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Tag: UBA

  • UBA Foundation embarks on CSR

    UBA Foundation, the corporate social platform of United Bank for Africa (UBA) Plc has reaffirmed its commitment to the development of Nigeria’s health sector especially in the area of improving and contributing to the reduction of infant mortality rate in the country.

    In a statement, the UBA Foundation recently donated incubators to the University of Nigeria Teaching Hospital (UNTH), Enugu and Aminu Kano Teaching Hospital (AKTH), Kano , as part of the campaign by the Foundation to give as many premature babies as possible a chance of living through the donation of modern Incubators to teaching hospitals across the country.

    Managing Director/CEO of the Foundation, Ijeoma Aso said the lender places priority on the health sector and that the donation to the hospitals was in fulfillment of the foundation’s key objective of improving the lives and well being of the communities where UBA has presence.

    Speaking at separate presentation ceremonies held in Enugu and Kano, chief medical directors (CMDs) of both institutions respectively described UBA Foundation’s donation as a laudable and innovative gesture.

    ‘’Some of our old Incubators in the hospital were purchased as far back as 1972, which is 41 years ago, even some of our consultants here were not born then. So you can see why we are very grateful to UBA for this wonderful gesture” said Obinna Onodugo, the acting Medical Director of UNTH, Enugu , while receiving the Incubators.

     

  • UBA to invest $2b in Africa’s power projects

    UBA to invest $2b in Africa’s power projects

    The United Bank for Africa (UBA) has invested $700 million this year financing power assets in Nigeria and is looking to put $2 billion into power projects across the continent over the next three years, the bank’s chief executive officer, Phillips Oduoza, told Reuters.

    Oduoza also said he expected the bank to grow loans by around 14 percent in the next six months, as it had done in the last six months.

    Nigeria is reforming its electricity sector in a privatisation scheme meant to end the country’s chronic power shortages.

    President Goodluck Jonathan last week said bidders for state electricity assets had completed payments, clearing a major hurdle in the process.

    “We have been financing different parts of the power sector both generation and distribution. We are looking in Nigeria and across Africa with around $2 billion in the next three years,” Oduoza said on the sidelines of an economic conference in Abuja.

    Of that, he said around $1.2 billion would be earmarked for Nigeria, a country suffering massive power shortages as demand outstrips supply, forcing those who can afford it to rely on diesel generators.

    The state-owned Power Holding Company of Nigeria has been broken up into 11 generation companies and six distribution companies, all being sold separately to private consortia, for a total of around $2.5 billion.

    UBA said in May it expected to grow its loan book by 30 percent this year, up from six percent in 2012, as it targets consumer and infrastructure financing.

    “The top line loan growth by first half was about 14 percent … for the next half we are expecting about the same thing,” Oduoza told Reuters.

     

  • UBA launches three-year plan

    UBA launches three-year plan

    United Bank for Africa Plc (UBA) has initiated 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 noted that a series of senior executive hires underlines the group’s commitment to Project Alpha citing the appointment of Mr. Apollos Ikpobe as deputy managing director, domestic bank and Ms. Obi Ibekwe as executive director human resources and customer service. Both appointments have been approved by the Central Bank of Nigeria (CBN).

    He outlined that a critical aspect of the Project Alpha initiative is the focus on UBA Africa, which currently contributes 20 per cent to group performance and is projected to contribute about 50 per cent by 2016.

    To drive the 50 per cent target for UBA Africa, UBA Group has reinforced its senior African leadership. Former executive director, finance & risk management, United Bank for Africa (UBA), Emmanuel Nnorom, has been appointed as the chief executive officer for UBA Africa.

    “Our people remain our greatest asset and we will continue to strategically retool and resource to achieve and surpass the goals of Project Alpha,” Oduoza said.

    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.

    On the first-half performance of the bank, Oduoza noted the significant expansion in the bank’s credits to key sectors of the Nigerian economy including manufacturing, energy and construction sectors.

    The Group’s financial results for the first half of the year showed that its lending portfolio increased 14.6 per cent from a first quarter position of N664 billion to N761 billion last June.

    According to him, the expansion was in line with the bank’s desire to play a more strategic role in the critical sectors of the Nigerian economy based on its improved risk management processes.

