The Nation Newspaper

Tag: UBA

  • UBA secures $150 million credit line from AfDB

    UBA secures $150 million credit line from AfDB

    The Board of Directors of the African Development Bank Group (AfDB) through its private sector window has approved a $150 million Line of Credit (LOC) to United Bank for Africa (UBA) Plc.

    UBA has been the leading financial institution sup-porting various infrastruc-ture projects, particularly power, telecom, transport and social infrastructure such as hospital and education facilities.

    This has given the bank a lot of recognition and awards, including the Social Infrastructure Deal of the Year Award in 2015.

    In its Nigerian operations, UBA supports over 3,700 Small and Medium Enterprises (SMEs) covering all the 36 states of the federation, through over 450 business offices and touch points.

    The LOC will thus help finance infrastructure and SME projects, including women-owned enterprises in Nigeria. It will support infrastructure development, particularly the power sector, which is a major constraint for Nigeria’s economic diversification and inclusive growth.

    The power sector financing gap in Nigeria remains enormous with almost 50 per cent of the population lacking access to electricity.

    By leveraging UBA’s network, the LOC will also scale up lending in both urban and rural areas to create more jobs and to promote inclusive growth for Nigeria’s economy by stimulating the various sectors such as manufacturing, construction, agriculture, education and services.

  • UBA offers customers Dubai trip, smart phones

    United Bank for Africa (UBA) Plc is offering three of its customers an opportunity for a holiday and shopping in Dubai. All the customer has to do to win this trip, is withdraw cash from a UBA Automated Teller Machine (ATM) with his or her UBA MasterCard, Visa or Verve card.

    Tagged the UBA Big Jolly Promo, it will run to June 30.

    Other prizes include 100 Infinix Hot Note smart phones, 100 N5,000 shopping vouchers and  N2,000 airtime for 300 customers.

    “This is one of the most amazing promotions by any bank in Nigeria recently. It is easy and straight forward for customers to win. All a customer has to do is to walk to any of our ATMs across the country and withdraw cash between now and June 30 and he stands the chance of winning any of the prizes on offer. I hope all our customers take this opportunity to win any of the fantastic prizes we are offering.” said Yinka Adedeji, Divisional Head, Digital Banking.

    UBA has one of the largest ATM networks in Nigeria – more than 2000 deployed across the country. The bank also has ATM galleries and is the first bank to deploy solar-powered ATMs in special locations in Nigeria. The bank’s digital banking platform has been adjudged one of the most advanced in the country.

    “There is a UBA ATM close to you, no matter where you are in Nigeria or in 18 other countries across Africa where UBA has operations” said Adedeji.

  • Court strikes out fraud charge against bank, staff

    The Federal High Court in Lagos on Thursday struck out a six-count charge bordering on conspiracy, forgery and fraud against two female employees of the United Bank for Africa (UBA), Tammy Adoki and Augustina Ezenwenkwe.

    Justice Mohammed Idris struck out the charge for want of diligent prosecution by the police which filed the charges.

    Also named in the charges were an oil company, Maters Energy Oil and Gas Limited, UBA, Deji Somoye, Felix Eribo, Onu Ogbonnaya and Sheidu Olayinka.

    When the case was called for arraignment on Thursday, the prosecution was not represented.

    A lawyer, I. Awa, said he was to hold the brief for the prosecution counsel.

    But, the judge said: “They (police) are not serious. I don’t keep cases like this on my list. I strike them out. When they are serious they can come back. You (Awa) are just holding a watching brief. Go and tell them that the case is struck out and to come back when they are ready. The case is struck out.”

    The bank was accused of negligence and failing to apply its internal control procedures in the opening of an account in the name of one Mut-Hass Petroleum, which the police alleged was fraudulent.

    The police said the bank allowed the account to be opened sometime in 2011 at one of its regional offices in Lagos in breach of the provisions of the Bank and other Financial Institutions Act 2004.

    According to the police, the bank was liable to punishment under Section 7(3) of the Advanced Fee Fraud and other related Offences Act 2006.

