and enable shoppers’ easy movement.

    We are thinking about convenience, relaxation and entertainment even within the shopping environment. So we have brought in domestic food court, 450 shops, entertainment section, and we are bringing in cinemas. We even have in-house radio. So we are going to make this place as interesting as possible for the shopper who normally goes to a SPAR or Shoprite environment. We are here for everyone.

    Tell us about your background

    I come from a retail background. From the age of six, I was selling oranges outside my father’s shop in South Africa. So I understand how a shopping environment should be like. I have worked at The Palms Shopping Complex, and some of the people working with me here have also worked at The Palms. We have gathered expertise with my team.

    What have been the challenges so far?

    The last two years have been tasking for almost everyone in the country. I think now that SPAR is opening here, it is going to give our customers and tenants a lot more of confidence about this whole idea, and they will come here to open their shops. In the last year, we have struggled to get people into the shops. Money has been tight in the country and a lot of people who were eager to get in had to wait for money to get to them.

    Now we have quite a number of people inside our shops. For instance, we have about 200 traders in the shops on the second floor. There are four floors here. So from this week, the ground floor will also start to be busy. Now we have about an average of 4,000 people coming here on a daily basis. When SPAR starts operation here, it will be about four times that number of people coming in and going out of this place. And we are looking forward to that because a lot of people who used to go as far as the Lekki or Ikeja to shop at SPAR will now have to come here, which is closer.

    How about security?

    We have the MOPOL (mobile policemen) and other security operatives. We will soon have a Police Station at the shopping centre. Also, we will have a fire service station so that we do not have issues. We have a bank, and the ATM they have here is among the top ten in the country. I know that because they give me feedback. We are also looking at having Stanbic, UBA and some other banks here.

    How easy is it to manage a huge complex like this?

    I have been here two years. The first floor is 9,000 square metres, and we have four floors. The basement for the car park is 14,000 square metres. It is huge, probably the biggest shopping centre around the country right now. By the time we open all the shops, it will definitely be the most visited shopping centre across the country. We are creating proper directions to guide people on how they move around the shops and floors.

    Of course, we have sections. For instance, we have the hair fashion people in a section, the electronics in a section. When you are hungry, you know the food court is on the third floor. When you want to use the bank, you go to the banking section, and the cinemas are in their section. So we have demarcations and everything in its proper places. That makes the administration of the place easy for us despite the fact that the entire complex is huge.

    For chaotic traffic situations. How do you intend to manage that?

    We have an underground car park that can hold 350 cars. So, to get to the complex, you go to the top of Tejuoso and come in through the underground where we have the car park. We are talking to a management company that will manage the car park for the entire complex. When we are fully open, the first month will be free parking. But afterwards, we will charge a fee. That is because we do not want a situation where people come from all over the place to park or abandon their cars here. The entire car park space has to be for customers coming to shop here.

    I can see that the shopping centre is already busy, but you are here taking about an opening date. What does that mean?

    (Laughs) The truth is that we are not fully open yet. We are only partially open. The shops have been opened for a year now. What I can say is that we are opening in sections because people have been through a difficult time in the last two years. Many who booked for the shops have not begun operations yet. But with the latest opening of SPAR here, that will jumpstart other things. So I guarantee that there is going to be amazing foot traffic in all the stores in this shopping centre.

    Do you see its location in Yaba, which seems like the city’s centre, as an advantage?

    I think it definitely will be of a pretty advantage. There is definitely no competition around us. But even if there were to be competition, we have a huge advantage in the sense that the area itself had for long been popular as a shopping place. So, all we have done is to create a conducive environment where more and more people get to shop in comfort. The place is already popular, so as we keep opening the sections, more and more people will come in.

    Yaba is the centre between Ikeja and Victoria Island. So, the people here, instead of going to those extreme places, they will come here, once they know they can get car space and they can also see what to buy and even take food bites from the food courts around. What we want is that when people think of bubble gum, for instance, what readily should come to their mind is that they can get it here at Tejuoso. And when they think of where to get the biggest television, they think of the electronics section here at Tejuoso Shopping Centre. It is open to all persons. Anyone is welcome here. It is a shopping centre that caters for everyone. When you come in here, you will find something that is appealing and affordable.

