Tag: UBA

Recognising the urgent need to invest in human capital given the projection of a doubled youth population by 2050, the United Bank for Africa (UBA) is taking a proactive role in bridging the talent gap through its Graduate Management Accelerated Programme (GMAP), Assistant News Editor, Precious Igbonwelundu reports.

With a view to reinforce its commitment to youth empowerment and leadership development in the continent, the United Bank for Africa (UBA) last week passed out 1,138 young Africans from its Graduate Management Accelerated Programme (GMAP).

Held at the Landmark Center, Lagos, the expanded graduation ceremony which was the third, had in attendance UBA’s Group Chairman, Tony Elumelu, the Board of Directors, all top management staff of the bank and other dignitaries.

These youngsters who were drawn from six African countries- Nigeria, Ghana, Cameroon, Kenya, Tanzania, and Zambia- underwent six months of intensive training on sales, credit analysis, group finance, IT and treasury,

Designed to train and equip young Africans for leadership roles in banking and finance, the GMAP, a flagship initiative, not only offers graduates employment in the UBA group but provides Aside from offering employment to the graduates, the GMAP provides clear career progression pathways, with structured mentorship and leadership training.

Since its inception, GMAP has trained and launched the careers of 3,222 young professionals across 16 cohorts, many of whom currently hold key leadership positions within UBA.

It also encourages innovation and injection of fresh ideas; recognizes performance; rewards excellence, and provides early leadership exposure to the youngsters who are allowed to take on impactful and challenging roles within the bank.

Offering graduates hands-on experience in the various multidisciplinary banking and finance sectors, the GMAP training ensured they were fully prepared to take on leadership roles in the industry and through their contributions, drive the bank towards greater accomplishments in Africa.

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While in the academy, the graduates were empowered with critical financial expertise, leadership skills, and real-world banking experiences, qualities they displayed during their interaction with Elumelu who was on ground to interface with the new intakes.

Underscoring the bank’s strategic commitment to talent development, economic transformation and youth empowerment across Africa, Elumelu who answered probing questions from the graduates, reminded them that the goal was to create a pan-African workforce capable of driving financial inclusion, innovation, and sustainable economic growth.

“For me, these young UBA graduates are a testament to who we are: a truly pan-African group that invests in African talent,” he stated.

He emphasized the importance of empowering young Africans to address the pressing issue of unemployment, which he described as one of the continent’s most significant challenges.

“This milestone is more than just numbers- It’s about our commitment to youth empowerment. Governments alone cannot solve Africa’s unemployment crisis; the private sector must step up, partner with our governments in improving lives and livelihood.

“GMAP is our way of taking action to equip young people with the tools they need to succeed and transform their communities.

“At UBA, identifying these young ones, training them, and equipping them for the future remains our passion. This is how we play our role as a pan-African bank- helping to empower the next generation,” he said.

Elumelu encouraged them to embrace continuous learning, adaptability, and innovation which were essential qualities for navigating Africa’s evolving financial landscape.

He challenged the graduates to be big thinkers and big players, ensuring that they never settled for less.

Addressing the gathering, Group Managing Director and Chief Executive Officer, Oliver Alawuba, commended the dedication, resilience, and excellence demonstrated by the graduates.

He reaffirmed that GMAP was not just a recruitment pipeline but a core element of UBA’s long-term leadership succession strategy.

“Your journey at UBA is just beginning. You are now part of a tradition of excellence, and we expect you to carry forward the values of Enterprise, Execution, and Excellence in all you do,” Alawuba told the graduates.

He highlighted UBA’s strong commitment to gender diversity, revealing that 58% of this year’s graduates were women, reinforcing the bank’s drive to foster an equitable and inclusive workplace.

He emphasized GMAP’s crucial role in nurturing future leaders for the bank. “Your dedication, resilience, and unwavering commitment have been nothing short of inspiring. Each of you has demonstrated the qualities of a true UBA ambassador,” Alawuba said.

Group Head, Human Resources, Modupe Akindele, highlighted UBA’s commitment to nurturing leadership and promoting gender diversity.

Akindele reaffirmed UBA’s commitment to providing equal opportunities for all, regardless of age, tribe, gender, or background.

