The Nation Newspaper

Tag: UBA

  • FBN Capital wins award

    FBN Capital wins award

    FBN Capital Limited has been awarded the ‘Africa Oil and Gas Deal of the Year Award’ for the Oando Energy Resources $350 million Conoco Phillips assets acquisition deal. The award was conferred at the IJGlobal Europe & Africa Awards 2014, organized by the Infrastructure Journal & Project Finance Magazine yesterday at the Natural History Museum in London.

    FBN Capital Limited, a subsidiary of FBN Holdings Plc acted as Joint Mandated Lead Arranger and financial modeling bank for the corporate facility to part-fund purchase of Conoco Phillips’ participating interest in OMLs 60, 61, 62, 63, 131 and 145 by Oando Energy Resources.

    The total consideration for the acquisition of approximately $1.6 billion was financed via a combination of debt and equity, with the debt portion of the acquisition facility comprising of a $450 Million RBL Facility provided by both Nigerian and offshore banks; and a $350 Million Corporate Facility provided by Nigerian banks.

    The funds were provided by First Bank of Nigeria, Diamond Bank, FCMB, Ecobank, Zenith Bank, UBA, Vitol and Enterprise Bank. Other financial parties to the transaction include FBN Trustees as Security Agent; First Bank of Nigeria as Hedge Provider; and FCMB Capital Markets also as Joint Mandated Lead Arranger.

    Speaking on the award, the Managing Director, FBN Capital Mr. Kayode Akinkugbe said the company would continue to strive to deliver deals that justify the confidence of the clients.

    “We are very pleased to have won this award, and remain inspired by the trust our clients place in us to help them achieve success.  We will continue to strive to raise the bar on industry standards with regard to deal-making and structuring,” Akinkugbe.

    Director and Head, Debt Solutions, FBN Capital, Patrick Mgbenwelu, also expressed his pleasure on winning the award.

    “We feel honored to be recognized for the effort that the client, every member of the team, as well as every party to the transaction put into making this deal a reality,” Mgbenwelu said.

  • AfDB, Ecobank, Diamond, UBA lift Benin with 1150billion CFA franc

    AfDB, Ecobank, Diamond, UBA lift Benin with 1150billion CFA franc

    The West African Development Bank (BOAD) has hinted of plans to raise XOF115 billion to support the 2014-2015 cotton season in Benin. Members of the banking pool include ECOBANK (Agent Bank), BOA, Banque Atlantique, BGFI, Diamond Bank, BSIC and UBA.

    The BOAD in its capacity as arranger is raising funds to support the cotton season in Benin for the third consecutive year. The agreement relating thereto was signed by and between Mr. Christian Adovelande, President of BOAD and the Managing Director of the Office national de soutien des revenus agricoles (National office for farm income support) (Borrower) and the Managers of local banks involved in the transaction.

    This agreement was signed as part of the mandate on technical and financial assistance entrusted to BOAD by the Government of Benin in February 2014 with the aim of mobilising funds for the 2014-2015 cotton seasons. BOAD succeeded in rallying around itself local banks to raise a facility of XOF115 billion, to which the local banking system contributed to the tune of 79 per cent.

    Funds mobilised will be used to cover financial needs during the 2014-2015 cotton season, including cotton purchase from producers, ginning as well as storage, evacuation and marketing of cotton fibre and by-products.

  • Uba, Okonkwo, Emeka not substituted as PDP’s candidates

    The Court of Appeal, Abuja did not order the Independent National Electoral Commission (INEC) to substitute the names of Chief Chris Uba, Senator Annie Okonkwo and Prince John Emeka as candidates of the Peoples Democratic Party (PDP) for Anambra South, Central and North senatorial districts.

    Counsel to the Ejike Oguebego-led Executive Committee of the PDP in Anambra State, Gordy Uche, said in Abuja on Saturday that contrary to media reports, the issue of who was the party’s candidate was never before the trial court and as such could not have formed part of the issue before the appellate court.

