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Tag: UBA

  • Mobile banking: UBA unveils *919# magic banking

    Mobile banking: UBA unveils *919# magic banking

    United Bank for Africa (UBA) Group has introduced a full-fledged banking platform, tagged UBA Magic Banking enabled by dialing *919# within Nigeria.

    The USSD code *919#  enables customers to do a multitude of tasks such as open UBA accounts,  transfer funds to UBA and other banks, buy airtime,  pay  bills and access a mini statement.

    Its  Group Managing Director, Kennedy Uzoka also noted that the introduction of the new products is in line with the bank’s policy of democratising banking on the continent by reaching out to the unbanked through technology driven platforms that are simple, efficient and user friendly.

    Its Group Head, Consumer and Digital Banking, Adeyinka Adedeji said: “Not only does this code work on all phone types, it is fast and convenient and does not require data on the phone to send money. It also allows a higher transaction limit of up to N1m per day with the UBA Secure Pass (formerly token)”

    Adedeji noted that to send money to a UBA account for example, the user should dial *919*3# from their phone number  registered with UBA and follow the simple steps prompted by the phone.

    Also, by dialing *919*32#, the customer can send money to a UBA Prepaid Card and to other banks by dialing *919*4#.  “You can top up your airtime by dialing *919*Amount# and third party top-up can be done with *919* Phone number* Amount#.

    “For a full range of services, a customer will dial *919#,” he added.

    “We are committed to innovating through products and services in the financial technology space that will ensure our customers have the best banking experience with all our service channels, and we have committed huge financial investments towards achieving this”.

  • ‘Blackmailers desperate to stop Uba’

    ‘Blackmailers desperate to stop Uba’

    A Non-Governmental Organisation (NGO), Progressive Friends Foundation (PFF), has said some people are trying to blackmail Senator Andy Uba to prevent him from participating in the November 18 governorship election in Anambra State.
    PFF said the allegations of indebtedness and false academic qualifications against Uba were to truncate his ambition for the election.
    It said the blackmail was only a distraction, which will yield nothing good for the state.
    In a communiqué issued after its meeting in Lagos, PFF said the claims were contrived by those with “ulterior motives to stop a man they consider a threat to their interests in the crucial election”.
    Signed by the Director-General, Chief Ifeanyi Oramah, the communique urged Anambra residents to look beyond “the rash of unsubstantiated allegations” and support those working for development and dividends of democracy.
    It noted that Uba served the country at the highest level – as a two-time senator and a presidential adviser – besides being a governor, saying it was condemnable that such a personality had become the target of “cheap political smear campaign”.
    PFF warned “political misfits, especially those bent on overheating the polity, to note that those who ride on the back of a tiger will end up in its belly”.
    It added: “We expect aspirants to be creative, focused and engage in issue-based politicking that will better the people’s lives, instead of descending to the level of gutter snipes in an attempt to rubbish one of their own.
    “We have no doubt that the allegations of indebtedness and certificate forgery, coming with the governorship election only six months away, is the handiwork of political opponents who see the senator as the man to beat, and are doing everything to pull him down.”
    The group urged those with genuine complaints to seek redress in court, rather than attempt to destroy good people’s reputation.

