Tag: UBA

  • UBA launches ‘All About U’ Debit Card

    Following the deployment of the exclusive World Mastercard recently, United Bank for Africa (UBA) Plc has introduced a personalised debit card called the UBA “All About U” Card. In a statement, the bank said the product allows customers to carry around their fond memories while using their debit cards.

    The product it said, is a customized debit MasterCard which gives customers the opportunity to create a one-of-a-kind card with their favorite photograph or image – allowing them the privilege of branding their payment card. Alternatively, cardholders can choose from a gallery of contemporary pre-selected images available at the specialised product portal and these designs can be adjusted to their satisfaction.

    Divisional Head, e-Banking, UBA Plc Dr. Yinka Adedeji said, “With the “All About U” Card, UBA aims to introduce a bespoke look and feel to card issuance.” According to him, UBA is at the forefront of driving the Cashless initiative in Nigeria, and is set to raise the bar once again with the UBA. “

     

     

     

  • UBA recognised for agric financing

    United Bank for Africa (UBA) Plc has been named the best bank in support of agriculture in the country.

    In a statement, the bank said it got the recognition following its contribution to the growth of Nigeria’s agricultural sector and value addition to the economy.

    UBA clinched the award at the maiden edition of BusinessDay Annual Banking Awards, which held recently in Lagos. The lender said : “The bank beat three other banks that were nominated after a critical assessment by organisers of the awards.

    “According to statistics, UBA tops the Central Bank’s   list of lenders to the agricultural sector. By   2012 financial year end, UBA had channeled seven per cent of its N687 billion loan book to agriculture. This   is the highest exposure of any bank in Nigeria and invariably places the bank as one of   the   strongest supporters of agriculture in Nigeria.”

    Divisional Head, Consumer Banking, UBA Plc, Mr. Ilesanmi Owoeye, received   the award   on behalf of the bank.

  • UBA’s Q1 profit rises  by 19% to N15.6b

    UBA’s Q1 profit rises by 19% to N15.6b

    United Bank for Africa (UBA) Group’s deposit base spiralled to N2.02 trillion in the first quarter of the year as the bank continued to win market share amidst growing customer’s confidence.

    First quarter report for the period ended March 31, 2013 indicated 13.5 per cent increase in deposits to a new high of N2.02 trillion, building on the 21.1 per cent growth that saw deposit base rising to N1.78 trillion in the 2012 business year.

    The latest report indicated that the banking group has sustained its growth momentum into the first quarter of the year. Growth in deposits is generally seen as a strong indicator of increased customer confidence in a financial institution.

    Group Managing Director, United Bank for Africa (UBA) Group, Phillips Oduoza, attributed the significant growth in the bank’s deposit base to a new approach to delivering products and services to customers.

    He said the bank was moving in the right direction to deliver on key financial projections for 2013 with a focus on maximizing value across all of the bank’s businesses.

    “We are pleased with our improving performance and a strong start to 2013. We see emerging opportunities to fundamentally improve our market positioning. We will continue to strategically invest in our businesses, manage our expense and leverage our competitive advantage in service and convenience to win customers and take market share,” Oduoza said.

    Further analysis of the first quarter results showed that the group added additional N10.4 billion to gross earnings to N62.8 billion. The group’s operating income also rose 17.4 per cent to N44.6 billion while profit after tax closed at N15.6 per cent, representing an increase of 19.1 per cent. The bank also sustained growth in balance sheet size, indicating its increasing market share in the African banking industry. Group total assets closed the first quarter at N2.43 trillion, a 7.1 per cent increase while the bank’s total equity grew at a marginally higher rate of 8.8 per cent to N209.4 billion compared to N192.5billion in the same period of 2011.

    The group results also showed significant improvement in efficiency with an expansion in net interest margins from an average of 5.2 per cent to 6.0 per cent, implying an increasing efficiency in managing earning assets. The bank’s first quarter results also show a drop in costs of managing the business while average return on assets also showed an improvement.

     

  • UBA grows profit by 905% to N55b

    UBA grows profit by 905% to N55b

    United Bank for Africa (UBA) Plc witnessed the highest growth in profitability in the banking sector in 2012 as the bank leapfrogged profit by 905 per cent to about N55 billion.

    Audited report and accounts of the bank for the year ended December 31, 2012 released at the weekend showed that it recovered from the N6.8 billion loss it recorded in the previous year on account of loan provisioning that it did to clean up its balance sheet to post a profit of N54.8 billion in 2012.