     

  • UBA leads as equities rally N214b gain

    UBA leads as equities rally N214b gain

    United Bank for Africa (UBA) Plc jumped to the front of the counter at the stock market as quoted equities sustained their upswing with a gain of N214 billion last week. In a tight market with nearly one gainer to every loser, significant rally in the banking sector led by UBA boosted the overall market position.

    Benchmark indices at the Nigerian Stock Exchange (NSE) indicated a week-on-week gain of 2.55 per cent. The NSE Banking Index recorded average return of 6.60 per cent, with UBA leading the charge with a gain of about 22.6 per cent.

    The All Share Index (ASI)-the value-based index that serves as sovereign index for the Nigerian equities market, crossed another level to close at 27,116.45 points as against its week’s opening index of 26,441.03 points, representing an increase of 2.55 per cent.

    Aggregate market value of all quoted companies rose from the week’s opening value of N9.099 trillion to close at N9.313 trillion, showing an increase of N214 billion or 2.36 per cent. The difference between the ASI and total market capitalisation was due to the delisting of eight companies during the week.

    There were 35 gainers to 37 losers last week as against 54 gainers against 17 losers recorded in the previous week. A total of 109 equities closed flat last week compared with 118 equities that closed unchanged in the previous week.

    UBA led the gainers with a gain of 22.59 per cent to close at N4.45 per share. Conoil followed with a gain of 20.67 per cent to close at N23. Oando rallied 13.42 per cent to close at N6. Trans Nationwide Express rose by 12.71 per cent to close at N1.33 while Access Bank appreciated by 10.77 per cent to close at N5.35.

    Turnover also showed improved investors’ appetite as investors scrambled for undervalued bargain stocks. Total turnover stood at 2.45 billion shares worth N13.145 billion in 23,680 deals last week as against a total of 1.83 billion shares valued at N14.47 billion traded in 20,058 deals two weeks ago. The financial services sector led the activity chart with a turnover of 2.01 billion shares valued at N9.49 billion in 14,200 deals; representing 82.3 per cent of the total equity turnover volume. Conglomerates sector followed with 208.48 million shares worth N268.05 million in 1,134 deals. The oil and gas sector placed third with a turnover of 80.27 million shares worth N692.61 million in 2,826 deals.

    The trio of Wema Bank Plc, Zenith International Bank Plc and Access Bank Plc were the most active with the three stocks jointly accounting for 871.33 million shares worth N5.30 billion in 3,956 deals, representing 35.6 per cent of the total equity turnover volume.

    Also, a total of 307,411 units of Exchange Traded Products (ETPs) valued at N21.406 million were traded in 38 deals last week compared with a total of 382,448 units valued at N10.288 million traded in 43 deals two weeks ago.

    In the bond market, a total of 4,143 units of Federal Government Bonds valued at N4.248 million were traded in eight deals as against a total of 8,033 units of Federal Government valued at N8.923 million traded in six deals in the previous week.

    On the downside, Vitafoam Nigeria recorded the highest loss of 20.85 per cent to close at N4.29. Tiger Branded Consumer Goods followed with a drop of 19.87 per cent to close at N4.80. NCR dropped by 14.14 per cent to close at N8.99. Unilever Nigeria declined by 13.89 per cent to close at N31 while Ikeja Hotel depreciated by 13.88 per cent to close at N2.11 per share.

    “As positive sentiments have thrived in the market on account of government reforms which have been implemented, investors now look forward to the outcome from the deliberations at the Monetary Policy Committee (MPC) meeting in the coming week and this is expected to drive market performance,” Afrinvest Securities, a Lagos-based dealer at the NSE, stated in a weekend note on the outlook of the market this week.

    The MPC is expected to begin a two-day meeting today to review global and economic developments within the last two months and the impact on the Nigerian economy.

    Analysts at Afrinvest Securities stated that while predicting the actual line of action of the MPC appears dicey, the most probable option for the MPC may be to adjust the peg on foreign exchange rate close to the N285 per dollar rate as guided by Petroleum Products Pricing Regulatory Agency (PPPRA).