    He said the bank has put in place a rigorous credit approval process that ensures only high quality credits are approved noting that corporate market segment now represents 60 per cent of the bank’s loan portfolio while the retail market segment made up 18 per cent.

    A breakdown of the bank’s loan portfolio showed that manufacturing sector benefited from 14 per cent of the group’s loan portfolio while the energy sector got an average of 15 per cent of the group’s loan portfolio. Other sectors economy that benefited from the bank’s loan portfolio include; public sector, the information and communication technology sector, general commerce, financial institutions and others not specified. The spread of the bank’s lending, according to sources, is with a strategic intent to balance risk evenly among different sectors and maximize returns.

    Oduoza pointed out that in spite of the increased appetite for risk assets, the UBA Group asset quality remains one of the best in the Nigerian banking industry with a non-performing loans ratio at an industry low of two per cent, well below Central Bank of Nigeria (CBN)’s benchmark of five per cent.

     

     

  • UBA positions for Pan African banking

    UBA positions for Pan African banking

    •Appoints executives

    United Bank for Africa Plc (UBA) has launched Project Alpha – the Group’s next stage focus of strategic transformation.

    UBA has for eight years executed a dedicated strategy of local, regional and global expansion, whose implementation has seen the Group transform from a national player to an institution of international prominence.

    Project Alpha is a three-year route map of key transformation initiatives designed to consolidate the Group’s strategic positioning and fully capture the opportunities from Africa’s economic renaissance and the Group’s unique platform.

    Also, a series of senior executive hires underlines the Group’s commitment to Project Alpha. Mr. Apollos Ikpobe has been appointed as Deputy Managing Director, Domestic Bank and Ms. Obi Ibekwe as Executive Director Human Resources and Customer Service. Both appointments have been approved by the Central Bank of Nigeria (CBN).

    Mr. Ikpobe, who was until recently an Executive Director at Zenith Bank, a position he held for 7 years, brings over 21 years of experience of the Nigerian banking sector. Mr. Ikpobe will be responsible for driving UBA’s domestic business in Nigeria. His appointment complements existing Deputy Managing Director, Mr. Kennedy Uzoka, responsible for Resources and Treasury.

    The new Executive Director Human Resources and Customer Service, Ms. Ibekwe had a distinguished career with Zenith Bank Plc, where she was responsible for Human Resource Management, Customer Services, as well as Credit Risk Management. She has a background in consulting, banking and customer service, critical for leading the renewed service excellence culture at UBA. Her appointment to the board brings to five, the number of female Directors at the Group board of UBA.

    Other key appointments also announced include Mr. Rasheed Adegoke, General Manager in charge of Group Information Technology. Mr Adegoke joins UBA from First Bank of Nigeria, where he was CIO, a role he has held over 13 years at different institutions in the Nigerian financial services sector.

    Emmanuel Nnorom, Formerly Executive Director, Finance & Risk Management at UBA, has been appointed as the CEO for UBA Africa.

    Other senior level appointments in UBA Africa include Mrs. Amie Sow, Managing Director, UBA Senegal; Mr. Demola Ogunfeyimi, Managing Director, UBA Tanzania; Mr. Mamadou Sanon, Managing Director, UBA Gabon; Mr. Martin Che, Managing Director, UBA Congo Brazzaville; Mr. Marcel Bitang, Managing Director, UBA DRC; Mr. Stanley Ugwueze, Managing Director, UBA Zambia; Mrs. Abiola Bawuah, Deputy Managing Director, UBA Ghana; Mr. Benedict Nklama, Executive Director, UBA Kenya; Mr. Wilbrod Owor, Executive Director, UBA Uganda and Mr. Chinedu Obeta, Executive Director, UBA Sierra Leone.

    “UBA is able to recruit the cream of African banking talent and we are proud to be able to provide a dynamic platform for these Africans to contribute to our continent’s transformation” said the GMD/CEO, UBA Mr. Phillips Oduoza.

  • Jide Aladajobi vs NBA: A critique of Supreme Court’s decision

    On July 12, this year, the Supreme Court of Nigeria, in the case of Jide Aladejobi vs The Nigerian Bar Association, unreported judgment in Appeal No SC/121/2011, held that it lacked the jurisdiction to hear appeals from the decisions and or directions of the Legal Practitioners Disciplinary Committee hereinafter called LPDC of the Body of Benchers.

