The Nation Newspaper

Tag: UBA

  • Ecobank moves to take over Zamfara’s fund in bank

    Ecobank Nigeria Limited on Tuesday prayed the Federal High Court in Lagos for an order allowing it to take over funds belonging to Zamfara State Government which is domiciled in United Bank for Africa (UBA) Plc.

    Ecobank had initiated garnishee proceedings against UBA over an alleged N3.1 billion debt owed by the state.

    But, UBA, through its lawyer, Alfred Uwaka, filed a preliminary objection seeking to strike out an order nisi made by Justice Babs Kuewumi.

    A order nisi is a court order that does not have any force, meaning Ecobank cannot access the funds unless a particular condition is met and the ruling becomes an order absolute (binding).

    Uwaka contended that Ecobank failed to obtain the consent of Zamfara’s Attorney-General before initiating the garnishee proceedings.

    “Failure to comply with the application for consent makes the order null and void,” he said.

    Ecobank’s lawyer, Mr. Kunle Ogunba (SAN), however, urged the court to make the order absolute so that it can take over Zamfara’s funds in UBA.

    He said the onus was on UBA was to show how much of Zamfara’s funds it had or not, adding that filing a preliminary objection was an admission that the bank indeed has Zamfara’s money.

    Ogunba said: “I submit that a garnishee who files a notice of preliminary objection contending that no consent of the attorney-general was sought has unwittingly admitted that it has the judgment-debtor’s funds.”

    The senior advocate recalled that in a previous garnishee proceeding, UBA wasted no time in telling the court that Zamfara had no money in its account with the bank.

    “If they (UBA) have no money belonging to Zamfara, why file a preliminary objection? The approach they have taken shows that the court was right to have granted an order nisi.

    “Based on the procedure adopted by the garnishee, it has shown clearly that it has the funds. The money is there. We’re sure of our facts.

    “We urge the court to make the order absolute against UBA,” Ogunba said.

     

  • UBA rewards Ghanaian essayists

    Seventeen-year-old Miss Hannah Akahoho Segbefia of Wesley Girl’s Senior High School, Ghana, has been rewarded with $5,000 educational grant to study in any African university for winning the 2016 edition of the UBA Foundation National Essay competition.

    Hannah clinched the first position at the grand finale held at the bank’s corporate headquarters in Accra ahead of 12 finalists selected from entries received from senior secondary schools all over Ghana.

    Kasha Kuipo of St Mary’s Senior High School and Angaag Nathaniel Awentiirin of Nungua Senior High School got $3,500 and $2,000 for coming second and third.

    UBA Ghana Managing Director/CEO, Abiola Bawuah applauded the finalists for participating in the competition.  He noted that, over the years, UBA has consistently taken the lead in investing in the lives of future leaders and is always motivated by the successes of the winners who go on to excel in their chosen careers.

    In her remarks the MD/CEO, UBA Foundation, Ijeoma Aso, said education is one of the Foundation’s focus areas because students today are leaders of tomorrow.

    She counselled the finalists to be good ambassadors of the competition which is in its third year in Ghana. She affirmed that the competition will be held every year.

    Minister of Education, Ghana, represented by Mrs. Felicia Boakye-Yiadem, the Director for Curriculum Research and Development, said the competition has challenged students to work hard.

    “The competition allows every student exhibit hidden talents and potentials while developing a positive work ethic with problem solving and critical thinking skills,” she said.

    The judges, led by the Head of Department, English, University of Ghana, Dr. Jemimah Anderson, said they were impressed with the participants, noting that the students wrote intelligently and their ideas were well articulated and refreshing. They were also encouraged that the entries came from all parts of Ghana.

  • Attijariwafa Bank, UBA sign MoU

    Attijariwafa Bank, UBA sign MoU

    Two African leading banking groups – Attijariwafa Bank and United Bank for Africa (UBA) Plc – have signed a Memorandum of Understanding (MoU) to strengthen their collaborative efforts in correspondent banking, investment funding, trade finance and project finance on the continent.

    The framework document, which outlines key areas of cooperation between Attijariwafa and UBA was signed when His Majesty King Mohammed VI visited President Muhammadu Buhari at the Presidential Villa, Abuja.

    It was signed by Group Chairman, UBA Mr. Tony Elumelu and Chairman and Chief Executive Officer (CEO) of Attijariwafa Bank Group Mr. Mohamed El Kettani.

    According to the MOU, both banks will organise business to business missions to identify and develop business and investment opportunities between Nigeria and Morocco as well as across their respective African networks.

    Speaking after the agreement, Elumelu said: “This collaborative effort is a historic milestone. As two groups with considerable footprints in Africa, we see huge potential in bringing our collective expertise in banking to provide Africa-led solutions to the needs of Africans.”