    Profit before tax rose by 295 per cent to N52 billion in 2012, compared with a loss of N26.60 billion in the previous year, while 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.

    Highlighting the 2012 results, the Group Managing Director, United Bank for Africa (UBA) Plc, Mr Phillips Oduoza, said the results demonstrated the strength and resilience of the bank’s business model.

    According to him, UBA had a strong year in 2012 and its success was again driven by the strength of its customer-focused, corporate and treasury driven business model.

    “We are confident about our ability to deliver sustainable earnings growth in the future. We will continue to strategically invest in our businesses, manage our expenses and contain cost, whilst continually seeking ways to exceed expectations of our stakeholders,” Oduoza said.

    He praised employees of the bank for the turnaround performance, noting that their dedication to customers and clients remains the driving force behind the bank’s success.

    “The bank had a good performance for full year 2012, putting us in a position to commence the journey back to industry leadership and setting the stage for the attainment of our long term strategic intent of being a leading Bank on the African continent,” Oduoza said.

    Also commenting on the results, Group Chief Finance Officer, United Bank for Africa (UBA) Plc, Mr Ugochukwu Nwaghodoh, said the bank’s continuing focus on customer service delivery, efficient capital management and returns maximisation has enabled it to post one of the highest returns in the industry with return on equity exceeding 30 per cent in 2012.

    According to him, the bank’s ability to serve clients globally with solutions tailored to their needs gives it a strong advantage in today’s rapidly changing and highly competitive market place.

    “Adopting a unique business platform across Africa, as a group, has also ensured that we present a single face to our customers and clients around Africa. This does not only help foster collaboration throughout the Group, it also strengthens our ability to deliver value adding and innovative solutions to our customers and clients through our integrated model,” Nwaghodoh said.

  • UBA grows profit by 905% to N55b

    United Bank for Africa (UBA) Plc witnessed the highest growth in profitability in the banking sector in 2012 as the bank leapfrogged profit by 905 per cent to about N55 billion.

    Audited report and accounts of the bank for the year ended December 31, 2012 released at the weekend showed that it recovered from the N6.8 billion loss it recorded in the previous year on account of loan provisioning that it did to clean up its balance sheet to post a profit of N54.8 billion in 2012.

    Profit before tax rose by 295 per cent to N52 billion in 2012, compared with a loss of N26.60 billion in the previous year, while 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.

    Highlighting the 2012 results, the Group Managing Director, United Bank for Africa (UBA) Plc, Mr Phillips Oduoza, said the results demonstrated the strength and resilience of the bank’s business model.

    According to him, UBA had a strong year in 2012 and its success was again driven by the strength of its customer-focused, corporate and treasury driven business model.

    “We are confident about our ability to deliver sustainable earnings growth in the future. We will continue to strategically invest in our businesses, manage our expenses and contain cost, whilst continually seeking ways to exceed expectations of our stakeholders,” Oduoza said.

    He praised employees of the bank for the turnaround performance, noting that their dedication to customers and clients remains the driving force behind the bank’s success.

    “The bank had a good performance for full year 2012, putting us in a position to commence the journey back to industry leadership and setting the stage for the attainment of our long term strategic intent of being a leading Bank on the African continent,” Oduoza said.

    Also commenting on the results, Group Chief Finance Officer, United Bank for Africa (UBA) Plc, Mr Ugochukwu Nwaghodoh, said the bank’s continuing focus on customer service delivery, efficient capital management and returns maximisation has enabled it to post one of the highest returns in the industry with return on equity exceeding 30 per cent in 2012.

    According to him, the bank’s ability to serve clients globally with solutions tailored to their needs gives it a strong advantage in today’s rapidly changing and highly competitive market place.

    “Adopting a unique business platform across Africa, as a group, has also ensured that we present a single face to our customers and clients around Africa. This does not only help foster collaboration throughout the Group, it also strengthens our ability to deliver value adding and innovative solutions to our customers and clients through our integrated model,” Nwaghodoh said.

     

  • Anambra 2014: The Ifeanyi Uba factor

    Anambra 2014: The Ifeanyi Uba factor

    Recently, Dr Ifeanyi Uba hosted some traditional rulers and president-generals of town unions in Anambra State to a grand reception at the Golden Tulip Hotel in Lagos.