    In the lead judgment delivered by his lordship Hon Justice John Afolabi Fabiyi, JSC, the Court held that appeals from the directions of LPDC of the Body of Benchers should go to the Appeal Committee of the Body of Benchers said to have been created by section 11(7) of the Legal Practitioners Act 1990 as amended.

    Their lordships of the Supreme Court made up of Ibrahim Tanko Muhammad, John Afolabi Fabiyi, Suleiman Galadima, Musa Datijo Muhammad and Stanley Shenko Alagoa JJSC, reasoned quite erroneously with respect, that the Supreme Court lacked jurisdiction to hear the appeal of the appellant, Mr Jide Aladejobi, whose name was ordered to be struck off the Roll of Legal Practitioners in Nigeria.

    In the lead judgment, Fabiyi, JSC, held: if it is the fact that there is presently no Appeal Committee of the august body on ground, such lacuna should be remedied without any undue delay so as to enable the appellant take necessary action deem fit as dictated by law before the Appeal Committee of Body of Benchers. If I may suggest it should be a standing committee like the Legal Practitioners Disciplinary Committee. I dare say it that the time for same is now in my humbly view.

    It held that the decision of the Supreme Court in Okike vs LPDC (2005) 15 NWLR (pt.949) 471, was given per incuriam and that in the face of the applicable law it discussed, the Okike decision cannot stand the test of time. Was the Supreme Court right in its decision in Jide Aladejobi vs NBA on the points raised and decided by it? Is the decision in Okike vs LPDC (supra) given per incuriam. Was the Supreme Court Properly guided or did it properly guide itself in the Aladejobi’s case. My view on the above issues is in the negative.

    The Supreme Court decided Aladejobi’s case per incuriam in the face of its decision in Okike vs LPDC (2005) 3-4 SC 49. In the Okike vs LPDC (No1) supra, decided on April 1, 2005 and reported in the Judgment of Supreme Court (SC) which is different from Okike vs LPDC (No2) (2005) 15 NWLR (Pt.949) 471 decided on July 15, 2005, the Supreme Court on October 15, 2004, coram: Kutigi, Uwaifo, Musdapher, Pat-Acholonu and Akintan JJSC, as they then were, suo motu raised the constitutional point of the jurisdiction of the Supreme Court to hear appeals from the decisions/directions of LPDC. Full court was constituted to decide this point.

    The full court was then led by Uwais CJN as then was. Other members of the panel were, Belgore, Kutigi,Ejiwunmi, Musdapher, Pat-Acholonu and Akintan JJSC as they then were. Arguments were canvassed and the supreme on July 15, 2005 held that it has jurisdiction to hear appeals from the directions of LPDC.

    In the lead ruling of Uwais CJN as he then was at page 67 of the report his lordship held that: This court does not readily oust its jurisdiction. In principle, it jealously protects its jurisdiction. It follows from the foregoing that this court amply has jurisdiction to hear the present appeal from the Disciplinary Committee. I therefore, so hold. Accordingly, the appeal in this case is fixed for hearing on April 28, 2005.

    It is that appeal that was heard that is reported in (2005) 15 NWLR (pt,949) and it is known as Okike vs LPDC No 2. See Ndukwe vs LPDC (2007) 5 NWLR (Pt.1026) 1 at 32 para H. It was a unanimous decision of the full court of seven Justices of that court. That decision is fully reported. With respect the learned counsel who appeared and argued the case of Aladejobi did not properly guide the Supreme Court.

    The Supreme also did not guide itself properly. If the court had adverted its mind to its decision of full court delivered on April 1, 2005, as it ought to, it could not have come to the view it held in Aladejobi’s case. Perhaps it is necessary to stress here that both the Supreme Court and learned counsel that appeared in this Aladejobi case did not appreciate the fact that the law that created the Appeal Committee of Body of Benchers has been repealed by Decree No 21 of 1994. See Okike vs LPDC No1 and in particular the lead ruling of Uwais CJN as he then was at pages 61-62 thereof.

    It is submitted that the decision of the Supreme Court was clearly per incuriam in the face of the decision of the same Supreme Court which was of the full court and which was neither referred to nor over ruled in Aladejobi case.