The success of GMAP is evident in the achievements of past graduates like Nneoma Chikere, an alumna, who has earned multiple commendations for outstanding customer service and rose to become a Profit Centre Manager in Personal Banking within three years of completing the programme.

Also, Gbolahan Adeyemi, a Corporate Banking Relationship Officer, exceeded his Year-To-Date (YTD) budget by 561%, demonstrating the programme’s effectiveness in nurturing high-achieving professionals.

The graduates were encouraged to embrace continuous learning and innovation, as well as to uphold the bank’s core values of Excellence, Enterprise, and Execution (the 3 Es) and embody the UBA Persona of Simplicity, Responsiveness, and Goal-oriented (SRG).

As these young professionals embark on their careers within UBA, they join a movement that extends beyond banking-one that champions financial inclusion, economic growth, and Africa’s transformation on the global stage.

Through initiatives like GMAP, UBA continues to shape the next generation of banking leaders, reinforcing its legacy as a catalyst for progress across Africa and beyond.

United Bank for Africa (UBA) Plc will be hosting its inaugural Business Series for the year to commemorate the International Women’s Day 2025.

With the theme, “Against All Odds: The Impact of Women,” this edition of the UBA business series will highlight the remarkable journeys of women who have broken barriers, redefined success, and driven progress in their respective fields, aligning with this year’s International Women’s Day theme, #AccelerateAction, and will aired on ARISE News, TVC, likewise on the Bank’s social media handles.

The enlightening session will feature an esteemed panel of accomplished women, including Board Chairman, Africa Prudential Plc, Chief (Mrs.) Eniola Fadayomi; Founder & CEO, Shule Direct of Tanzania, Faraja Kotta Nyalandu; Managing Director, BOI Investment and Trust Company Limited, Flora Fabyan, Nollywood Actress, Nancy Isime, and will be taking place at the Tony Elumelu Amphitheatre in UBA House, Marina, Lagos on Thursday, March 13, 2025, at 12:00 PM (WAT).

These inspiring female leaders will share their personal stories of resilience, innovation, and success, offering valuable insights into how women can overcome challenges and make a lasting impact in their respective industries and spheres of operations.

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Speaking ahead of the event, UBA Group’s Head, Retail and Digital Banking, Shamsideen Fashola, emphasised the importance of this event, stating that the information that will be shared by the panellists will serve as a catalyst to inspire other women

 “This edition of the UBA Business Series is a celebration of the incredible contributions women have made to society and the economy. We cannot overlook the impact and dedications these make to nation building and the economy; that is why we intend to inspire more,” Fashola said

“By sharing their experiences, our panelists will inspire and empower others to rise above challenges and drive meaningful progress.”

UBA’s Group Head of Marketing and Corporate Communications, Alero Ladipo, highlighted the bank’s commitment to gender equality and women’s empowerment, noting that the composition of the bank’s board reflects this dedication.

 “At UBA, we believe in the power of women to transform societies, and this is shown in our corporate governance and workforce recruitment. We are honoured to host these remarkable women who have defied the odds and achieved extraordinary success in their respective fields.”

The UBA Business Series continues to serve as a vital platform for knowledge sharing, equipping individuals and businesses with the tools and strategies to achieve long-term success.

United Bank for Africa (UBA) Plc will be marking this year’s edition of the International Women’s Day (IWD) with a series of strategic initiatives aimed at celebrating and empowering its womenfolk, who remain an integral part of the business.

As part of its ongoing commitment towards fostering gender equality and financial inclusion, the bank has designed some impactful programs that will address key health, social, and economic challenges while offering tailored financial solutions to support women’s growth and successes.

With the theme: ‘Accelerate Action for Her Progress’, UBA will organise a diverse range of activities in the month of March, including a Webinar Series, Trivia Challenges, Business Series Live Event, Discount Offerings on Cards and Loans, and a CSR initiative providing care kits to secondary school children.

These activities and events underscore the bank’s dedication towards ensuring that women across the African continent and beyond, have access to financial resources, knowledge, and opportunities to help them thrive in their personal and professional lives.