    Some media reports claimed that the Court of Appeal ordered INEC to substitute the names of Uba, Okonkwo and Emeka with that of Senator Andy Uba, Uche Ekwunife and Stella Oduah as the PDP candidates.

    Uche said the background was based on the judgment by Justice Kekemeke of the FCT High Court, in the case between Emma Mbamalu and Chuks Okoye.

    He said Mbamalu and Okoye were not parties in the case and that when  Oguebego learnt of the case and they (Oguebego and Okoye) applied to the court to be joined as interested parties, the court refused to join them, and went ahead with the matter.

    Uche said his clients later approached the same court, presided over by Justice Kekemeke to grant them leave to appeal against the judgment it gave in the case. The judge refused and in his ruling, he went into another issue which was not what was before him, by saying the tenure of Oguebego and his executive had lapsed.

    He went on: “But then, normally and legally judgments bind the parties before it. This Court of Appeal in its judgment tried to take the position now although they were not parties to the suit then, that the suit concerned the PDP in Anambra State, the one before Kekemeke but that is not the law because there were specific parties before Kekemeke and who the court also refused to grant leave to appeal. This judgment has nothing to do with the delegates’ lists.

    “It has nothing to do with the candidates whose name have been sent to INEC and another very important thing you should remember is that these candidates whose names have been submitted to INEC were not parties to either the case before Justice Kekemeke or the appeal before the Court of Appeal, and the Court of Appeal cannot now make an order to remove somebody whose name has already been sent to INEC.

    “You also remember the provision of the Electoral Act that once somebody’s name has been submitted to INEC, that it cannot be substituted or removed even by INEC except the person is dead or he resigns willingly, which is not the situation here.

    “These people whose names have been submitted are not dead, neither have they withdrawn from the race. So there is no way that judgment could be said to operate against these candidates. At worst, with relation to the Anambra State Executive Committee of the party, it brings the parties back to the status quo as if the judgment never existed, it does not mean that the primaries were never conducted or that their names ought to have been submitted in the first place.

    “It is also noteworthy that as at the time the matter was pending at the trial court, the primaries have not been held. So the issue of primaries was not what was before the trial court and cannot now be what is before the appellate court. Because an appeal is merely an appeal from the issues before the trial, so the issue of candidates was never before the trial, the issue was whether the PDP can be allowed to set up a caretaker committee to run the affairs of the state executive committee, whose tenure was still subsisting.

    “In previous decisions of these courts, including the Federal High Court Port Harcourt Division, they have all held that the tenure of the Oguebeho-led executive is still subsisting that the national body does not have the powers to appoint a caretaker committee.

    “So the issue being bandied about that INEC should remove Chris Uba, Prince John Emeka and Senator Annie Okonkwo was never before the Court of Appeal. INEC cannot even go ahead to act, based on that judgment because as at Friday, my clients, Oguebego and Chuks Okoye, have filed an appeal before the Supreme Court and also filed an application for a stay of execution.”

  • UBA extends rights issue, reduces offer price

    UBA extends rights issue, reduces offer price

    United Bank for Africa (UBA) Plc at the weekend extended the offer period and gave additional discount of 12.5 per cent as part of incentives to woo shareholders to its ongoing rights issue.

    UBA had launched a rights issue of 3.3 billion ordinary shares of 50 kobo each at N4 per share. The offer had opened on December 29, 2014 and was scheduled to close on February 5, 2015.

    The bank at the weekend indicated that it has reduced the offer price by 12.5 per cent to N3.50 while extending the offer period by one week to February 12, 2015. The bank however retained the pre-allotment ratio of one for 10 shares and shares on offer of 3.298 billion ordinary shares of 50 kobo each. This implies that the gross proceeds target will reduce from N13.2 billion to N11.5 billion.

    The extension and reduction in offer price had been approved by the Securities and Exchange Commission (SEC). UBA is the second issuer to reduce offer price in line with the downtrend at the stock market. Oando had earlier in January reduced the offer price of its rights issue.

    UBA would use the net proceeds of its ongoing rights issue to finance its business development plan aimed at further entrenching the bank as the leading bank in Africa.