  • UBA grows pre-tax profit by 41% to N25.5b in Q1

    United Bank for Africa (UBA) Plc sustained a well-rounded performance in the first three months of this year as profit before tax grew by 41 per cent to N25.5 billion.
    Key extracts of the three-month earnings report for the period ended March 31, 2017 showed significant growths on key performance indices. Group gross earnings rose by 38 per cent to N101.25 billion in first quarter 2017 compared with N73.66 billion recorded in comparable period of 2016. The top-line was driven by an unprecedented 43 per cent growth in interest income. Profit before tax rose to N25.5 billion in first quarter 2017 compared with N18.1 billion in first quarter of 2016. Profit after tax increased by 32 per cent to N22.4 billion in first quarter 2017 as against N17 billion recorded in the corresponding period of last year. The group sustained its strong profitability recording an annualised 19.4 per cent Return on Average equity (RoAE).
    Group Managing Director, United Bank for Africa UBA), Mr. Kennedy Uzoka, said the performance in the first quarter strengthens the group’s optimism on economic and business recovery in Nigeria and many of its markets across Africa.
    “More importantly, this result is evidence of efficiency gains in our pricing, balance sheet management and operations,” Uzoka said.
    He noted that the group has made further progress in its consistent retail penetration, as reflected in the 12 per cent year-to-date growth in retail savings and current account deposits while the group, notwithstanding the tight interest rate environment, recorded 30 basis points reduction in cost of funds to 3.4 per cent, a positive result of the group’s customer service-led approach to low cost deposit mobilisation.
    He pointed out that low cost savings and current accounts (CASA) represent 80 per cent of the group’s deposit funding by the first quarter.
    “Our businesses outside Nigeria continued to wax stronger, contributing 35 per cent of our earnings. We remained prudent in risk asset creation growing net loans by two per cent year-to-date, as we have continued to monitor development in key sectors of the economy to take advantage of emerging bankable opportunities in due time. Albeit the structural challenges that exist in Africa, the opportunities and returns are immense and compelling. We will deepen our penetration across our chosen markets, as we diligently execute our strategies for consistent market share gain,” Uzoka said, emphasising the increasing relevance of the group’s African operations to its bottom line.

  • UBA: Outperforming

    UBA: Outperforming

    United Bank for Africa (UBA) Plc is on the top list of companies with well-rounded performance. UBA’s top-of-the-chart performance at the stock market combines with considerable growth in all key fundamental indicators to make the bank the best performing banking stock in recent period. Capital Market Editor Taofik Salako, in this report, reviews the interplay of fundamental earnings and share price appreciation

    United Bank for Africa (UBA) Plc outperformed all banking stocks in the first quarter of 2017 with a share price appreciation of 28.22 per cent. It had recorded the second highest price gain of 33.1 per cent in 2016, just slightly under three points behind Guaranty Trust Bank (GTB), which led the sector with 35.9 per cent.

    Altogether, UBA’s share price had grown by more than 60 per cent in the past 15 months, the highest by any bank and one of the few bright spots in the long-running depression at the stock market. Average return at the Nigerian Stock Exchange (NSE) in the first quarter of 2017 was negative at -5.05 per cent.

    The NSE Banking Index was down by 0.03 per cent while the NSE 30 Index, which tracks large-cap stocks, was almost on the average with a three-month return of -4.93 per cent. In  2016, the stock market had recorded a full-year average return of -6.17 per cent, equivalent to net capital loss of N604 billion.

    Only 19 companies, including three banks, recorded a capital gain of 20 per cent and above in 2016, underlining the general downtrend that marked price changes during the period. A long-running depression had seen quoted equities losing N4 trillion in the past three years, including N1.75 trillion and N1.63 trillion in 2014 and 2015 respectively.

    UBA’s share price appears to be riding on the crest of positive analysts’ reviews. There is almost analysts’ consensus on the attractiveness of the UBA. Investment research and rating firms such as Renaissance Capital, CSL Stockbrokers, Fitch and Augusto among others had maintained that UBA has strong fundamentals to support substantial price appreciation. UBA Group’s audited report and accounts for the year ended December 31, 2016 supported the positive view of its earnings potential, in spite of the Nigerian economic recession.

    Improving earnings

    Key extracts of the Group’s audited report showed impressive growths in the top-line and the bottom-line as it continued to expand its assets base. Group;s gross earnings rose by 21.9 per cent from N314.84 billion in 2015 to N383.65 billion in 2016. Interest income had grown by 15 per cent from N229.63 billion in 2015 to N263.97 billion.

    With 2.9 per cent increase in interest expense from N96.03 billion to N98.77 billion, net interest income rose by 23.7 per cent to N165.2 billion in 2016 compared with N133.6 billion in 2015. This underlined the profitability of the group’s core banking business. Group profit before tax grew by 32.4 per cent to N90.64 billion in 2016 as against N68.45 billion in 2015. After taxes, net profit rose by 21.1 per cent from N59.65 billion to N72.26 billion. With these, earnings per share increased from N1.79 in 2015 to N2.04 in 2016.