    El Kettani added: “Nigeria is the largest African economy and a leading commercial and financial hub in West Africa. It goes without saying that our group should collaborate with outstanding players, such as UBA Plc, to provide customised assistance to African and international companies to grow trade and investment flows, between not only Morocco and Nigeria, but also in all countries where our two groups are established.

    “The MOU we just signed is a first but major milestone in a long-term partnership. It also heralds promising perspectives for African and international investors worldwide.”

  • UBA Deputy GMD gets award

    Deputy Group Managing Director, United Bank for Africa PLC (UBA), Mr. Victor Osadolor, was at the weekend honoured by the Edo College Old Boys Association (ECOBA) Lagos Chapter for distinguishing himself in banking.

    At the yearly dinner organised by the association on Saturday at the   Metropolitan Club, Victoria Island, Lagos, chaired by Ambassador Vincent Okobi, Osadolor was honoured for his excellent performance as a reputable banker who has worked very hard in  banking for over 27 years.

    Receiving the award, Osadolor praised the association for the recognition, promising to work harder to ensure a more robust banking sector and effective service for the development of UBA.

    He said his achievements were as areult of the discipline he had as a pupil in his alma mater – Edo College.

    Osadolor attended Edo College, Benin City between 1977 and 1982, and holds a second class (Upper Division) BSc (Hons.) degree in Accounting from the University of Benin (UNIBEN).

    Osadolor, who is also chairman, UBA Pensions Custodians Limited, is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN), an alumnus of Harvard Business School’s Advanced Management Programme, and an honorary life member of the Chartered Institute of Bankers of Nigeria (CIBN).

    Until his appointment, Osadolor was group director, Heirs Holdings Limited between 2013 and last year. Between 2012 and 2014, he was chief operating officer, Corporate and Investment Banking and chief strategist, Ecobank Transnational Incorporated (ETI) in Johannesburg, South Africa and Lome, Togo.

    Okobi, who attended Edo College from 1952 to 1956, said the institution has produced notable Nigerians who are excelling in their various professions. He said the exemplary conduct of Osadolor was worthy of emulation, charging pupils of the school to work hard like him.

    Other recipients of the awards include Rev. (Dr.) John U. Aire, who received a life achievement award and Mr. ObichukwuOlloh, who received the old boy of the year award.

  • Ikeja Electric, UBA partner on payment terminals

    Ikeja Electric has launched payment terminals in 20 United Bank for Africa (UBA) across its network offices.

    The terminals will provide a secure and convenient payment option for customers in those locations.

    Its Head of Corporate Communications, Felix Ofulue, said the initiative would enable Ikeja Electric  to bring efficient service closer to customers.

    “We are confident that the addition of these payment terminals will help us to do an even  better job of meeting the needs of our customers, in making payment of bills a lot easier and more convenient, while also improving their overall experience”, he said.

    “We are committed to providing our customers with the greatest level of customer service and introducing these secure and convenient payment terminals is yet another aspect of our service offerings”.

    Ofulue appealed to customers to take advantage of the proximity of these payment terminals  and avoid making payments to any staff of Ikeja Electric, noting that the company’s linesmen, engineers and technicians are not commissioned to receive cash payments of any kind.

    The terminals are in UBA branches in Akowonjo, Abule Egba, Ijaiye Ogba, Akute, Allen Avenue, Ogudu, Ikeja GRA, Ojodu, Ikotun and Ketu.

    Others are in Ikorodu, Okota, Bank Anthony (Ikeja), Simbiat Abiola Way (Ikeja), New Oko-Oba, Iju, Dopemu, Iyana Ipaja (NYSC),Oba Akran and Oregun branches.

  • UBA: Digital channels drive deposit growth by 70%

    UBA: Digital channels drive deposit growth by 70%

    UNITED Bank for Africa (UBA) is profiting from its huge investments in technology, as its various digital channels currently aid 70 per cent of incoming transactions.

    Besides, the bank, which said it has over 10 million accounts in its 19 branches across Africa, said outflow transactions is over 80 per cent also driven by the digital channels, which include the Automated Teller Machines (ATM),  Point of Sales (PoS) terminals, Nigeria Inter-Bank Settlement Scheme (NIBSS) Instant Payment, internet and mobile banking, among others.

    Its Head, Consumer and Digital Banking, Yinka Adedeji, said there has been low emphasis on building of bricks and mortals, stressing that the focus has been to bring convenience and innovation to its customers electronically.

    He said the lender has eight million bank accounts in Nigeria, adding that to further bring services easier and more convenient, the bank has introduced another products, called emailMoni.