    Now that you have an ultra-modern market here, what became of the small traders who used to hang around here?

    What we did was to accommodate them through an arrangement whereby they could pay for new retail shops in the new Tejuoso Shopping Centre. And this negotiation went down well with them and most of them have been able to come in here and get a better lift for their product visibility. At the moment, if they were still on the street in the open, they would have been paying more there than they are paying here. So we have a section for small and medium-sized businesses. We also have a section for large-sized businesses on the ground floor. And on the third floor, we have the entertainment section.

    Ninety nine per cent of the people that are here already are happy with what is on ground. But we want to be more than what we are presently. They will be happier when we would have opened up all the sections and accommodated all that we intend to put in place. I was speaking to the Iya Oloja (market leader) in the trading area on the second floor, and I was explaining to her the other facilities that we would be bringing in soonest, and she was amazed and excited. She says she can’t wait for it all to be in full operation. She loves the movies and she wants the cinemas to become operation soonest.

    I notice that you are passionate about your work. Where does the passion come from?

    Whenever I take up a challenge, you have to believe in that challenge. This is not a normal shopping centre; it is not Palms or Ikeja Shopping Mall; it is more than those. It is a shopping centre with a combined mix catering for everyone. Myself and my team love challenges. Some of them have been with me for over ten years in other businesses in Nigeria. I see the potential of this enormous project. I see where we are going to. I know that this is going to be focal point where the government and people of this state will come around and be proud of, and even want to have something like this around different parts of the country. I have the confidence in that, and so does my team.

    What is your source of inspiration?

    I see the potential in this country. I see the entrepreneurial spirit. It is amazing. People here are hardworking. I see them wanting to get ahead. No one sits idle. They want to move forward. They want to get ahead. If I am out of Lagos for more than two weeks, I develop the urge to get back here quickly. I have developed that sense of urgency that most Lagosians have.

    If you have lived and worked here all these years like you said you have, which Nigerian foods are you familiar with?

    I have tasted almost all your foods.

    You definitely do not work for 24 hours in a day. How do you relax?

    I try out some exercises. I have a son in a boarding school right now in South Africa. Four times in a year, I go to South Africa to see him. I also have a group of friends here in Lagos who I bond with too. They are Nigerians, Indians, Lebanese, English and so on. We go out to restaurants and cinemas to catch fun.

    Apart from SPAR, which other international retailers are you expecting?

    We are expecting quite a number of them; Sportsworld and some others that I do not readily want to disclose right now.

    Any special reason why you decided to be in retail marketing business?

    Yes. When I was 23, I had to make a major decision in my life. I had at that time gone into training to become a pilot. I had my licence to fly small planes, and it was time to take the decision of whether to continue with my commercial pilot education and become a commercial airline pilot or to continue with my retail career. In the end, I made the decision to face a retail career. So I went back to study retail education in South Africa before coming to Nigeria.

    What readily gives you pleasure?

    The shopping centre here will cater for the individual and families. Next to the cinema, there will be a section that can cater for minors, a creche, lounge where you can spend your evenings with your wife or girlfriend and restaurants with international cuisines. So, it is soon going to be a place where everyone fits in and as you can see, it is already taking shape. We now have a new and better Tejuoso for everyone.

  • Soldier slaps policeman in Sokoto bank

    A bloody clash was averted at the United Bank for Africa (UBA) branch in Gusau, Sokoto, on Friday when a soldier slapped policeman attached to the bank.

    The scenario also led to gun shots forcing customers on queue and passers bye to scamper to safety.

    An eyewitness said the incident occurred near the bank’s Automated Teller Machine (ATM) when the soldier tried to evade the queue and other customers complained to security agents attached to the bank for intervention.

    He said: “On coming to find out what was going on, the soldier slapped the policeman ‎who immediately alerted his colleagues.

    “Within minutes, everywhere was tensed and gun shots rented the air which dispersed all of us away.

    “Within minutes a sizeable number of policemen appeared at the scene and some military men including three military officers and a military policeman arrived the scene with vehicles to douse the tension and took the soldier away.”