    The Supreme Court is, therefore, most humbly requested to correct itself and overrule its decision of July 12, this year as it was not properly guided in the light of the prevailing laws and its own decision which it ought to take judicial notice of.

     

  • PDP suspends Uba brothers, others

    PDP suspends Uba brothers, others

    The national leadership of the Peoples Democratic Party (PDP) has suspended the Uba brothers – Andy and Chris – for their roles in the August 24 parallel congress in which the senator emerged the party’s flagbearer for the Anambra governorship election.

    Also suspended are the factional chairman of the Anambra chapter, Chief Ejike Oguebego, Chief Benji Udeozor and Mrs. Anthonia Nwankwu.

    The suspension order was contained in a letter signed by the party’s Acting National Secretary, Dr. Aderemi Akitoye. The letter was dated August 29, 2013.

    The letter stated that the decision was taken by the NWC at its 353rd meeting held on Wednesday after reviewing the events in Anambra PDP regarding the state’s primary election.

    The letter added: “It was noted that you organised a parallel state congress which was unauthorised by the party, contrary to Section 58 (1) a, b, c, f, h and j of the PDP constitution (2012 as amended).

    “As a result of this, you were invited to meet with the NWC on Wednesday August28,, 2013 for fair hearing, but you did not appear.

    “In view of the seriousness of the issues involved, you are hereby suspended from the party and the case referred to the appropriate Disciplinary Committee for further necessary action.”

    The leadership of the party summoned the suspended party chieftains to appear before the NWC on Wednesday to explain their roles in the parallel congress. They all spurned the summons.

    One of the aspirants for the Deputy National Chairman position, Dr. Silva Opusunju, has warned against fielding unqualified candidates.

    Opasunju’s Counsel Dr. Ikenna Ihezuo, in a letter to Tukur noted that it would amount to an illegality if those who are not qualified ab initio, are allowed to stand for election.

    Opusunju had petitioned the national chairman and the Special Convention Planning Committee, demanding the disqualification of the other aspirants on the grounds that they are not qualified.

    But the Uba brothers obtained an injunction from a Federal High Court, Abuja division restraining the PDP and the Inspector General of Police from expelling, suspending or scrutinising them or threatening their membership status.

    Benji Udeozor, Ejike Oguebego and Anthonia Nwakwo are also plaintiffs in the suit.

    The order by Justice A. R. Mohammed also precluded the plaintiffs from being arrested.

    The PDP and the Inspector General of Police are the defendants.

    The Judge adjourned the matter till today, ordering the PDP to appear.

  • What bull points for UBA?

    What bull points for UBA?

    United Bank for Africa (UBA) Plc was apparently the toast of the investing public last week. With largest turnover in the market and highest gain in the banking subsector, UBA was a contrarian stock in the generally negative market situation. Taofik Salako reports on the undercurrents drumming the upbeat for the bank

    Equities fell all through last week. From the opening trading session to the closing deals, the market was a bear market. At the end of the week, the All Share Index (ASI), the value-based index that serves as the common gauge for the Nigerian stock market, indicated a week-on-week return of -1.0 per cent. This depressed average year-to-date return to 35.47 per cent. With all sectoral indices on the negative, the downtrend was pervasive. The NSE 30 Index, which tracks the dominant 30 most capitalised stocks on the Nigerian Stock Exchange (NSE), dropped by 1.09 per cent, illustrating the losses suffered by most highly capitalised stocks. The NSE Banking Index, which tracks the dominant banking subsector, indicated a weekly return of -0.32 per cent. Other indices-the NSE Consumer Goods Index, NSE Insurance Index, NSE Oil and Gas Index, NSE-Lotus Islamic Index, NSE Industrial Goods Index and NSE-ASeM Index dropped by 0.93 per cent, 0.89 per cent, 1.01 per cent, 1.66 per cent, 3.64 per cent and 0.35 per cent respectively.

    Amidst the downtrend, UBA stood out as a contrarian stock. With a three-day capital gain of 7.80 per cent, it doubled as the highest gainer, in percentage terms, in the banking subsector and one of the top 10 gainers last week. UBA’s share price rose from its price-on-board of N7.82 to close the week at N8.43 per share. Interestingly, UBA’s upwardly pricing trend has been simultaneous with large turnover. UBA was the most active stock both within the banking subgroup and the entire market. UBA’s turnover of 170.96 million shares accounted for 27.5 per cent of turnover in the banking subsector and 15.6 per cent of total turnover for the week. Banking subsector, it should be noted, altogether accounted for 56.65 per cent of aggregate turnover on the NSE last week.