    According to him, the new service, which is in agreement with MyECheck, would enable the bank to provide a revolutionary new social commerce payment system.

    EmailMoni, he explained, is the world’s newest game changing technology, which will dramatically advance the payments landscape in Nigeria and across Africa.

    “EmailMoni is a next generation payments technology that enables people and businesses to securely send and receive money electronically in real-time and at low cost using a downloadable mobile smartphone app or from a web app.  The EmailMoni web app can be accessed from any mobile device, any browser or any type of internet connected computer.

    “EmailMoni allows people and businesses to pay and receive electronic payments securely in a number of easily accessible and convenient ways. Users can send and request money instantly using Microsoft Outlook email, or any web mail.  Money can also be securely requested and sent using Facebook, SMS text and other methods,” he stated.

    Adedeji said the new service can be accessed on iOS on the Apple App Store and for Android on Google Play, stressing that the EmailMoni mobile app for smartphones will over time, interact with a card-less ATM network using Quick Response (QR) code enabling cash to be deposited and withdrawn from the system at thousands of ATM locations in Nigeria and across Africa.

    “We are proud to open a new frontier for e-payments in Africa with EmailMoni. This conforms with our desire to continuously deliver innovative and convenient payment options to our customers. Our innovations in the digital banking space have been possible because of our huge investments in building efficient, trustworthy platforms. We assure our customers that we are committed to continually bring the best in the financial technology space to ensure they always have the best and most convenient banking experience with all our service channels,” he stressed.

    The UBA chief said the focus of the bank now is technology, stressing that the bank is looking at various ways of providing convenience to the customers.

    He disclosed that the bank now have about 1800 ATM terminals, with a monthly transactions of about N100 billion, while Internet and mobile banking channels transaction is now about N50 billion.

  • UBA gets Finacle Client Innovation awards

    Uba  has received more recognition for its commitment to the use of cutting-edge technology to provide  banking solutions and services to its customers.

    The Group was adjudged winner in two categories at the recently-concluded Finacle Client Innovation Awards, organised in India by Infosys Limited – the corporation that provides business consulting, information technology and outsourcing services to financial institutions across 19 countries.

    UBA won the ‘Award for Process Innovation’ on account of its innovative approach to transaction authentication and reconciliation and also clinched the award for ‘Project Management Innovation’ as a result of the outstanding work it has done on implementing a ‘multi-country migration of Finacle core banking solution using the Clustered Rollout concept. The awards were keenly contested for by financial institutions with over 160 nominations received from across different banks in 94 countries.

    UBA Group Managing Director/Chief Executive Officer (CEO), Mr. Kennedy Uzoka, said the award  was an attestation to the quality of human resources that abound in ther bank and the importance it places on using information technology to better serve its customers.

    ”UBA has remained the leading bank in driving customer satisfaction and banking penetration across Africa using information and computer technology. In achieving this, we have and will continue to commit resources to bringing convenience to our teeming customers,” he added.

    The Finacle Client Innovation Awards recognises some of the breakthrough innovations achieved by the clients, leveraging Finacle solutions. The award celebrates product, channel/distribution, customer service, process, custom component development and project management innovations that have benefitted banks by increasing revenues, profitability, enhancing customer satisfaction and efficiency. ”Using technology to provide consumer satisfaction and excellent banking experience is important to us. In doing this, we  emphasised the acquisition of relevant technologies to drive service excellence and innovation in product and services, across all channels” said Chuks Nweke, Executive Director, Operations and Technology, United Bank for Africa.

  • European bank, UBA seal N20.89b deal

    European bank, UBA seal N20.89b deal

    The European Investment Bank (EIB) and United Bank for Africa (UBA) have agreed to a new N20.89billion (60 million euro) lending programme to support private sector-driven growth across Nigeria.

    The deal is said to represent the EIB’s largest loan to UBA, and will allow UBA provide longer-term loans than currently available, to private companies in the country.

    The new private sector lending programme was formally agreed on the sidelines of the World Bank Annual/International Monetary Fund (IMF) meetings in Washington DC.

    EIB Vice President Ambroise Fayolle;  UBA Group Managing Director, Kennedy Uzoka; and Head of Global Financial Institutions at UBA, Sola Yomi-Ajayi signed the agreement.

    Speaking on the occasion, Fayolle said: “Private sector investment is crucial for creating jobs and ensuring sustainable economic growth.

    “The EIB is committed to unlocking investment across Africa and we are pleased to build on past success to strengthen our partnership with UBA that will benefit projects across Nigeria.”

    Also speaking, Uzoka said: “Our growing partnership with the European Investment Bank underlines our long-term objective of facilitating the development and growth of African businesses.

    “This facility will enable UBA bridge critical financing gaps for Nigerian companies and deepen our capacity to support their growth aspirations in the local and international market place.”

