Tag: UBA

  • SSS smashes dividend warrants’ syndicate

    SSS smashes dividend warrants’ syndicate

    • Chukwumerije, Ukpai, Oando Plc, others among victims

    Anambra State Command of the State Security Service (SSS) has arrested four persons who allegedly specialise in diverting and cashing dividend warrants of unsuspecting shareholders in the country.

    Senator Uche Chukwumerije, Prof Ifedayo Olawale Oladipo, Rev Uma Ukpai, United Bank for Africa (UBA) and Oando Plc are among their victims.

    The suspects are: Cletus Chris Ohaegbulem (aka Chris Ohams); Emmanuel Mbakwe, Yahaya Anifowoshe and Mojeed Babatunde. They were arrested in Lagos, Asaba in Delta State and Umuahia in Abia State.

    Also apprehended by SSS is Chukwunonso Emeghalu (30), from Udi Local Government Area of Enugu State for allegedly duping some people under the guise to helping them to secure DSS jobs.

    Parading the suspects yesterday, the state Director of SSS, Mr. Alex Okeiyi warned the public to be wary of fraudsters claiming to be agents of any organisation or working for the SSS either in the state or elsewhere.

    He said the four suspects specialised in stealing dividend warrants of unsuspecting shareholders from NIPOST, Falomo, Lagos and cashing them in banks.

    Okeiyi said Ohaegbulem (43), who hails from Ahiazu Mbaise Local Government Area of Imo State had been a notorious fraudster with multiple identities which he used in opening fictitious bank accounts to hit at unsuspecting victims before he was arrested in Asaba.

    He said a total of 194 dividend warrants belonging to unsuspecting shareholders were recovered from him, including that of Rev Ukpai.

    Ohaegbulem confessed to have connived with the manager of Okaiuga Micro Finance Bank in Umuahia, Orji Ukanwoke, now at large, and his Operations Manager, Emmanuel Mbakwe to cash the dividend warrants through a spurious company, Access Enterprises Limited he opened to perpetrate the act.

    He also confessed to have swindled “uncountable number of victims” through bogus contracts in Ebonyi State Government House, Abakaliki, posing as a top official of the government.

    Anifowoshe (45), a trader on Lagos Island, was said to be the suppler of the warrants to Ohaegbulem.

    He said he was approached by a man, Chisom in 2012, to source dividend warrants for him, which according to him, prompted him to approach Mosheed Babatunde, a NIPOST worker in Falomo, to source the items and compensations were handsomely paid to him.

    Okeiyi said the suspects would be handed over to the relevant agency for further investigation and necessary action.

  • Needless guarantee

    Needless guarantee

    •N50bn public funds to the GENCOs won’t let them put in their best

    The Federal Government, through the Bureau of Public Enterprises (BPE) and the Nigerian Bulk Electricity Trading Company (NBET) Plc signed a N50billion needless escrow guarantee account agreement on power with three Nigerian banks. The banks: United Bank for Africa (UBA), First Bank Plc and First City Monument Bank (FCMB) Plc are to act as custodians of the funds and to ensure adherence to due process in the bid to access it by owners of the electricity Generation Companies (GENCOs). The generating companies are successor companies of the Power Holding Company of Nigeria (PHCN).

    The money, to be administered by NBET was part of proceeds from the privatisation of the defunct PHCN and is expected to insure the generating companies against revenue loss in their effort to boost electricity generation. According to Benjamin Dikki, Director-General, BPE, the Partial Risk Guarantee (PRG) expected from the World Bank could not be secured in the prevailing circumstance.

    Obviously, the Federal Government has shown understandable anxiety over the need to improve electricity generation in the country. This is because of the importance of stable power if the economy must truly develop. However, the way to go should have been for it to use whatever money at its disposal to develop infrastructure in the sector rather than acting as insurer to the GENCOs. The N50billion Naira would go a long way in helping to boost desired infrastructure in the power sector.

    This should not mean a denial of the fact that power generation requires a lot of financial investment. Dikki’s costing puts the average cost of installing a megawatt at about $1.3 million which we consider to be quite huge. But didn’t the GENCOs conduct due diligence before purchasing that part of PHCN? If they did, then the duty of providing guarantee should not be that of the selling government.