The Webinar Series which will be held around Health & Social Issues is an informative session featuring expert speakers who will be addressing critical topics affecting women’s health and well-being.

There will also be the Business Series Live Event, which is a specially curated event that will bring together successful female entrepreneurs, business leaders, and financial experts who will share and provide insights on business growth and financial management to encourage up and coming business owners.

The bank will also feature a Daily Trivia Challenge which is a fun and engaging activity to educate and reward participants on topics relating to women’s empowerment and financial literacy.

Not leaving out the growing women, the bank, through the UBA Foundation, will distribute Care Kits for Secondary School Children, aimed to cater for the growing female, and reinforcing UBA’s dedication to nurturing the next generation of women leaders.

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Speaking ahead of the line-up of activities planned to mark this year’s IWD, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, explained that the plethora of initiatives is in line with UBA’s mission as the bank of choice for women in retail and business. He noted that the bank will also be leveraging the IWD to promote its targeted financial products, including low-interest loans tailored to female entrepreneurs and business owners.

He said: “At UBA, we recognise the invaluable contributions of women in driving economic growth and societal transformation. Our initiatives for IWD 2025 are a testament to our unwavering commitment to supporting and empowering women across Africa and beyond.

“Through targeted financial products, knowledge-sharing sessions, and strategic partnerships, the bank remains dedicated to fostering an enabling environment where women can thrive in both business and personal finance. By amplifying these offerings, we aim to increase the acquisition and retention of female customers, ensuring they have access to all the financial resources needed to thrive,” Alawuba stated.

UBA continues to champion inclusivity and innovation, ensuring that women have access to the necessary tools and opportunities to succeed in today’s dynamic economic landscape.

United Bank for Africa (UBA) Plc demonstrated its commitment to fostering peace and stability across Africa with a landmark donation of $500,000 to the African Union (AU) Peace Fund.

This donation by the UBA Group supports the AU’s efforts towards promoting security, conflict resolution, sustainable development and a unified Africa, as envisioned in the AU’s Africa Agenda 2063.

In a statement, the bank said the AU Peace Fund plays a crucial role in financing mediation and preventive diplomacy efforts across Africa, strengthening institutional capacity, and ensuring rapid responses to emerging conflicts.

The Chairman of the Executive Management Committee AU Peace Fund, Moussa Mahamat, stated that “peace is synonymous with resources, if we want development and stability, we must achieve peace, the United Bank for Africa has demonstrated their commitment to the development of our continent by this commitment, through sustainable resources. Together we will continue to build a continent for the future.”

UBA’s Group Chairman, Tony Elumelu, who announced the donation in Addis Ababa, Ethiopia, highlighted the reasons behind the UBA Group’s support to the AU.

Elumelu explained the requirement that corporate institutions shape Africa’s future cannot be over-emphasised, and by investing in peace and security, UBA is contributing to an environment where businesses, communities, and nations can thrive, driving sustainable development and economic prosperity for all.

“UBA is committed to advancing sustainable development, uplifting the quality of life across Africa and the vital connection between economic growth for Africans and African businesses and the stability provided by peace and security,” Elumelu said.

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With presence in over 20 countries in Africa, UBA strongly believes in the continent’s potential, as he added that “Development will come with peace, and every individual, organisation and business should be committed towards achieving this.”

He commended the African Union for its steadfast dedication to promoting peace and security across Africa, saying that UBA Group is honoured to partner with the AU in this noble endeavour, while seeking deeper collaboration between the two institutions.

Over the years, UBA Group’s commitment to the growth and stability of the continent has been unwavering, including the UBA Foundation’s contribution of $14m to catalyse a comprehensive Pan-African response to the fight against the coronavirus (COVID-19) global pandemic.

The donation provided significant and much needed support to Nigeria and 19 other African countries, by supplying relief materials, critical care facilities, and financial support to Governments.

The African Union Peace Fund (AUPF) is a financial mechanism established by the African Union to support peace and security initiatives across the continent, primarily focused on conflict prevention, mediation, and peace-building operations through funding allocated to various peace support activities across Africa, including institutional capacity building and peace support operations; it is considered a key pillar of the African Peace and Security Architecture (APSA).