    Head of the European Union (EU) Delegation to Nigeria and the Economic Community of West African States (ECOWAS), Michel Arrion, described the programme as an example of the catalytic role the EU and its institutions, such as the EIB, are playing to support Nigeria’s economic development.

    “We look forward to more fruitful partnerships with Nigeria, and particularly with the private sector, which remains the engine of economic growth,” Arrion said.

  • UBA grows pre-tax profit to N61.6b in Q3

    United Bank for Africa (UBA) Plc sustained growth in the top-line and profit in the third quarter as the bank grew profit before tax to N61.56 billion.

    UBA yesterday blazed the trails as the first commercial bank to release its nine-month earnings report, showing growths in all key performance indicators. Key extracts of the nine-month report for the period ended September 30, 2016 showed that gross earnings rose to N265.53 billion in third quarter 2016 as against N245.49 billion recorded in comparable period of 2015. Profit before tax rose from N57.37 billion in 2015 to N61.56 billion by September 2016. After taxes, net profit rose to N52.27 billion as against N48.56 billion recorded in comparable period of 2015. Earnings per share improved from N1.43 to N1.50.

    Though partly driven by the depreciation in the value of the naira, UBA also recorded a significant 21 per cent year-to-date growth in deposits and a similar 26 per cent growth in total assets. The bank also ensured that cost-to-income ratio remained flat year-on-year at 65 per cent despite  external cost pressures which masked the positive results of its cost efficiency initiatives.

    UBA’s share price rose by 1.95 per cent to N4.18 yesterday at the Nigerian Stock Exchange (NSE).

    Group managing director, United Bank for Africa (UBA) Plc, Mr. Kennedy Uzoka, said the bank was increasingly leveraging on its unique pan-African platform to drive new customer acquisition and grow market share across its African subsidiaries.

    “I am pleased with our performance in the first nine months of the year. Notwithstanding the negative economic growth in Nigeria, we maintained growth in earnings and sustained our asset quality,” Uzoka.

    He noted that the bank’s level of impairment in its overall loan book was moderate as its non-performing loan ratio of 2.5 per cent and 0.9 per cent cost of risk remain one of the best in the industry.

    Group chief financial officer, United Bank for Africa (UBA) Plc, Ugo Nwaghodoh, said the growth in deposits and total assets reflected the bank’s increased share of customers’ wallet and deepening banking penetration across all its chosen markets in Nigeria and Africa which again accounted for a third of the group’s earnings.

    Nwaghodoh said the bank would continue to balance its appetite for growth and profitability with the strategy of sustaining strong liquidity and capital ratios.

    Nwaghodoh assured that the bank maintained 43 per cent liquidity ratio and 17.6 per cent BASEL II capital adequacy ratio, well ahead of regulatory requirement.

  • EIB, UBA partner on 60m Euro investment

    The European Investment Bank (EIB) and United Bank for Africa (UBA) have partnered on a EUR 60 million lending programme to support private sector investment across Nigeria.

    This represents the EIB’s largest loan ever to UBA and will allow UBA to provide longer term loans than currently available to private companies in Nigeria.

    The new private sector lending programme, according to UBA’s Head of Global Financial Institutions, Sola Yomi-Ajayi,  was formally agreed on the side-lines of the World Bank Annual Meetings in Washington DC by Vice President of the European Investment Bank, Ambroise Fayolle, and Group Managing Director, Kennedy Uzoka.

    “Private sector investment is crucial for creating jobs and ensuring sustainable economic growth. The European Investment Bank is committed to unlocking investments across Africa and we are pleased to build on past success to strengthen our partnership with UBA that will benefit projects across Nigeria,” Vice President of the European Investment Bank, Ambroise Fayolle, said.

    Speaking at the signing ceremony, Uzoka said: “Our growing partnership with the European Investment Bank underlines our long term objective of facilitating the development and growth of African businesses.  This facility will enable UBA bridge critical financing gaps for Nigerian companies and deepen our capacity to support their growth aspirations in the local and international market place.”

    The European Union  (EU) Head of Delegation to Nigeria and ECOWAS, Ambassador Michel Arrion,  described the programme as an example of the catalytic role the EU and its institutions like the EIB are playing to support Nigeria’s economic development. “We look forward to more fruitful partnerships with Nigeria, and particularly with the private sector, which remains the engine of economic growth.”

    This represents the first Nigerian operation under the EIB’s new dedicated Nigeria Private Enterprise Investment Facility, a wider million lending scheme intended to support private sector investment in the country. Under the new initiative private sector entrepreneurs and companies will be able to use loans with a longer tenor than traditionally available to invest and expand activities across a range of sectors.