    And if they did not, the GENCOs are presumed to have voluntarily taken over the risks under the legal principle of volunti non fit injuria (voluntary assumption of risk) which should not be the fault of the government. It is this fear of loss that would make them put in their best to ensure the success of their business ventures in the power sector. The best the government ought to do is to provide the enabling environment through tax incentives and duty waivers on necessary machineries, among others, that could boost the generating capacities of the GENCOs, over a specific period of time. This policy negates the best tradition and spirit of free enterprise, and such guarantee will not instill discipline in the GENCO ranks.

    Going by the country’s awry antecedents in the handling/management of such funds, the sad result of this huge fund can easily be predicted. Despite government’s assurances that the money is not a gift, we have little or no confidence in a policy initiative whereby the government stands as surety for the GENCOs. The official fears that whatever is generated might not be bought by the public is unfounded as there is already in existence a huge market for whatever power may be generated by the GENCOs.

    This booty comes across as another ill-conceived policy grandstanding and misplaced priority by the government. Again, on this issue of power, the government should not be seen to be approbating and reprobating at the same time if truly it understands the whole essence of privatisation. We ask: What is the purpose of transiting the power sector from public to private enterprise when the government knows that our money would still be deployed to guarantee these investors?

  • Proprietress gets two years for dud cheque

    Man jailed for rape

    An Asaba High Court has sentenced a school proprietress, Mrs. Esther Onekpe, to two years imprisonment with hard labour for issuing a N4 million dud cheque to a bank where she obtained an overdraft facility.

    Mrs. Onekpe reportedly obtained an overdraft of N4 million from the Asaba branch of the United Bank for Africa (UBA) Plc to boost her diesel business, but used the money to build a school.

    An Ogwashi-Uku High Court has also sentenced a 44-year-old man, Tony Okogwu, to seven years imprisonment for raping a 16-year- old girl (name withheld) in a bush.

     

  • FBN Holdings, UBA, Julius Berger, others win laurels at PEARL awards

    FBN Holdings Plc, United Bank for Africa (UBA) Plc and Julius Berger Nigeria Plc were honoured for their outstanding leadership in their various sectors at the PEARL Awards.

    The PEARL Awards celebrates corporate excellence and recognizes quoted companies who have been exceptional in terms of performance and adherence to good corporate governance.

    FBN Holdings emerged as the sectoral leader in the Other Financial Institutions category. UBA emerged as the leader in banking subsector while Julius Berger was adjudged the sectoral leader for the construction industry.

    PEARL Awards applies several well-known and generally accepted indices as parameters to assess companies including turnover growth, return on equity, earnings yield, share price appreciation, dividend cover, dividend yield, net asset ratio, dividend growth and profit margin ratio.

    Speaking on the company’s award, Chief Executive Officer, FBN Holdings Plc, Bello Maccido said it reinforced the leading role of the FBN Group in the sector barely one year after it adopted the holding company structure.

    FBN Holdings Plc was incorporated in Nigeria on October 14, 2010, following the business reorganisation of the FirstBank group into a holding company structure.

    The group’s subsidiaries include First Bank of Nigeria Limited, FBN Capital Limited, FBN Life Assurance Limited and FBN Micro finance.

    “We are delighted at being recognised for excellence and remain committed to providing superior financial solutions to our customers across the entire value chain and growing our different business lines by realising the synergies and cross-selling opportunities that exist across the Group,” Maccido said.

    Other sectoral leadership winners include UAC of Nigeria, conglomerates; Nigerian Breweries, breweries; National Salt Company of Nigeria (Nascon), food products and beverages; AIICO, insurance; GlaxoSmithKline Consumer Nigeria, healthcare; Dangote Cement, industrial goods and Total Nigeria, which was adjudged the best in the oil and gas sector.

    PEARL bases its rankings from data sourced from the annual reports of quoted companies duly filed with the Nigerian Stock Exchange (NSE) and the Stock Exchange Daily Official list for the year under consideration.

    The report of the research and collation sub-committee is usually reviewed, verified and thereafter endorsed by the board’s technical committee, which subsequently presents it to the full board for consideration and approval.

    The awards are in three categories – the sectoral leadership awards, market excellence awards, and overall highest award category, otherwise known as the PEARL of the Nigerian Stock Exchange.

     

  • Osun: three years after

    The November 16 Anambra election echoes the Uba brothers’ Anambra selection of 2003.