    UBA Group’s balance sheet also emerged stronger with total assets rising by 27.3 per cent from N2.75 trillion in 2015 to N3.5 trillion in 2016. Customers’ deposit rose by 19.7 per cent from N2.08 trillion to N2.49 trillion. Loans and advances recorded above average growth of 44.2 per cent to N1.50 trillion in 2016 as against N1.04 trillion in 2015, underlining  the bank’s commitment to economic development. Shareholders’ funds also increased by 33.5 per cent from N325.83 billion in 2015 to N434.85 billion in 2016.

    Key underlying ratios showed that the growth in 2016 was driven by improvements in the intrinsic operational performance and management. Net interest margin, which underlines the profitability of the core banking business, improved to 62.6 per cent in 2016 as against 58.2 per cent in 2015. This corroborated the reduction in cost of fund. Pre-tax profit margin, which measures the underlining profitability of the group’s businesses, also improved from 21.7 per cent in 2015 to 23.6 per cent in 2016.

    On the back of improved earnings, the bank increased dividend payout to shareholders by 25 per cent, further enhancing the total real return on investment built up significantly by capital appreciation. Shareholders received final dividend payment of N19.9 billion for the 2016 business year, in addition to N7.3 billion interim dividend paid after the audit of its 2016 half-year results. With this, shareholders received a final dividend per share of 55 kobo in addition to interim dividend of 20 kobo, bringing total dividend for the 2016 business year to 75 kobo as against 60 kobo paid for the 2015 business year. A dividend yield of more than 14 per cent further placed UBA within the top yields at the stock market. This surpassed the 13.01 per cent coupon on the two-year tenored Federal Government National Savings Bonds.

    Sustained growth

    The latest audit report confirmed UBA Group’s steady performance over the years. A five-year medium term review showed that total assets have grown steadily from N2.27 trillion in 2012 to N3.50 trillion in 2016. Net loans and advances more than doubled from N658.9 billion in 2012 to N1.50 trillion in 2016. Customers’ deposits also followed the uptrend, jumping from N1.72 trillion in 2012 to N2.49 trillion in 2016. Shareholders’ funds rose consecutively from N189.11 billion in 2012 to N434.85 billion in 2016. Profit before tax, which stood at N52.01 billion in 2012, had defied recession to rise to N90.64 billion in 2016 while profit after tax rose from N54.77 billion in 2012 to N72.26 billion in 2016.

    Most analysts have rated UBA Group high on its fundamentals. “We note improvement in profitability and the bank’s good asset quality. The rating takes into cognizance the weak macroeconomic climate on the banking industry’s asset quality, in which we do not expect UBA to be excluded. Nonetheless, we note positively its diversified geographical reach, which will cushion to an extent the impact of the weak Nigerian economic climate,” Agusto & Co stated in its recent credit rating report.

    Nigeria’s foremost local rating agency, Agusto & Co,  had upgraded UBA’s rating from “A+” to “Aa-”, with a stable outlook, citing the bank’s improved capitalisation, good liquidity and large pool of stable deposits, strong domestic presence supported by the bank’s extensive branch network and growing alternative banking channels.

    Also, Fitch International, one of the foremost global rating agencies, in its latest report affirmed and upgraded its ratings for the bank citing strong earnings and asset quality. Fitch affirmed UBA’s viability rating at “B” as the pan-African banking group continues to sustain its benchmark asset quality and strong profitability amidst industry and macroeconomic challenges. UBA is one of the few banks with strong risk management framework, which has helped kept non-performing loans ratio at a moderate level of 1.74 per cent as at the end of March 2016.

    Strength in diversity

    Other African subsidiaries contributed about one hird of the group’s profit in 2016, reflecting the increasing market share of the group outside its Nigerian home. UBA operates in 18 other African countries including Ghana, Republic of Benin, Liberia, Cote d’Ivoire, Burkina Faso, Guinea, Senegal, Sierra Leone, Mozambique, Zambia, Uganda, Tanzania, Kenya, Congo DR, Congo Brazzaville, Cameroon, Chad and Gabon. UBA also has presence in United Kingdom, United States and France.

    Geographical segment analysis showed the group performance was buoyed by above average growths in its foreign subsidiaries. The other 18 African subsidiaries recorded pre and post tax profit of N31.4 billion and N24.32 billion respectively on total earnings of N121.9 billion in 2016, considerable growths on pre-tax profit of N18.8 billion and post-tax profit of N14.14 billion recorded on total incomes of N67.72 billion in 2015. Other non-African global operations also improved in 2016 with total income of N9.8 billion and pre and post tax profits of N3.4 billion and N3.37 billion respectively. Other non-African global subsidiaries had recorded gross earnings of N6.01 billion and pre and post tax profit of N1.95 billion each in 2015.