    Regulatory filing on the rights issue indicated that the bank would use the net proceeds of the N13b rights issue to strengthen its business units across Africa.

    UBA had in 2013 launched a new business development plan aimed at consolidating the bank’s position as a leading pan-African global financial services group. The three-year business development plan codenamed Project Alpha was designed as the group’s next focus of strategic transformation and it contained key transformation initiatives.

    Group managing director, United Bank for Africa (UBA), Mr. Phillips Oduoza, said the new business plan was designed to consolidate the group’s strategic positioning and fully capture the opportunities from Africa’s economic renaissance.

    According to him, Project Alpha is focused on leveraging all aspects of the group’s footprint, product offerings and operational capability, allowing a commitment to customer service transformation, market share growth, the implementation of key e-banking initiatives across all segments, the growth of corporate and trade finance capabilities.

    He outlined that a critical aspect of the Project Alpha initiative is the focus on UBA Africa, which is projected to contribute about 50 per cent to the group by 2016.

    He pointed out that Project Alpha will allow the bank to build on the existing strengths of its franchise as well as continue to reinvent ourselves, ensuring it captures and delivers the maximum of value for all stakeholders.

  • ‘Why we want Uba to go to Senate’

    ‘Why we want Uba to go to Senate’

    The people of Anambra South Senatorial Zone have said they wanted Chief Chris Uba to represent them at the Senate because of his love for youths and the less privileged.

    They spoke yesterday with The Nation in Awka when the campaign train of the Peoples Democratic Party (PDP) led by Uba hit Awka North and South Federal Constituency.

    Tim Egboka, who is vying for the Aguata Constituency 1 seat in the House of Assembly, said Uba was a source of hope for the less privileged.

    Uba’s name was published by the Independent National Electoral Commission (INEC), following its supervision of the PDP primaries. The name of his elder brother, Senator Andy Uba, was missing.

    In Awka South, the PDP Chairman, Ejike Oguuebego, presented the party’s flag to the party’s candidate for the House of Representatives, Chief Emmanuel Nweke.

    He also presented a flag to the Awka South 1 candidate, Kenneth Nwakeze. Senator Annie Okonkwo was given the party’s flag to contest the Anambra Central senatorial seat.

    Uba told the people to vote the candidates presented to them, for good representation.

  • UBA introduces mobile PoS

    United Bank for Africa (UBA) Plc has introduced mobile Point of Sale (mPoS) terminals to boost its e-banking transactions.

    The mPoS terminal is about the size of Blackberry Curve phone, but works like the traditional PoS now used in many stores and cash collecting business outlets. mPoS terminals are portable, low cost and extremely secure.

    Many stores and cash collecting outlets that have already operated the new UBA mPoS have discovered it to be a good strategy to increasing sales and expand their customer base. Existing large retailers are also adopting Mobile PoS solutions and integrating them into their current point-of-sale environment to enhance the retail and payment experience.

    mPoS allows even the smallest business to track and analyse sales and trends as all sales are automatically and instantly captured on the retailer’s system thereby enthroning accountability. It is also suitable for firms that have agents on the field collecting cash on their behalf as an option to the less secure pay on delivery system.

    UBA’s Deputy Managing Director/CEO Africa Kennedy Uzoka: “mPoS is just one of our many e-banking innovations.We have driven other initiatives, such as the acceptance of international cards on our PoS terminals.

    “Our PoS terminals are also enabled for Dynamic Currency Conversion (DCC), which means customers and non-customers using foreign payment cards on our PoS, can see their transaction value in the currency of their card or home country,” adding, that this aids transaction tracking and personal account reconciliation.

    Last year, the lender  introduced bill payments, such as airtime top up, utility bills payment and Cable TV subscription on its PoS terminals in designated locations.

     

  • Uba’s, PDP’s campaigns get boost

    Uba’s, PDP’s campaigns get boost

    President Goodluck Jonathan’s bid for re-election received a boost at the weekend, when the leader of the Peoples Democratic Party (PDP) in Anambra State, Chief Chris Uba, took the party’s campaigns to Ogbaru, Onitsha North and South local governments.