    That itself echoes the Ekiti Ido-Osi electoral rerun travesty of 2010, which ties back to the “original sin” of 2007: the most audacious electoral heist in Nigerian history, in which Osun, with other states, fell to brazen electoral robbers.

    On Anambra, a later revisit; since the children of electoral perdition are still at their game. Emotions run sky high; and the jury is still out on how the self-destruct game would end.

    But a grand irony seems to have escaped the dramatis personae: the champions of impunity in 2007, now scamper to the courts as victims of impunity in 2013!

    But thanks to the Court of Appeal, under Justice Isa Ayo Salami. From the ashes of that electoral nadir of Osun 2007, with all its self-assured paralysis, sprung new hope three years later in 2010, boasting legitimacy-fired vitality.

    Another grim irony: Justice Salami, for the temerity to save, from themselves, non-democrats in Nigeria’s troubled democracy, was conked with heinous conspiracy that challenged his honour and integrity. But he triumphs today by the notorious fact that yesteryear emperors of impunity now cower before the courts – Justice Salami’s sacrosanct instrumentality to bring felons of all hues to book – for protection!

    The Rauf Aregbesola government in Osun, child of judicial integrity, birthed on 27 November 2010. That government would be three years tomorrow.

    Like the famous 7up radio commercial, the difference would appear clear: paralysis from electoral robbery versus release from sound electoral mandate. Again, that difference appears lost in the present Anambra imbroglio!

    On the Osun story, two personal reminiscences. In 2008, Sola Fasure, then The Nation Editorial Page editor, lost his dad. At the funeral reception at Ilesa, it was a tug of war between beggars, hungry, aggressive and cheeky, and guests; with the beggars at the ready to sweep the remnants off the guests’ table! That was paralysis ala the ancien regime!

    This year, 2013, Bolade Omonijo, a member of The Nation Editorial Board, also lost his mum. Destination: the same Ilesa. Sure, there were still beggars. But that desperation to snatch the guest’s plate at the burial reception was gone. Between the ancien regime and the present order, the difference is clear!

    That, of course, should be the trite: a government with legitimate mandate, after a free and fair poll, knows it floats or sinks on the strength of its service to the people. That would appear the hallmark of the Aregbesola government, as it goes on an overdrive to make up for the paralysis of the Olagunsoye Oyinlola era.

    Yet, the governor has not been without controversy, most of it tantamount to what is called “unforced error” in tennis; or “own goal” in football, despite his wide canvass of near-excellent service delivery.

    The governor’s “principal sin” is zest for his Islamic faith, hardly a crime! Many growl his beard is shaggy and rather un-gubernatorial. Others in pious rage point at his going for sukuk, the Islamic loan, as evidence that Mullah Rauf wouldn’t rest until he had Islamised Osun. Others foam in the mouth at his penchant for donning the Islamic skull cap, even at official functions.

    Indeed, a particular commentator, playing the prescriptive emperor, virtually ordered the Ogbeni (a moniker which, by the way, many deem too plebeian for high gubernatorial office!) to go shave his beard since, according to him, it robs negatively on people; and also told him to junk his school reclassification policy and go hand over schools back to their missionary “owners”, in proud and combative ignorance of extant situation in Osun.

    Another bellyached over the metaphysics and alchemy of governance and concluded, rather sadly and gravely, that though no Islamisation “smoking gun” existed, the governor remained legitimately charged, by his body language!

    Of course, all these are happy ammo for the governor’s opponents who, mercilessly routed at the realm of ideas, have happily embraced the high passion of lies and blackmail as their last stand.

    But the governor need not bother about columnists as Rip Van Winkles. The original Rip snored for 20 twenty years only to jerk awake, and find things irreversibly changed! Merchants of lies and blackmail too are fated to irrelevance.

    The inevitable is that many years hence the Aregbesola government would be remembered by generations, many of them not even born now, for its ambitious infrastructure programmes and projects, aimed at vaulting Osun from the socio-economic backwaters it had sunk into, after years of neglect, from the pristine hub of commerce in the Yoruba heartland.

    The tell tale of such stunning modernisation is already on and will, as day follows night, signal the political death and un-rued burial of many.

    But what would really stand Aregbesola out in Osun, as did the legendary Chief Obafemi Awolowo in the old Western Region, is his audacious bid to fix the Osun infrastructure of the mind.