United Bank for Africa (UBA) Plc is set to host a knowledge series webinar specifically dedicated towards informing and educating small and medium business owners on the 2024 withholding tax regulations recently implemented by the federal government.

With theme: ‘2024 Withholding Tax Regulations, Specific Emphasis on How They Affect SMEs’ the seminar is scheduled to hold online on Thursday, January 30, 2025, by 12noon prompt. Business owners and SMEs who will like to be a part of this eye-opening event can access the session on Zoom.

The knowledge Series is a regular seminar/workshop organised by the bank as part of its capacity-building initiatives, where leading business leaders and professionals share well-researched insights on relevant topics and best practices for running successful businesses.

This edition seeks to educate business owners on the implications of the new tax regulations and how UBA’s offerings can effectively support their growth.

Renowned leaders from diverse industries, including, UBA’s Head, SME Banking, Babatunde Ajayi; Financial Analysts with Anderson Consulting, Adeyemi Adediran and Vincent Okoukoni will be on ground to share their rich insights and explain how businesses can thrive in the new tax regime.

UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola who spoke ahead of the webinar emphasised the importance of this edition, noting that it will provide a platform for businesses, especially SMEs, to learn more about the new tax regime, implications for their business and attendant benefits for them and the economy at large.

He said, “Getting first -hand knowledge from experts on this important subject, as put together by UBA, will be invaluable for any business owner looking to build a lasting enterprise”

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Also speaking on the upcoming workshop, UBA’s Group Head, Marketing & Corporate Communications, Alero Ladipo noted that the sessions frequently organised by the bank, continues to resonate with SME’s and business owners, and has in more ways than one, helped them take major leaps that has helped engender success.

Ladipo said, “At UBA, we remain resolute in our commitment to empowering businesses of all sizes, and that is why we have decided that we will help guide our customers towards making better business decisions and embracing more opportunities in 2025” that will take them to new highs.

“We have assembled an esteemed panel of speakers who will do justice to this topic by sharing their vast wealth of experience and insights on how best to navigate the new tax regime,” she noted, adding that “this is a must-attend event for anyone serious about the long-term success of their enterprise.”

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

United Bank for Africa (UBA) Plc has distributed over N41.8 million in prizes to over 100 lucky customers in its just concluded UBA Legacy Promo series.

The promo which began last year, was specially designed by the bank to celebrate UBA’s rich legacy spanning over 75 years, as well as its long-standing commitment towards rewarding its loyal customers in a grand style.

The campaign, which was opened to several categories of Account holders including Bumper Account holders, Savings account, Kiddies & Teens Account holders as well as Nextgen account holders, also saw lucky customers winning other consolidation prizes including educational grants.

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The winners were announced during the Grand Finale draw of the promo which was held at the UBA Head-office, Marina, Lagos last Thursday and was witnessed by members journalists and representatives of relevant regulatory bodies including the National Lottery Regulatory Commission (NLRC), among other stakeholders.

In the Savings Account category, ten loyal customers walked away with N1,000,000 each. The lucky winners are: Olonade Funmilayo, Abdullahi Yunusa, Anibueze Augustine Chidozie, Ibironke Adedayo, Gilbert Godswill Pepple, Ekonmene Daniel Leghemo, Oligbo Francis Azuka, Liafeez Adebowale, Abiodun Bolanle Felicia, and Adamu Bappayo.

When contacted over the phone, one of the winners, Mr. Oligbo Francis Azuka, who won N1,000,000 in the savings account category expressed his surprise and excitement, stating that it was totally unexpected. He was however grateful to the bank for the gesture, adding: “I am deeply grateful and surprised by this reward from UBA. I honestly didn’t expect this. I really appreciate the fact that UBA recognises me. I am very grateful,” he stated.

United Bank for Africa (UBA) through UBA Foundation, its corporate social responsibility arm, has donated the sum of N500 million to the Lagos State Security Trust Fund (LSSTF), as part of its continued commitment to secure environment for individuals and businesses

The N500million cheque was presented to the Lagos State Governor, Babajide Sanwo-Olu, by the UBA Group Chairman, Tony Elumelu, who was accompanied by the bank’s Deputy Managing Director, Mr. Muyiwa Akinyemi, at the State House, Marina, Lagos.