    Transported all the way from the state to Lagos, it was a rare opportunity for the natural leaders to join other Anambriarians in Lagos to relate closely with Uba, whose governorship ambition is no longer a secret.

    The occasion afforded Uba the opportunity to discuss one on one with the stakeholders in Anambra State. In the process, he was apprised of the problems in the state and the aspirations of the people of the state.

    He asked questions. He received answers. The people also asked him questions and his answers were informed and candid. It was a pretty long town hall meeting of sorts which lasted from 8pm till 7am the following day.

    This shows that Uba is a man who listens and likes to receive ideas from the people. This cross fertilization of ideas is what drives democracy and leads to good governance.

    As would be expected, in the course of the visit, Uba also took his guests, made up of a wide spectrum of Anambrarians from all walks of life, including the traditional rulers, presidents-generals of town unions, opinion molders and ordinary people, on a facility tour of his companies and business offices. The aim, it seems, was for the people, who he is planning to lead, to see his investments and achievements in Lagos.

    The facilities included ships, jetties, depots, filling stations, tankers, and a host of other high-tech facilities on ground. It became apparent from findings from the tour that Uba’s Capital and Gas Oil Limited is one of the biggest distributors of petroleum products in Nigeria.

    Of great importance is the fact that Capital Oil and Gas has been a major player in the downstream sector ever before the subsidy regime. The company has tankers which supply fuel all over the country. In fact, the activities of the company in the area of supply of petroleum products is one of the reasons why fuel is available everywhere today. This is because while other companies horde fuel in order to make huge profit, Dr. Uba’s companies are only interested in making the products available to all and sundry. Profit is not the driving force for the company.

    At the end of it all, most of the guests agreed that Uba knows his onions in his chosen field of endeavour and is therefore a good candidate for the governorship seat of Anambra State.

    This concenssus, according to the guests, was because Uba, through that unique visit, “allowed his people to have a holistic eye-view and make a total appraisal of him as a businessman and a major player in the downstream sector of the oil economy. He was not afraid to let his people know him inside out. He has nothing to hide. He proved to us that he has no skeleton in his cup board. He laid all the cards on the table. After the visit, we can attest he is not a pretender. He showed us and the good people of Anambra State, who we represent, what he is doing in Lagos and his means of livelihood.”

    It should be mentioned here that this is the first time a business mogul from Anambra State who is interested in the governorship of the state has conducted his people round his business facilities, investments and activities, to prove that he has the capacity to govern a state like Anambra. He proved that he does clean business.

    This effort, to me, is commendable of an aspirant that wants to serve his people. I believe that Nigeria will be a great nation the day those who aspire to control the reins of power have the confidence and grace to take their constituents to their places of business and offices for an on-the-spot assessment of who and what they are.

    The Nigeria political landscape is littered with jobless, unemployed and hungry men and women who are in politics simply as a means of livelihood. Some politicians engage in politics not because they love their people and seek to advance their welfare. On the contrary, these politicians are only seeking the means to ek out a living, to survive and to make ends meet.

    No wonder, then, that as soon as such people secure power, they embark on monumental looting and plundering of the coffers as government allocation, meant for the provision of dividends of democracy are pocketed and embezzled with impunity. White elephant projects are kick-started here and there as a ploy to siphon public funds. To a large extent, the crippling corruption, fraud, embezzlement and widespread pilfering prevalent in Nigeria today is from hungry men who suffered great poverty, want and deprivation and who view public office as an opportunity to recoup what had been eaten by the locust.

    There are politicians who cannot fight elections on their own either because of lack of influence or resources or absolute poverty of ideas. This, they rely on godless godfathers who help and assist them to grab power on the understanding that they will use public funds to settle them back. This is the bane of Nigerian politics.

    We need a statesman, outspoken, confident, able and ready men who have no psychological problems and other inadequacies to join the political train so as to turn around the economy of this country. For such leadership offices, we do not need people who are merely looking for employment. We need men and women of reason who have made it in their chosen fields of endeavor and who cannot be swayed by financial considerations if they find themselves in the corridors of power.

    We need men like Uba, who are rich and will thereore not likely to misappropriate public funds but will augment the same with their own resources. We need patriots in power. We need statesmen. We need goodmen.