    In a state hitherto regarded, by many, as the rumour capital of the globe (a euphemism for mass ignorance and susceptibility to mindless elite manipulation), an “Islamist-governor” has given everyone, Christian, Muslim and African traditional adherent, a sense of religious projection, in the best tradition of religious equity.

    Not only that: he has attacked educational reforms in Osun with a revolutionary zeal, second only to Awo’s much-abused free primary education policy turned much-revered development elixir, that earned the modern Yoruba paterfamilias the moniker of Ebudola (Yoruba, for scorn-turned-praise).

    Now, if Mullah Rauf wanted to Islamise his state, why would he give Osun children and youth the key to unlocking their minds with sound education, and making their own informed choices, like the odyssey of the cave man in Plato’s Allegory of the Cave? A mind hitherto chained to darkness in a cave, got exposed to lamp light, then to electricity and finally to the full grandeur of the sun! What release!

    So long for the manifest idiocy of emotional Islamisation!

    The glaring fact: Aregbesola has the courage to take risks on the strength of his conviction. The sukuk as developmental loan is a good case. The emotional army was priming their big guns until Westminster that brought Christianity to Nigeria, as part of its own cultural imperialism en route to colonisation, announced with glee that London was ready to be sukuk’s global leading mart!

    Sukuk would not turn Canterbury into Mecca any more than it would Islamise Osun roads, bridges, power plants, hospitals and other developmental projects it is put to. It is only an investment window!

    So far, so good – and the Osun renaissance could not have come at a better time, after nearly eight years of paralysis. But it is time the governor also tampered risk-taking with tact, by shunning needless controversies.

    The last three years have been nothing short of phenomenal. But Osun needs no less than eight years – and more of progressive tinkering – in its developmental race against time

    Ogbeni Aregbesola can achieve this by staying focused and shunning needless controversies.

  • UBA’s liquidity ratio hits 60%

    UBA’s liquidity ratio hits 60%

    United Bank for Africa (UBA) Plc third quarter 2013 results shows that it maintains a liquidity ratio of approximately 60 per cent even as its loans to power, oil and gas and telecom sectors of the economy are rising.

    The bank’s Chief Executive Officer (CEO) Phillips Oduoza said during the lender’s quarterly Investor Conference call with analysts that the loan growth was in line with strategic positioning in power, upstream oil and gas and telecoms sectors of the economy adding that the exercise would translate to improved earnings.

    “We firmly believe that the effect of the asset creation decisions we have taken this quarter will have a sustained impact on our revenue growth,” he explained.

    UBA, which is one of the Systematically Important Banks (SIBs) as named by the Central Bank of Nigeria (CBN), is also a net placer of funds in the interbank market.

    In a statement the bank said it is already seeing some of the benefits of its positioning with a significant 28.5 per cent increase in total comprehensive income for the period to N48.74 billion, compared with N37.92 billion in the same period of last year.

    The bank’s September showed a significant 12.5 per cent increase in gross earnings to N188 billion from N167.1 billion in the same period of last year while riding on the back of the expansion in loan book, to increase interest income by 18.8 per cent to N133 billion from N112 billion.

    The nine months results put the bank’s new loan portfolio position at N870.4 billion as at September 2013, representing a 26.7 per cent increase on N687.4 billion on the bank’s loan portfolio for full year of 2012.

    A profit of N43.4 billion was achieved for the period, representing an increase of 2.8 per cent over the N42.2 billion recorded in the corresponding period of last year.

    The lender also saw a significant increase in other key performance indicators with total assets plus contingents rising by 13.5 per cent to N3.03 trillion from N2.67 trillion while total equity rose 17.2 per cent to N225.6 billion from N192.5 billion.

    “Our bank remains resilient and our focus is on delivering a set of full year results that will be able to adequately reward our shareholders. We are already reaping the benefits of operating an African strategy that is anchored on our in-depth knowledge of every market we operate in,” Oduoza said, adding that these financial indicators mean that UBA has been very effective in balancing financial performance and profitability with long term stability.

    Also, United States-based investment bank, JP Morgan, in its latest report on the Nigerian banking industry, recommended the bank’s shares to investors, stating: “UBA offers an attractive 45 per cent upside potential over 12 months, among the highest in Central Eastern Europe Middle East & Africa (CEEMEA) banks.”