    Operating segment analysis also showed that the overall performance rested on evenly spread improvements across the key business segments. Corporate banking recorded gross earnings of N116.63 billion, profit before tax of N43.46 billion and profit after tax of N37.69 billion in 2016 compared with N101.07 billion, N29.04 billion and N25.31 billion recorded respectively in 2015. Retail and commercial banking segment, the largest segment, grew top-line to N227.57 billion in 2016 with profits before and after  tax of N29.44 billion and N20.05 billion respectively. Total revenue in the segment had stood at N185.19 billion in 2015 with profit before tax of N26.52 billion and profit after tax of N23.11 billion.

    Outlook

    The board and management of UBA said the banking group is well-positioned for sustainable long-term growth that will continue to ensure commensurate returns to shareholders. Chairman, United Bank for Africa (UBA) Plc, Mr. Tony Elumelu, noted that most African countries were implementing policy measures that should help stimulate inclusive economic growth, ease macro pressures and lower the cost of doing business. According to him, while Africa has experienced a difficult period; the UBA group welcomed 2017 with renewed optimism as it truly believes that “Africa is Rising”.

    “Our pan- Africa operations have delivered on the promises we made at the outset of our growth strategy and we are beginning to reap the benefits of one the largest network in Africa. As we navigate the fast changing market place, we are increasingly digitalising our core business, as we explore new markets and means of embracing customers experience, gain increased share of customers’ wallet and offer new services. I am very optimistic that we will sustain the strong growth trajectory, as we continue to gain market share, leveraging our core values of enterprise, excellence and execution,” Elumelu outlined.

    Group managing director, United Bank for Africa (UBA) Plc, Mr. Kennedy Uzoka also assured that the bank is optimistic of continuing growth in the years ahead.

    “The 2017 outlook remains positive in most of our markets. We are not aware unaware of the macro challenges, competition and constantly changing customer preferences.  We will further sweat our unique Pan Africa platform to improve productivity, extract efficiency gains and grow our share of customers’ wallet across all business lines and markets,” Uzoka said.

    According to him, as the banking group continues with its customer first philosophy, shareholders can look forward to better performance, especially with the outlook remaining positive in most of the group’s markets.

    “We will build on our strong governance culture, zero-tolerance for infractions and transparency in furthering our frontiers of leadership in the African market,” Uzoka said.

  • UBA mentors pupils, donates books

    Pupils of Gateway Secondary School, Abeokuta, the Ogun State capital, have received tips on how to manage their pocket money and other gifts, courtesy of the United Bank for Africa (UBA)

    The bank advised participants to embrace financial literacy and imbibe the discipline of saving a fraction of their pocket money as foundation to a secured and independent life in future.

    UBA’s Executive Director, (Lagos and West) Mr. Ayoku Liadi, gave the advice at the 2017 edition of Financial Literacy Day, which the bank marked with the pupils of the Gateway Secondary School, Abeokuta.

    Liadi said if the children  learnt to save a fraction rather than waste all on transient pleasures, they would be able to support their education should their parents or guardians default in meeting their education needs in future.

    He advised them to take clues from successful indigenous business men and women such as Tony Elemelu, Aliko Dangote and Folorunso Alakija, who started early in life to save their small earnings as well as re-invested same before they became wealthy.

    “Financial literacy is quite important to pupils. How I wish I had this kind of opportunity to listen to a lecture like this while I was in the secondary school,” Liadi said.

  • We ‘ll focus on long-term growth, says UBA

    The board and management of United Bank for Africa (UBA) Plc have assured shareholders that the bank is focusing on sustainable long-term growth that will ensure commensurate returns to shareholders.

    Against the background of the distribution of N27.2 billion to shareholders as cash dividend for the 2016 business year, directors of the bank said the proactive diversification of UBA Group across the  continent and its national geographic diversification, have built strong resistance against national shocks and ensure that the bank continues to record impressive results year-on-year.