Speaking during the presentation, Elumelu reiterated the bank’s dedication to supporting initiatives that ensure the safety and prosperity of communities across Nigeria adding that “At UBA, we understand that security is critical for economic growth and societal well-being. Our donation to the Lagos State Security Trust Fund is a reflection of the bank’s belief in building safer communities to enhance the quality of life for all.

We are proud to partner with the Lagos State Government to achieve this shared vision of a secure environment conducive to investment and development.”

While receiving the N500million cheque, Mr Governor expressed appreciation to the UBA Group and UBA Foundation for the significant contribution and commended Mr. Tony Elumelu for its unwavering commitment to impactful projects, state’s progress and well-being.

He said: “We are grateful to the UBA Group for their significant contribution to the Lagos State Security Trust Fund.

This donation will strengthen our efforts to enhance security and protect our citizens.

Together we are building a safer Lagos for all.”

This latest gesture aligns with UBA Foundation’s Special Projects initiative, which focuses on addressing pressing societal issues through strategic partnerships and impactful interventions. Over the years, UBA Foundation has actively contributed to enhancing education, the environment, and economic empowerment and special projects such as these critical donations across Africa. The Foundation’s commitment to security as a driver of sustainable development is evident in its support for programs like the LSSTF.

Group Chairman, United Bank for Africa (UBA), emphasised the bank’s role as a leader in giving back to society. He explained that in pledging its support to the state’s efforts at improving security, UBA recognizes the vital link between safety and economic stability.

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He said: “This partnership with the Lagos State Government reinforces the Bank’s belief in collaborative efforts as the key to addressing security challenges and creating environments where individuals and businesses can thrive. We believe that a secure Lagos State is integral to a secure Nigeria. UBA Foundation will continue to support transformative initiatives that uplift lives and drive development.”

UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, the Environment, Economic Empowerment and other Special Projects.

• Bank’s value hedges high inflation, interest

An investor who had invested N500,000 in United Bank for Africa (UBA) Plc nearly five years ago now has a market value of N2.374 million, in another tell-tale example of how investing in good stock creates fortunes for investors.

Trading reports at the Nigerian stock market at the weekend indicated that UBA) has delivered about 375 per cent capital gains to investors in nearly five years, outperforming average returns for the market and the entire banking sector.

The reports showed that the pan-African banking group posted average annual return of about 75 per cent over some five years period, underlining UBA’s impressive records as a high-yielding, inflation-hedging stock.

Trading reports for the period between December 31, 2019 and December 06, 2024 showed that UBA recorded cumulative capital gain of 374.83 per cent during the period, representing average annual gain of 74.97 per cent.

This implies that an investor who had invested N500, 000 in the shares of UBA at the year’s opening price for 2020, now has a real, immediate market value of more than N2.374 million, due to accumulated capital gains. This excludes accrued cash dividends over the five-year period.

UBA, which pays dividends twice a year, is reputed as an investors’ friendly stock in terms of consistent and above-average cash dividend payment. It recently paid interim dividend of N2 per share on its first half 2024 results, the highest payout by any bank and one of the three highest yields in the entire stock market.

Such an investor who had invested N500, 000 at the 2020’s opening price would have received cash dividend of some N139, 860 as interim dividend for the 2024 business year, more than a quarter of his initial investment.

UBA is currently offering existing shareholders exclusive opportunities to increase their shareholdings in the bank with its ongoing N239.4 billion rights issue. The pan-African banking group is offering 6.84 billion ordinary shares of 50 kobo each to existing shareholders at N35 per share. The rights issue is pre-allotted on the basis of one new ordinary share of 50 kobo each to every five ordinary shares held as at November 05, 2024. The rights issue is scheduled to close on December 24, 2024.

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Shareholders have hailed the rights issue as a deliberate incentive. In a survey, minority retail shareholders, who constitute nearly three-quarters of UBA’s nearly 280,000 shareholders, were excited about the rights issue, with most indicating possibility of applying for more than their pre-allotted shares. Extant rules at the Nigerian market allow shareholders to apply for more shares and also for the company to consider such requests for additional shares. Shareholders can also trade their rights at the stock market.