    The report cited UBA’s “significant balance sheet liquidity”as one of the strengths of the bank, noting that the bank’s loan to deposit ratio of 37 per cent as at half year 2013 was the lowest among CEEMEA banks covered by the investment bank.

    “UBA’s valuation is an opportunity to buy into what may be the most attractive risk-reward in CEEMEA banks” the JP Morgan report states.

    The bank’s pan-African presence is also seen as a strength in the bank’s operations. JP Morgan notes that UBA has the highest number of subsidiaries in Africa among the top-tier Nigerian banks with positions in 18 African countries outside Nigeria and potential to drive future revenues on rising intra-Africa trade.

    “This pan-African presence and valuation discount increases the attractiveness of UBA as a potential take-out story, in our view, given our understanding on larger regional banks (e.g. South African banks) for pan-African franchises such as UBA’s,” JP Morgan added.

  • How far will UBA go?

    How far will UBA go?

    Financial services stocks have generally been the low-performers this year. With the exception of a handful of stocks, financial services stocks-from core banking to insurance, mortgage, microfinance, financial services holding groups and asset management, are trailing significantly below average market performance.

    The benchmark index at the Nigerian stock market, the All Share Index (ASI), opened this week a 10 months and 10 days average return of 34.87 per cent. The ASI tracks values of all equities on the Nigerian Stock Exchange (NSE) and thus serves as the realistic barometer of the Nigerian stock market. With the NSE as the only stock exchange, the ASI doubles as Nigeria’s country index.

    The average year-to-date return of 34.87 per cent highlighted the attractiveness of the equities as hedging instruments. Adjusted for inflation at 8.0 per cent, investors in equities still have average return of about 27 per cent. This compares with unadjusted return of 10.8 per cent on 91-day Nigerian Treasury Bills (NTB) and 7.41 per cent rate on three-month tenured deposit in the banking sector. Ironically, returns on most banking stocks were on the same trend with the rates in the sector. Average return in the banking sub-sector opened this week at 17.42 per cent. This was mainly driven by substantial gains by UBA, Diamond Bank, Sterling Bank and Ecobank Transnational Incorporated (ETI). Year-to-date return in the banking subsector indicated average return of 2.43 per cent for Access Bank and 4.0 per cent for Unity Bank. Skye Bank was the only stock with a negative return in the core banking subgroup with -5.81 per cent. Others included Diamond Bank, 43.72 per cent; ETI, 23.12 per cent; Fidelity Bank, 12.66 per cent; Guaranty Trust Bank (GTB), 12.83 per cent; Sterling Bank, 31.79 per cent; Union Bank of Nigeria, 38.10 per cent; Zenith Bank, 9.24 per cent while the government-assisted Wema Bank carried a return of 126.92 per cent. With the exception of Wema Bank, which recently secured lifelines from new investors including the Asset Management Corporation of Nigeria, UBA retained the highest return in the banking subsector at 67.98 per cent. Within the extended financial services sector, Stanbic IBTC Holdings recorded a return of 76.36 per cent. FBN Holdings carried a return of 2.54 per cent while FCMB Group struggled with a negative return of -5.33 per cent.

     

    Facts of the pricing trend

    Amidst rising costs and constrained incomes occasioned by regulatory policies, operational earnings in the banking sector have largely been muted. Interim reports and accounts of banks for the third quarter ended September 30, 2013 generally showed banks struggling with declining margins. However, the nine-month report showed that UBA was able to expand its market share as gross earnings rose to N188.02 billion by the third quarter, indicating an increase of 12.5 per cent on N167.07 billion recorded in the comparable period of 2012. Net interest income also increased from N68.56 billion to N78.16 billion. The top-line performance partly reflected significant expansion in the loan portfolio of the bank, as it positions to take advantage of emerging opportunities. The bank’s new loan portfolio position stood at N870.4 billion as at September 2013, representing a 26.7 per cent increase on N687.4 billion on the bank’s loan portfolio for full year of 2012. Further analysis of the report showed that profit before tax improved marginally to N43.43 billion in 2013 as against N42.24 billion in comparable period of 2012. Net profit stood at N37.37 billion as against N39.12 billion. Total assets rose by 13.5 per cent to N2.58 trillion from N2.27 trillion while total equity rose by 17.2 per cent to N225.6 billion as against N192.5billion.