  • UBA sponsors cultural competition

    The United Bank for Africa (UBA) Plc is bringing over 30 primary and secondary schools together to compete in dance, music, theatre and drama in Abuja and Lagos on May 18 and 26.

    The annual FCT Inter-school Performing Arts Competition (FIPAC) is holding in Lagos for the first time and is aimed at promoting performing arts and extracurricular activities in Nigerian schools.

    Judges from renowned cultural organisations will select 12 winning schools in both cities. Renowned actor and theatrical star, Gideon Okeke is a guest judge.

    Winners will get up to N2,000,000 in cash prizes, trophies and much more.

    Speaking on UBA’s involvement in bankrolling the competition through its Corporate Social Responsibility (CSR) arm, Charles Aigbe, Divisional Head, Marketing and Corporate Relations, UBA Plc, said the bank is happy to identify with the competition because of its unique value of promoting Nigerian cultural heritage and artistry.

    “We take unique pride in being an African bank and promoting everything that is unique about the continent. FIPAC is set to promote our unique cultural heritage to primary and secondary school pupils. This goes a long way in ensuring our children build their sense of cultural identity and heritage which becomes part of their unique identity as adults,” he said.

     

  • USEXIM Bank, UBA sign pact

    USEXIM Bank, UBA sign pact

    President of the Export-Import Bank of the United States (EXIM Bank), Fred P. Hochberg and Group Managing Director of United Bank for Africa (UBA) Phillips Oduoza, have signed a memorandum of understanding (MoU) with the goal of expanding trade between the U.S. and sub-Saharan Africa at the World Economic Forum Africa (WEF) in Kigali, Rwanda.

    “EXIM Bank is proud to build on its decade’s long commitment to financing American exports to sub-Saharan Africa,” said Chairman Hochberg. Adding: “This memorandum signals to American exporters and African businesses alike that there are many more promising opportunities to work together, and EXIM stands ready to provide the finance needed to turn more of those opportunities into realities.”

    The two were joined at the signing ceremony by Uzoka Kennedy, Deputy Managing Director and Group Managing Director Designate, UBA and Sola Yomi-Ajayi, Group Head, Financial Institutions and International Organisations, UBA.

  • Trade Expansion: EXIM Bank signs MoU with UBA

    Trade Expansion: EXIM Bank signs MoU with UBA

    Fred Hochberg, Chairman and President of the Export-Import Bank of the United States (EXIM Bank), and Phillips Oduoza, CEO and Group Managing Director of United Bank for Africa (UBA) Thursday signed a memorandum of understanding (MOU) with the goal of expanding trade between the U.S. and sub-Saharan Africa at the World Economic Forum Africa (WEF) in Kigali.

    The MOU is a statement of general intent between EXIM Bank and UBA to promote the availability of EXIM financing of up to $100 million in the region.

    “This memorandum signals to American exporters and African businesses alike that there are many more promising opportunities to work together, and EXIM stands ready to provide the financing needed to turn more of those opportunities into realities.

    “EXIM Bank is proud to build on its decade’s long commitment to financing American exports to sub-Saharan Africa,” said Chairman Hochberg.

    He said EXIM Bank and UBA will work together to share information and develop export-financing opportunities in key sectors including commodities, agriculture and food products, spare parts, and large and small equipment purchases.

    The two were joined by Uzoka Kennedy, Deputy Managing Director and Group Managing Director Designate, UBA and Sola Yomi-Ajayi, Group Head, Financial Institutions and International Organizations, UBA, who all participated in the signing ceremony.

    Under the MOU, EXIM Bank and UBA will explore options for offering a range of financing solutions for American exporters and African buyers, including short and medium-term financing programs that allow for flexible repayment terms and competitive insurance policies guaranteed by EXIM.

    Since 2009, EXIM has provided more than $6 billion in financing for transactions across sub-Saharan Africa. For the fiscal year ending in 2014, the Bank supported $2.05 billion in transactions in more than 20 sub-Saharan African countries.