    Market dynamics

    The three scenarios- the bearish overall market situation, UBA’s upwardly pricing trend and large volume, underline a favourable perception for UBA. Technically, volume is a wave breaker for pricing trend except where the demand exceedingly overwhelms supply. Where there are more investors willing to buy at premium than investors willing to sell, higher price becomes a bait to attract volume and vice versa. All things being equal, sustained large volume with sustained capital appreciation is an indication of strong prospects. As profit takers turn in their shares to lock in their capital gains, more futuristic investors round up the supply and up the demand to elicit further supply. Suffice to note that on the NSE, like other markets, price movement-either up or down, is dependent of possession of minimum volume of shares. Thus, price appreciation occurs where the selling investor and the buying investor- through their stockbrokers, agreed on the premium value of the stock and vice versa. That explains why a bearish market is regarded as a buyer’s market- because the interest of the buyer is to purchase at a lower price, and a bullish market is referred to as a seller’s market, since the interest of the seller is to sell at premium.

    Underlying fundamentals

    UBA’s upbeat came on the heels of the release of the half-year earnings report of the bank. One of the five reports so far from the banking subsector, UBA’s six-month report came out fairly better than average industry performance. Interim report and accounts of UBA for the first half ended June 30, 2013 showed gross earnings of N125.98 billion as against N107.91 billion recorded in comparable period of 2012. Profit before tax increased from N30.41 billion to N33.25 billion. Profit after tax also improved from N27.07 billion to N28.41 billion. The report also showed appreciable improvements in the group’s balance sheet with deposits rising by 13.5 per cent from N1.77 trillion in 2012 to N2.01 trillion in 2013. Total assets increased to N2.42 trillion while net loans for the period amounted to N761.18 billion. Net assets grew by 7.9 per cent to N207.60 billion. The bank remained ahead of regulatory benchmarks in key indices with liquidity, adequacy and loan deposit ratios of 53.5 per cent, 22.3 per cent, and 37.7 per cent respectively.

    The latest earnings report illustrated continued growth, albeit at a steady pace, in the bank’s fundamentals. The bank had in the first quarter ended March 31, 2013 recorded a profit before tax of N17.2 billion as against N15.3 billion recorded in comparable period of 2012. Profit after tax grew by 19.1 per cent to N15.6billion as against N13.1 billion recorded in the corresponding period of 2012. Three-month gross earnings grew by 19.8 per cent, representing approximately N10.4billion additional revenue to the bank. Total deposits also improved by 13.5 per cent from N1.777 trillion by December 2012 to N2.017 trillion by March 2013. Total assets grew by 7.1 per cent to N2.434 trillion compared with N2.272 trillion in December 2012. Total equity grew by 8.8 per cent to N209.4 billion compared with N192.5 billion posted in comparable period of 2012.

    UBA’s 2013 performance appeared to illustrate the maturity of the growth trend of the company. After devastating provisions coloured the bottom-line red in 2011, the bank made impressive recovery in 2012. Audited report and accounts of the bank for the year ended December 31, 2012 showed profit before tax rose of N52 billion in 2012 compared with a loss of N26.60 billion in 2011. Total comprehensive income attributable to equity holders grew by 5,058 per cent to N55.53 billion compared with a loss of N1.12 billion in 2011. Gross earnings grew by 34.45 per cent to peak at N220.1 billion; representing approximately N56.40billion additional revenue on the N163.7 billion recorded in previous year.

    Analysts at Bismarck Rewane’s Financial Derivatives Company (FDC) said UBA’s 2013 half-year report was ‘solid’, referencing the underlining sentiments for the tier one bank.

     Management forecasts

    Group managing director, United Bank for Africa (UBA) Plc, Mr Phillips Oduoza, said the first half report showed the resilience of the bank given that it operated under the revised Central Bank of Nigeria (CBN)’s guideline on bank charges in the second quarter of the year.

    According to him, the results reflected continued improvement in asset quality; disciplined expense management and an articulated execution of the bank’s three-tier strategic plan.