    Uba is contesting the Anambra South senatorial seat with the candidate of the All Progressives Grand Alliance (APGA) and former Nigeria Communications Commission (NCC) Chief Executive, Ernest Ndukwe.

    Following his acceptance in his zone, he took the PDP campaigns to the local governments to introduce other candidates and woo voters for President Jonathan.

  • UBA assures investors on naira stability

    UBA assures investors on naira stability

    Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Phillips Oduoza has urged investors in Nigeria not to panic over falling crude oil prices and exchange rate volatility as the country has enough reserves to support the local currency.

    Speaking to CNBC Africa on the sidelines of the World Economic Forum (WEF) at the weekend, in Davos, Switzerland, the bank chief said that at $34 billion, Nigeria has enough external reserves to support the naira. “I do not see any significant devaluation of the currency happening,” said Oduoza.

    He also explained that Nigeria faced similar challenges in 2008/2009 and the country learnt a lot from that experience, which will come in handy in managing the current currency challenges. “In my opinion, the Central Bank of Nigeria (CBN) is handling the challenges very well because they have come out with tools and instruments to stabilise the exchange rate and we are beginning to see some form of stability in the market,” he said.

    Oduoza explained that the foreign investor community does not need to panic since the country has no form of currency or capital restriction. He also dismissed any fears that there will be a rise in non-performing loans due to exposure of the banking industry to companies in the oil and gas sector.

    “The international oil companies are very versatile and have hedged their positions for a very long time. Most of them also have foreign currency receivables. So, what you are likely to see is an elongation of the tenure or restructuring of these loans rather defaults. So, you are unlikely to see any significant increase in non-performing assets,” explained Oduoza.

  • Uba, PDP make inroads into Anambra East

    Uba, PDP make inroads into Anambra East

    The campaign train of the Peoples Democratic Party (PDP), led by the political godfather of Anambra State, Chief Chris Uba, was in two local governments yesterday in Anambra East, with the people declaring to vote for the party.

    Although it was late in the night, the people waited for Uba and his entourage.

    At Otuocha field, the senatorial flag of the party was given to former Minister of Transport Prince John Emeka. Ejike Nwene was given the House of Representatives flag.

    At Nteje in Oyi Local Government, the state Chairman, Ejike Oguebego, gave the PDP flags to Ignay Nwene for the House of Representatives and Charles Obimma for the House of Assembly.

    Addressing the crowds, Uba said they will benefit if they vote for President Goodluck Jonathan and other PDP candidates.

  • Anambra South: Uba brothers at war

    Anambra South: Uba brothers at war

    The Uba brothers – Andy and Chris – have resumed hostilities in Anambra South Senatorial District. The duo are fighting over the Peoples Democratic Party (PDP) ticket in the zone. NWANOSIKE ONU reports.

    The crisis trailing the Anambra South peoples Democratic Party (PDP) senatorial primaries has not abated. Two brothers-Senator Andy Uba and Chief Chris Uba-are still in court over the outcome of the shadow poll.

    Although the party has affirmed that Chris is the candidate, supporters of Andy are  kicking against the verdict.

    Andy was until 2007 a presidential assistant. He contested for the governorship. He was declared as the winner in error. After a protracted legal battle, the All Progressives Grand Alliance (APGA) candidate, Mr. Peter Obi, was declared winner by the Supreme Court. Obi had claimed that his tenure had not ended when the election took place. The Federal Government could not save Andy from the disaster. Andy barely spend 17 days in the office.

    At that time, Ugochukwu, Andy’s elder brother, was the  senator representing Anambra South. Chris was perceived as the godfather.

    The Uba dynasty was in total control. Efforts by other groups and individuals to pull the structure down failed. Many political office holders in the state were sponsored by Chris. Even, before Andy could become the governor, he sought approval from his younger brother. Unlike Andy and Ugochukwu, Chris is a street boy. He is at home with the grassroots. He is generous. Many people in the towns and villages have testified to his kindness.