    In 2014, the Bank signed a $100 million MOU with the Eastern and Southern African Trade and Development Bank (PTA Bank) to finance U.S. exports to the region that target both Diaspora businesses in the U.S. and PTA Bank’s member states.

     

  • Uba brothers, Oduah battle for Anambra PDP congress

    As the Anambra State chapter of the Peoples Democratic Party (PDP) holds its state congress tomorrow, Chief Chris Uba and his elder brother, Senator Andy Uba, appeared to have renewed their battle for the control of the party.

    Also, the senator representing Anambra North, Stella Oduah, is among the party’s top players in the quest to produce the state chairman in tomorrow’s congress.

    It was gathered yesterday in Awka, the state capital, that PDP’s national body recognised the ward and local government congresses organised by the Chief Ejike Oguebego leadership.

    The state congress will take place at the spacious Emmaus House in Awka with the chieftains battle-ready to produce the party’s executives.

    PDP’s national body recently dissolved the executives in 33 states except in three others.

    But the party’s crisis has not abated as two different committees monitored the congresses in the state during the ward and council congresses.

    It was gathered that Alhaji Abubakar Mallam (Shettima Gwandu) was detailed for the Oguebego-led party’s congress in the state while Ladi Edun said he was posted by the party to Anambra State during the ward congress.

    During the ward congress, there were no forms of fracas, as it used to be in the state because of factions.

    Speaking with our reporter yesterday in Awka on the party’s preparedness, Oguebego said PDP members were ready to elect their executives.

    He said the party’s Administrative Secretary was carrying everybody along.

    The party’s big wigs, like Chief Chris Uba, his siblings – Senators Ugochukwu and Andy – were said to have arrived in the state ahead of the state congress.

    Also, Oduah, who was Aviation Minister under former President Goodluck Jonathan; her successor in the ministry, Chief Osita Chidoka; a chieftain, Annie Okonkwo, among others, were also said to have arrived in the state.

  • UBA plans African expansion to 25 countries

    UBA plans African expansion to 25 countries

    United Bank for Africa (UBA), plans to expand its operations beyond its present 18 African countries to 25, its Group Chairman, Tony Elumelu, has said.

    Elumelu, who spoke yesterday on the outcome of the first meeting of Senior Leadership of the Group in Lagos, which brought together 90 participants, including the entire Board of the bank, chairmen and all the CEOs of UBA subsidiaries across Africa and the United Kingdom, said the Group has made impressive growth in its 11 years of operation in the Africa region.

    ”We are one bank, the United Bank for Africa,” Elumelu said as he opened the Forum,  adding that bringing together the senior leadership talent from across the continent and the distinguished leaders who chair the subsidiary businesses is a powerful demonstration of the Group’s commitment to forge one bank for Africa.

    He said UBA subsidiaries operate in 18 African countries and now contribute more than 25 per cent to the Group’s operating revenue, adding that the bank, beyond being recognised as a strong pan-African brand, is also hailed for democratising banking in its countries of operation whilst participating in landmark financial transactions.

    He said: “As long-term investors and pioneers in pan-African commercial and investment banking, we are deeply committed to the markets in which we operate and to harnessing the potential represented by the wider African economy; our intention is to be the leader in African financial services, and our recent transactions showed this.”

    He listed the $1.2 billion oil financing agreement with the Nigerian National Petroleum Corporation (NNPC) and Chevron, where UBA would provide funding for Chevron and NNPC to develop 36 new oil wells expected to  significantly expand Nigeria’s oil production capacity, a ‘$315 million facility to the government of Ghana for road projects, a $250 million crude pre-payment facility for Democratic Republic of Congo-based Orion Oil representing the largest reported transaction structured by an African investment bank last year involving fresh capital within the African market and. a  234 million euro oil and gas financing deal with Société Africaine de Raffinage (SAR) of Senegal, are among several projects that underscored UBA’s capacity to fund big ticket transactions across Africa

    “We have done a lot but in many senses we are only beginning to reap the rewards of our network and potential.

    goals.”