    The eve of godfatherism should be over. The godsons have ruined many states and governments. A distinguished personality and wealthy businessman like Uba will not likely dip hands into the coffers of government to help himself. Uba is not coming to government to make money. He is not seeking political office to acquire wealth or buy private jet which he already has. From what we have seen so far, it is certain that Uba is coming to create wealth in Anambra State, to reinvigorate the economy, resuscitate ailing infrastructures, provide employment and give hope to the people.

    The leaders in Anambra State have seen it all. They are in a position to assess Uba and his pedigree. For long, Anambra State has been held by the jugular by a group of never-do-wells and political tin-gods. Anambra State has been in neo-colonial bondage of sorts. The state has been in ruins. It has been unable to rise above mediocrity. The state lies comatose. This is a state where godfathers arrested a sitting governor and detained him. It is the state where ascendancy to governorship has been a function of who you know and how connected you are and not what you know and what you can offer.

    So, Dr. Uba, to progressive minded people of Anambra State, is a Daniel come to judgment. He is coming to wipe out the tears of helpless and hapless Anambrarians who have been suffering in silence and praying that a Messiah will come to save them from their bondage and incapacitation.

    The tour of his facilities in Lagos has opened the eyes of many. It is a testimony to Uba’s capacity and willingness to liberate Anambra from the shackles of poverty, penury and deprivation, once he becomes governor.

    In fact, the good people of Anambra State, the leaders and the common people like, are now convinced that Uba is a fit and proper person to be the Governor of Anambra State.

    This style, adopted by Dr. Patrick Ifeanyi Uba, to say the least, is revolutionary, it is the first time a public office seeker has arranged to meet the people at close quarters to interact with them and share ideas on how to move the state forward. After the interaction, the people were not only impressed but they were of the firm view that Uba is the man whom God has prepared and positioned to save Anambra State from the ruin and maladministration of yester-years.

     

    * Okpala, a political analyst, wrote in from Awka, Anambra State

     

     

  • Uba mourns Achebe

    SENATOR Andy Uba(Anambra South) has expressed deep shock over the death of the literary icon, Professor Chinua Achebe.

    Uba, in a statement, described Achebe’s death as not only a huge loss to the Igbo race but the country and humanity in general.

    “ I was shocked when I learnt about the death of Professor Chinua Achebe, one of the most fertile minds to have emerged out of the African continent.

    “His death has further depleted the growing list of our great statesmen. His demise is not only a huge loss to me as a senator representing his state, but to the country at large and people whom he impacted on with his great writing.

    “He was not only a cultural icon but a great social crusader, erudite scholar who made his mark in the firmament of world literary giants.

    “He was not only immutable, he was concerned about the social political development of his country. He was great teacher,  historian, story teller, intellectual, culture ambassador and champion of the oppressed.”

    Uba said although Achebe was dead his writing would continue to inspire generation yet unborn.

     

  • Smaller banks beat big ones in credit facility

    Small banks, otherwise known as Tier-2 banks, have outpaced the big ones (Tier-1 banks) in advancing loans, a report from Renaissance Capital (RenCap), an investment and finance firm has shown.

    Loan growth index reviewed by the firm showed that United Bank for Africa (UBA) and Access Bank grew their loan portfolio by three per cent year-to-date. Diamond Bank, it said, grew its loans portfolio by 38 per cent, year-to-date.

    RenCap said for 2013, in the absence of significant progress in power sector reforms or upstream oil and gas projects, the Tier-1 banks are likely to repeat similar levels of loan growth to those they achieved this year.

    However, the non-performing loan (NPL) ratios at as at September, 2012, did not cause any stir. “In our opinion, most of the banks under our coverage cannot sustain NPL ratios of around five per cent without impairment expenses of around two per cent. Nevertheless, given the magnitude of the Asset Management Corporation of Nigeria (AMCON) clean-up in 2011, we would expect the banks to continue reporting below-average charges into fiscal year 2013, with normalisation likely to start coming through in fiscal year 2014,” it said.

    It said since the beginning of the year, most of the banks have been expecting lower tax rates on the back of their high holdings in fixed-income securities and, for some, tax credits from losses over the past few years.

    “We also highlight that, following the inclusion of tax exemptions on fixed-income securities in the federal government’s official gazette in December 2011, these multi-year exemptions effectively kicked in this year. All things being equal, we would expect the larger, more liquid banks with proportionately higher holdings of fixed-income securities to report relatively lower tax rates at year-end,” RenCap said.