    However, many were not happy that Chris, fondly called Eselu, has been calling the shots. Some money bags rose up to challenge his domineering influence. But, it was a futile.

    Chris has a predictable reputation in the PDP. He is perceived as a committed chieftain, who has not jumped ship, unlike his brother, Andy, who once defected to the Labour Party (PDP), following disagreement with some chieftains. He was instrumental to the emergence of Dr. Chris Ngige as the governor in 2003. In fact, he became the party leader when Ngige was in the saddle. Later, things fell apart between Chris Ngige and Chris Uba.

    When that centre could no longer hold, it was alleged that the Ubas went back to the drawing board to hatch a plot against Ngige. When the former governor was attacked on July 10, 2004, and when he was later abducted in November 4, many alleged that the Ubasa were behind the mayhem.

    The plot was mismanaged by the Assistant Inspector-General of Police, the late Mr. Raphael Ige. It degenerated into arson. Public buildings were in flames. There was commotion. Later, peace returned to the state under Obi. The peaceful atmosphere is also being sustained by his successor, Chief Willy Obiano.

    However, Andy and Chris have not relented in their quest for power, despite the electoral tragedy that has hit the PDP in Anambra. Andy became a senator in 2011. He had planned to have a second term. Little did he know that the bid will be truncated by Chris, his blood brother.

    Chris’s supporters have alleged that Andy has not represented the district well. They claimed that their representative has been a “dumb” person in the Upper Chamber. They also said he has not done anything for the zone, since he was elected, almost four years ago.

    Thus, women, youths and other artisans were mobilised to protest against his re-nomination bid. As they chided Andy for poor performance, they were singing the praise of Chris, saying that he will be a better senator, if given the opportunity. The representatives of the protesters stormed Chris residence in Akwa, Enugu and Abuja to draft him to the race.

    Chris, the kingmaker, had to combine two roles of an aspirant and godfather. He has been spending his money on candidates since 1999. But, in 2015, he has to sponsor himself. Some people have raised eyebrows. But, past senators, House of Representatives membbers and state lawmakers who have benefitted from him, could not kick against his ambition.

    Following pleas by stakeholders, Chris threw his hat into the ring. He obtained the senatorial form and kicked off intense campaign in the district. The elite were against him. But, he forged ahead because he had the support of the down-trodden.

    Chris ran an effective campaign. On the campaign train were beneficiaries of his philanthropy across the local governments. He has money to spend. He has materials to distribute. He has a solid structure. He laso has the backing of the party.

    According to a PDP chieftain, who spoke on the condition of anonymity, Ochiagha Chris is a nice person. This is a man who fights for others without thinking of what he has to gain. He helps the poor and the needy and feels the pulse of the people.

    “But, his brother Andy is a dangerously quite person, who does not show sympathy and can not allow people to come close to him. He can not talk to you and you hardly know what is on his mind.

    “Since he went to the Senate, you hardly see or discuss with him. His aides and security personnel will not allow you to come close to him. They always shield and barricade him and he is always afraid of those who elected him.

    “For us to continue having such a man as our senator is like committing suicide and that is why the people have decided to beg his younger brother, Chris, who always remembers the people, to come out and he will enjoy our support.”

    The clash of ambition has divided the Uba family. It has also polarised the party. Andy and Chris attented two separate primaries. Thus, initially, there were two candidates for one slot. There was a primary  at  Doris Hotels, Awka. There was another primary at Udoka Housing Estate conducted by  Ejike Oguebego, amid tight security. The latter was monitored by the Independent National Electoral Commission (INEC) officials.

    INEC’s spokesperson, Mr. Frank Egbo, said the commission was impartial, adding that it was not interested in any of the camps. tored its primaries.

    He said: “Whether the party has 20 factions or not, it is not the concern of the INEC. What we did was to monitor the primaries conducted by Ejike Oguebego led-PDP in the state as required by the law.”

    Chris, according to the electoral agency, is the flag bearer. But, the ripples generated by the controversial primaries remain unsettled.