    The UBA Group, with headquarters in the country, has operations in 18 other African countries as well as United States (US), United Kingdom (UK) and France. The group’s subsidiaries outside of Nigeria contributed a third of the group’s profit in 2016.

    Addressing shareholders of the group at the Annual General Meeting in Lagos, its Chairman, Mr. Tony Elumelu, said the bank’s performance last year had shown tenacity and enterprise of its management team and members of staff, and the ability to give customers what they want.

    He pointed out that the performance of the bank, notably in capital adequacy and risk management, illustrated the commitment of the board to the best governance principles.

    “We wish to focus on long term growth, which is sustainable and we will not sacrifice these goals for short-term gain or advantage. I want you to know that by investing in UBA, you have diversified your portfolio, you have not just invested in a Nigerian bank, but have invested in a bank with diversified reach, given our operations in Nigeria and 18 other African countries,” Elumelu assured shareholders.

    He commended the commitment and enterprise of the bank’s members of staff and exceptional leadership of its management, which resulted in the sterling performance of the bank amidst the challenging operating environment in 2016.

    He pointed out that beyond the impressive growths in actual figures; the underlying ratios of the bank are within the best in the industry, assuring that the bank has the capacity to sustain the impressive growths delivered in 2016.

    “I am pleased that UBA maintains some of the best prudential ratios in the industry, as our capital adequacy ratio of 20 per cent and 39 per cent liquidity ratio are well above the 15 per cent and 30 per cent regulatory requirement respectively. We will be prudent in lending to critical growth sectors of the African economies, as we remain upbeat on the huge banking opportunities in Africa,’ Elumelu said.

    The bank’s Group Managing Director, Mr. Kennedy Uzoka, said the bank was optimistic of continuing growth in the years ahead.

    “The 2017 outlook remains positive in most of our markets. We are not unaware of the macro challenges, competition and constantly changing customer preferences.  We will further sweat our unique Pan Africa platform to improve productivity, extract efficiency, gains and grow our share of customers’ wallet across all business lines and markets,” Uzoka said.

    According to him, as the banking group continues with its customer first philosophy, shareholders can look forward to better performance, especially with the outlook remaining positive in most of the group’s markets.

    “We will build on our strong governance culture, zero-tolerance for infractions and transparency in furthering our frontiers of leadership in the African market,” Uzoka said.

    Shareholders, who spoke at the meeting, commended the board and management for the focus on growing its pan-African platform, which provides cushions against national shocks.

    The Association for the Advancement of the Rights of Nigerian Shareholders (AARNS) President, Dr. Farouk Umar, said shareholders were happy with the bank because of the impressive results and dividend.

    “It is obvious from the faces of shareholders that all of us are happy with the performance of the bank. We did not expect anything less because we know that that our chairman is an achiever not only locally but also internationally. We have seen the African expansion and its contribution to our earnings and I believe this is also commendable,” Farouk said.

    Shareholders unanimously approved the payment of N19.9 billion as final dividend for the financial year ended December 31, 2016, in addition to N7.3 billion interim dividend paid after the audit of its 2016 half-year results. With this, shareholders would receive a final dividend per share of 55 kobo in addition to interim dividend of 20 kobo, bringing total dividend for the 2016 business year to 75 kobo. This represented 25 per cent increase on 60 kobo paid for the 2015 business year. At the opening price of N5.26 per share at the Nigerian Stock Exchange (NSE) this week, the dividend payout represented a dividend yield of 14.3 per cent.

    Key extracts of the audited report and accounts for the year ended December 31, 2016 showed that the group gross earnings rose from N314.84 billion in 2015 to N383.65 billion in 2016. Profit before tax stood at N90.64 billion in 2016 as against N68.45 billion in 2015. Profit after tax rose by 21 per cent from N59.65 billion to N72.26 billion. With these, earnings per share increased from N1.79 in 2015 to N2.04 in 2016. UBA Group’s balance sheet also emerged stronger with total assets rising by 27 per cent from N2.75 trillion in 2015 to N3.5 trillion in 2016. Customers’ deposit rose from N2.08 trillion to N2.49 trillion. Shareholders’ funds also increased from N325.83 billion in 2015 to N434.85 billion in 2016.