    Group managing director, United Bank for Africa (UBA) Plc, Mr. Phillips Oduoza believed that the third quarter performance rather laid the ground for future performance of the bank as it had increased its loan exposures to the power, upstream oil and gas and telecoms sectors. According to him, UBA had recently played active roles in the financing of big ticket deals, especially in the power sector recently, with potential long term impact on the bank’s future profitability. Some of the major deals UBA actively participated in include taking up $120 million, about N19.44 billion, of the financing in respect of Transcorp Ughelli Power Plant. He outlined other deals to include underwriting of the entire facility of $122 million, about N20 billion, for Kann Utilities’ acquisition of the Abuja Electricity Distribution Company, financing the payment of 75 per cent acquisition of 60 per cent equity stake in Ikeja Electricity Distribution Company and Aura Energy’s acquisition of Jos Electricity Distribution Company, as the lead arranger for N9.6 billion loan to finance the payment of 75 per cent of Aura’s 60 per cent equity stake in Jos Electricity Distribution Company. “We firmly believe that the effect of the asset creation decisions we have taken this quarter will have a sustained impact on our revenue growth,” Oduoza said.

     

    Analysts’ perspectives

    Analysts at the global investment banking giant, JP Morgan, said the return to real banking, as exemplified by loan growth, especially to the real sector, stands UBA in stronger position to outperform its peers. In its equity research for Central and Eastern Europe, Middle East and Africa (CEEMEA) titled Nigerian Banks: Return to Real Banking, the United States of America (USA)-based investment powerhouse indicated that UBA currently has an upside potential of 45 per cent. Simply, it implies that investors that take position on UBA shares now have the chance of making as much as 45 per cent return over the next 12 months. For existing shareholders carrying return of 67.98 per cent, their investments would more than doubled within the next 12 months. JP Morgan stated that it expected that the Nigerian government’s reforms agenda in oil and gas, power, agriculture and infrastructure sectors will drive the future banking growth, the sector which UBA has recently been highly bullish on with new loan growth targeted at these sectors.

    According to the report, UBA offers an attractive 45 per cent upside potential over 12 months, among the highest in CEEMEA banks. “We think UBA’s valuation, despite a strong rally since the beginning of the year, offers an opportunity to buy into probably the deepest valuation discount in CEEMEA banks at current levels,” the report stated.

    The report outlined that investors may be missing out on the opportunity presented by UBA shares despite improving fundamentals of the bank. “We see UBA’s valuation, on the other hand, as an opportunity to buy into what may be the most attractive risk-reward in CEEMEA banks,” the report stated noting that the “consensus is catching up fast – UBA has the best buy, or hold, or sell ratio on Bloomberg consensus.” The JP Morgan report also explained that UBA benefits from significant balance sheet liquidity noting that the bank’s loan to deposit ratio of 37 per cent as at half year 2013 was the lowest among CEEMEA banks covered by the investment bank. JP Morgan however forecast that UBA’s loan to deposit ratio is conservatively expected to rise gradually to 45 per cent by 2016 year end.

    According to the report, UBA’s loan to deposit ratio is reflected in UBA’s market shares where it is second in Nigeria in deposits with 13 per cent market share, but has lowest lending market share at 8.0 per cent among the four biggest banks tracked by JP Morgan in Nigeria .

    UBA pan-African presence is also seen as strength in the bank’s operations. JP Morgan noted that UBA has the highest number of subsidiaries in Africa among the top-tier Nigerian banks with positions in 18 African countries outside Nigeria and potential to drive future revenues on rising intra-Africa trade. “This pan-African presence and valuation discount increases the attractiveness of UBA as a potential take-out story, in our view, given our understanding on larger regional banks (e.g. South African banks) for pan-African franchises such as UBA’s,” the report stated.

    According to analysts, UBA has the lowest mix of Commission on Turnover (COT) growth in its overall fee income mix when compared with peers. Excluding fee income, average Net Interest Income (NII) growth of is expected at 15 per cent every year from this year to 2016.

    “UBA’s valuation is an opportunity to buy into what may be the most attractive risk-reward in CEEMEA banks; for a 33 per cent valuation discount versus peers, we estimate UBA offers 23 per cent 2014 year -end premium on return on equity (ROE) and significantly higher dividend yield of 10 per cent by 2014 year end,” the report stated.