    “The decisions we have taken so far are paying off, having recorded an improvement in revenue, as indicted in our guidance for the year. We were also encouraged by the growth in our Africa subsidiaries, which benefited from the strategic business alignment that has commenced. Thirteen of our 18 bank subsidiaries recorded profit in the first half of the year,” Oduoza outlined

    He said the bank has been well-positioned for growth based on its solid balance sheet footing, robust capital and liquidity positions noting that the bank would continue to benefit from the successful execution of quality relationship management process which is driving client acquisition and engagement.

    He said the bank would continue to harness new efficiency initiatives, increase lending to key growth sectors of the economy, continuously develop its platforms to sustain synergies among the bank’s African subsidiaries while identifying viable opportunities to leverage on its strong capital position and make the right investments in its business.

    “While economic growth remains modest, there are signs that business returns will be much better. Our customers are the reasons we are in business, and we will not relent on our efforts to seek new and innovative ways of delivering unique and value adding products to meet their banking needs,” Oduoza said.

    Bull and bear points

    Analysts at Afrinvest say the future of the Nigerian banking space will rest on ancillary banking services including merchant banking, primary mortgage institutions and retail and small and medium enterprises banking. According to analysts, the industry is now confronted with the reality of declining fee incomes, mobile money and dollar denominated capital sourcing. The Central Bank of Nigeria (CBN) had recently increased the cash reserve ratio for public sector funds to 50 per cent, undercutting the support base for several banks with large public sector funds. “The era of “real banking” appears to be gradually re-emerging as traditional sources of high income and profitability continue to come under threat from increased competition and tighter regulation,” analysts stated.

    With these operating challenges, banks with large geographic spread and cross-jurisdiction market as well as deep products and services portfolios will find stronger supports to mitigate adverse impact of operating changes. UBA appears to be in better stead. A pan-African financial services holding group with operations in 19 African countries and other major global financial centres, UBA could harness opportunities across the markets to sustain a steady performance. That appears to be the undertone for investors’ optimism on the bank.

     

     

  • Ekwueme, Uba absent as PDP guber aspirants hold peace rally in Anambra

    Ekwueme, Uba absent as PDP guber aspirants hold peace rally in Anambra

    Eleven governorship aspirants of the Peoples Democratic Party (PDP) yesterday pledged to work together and deliver the state to their party in the November election.

    Dr Tony Nwoye, Nze Akachukwu Nwankpo, Chief Obinna Uzor, Prince Nicholas Ukachukwu, Sen. Emma Anosike, Iyom Josephine Anenih, Mr. Sylvester Okonkwo, Chief Walter Okeke, Chief Ugochukwu Okeke, Chief Charles Odunukwe and Dr. Alex Obiogbolu agreed that the squabbles in the party were over.

     Also present at the rally were former Senate President, Chief  Adolphus Wagbara, and some members of the National Executive of the party.

    But conspicuously absent at  were Second Republic Vice President Alex Ekwueme and Senator Andy Uba,a governorship aspirant.

    Uba told reporters that he missed the rally owning to flight delay from Abuja but identified himself with the peace rally.

    The aspirants said they were ready to support whoever picks the party’s ticket.

    Those who were alleged to have been disqualified, Dr Tony Nwoye, Mr. Sylvester Okonkwo and Chief Ugochukwu Okeke, said nobody disqualified them.

     Nwoye told The Nation yesterday that he was  cleared by the National secretariat, while Okonkwo said the only issue with his clearance was that he presented  the photocopy of his receipt instead of the original copy.

    He said the screening of the aspirants is continuing  and that he will present the original copies of his tax receipt on Tuesday.

    Addressing the crowd, the   state chairman of the party, Prince Kenneth Emeakayi, said that the rally was to unveil the PDP aspirants to the party faithful ahead of the scheduled for Monday.

    He promised a free and fair process.

     He said the state is solidly behind President Goodluck Jonathan for the 2015 election.

    The aspirants were given two minutes each to address the crowd with Josephine Anenih saying that she wants to be Governor to correct the ills plaguing the state.

    Nze Akachukwu Nwankpo said that the new unity in PDP in Anambra State should continue to help in delivering the state to the party come 2014.