  • UBA promotes 3,000 employees

    UBA promotes 3,000 employees

    nited Bank for Africa (UBA) has announced the promotion of 3,000 employees.
    This, it said, reinforced its commitment to human capital investment and career progression.
    In a letter written on Monday to employees, the CEO, Kennedy Uzoka said: “Since my recent appointment as GMD/CEO, one of my priorities has been to address the needs of our people. I strongly believe that if we take care of our people, our people will take care of our customers – our ultimate employers.
    “Investment in our human capital is critical to our success. It is a product of our ability to invest for the long term and create an institution that is built to last. It is the bedrock of our determination to be Africa’s leading customer focused bank.”
    In addition to the Group-wide promotion, Uzoka unveiled a new Workforce Model and an extension of the existing Group car loan benefit, to 1000 previously ineligible staff. These policies are in direct response to staff feedback from the Employee Engagement Survey, which the CEO says has helped define current and future human capital investment. The revised Workforce Model democratizes access to leadership roles and opportunities at the bank. All staff – regardless of track – can now aspire to leadership roles, if objective requirements are met. Reforming the Leadership and Service Tracks disparity, which had been a source of frustration for some staff who had to convert tracks to advance professionally, illustrates again UBA’s commitment to creating an environment where talent and merit are rewarded.
    Group Chairman Tony Elumelu congratulated UBA’s executive management, as he noted the current challenging business environment. He encouraged the industry to follow UBA’s lead, in putting its workers first. “Promoting at this scale and creating career opportunities for staff at a time like this is an indication of industry leadership and worthy of emulation. It is no accident that this is occurring after the announcement of our strong 2016 results and as our shareholders receive dividends later this week. We want all our key stakeholders to share our success.” The Chairman continued in praise of the bank’s equitable policy, “I commend the bank for creating robust and meritocratic career opportunities for all staff at a time when some in our industry are downsizing or casualizing staff. This is truly remarkable.”
    UBA recently announced N384 billion earnings for 2016, an impressive 22% growth over performance in 2015 and also grew profit before tax by 32% to N91 billion. The strong performance also reflects the imbedded culture of customer service, driven by high employee engagement and satisfaction.
    UBA’s commitment to its broader pan-African network was reflected in a series of awards, including five ‘Bank of The Year’ awards for Gabon, Congo-Brazzaville, Senegal, Cameroon and Chad at the annual Bankers Award in London and the 2016 EMEA Finance Banking Awards by leading financial publication EMEA Finance Magazine.
    Uzoka ended his letter on an uplifting note, urging UBA employees – Lions and Lionesses – to “continue to embody UBA core values daily – in our endless quest for Excellent Service…Delivered!” This advice is timely as staff enter the final stages of preparation for the Group Chairman’s Forum which commences on Wednesday April 5th and features a series of events, including the Group AGM and the highly-anticipated annual UBA CEO Awards. During the Forum, the Bank’s senior executives will share and learn from best practices across UBA’s 18 African subsidiaries and its operations in New York, Paris, and London, reflect on Group performance in the past year, and identify ways to enhance growth in the short, medium and long terms.

  • UBA profit after tax hits N72b

    UBA profit after tax hits N72b

    •Shareholders to get 55 kobo per share

    United Bank for Africa (UBA) Plc, a pan-African financial services group operating in  19 African countries,  has released its audited 2016 full year results.

    In the results released at the weekend at the Nigerian Stock Exchange (NSE), covering the period January to December, the group earned N91 billion as profit before tax.

    This is 32 per cent higher than N68 billion profit recorded over the same period in 2015.

    Its profit after tax grew by 22 per cent to N72 billion, from N60 billion recorded the previous year.

    A statement from the bank said the results showed a significant growth in the group’s gross earnings and profits – “an attestation to its resilience, enhanced productivity and geographic diversification, evident in the impressive contribution from its African subsidiaries”.

    The group recorded a 22 per cent growth in gross earnings to N384 billion, as at December  2016, from N315 billion at the end of the 2015 financial year.

    This illustrated the bank’s ability to grow profitability despite the difficult macro-economic environment.

    In addition to the rising adoption of electronic banking channels in many of the African markets, where UBA operates, the bank leveraged its strong franchise and geographical footprint.

    The performance was buoyed by considerable growth in both  interest and non-interest income, as well as increasing efficiency gains from cost management initiatives.