    On share-price performance, the banks have been strong performers’ year to date, with all except First City Monument Bank in positive territory. However, on a two-year view, the price performances of most of the banks’ stocks are still negative, with only Guaranty Trust Bank, Zenith Bank and FirstBank in positive territory.

    RenCap has also revised its ratings and target prices for bank stocks to reflect these forecast changes. We have downgraded First Bank, Diamond Bank and Fidelity to hold ratings from buy, as it finds lower relative potential upside in these names following their strong share-price performance.

    RenCap recommended United Bank for Africa and Zenith Bank for buy among tier-1 banks and Skye Bank as buy among tier-2 banks.

  • Court strikes out Uba, four others’ bail application

    Court strikes out Uba, four others’ bail application

    A Federal High Court in Lagos on Monday struck out a bail application filed by Ifeanyi Uba, the Chief Executive Officer, Capital Oil and Gas, and four others charged with N43.29 billion fuel subsidy fraud.

    The News Agency of Nigeria reports that others charged with Uba are Nsika Usoro, Godfrey Okorie, Chibuzor Ogbuokiri, and Joseph Orji, all employees of the Capital Oil and Gas.

    The men, being prosecuted by the Nigeria Police Special Fraud Unit (SFU) before a Tinubu Magistrates’ Court in Lagos, were on October 11 ordered to be remanded in the custody of the SFU for 14 days.

    Uba and the others were charged with economic sabotage, obtaining money by false pretences, stealing of N43.291 billion, property of the Federal Republic of Nigeria, money laundering and forgery.

    Justice Okon Abang, in his ruling described the application as incompetent and defective.

    Abang also stated that counsel to the applicant, Mr. Joseph Nwobike (SAN), had failed to inform the court that the applicants were detained on a subsisting order of remand, made by Magistrate Martins Owumi.

    He said that this fact was not deposed to by the applicants’ counsel in their affidavit of urgency before the court.

    “I have gone through the affidavit filed by the applicants’ counsel, and I find no place where it is stated that there was a subsisting order for remand by the magistrate court.

    “I cannot possibly comprehend why the learned SAN has chosen to hide this fact from the court,” he said.

    He also stated that although the applicants could bring an application for bail before the court, they could not do so under the Fundamental Human Rights Enforcement Procedure Rules.

    “Where bail is refused an applicant at the magistrates’ court, he has the right to bring his application before a higher court, but he has to do so within the confines of the law.

    “I cannot make findings on the bail application of the applicants, brought pursuant to the Fundamental Human Rights Enforcement Procedure Rules.

    “The applicants cannot use this rule to challenge a subsisting order of court. Whether the magistrate had or exceeded his jurisdiction is entirely a different issue,’’ Abang said.

     

  • Capital Oil boss Uba arrested for alleged N22.4b subsidy scam

    Capital Oil boss Uba arrested for alleged N22.4b subsidy scam

    Operatives of the Special Fraud Unit (SFU), yesterday arrested the Managing Director of Capital Oil and Gas, Mr. Ifeanyi Uba, over his alleged involvement in a N22.4billion subsidy scam

    The Commissioner of Police, in charge SFU, Mr. Tunde Ogunsakin, led operatives to arrest the Uba at about 2.30pm.

    As at press time, Uba was still being interrogated by a crack team of detectives at SFU office at Milverton Road, Ikoyi.

    SFU spokesperson, Ngozi Isintume, an Assistant Superintendent confirmed Uba’s arrrst on telephone.

    She said the suspect is still being interrogated but did not say if he would be detained or allowed to go home on bail.

    She said, “I cannot really say much for now because he is currently being interrogated by SFU detectives. Ifeanyi Uba was arrested because of his alleged involvement in the fuel subsidy scam.

    “We are still investigating the case so I cannot say if he would be released at the end of today (yesterday). He was indicted by the presidential committee on fuel subsidy verification.

    “Our job is to thoroughly investigate the matter and then prosecute if it comes to that. We don’t want to preempt investigation by commenting on everything. As you are aware, investigation is still on.

    “But be rest assured that the Commissioner of Police, Tunde Ogunsakin, would in line with his mantra of zero tolerance to corruption see this case to a logical end.”

    She added, “Remember the law says one is innocent until otherwise proven guilty. That is the line we are towing until investigations are over.”

    However, one of his Uba’s Aids who spoke on the condition of anonymity, confirmed that his boss was arrested early in the day but that he was later released.

    “He was invited by thr police but he is back. He was in the office after he got back from SFU”, the source said.