    Also, the former state chairman of PDP in the State, Dr Tony Nwoye and Prince Nicholas Ukachukwu said it was good that the crisis rocking  the party had come to an end, but pleaded that the best candidate for the party should be elected during the primaries.

    Sen. Emma Anosike promised that even if he failed to emerge as the PDP candidate for the governorship  he would  deliver all the four local government areas in his area.

    It was gathered that Dr.  Ekwueme  was absent on health ground while Uba told reporters at the end of the rally that it was untrue that he shunned the event.

    He said, his not attending the rally was caused by  flight delay, adding that he was part and parcel of the peace meeting of the party in Abuja.

  • GTB, UBA, Zenith shares boost trade volume as market index extends run by 0.2%

    GTB, UBA, Zenith shares boost trade volume as market index extends run by 0.2%

    The appreciation recorded in equity trading activities  on Tuesday extended to Wednesday as major market indicators recorded positive gains.

    The market capitalisation of the listed equities rose by N34bn or 0.28 per cent to close at N12.007tn on, up from N11.973tn recorded on

    Similarly, the NSE’s All-Share Index gained 0.28 per cent or 107.88 basis points from 37,806.45 recorded on Tuesday to 37,914.33 points.

    The NSE-30 Index closed at 1,776.75 basis points, representing a rise by 0.29 per cent or 5.19 basis points from 1,771.56 recorded on Tuesday, while the NSE’s Consumer Goods Index rose by 0.37 per cent or 4.01 basis points to close at 1,071.66 basis points.

    The banking index rose by 0.18 per cent or 0.75 basis points to close at 405.58 points, up from 404.83 basis points recorded the previous day.

    The banking sub-sector maintained its lead on the activity chart, as trading in the sub-sector accounted for 43 per cent of total volume traded.

    In the sub-sector, investors exchanged 144.925 million shares, valued at N1.344bn in 2,028 transactions.

    Volume in the sub-sector was driven by trading in the shares of Skye Bank Plc, Guaranty Trust Bank Plc, United Bank for Africa Plc and Zenith Bank Plc.

    A total of 32 stocks gained on last week, while 23 stocks lost.

    Stanbic IBTC Holdings Plc led the price gainers’ chart, rising by 9.98 per cent or N1.71 to close at N18.84 per share.

    Red Star Express Plc followed on the chart with a gain of 44 kobo to close at N4.89 per share.

    Cutix Plc gained 9.84 per cent or 18 kobo to close at N2.01 per share, while Fidson Healthcare Plc and IPWA Plc gained 9.80 and 8.06 to close at N2.24 and N1.34 per share in that order.

    On the other hand, Vono Products Plc led the price losers, shedding 9.52 per cent or 12 kobo to close at N1.14 per share; while Courteville Business Solutions Plc lost 9.33 per cent or seven kobo to close at 68 kobo per share.

  • UBA inaugurates World MasterCard

    United Bank for Africa (UBA) Plc has introduced the World MasterCard, which is the most exclusive card in the MasterCard staple.

    In a statement, the bank said this is consistent with the bank’s focus of providing appropriate product to every customer segment, including high net-worth customers who cherish rare and exclusive privileges.

    Head, Cards, UBA Plc., Adédèjì Olówè, said the card programme, which is available by invitation only, can be tied to any of Naira, US Dollar, Pounds Sterling and Euro domiciliary account.

    He emphasised that the product offers benefits such as travel accident and inconvenience insurance; extended warranty; purchase protection; concierge services; and emergency cardholder services. The card, Adedeji stated, is exclusively made from a rare alloy of Silver Nickel, only a few materials of which exist.

    “The heft of the material is its signature. The recognition of the programme has afforded it the highly coveted MasterCard premium hologram. In addition, there is a great security service protecting our esteemed customers everywhere they shop with Fraud Protection and MasterCard Zero Liability,” he added.

    According to Adedeji, UBA also offers a dedicated lounge for its premium cardholders at the Head Office supported by 24/7 private banking customer support.

     

    The introduction of World MasterCard is coming after UBA Plc added MasterCard for Domiciliary Accounts to its robust bouquet of electronic products. This variant of Debit MasterCard products is tied to domiciliary accounts instead of Naira Current or Savings account and offers the same flexibility of usage anywhere in the world, including Nigeria.