    The statement said: “UBA’s subsidiaries outside of Nigeria are increasingly gaining market share, reinforcing the strong and impressive subsidiary contribution to the group, estimated at one-third of profit in 2016, from a quarter in 2015 financial year.”

    Following the performance, its Board of Directors proposed a final dividend of 55 kobo, subject to the approval of the shareholders at the forthcoming Annual General Meeting, scheduled to hold on April 7, at the Eko Hotel and Suites in Lagos.

    The bank had earlier paid an interim dividend of 20k to shareholders, bringing the total dividend for the 2016 financial year to N0.75, an unprecedented yield of 13.9 per cent, based on the stock’s unit price of N5.39 on the floor of the NSE.

  • UBA, Orange Group partner on payment system

    UBA, Orange Group partner on payment system

    United Bank for Africa Plc  and leading European and African telecom operator, Orange have announced a strategic partnership to deliver innovative financial services across Africa, with an agreement to jointly collaborate on the promotion of Orange Money.

    Both UBA and Orange have a history of financial services innovation and their joint commitment to Africa makes them natural partners. Orange Money enables customers to transfer money from their mobile phone to other account holders domestically and abroad; as well as providing bill payment and other customer focused solutions. UBA is a leader in electronic banking, for both individual and corporate customers, and with presence in 19 African countries and over 14million customers in Africa, has one of the largest pan-African banking networks.

    A Memorandum of Understanding was signed today in Paris by Tony Elumelu, Chairman UBA Group, Emeke Iweriebor, CEO UBA Africa and Marc Rennard, Chairman and CEO, Orange Middle East and Africa, committing both institutions to collaborate on the delivery of innovative and convenient payment options to customers and implement a range of mobile financial services in African countries, where UBA and Orange Money platforms operate.

    Both Groups recognise the extraordinary revolution occurring in the digital banking space and are committed to providing customers with service excellence, built around efficient and trustworthy platforms. “We are delighted to see the fruition of this partnership, which is capable of revolutionising mobile money payments across the continent and is very clear evidence of UBA’s commitment to Africa’s development and delivering financial inclusion to Africans” Tony Elumelu commented.

    “UBA, with its extensive network on the continent and large customer base is the banking group of choice for us in this project and we are delighted with this partnership” Marc Rennard stated

  • Uba defects to APC

    Uba defects to APC

    THE Peoples Democratic Party (PDP) caucus in the Senate yesterday asked Senate President Bukola Saraki to replace Senator Andy Uba as chairman, Senate Committee on Public Accounts without delay.
    It followed the formal defection of Uba from the PDP to the APC.
    Saraki read Uba’s defection letter on the floor of the Senate yesterday.
    After the letter was read, Minority Leader Senator Godswill Akpabio demanded that Uba be replaced as chairman of the Committee on Public Accounts, a position that constitutionally belongs to the opposition.
    Akpabio gave indication that the PDP would go to court to recover Uba’s Anambra South Senatorial District seat since it was not an individual that owns the seat, but the party.
    He said the PDP won Uba’s seat, hence the party was prepared to recover it.
    The announcement of Uba’s defection, although not particularly new, was greeted with the chant of “APC, APC” on the floor of the Senate.
    It took Saraki some time to get jubilant members of the APC to settle down for legislative business.
    Before Saraki succeeded in calming the charged situation, some members of APC rushed to Uba’s seat to lead him over to the side of APC ales.
    Uba told the Senate that his defection was due to the protracted crisis and division in the PDP.
    Sources, however, said Uba planned to contest the forthcoming Anambra State governorship election on the platform of the APC.
    Akpabio, who relied on Order 43 asked Saraki to prepare the ground to announce a new Chairman of the Public Accounts Committee by the next legislative day.
    He said: “The announcement of the purported defection of Senator Andy Uba, we will go to court to reclaim our seat. The seat belongs to the party and not Senator Uba. In the next adjourned date, the Senate President should go ahead to announce a new Chairman of the Public Accounts.”
    Saraki noted that relevant rule of the Senate did not allow for debate of what Akpabio said.
    With the defection of Uba to the APC, the party now has 65 seats in the Senate. PDP has 42 and Labour Party (LP) has one seat.
    The Anambra Central Senatorial District seat vacated by Senator Uche Lilian Ekwunife is still unoccupied.