    Elumelu also said the bank will continue to invest in areas that are considered profitable, but stressed that the financial institution will continue to uphold the code of corporate good governance principles. “We will never compromise that,” the chairman said.

    Also speaking on the importance of consolidating pan-African financial expertise and exporting the successful Nigerian model, incoming Group Managing Director/CEO and previous head of UBA Africa, Kennedy Uzoka said: “I have experienced the potential of our pan-African businesses. I know that we can and I commit to ensuring our leadership across Africa. The Senior Leadership Forum reaffirms UBA’s ambition to be the leading pan-African Bank across key indices – brand equity, human capital, customer service and profitability.”

     

     

     

  • Shareholders laud UBA’s 2015 performance

    Shareholders laud UBA’s 2015 performance

    •N22b dividend approved

    Shareholders of United Bank for Africa (UBA) Plc have praised the board and management of the bank for sustaining growth and returns to shareholders in 2015 in spite of the tough operating environment.

    At the Annual General Meeting (AGM) of the bank in Lagos, shareholders approved the bank’s final dividend of 40 kobo per share, bringing the total payout for the 2015 business year to 60 kobo per share or N21.77 billion. UBA had paid an interim dividend of 20 kobo in September 2015.

    National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, praised the bank for growing profit and increasing dividend payment at a time when many other banks recorded lower profit and had to cut dividends.

    He said noted that the dividend payment reinforces the resilience of the bank amidst challenging operating environment and it also shows the quality of the bank’s management.

    Addressing the shareholders, chairman, United Bank for Africa (UBA) Plc, Mr. Tony Elumelu said the bank’s strong performance in 2015 reflected efficiency gains, prudence and best practice in risk management.

    He pointed out that the bank grew gross earnings by 10 per cent to N315 billion in 2015 in spite of relatively weak liquidity in the Nigerian foreign exchange market, which reduced foreign currency related business and income lines.

    “Our bank offset the macroeconomic challenges with improved customer service and balance sheet efficiency,” Elumelu said.

    He added that the bank successfully managed its costs throughout the year, thus preserving earnings to deliver a profit before tax of N68.5 billion, which translates to 22 per cent growth over its performance in 2014.

    Elumelu warned that developments in financial technology were changing the game in the financial industry, lowering operating costs and broad customer reach and becoming major disruptors within the banking industry.

    He, however, assured that UBA is a part of the leading technology change agents,  and thus well positioned to benefit from the brave new world offered by advancements in technology.

    Also Group Managing Director, United Bank for Africa (UBA), Mr. Phillips Oduoza, explained that management identified and eliminated fats in the system and improved on contract negotiations.

    He added that the bank eliminated overlapping functions and structures and continued to leverage technology in its operations, particularly in servicing its over  eight million customers through low cost service channels, which ensured it delivered improved performance to shareholders.

    Shareholders were introduced to recently announced group managing director-designate; Kennedy Uzoka.

    Uzoka assured the shareholders that the bank is committed to sustainably delivering superior returns to shareholders in excess of their expectations.

    He noted that the bank’s African subsidiaries are growing stronger and the group has a target to increase Africa’s contribution to the group’s profit to over 25 per cent in 2016 from 24 per cent in 2015, without undermining the positive outlook on Nigeria, where he expects to see positive growth from imminent implementation of the 2016 budget.

    Uzoka said that UBA market share is increasing in most of its target markets, as it grows loans and deposits in double digits across most of its operations in Africa.

    Key extracts of the audited report and accounts of UBA for the year ended December 31, 2015 showed that gross earnings rose by 10 per cent while profit after tax grew by 25 per cent.

    UBA Group’s gross earnings closed 2015 at N314.83 billion as against N286.62 billion recorded in 2014. Profit before tax rose from N56.20 billion to N68.45 billion. Profit after tax also increased from N47.91 billion to N59.65 billion. Earnings per share thus improved from N1.53 in 2014 to N1.79 in 2015.