    With its large geographic spread and cross-jurisdiction market as well as deep products and services portfolios, UBA appears to be in better stead to find supports to mitigate adverse impact of operating changes in its domestic market. The potential for the market consideration to rise further is strong, though the extent of capital appreciation may be subjective.

     

  • UBA rewards staff

    United Bank for Africa (UBA) Plc at the weekend held the third edition of the Most Valuable Performers (MVP) recognition award ceremony designed to motivate and encourage individual staff performances toward the attainment of the bank’s corporate goals and business targets.

    In a statement, the bank said a total of 120 best performing workers that will henceforth be known and recognised as MVPs were honored at the decoration ceremony which took place simultaneously at the bank’s Head Office in Lagos and across different locations in the country and UBA Country Subsidiaries.

    Group Managing Director/CEO, UBA Plc, Mr. Philips Oduoza, said the UBA MVP programme is one of the career management initiatives of the bank geared towards achieving talent attraction, development and retention.

    He described MVPs as employees that create extraordinary value for the organisation by consistently exceeding expectations.

    He said: “We are honouring today’s MVPs for their exceptional performance and in appreciation of what they have contributed to the growth of the bank. They are top performers and have met the minimum criteria in terms of performance and adherence to the Bank’s core values.”

    He congratulated the MVPs and urged them to wear the special lapel pins with pride even as they enjoy the associated privileges which include, accelerated career development, unrestricted access to company events, cash reward, leadership exchange programmes, cross country postings as well as the much-coveted UBA citizenship membership.

  • UBA CEO wins award

    The Group Managing Director of the United Bank for Africa (UBA) Plc, Phillips Oduoza, has been named Socially Responsible Investment (SRI) 30 “CEO of the Year” by African Investor. The African Investor is an investment and specialist communications firm advising governments and businesses on investments in Africa.

    A statement from the bank said Mr. Oduoza received the award at the Africa investor (Ai) CEO Institutional Investment Summit, held at the New York Stock Exchange, last week. The SRI Index series were instituted in 2008 at the United Nations, as a concrete step to engage investors and businesses in support of the UN Millennium Development Goals (MDGs) in Africa.

    The UBA CEO was chosen in recognition of his exceptional achievements over the last year, which is seen as an “inspiration for business and government leaders working to raise Africa’s investment profile” the award organisers said in a statement.

    The judging panel considered excellent leadership skills, enhanced organisational image, innovation and originality as well as alignment with the millennium development goals in choosing the Socially Responsible Investment (SRI) 30 CEO of the year.

    Since becoming Managing Director, Oduoza has been spearheading a number of growth initiatives including the recently launched Project Alpha; UBA’s three-year road map of key transformation initiatives, designed to consolidate the group’s strategic positioning, and fully exploit the burgeoning opportunities from Africa’s economic renaissance, and the group’s unique platform.

    Commenting on the award, Oduoza said, “I am excited about the significant strides we are making at UBA. I dedicate this award to the multi-cultural, multilingual staff of UBA. We take pride in our pan-African heritage, and the significant contributions we are making to economic development on the continent”.

  • UBA university educational grant for students

    UBA university educational grant for students

    The Corporate Social Responsibility,(CSR),  arm of the United Bank for Africa,(UBA) has announced the commencement of the 2013 edition of the National Essay Competition amongst secondary school students in Nigeria.

    Winners will get educational grants to study in any African university of their choice.

    According to the announcement by the  bank, the winner will  get N1million. The first runners-up will go away with N750,000 while the second runners-up takes N50,000 all in the  local currency equivalent towards university tuition/fees and a laptop. Consolation prizes will be given to the finalists.

    The essay competition titled: ‘How reading has impacted my knowledge’ is a follow up of the Read Africa Initiative of the Foundation which involves giving out literature books to secondary school students to help rekindle the reading culture amongst the youth in Africa.

    To enter for the competition, applicants must attach photocopies of their original birth certificates or photocopies of international passport data page. It is open to students of  senior secondary schools in Nigeria. Handwritten essay of not more than 750 words on the competition topic should be submitted along with their complete contact information, (school name & address, residential address, phone number and email address)

    All entries should be sent latest before November 1 to the UBA Foundation, UBA House, 3rd Floor, 57 Marina, Lagos – Nigeria.