The three-digit capital gain highlighted UBA as one of the major drivers of the bullish trend at the Nigerian stock market, which has sustained a five years of consecutive positive returns.

The benchmark index for the Nigerian stock market, The All Share Index (ASI)- the value-based common index that tracks all share prices at the Nigerian Exchange (NGX), has shown resilience over the past five years, closing on the top chart for the world’s best performing stock markets.

Average return for Nigerian equities in 2023 stood at 45.90 per cent, among the three world’s best-performing markets. ASI had posted average return of 19.98 per cent, 6.07 per cent and 50.03 per cent in 2022, 2021 and 2020 respectively.

Average year-to-date return for the ASI closed weekend at 31.34 per cent, with the market firmly on course for its fifth consecutive positive return. UBA is ahead of the market with average year-to-date return of 35.26 per cent, more than twice the average year-to-date return of 15.53 per cent for the banking sector.

UBA’s average capital gain so far this year is also considerably higher than several key indices at the stock market. The NGX 30 Index, which tracks the 30 largest quoted companies, closed weekend with average year-to-date return of 32.97 per cent.

The NGX Premium Index, which tracks a group of high-end companies with enhanced corporate governance and financial performance, closed with 30.43 per cent. UBA is listed among the premium stocks. The NGX Pension Index, which measures average return on stocks that meet the special investment criteria for pension funds, has recorded average gain of 33.95 per cent so far this year.

Nigeria’s benchmark interest rate- Monetary Policy Rate (MPR) stands at 27.25 per cent. Inflation rate stands at 33.88 per cent, according to the October 2024 Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS).

UBA’s share price had opened 2020 at N7.15 per share, its closing price for December 31, 2019. It closed weekend at N33.95 per share, 35.26 per cent above its 2024’s opening price of N25.10 per share, its closing price for December 30, 2023.

Shareholders said UBA’s track records of solid financial performance, dividend policy and capital gain were competitive advantages for the pan-African banking group.

Longstanding UBA’s shareholder and Founder of Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, said UBA has proven to be dependable and resilient, attributes that have endeared the stock to all cadres of investors.

“The bank is doing well, so also are its subsidiaries. From whatever angle you look at it, UBA is a good buy. And I’m talking as a long-time shareholder. It is one bank that prioritises shareholders’ happiness. Go down the lane and check the bank’s dividend history and critical decisions when it comes to shareholders’ issues. It’s a bank one can rest on, so, I’m advising other shareholders to pick up their rights, it’s an opportunity. We are picking up ours and even asking for more,” Nwosu said.

Another major UBA shareholder and President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar described UBA as a “solid bank” with a lot more to offer the shareholders in the future.

“I strongly advise shareholders to pick up their rights as I am very hopeful the price will go up after the rights offer is concluded. All members of our Association are going to buy their rights as we strongly believe in the quality of the board, management, and staff of the bank,” Umar said.

Market analysts are unanimous that share prices are illustrative of the fundamental values of quoted companies.

For the nine-month ended September 30, 2024, UBA reported 83.2 per cent growth in gross earnings to N2.398 trillion, almost a double on N1.308 trillion recorded in third quarter 2023. Operating income rose from N1.02 trillion in third quarter 2023 to N1.54 trillion in third quarter 2024, an increase of about 51 per cent. Profit before tax increased to N603.48 billion compared with N502.09 billion recorded in third quarter 2023. After taxes, net profit also rose from N449.26 billion in third quarter 2023 to N525.31 billion in third quarter 2024. Earnings per share thus improved from N12.93 to N14.78.

Group balance sheet size expanded by 54 per cent to N31.80 trillion by September 2024 as against N20.653 trillion recorded at the end of December 2023. The bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with total deposits rising to N26.50 trillion, representing a 52.7 per cent rise from N17.355 trillion at the end December 2023.

Deposit base was driven by increased brand appeal across the retail and corporate markets.

Customers’ deposits had jumped from N14.8 trillion to N22.97 trillion while deposits from banks increased from N2.46 trillion to N3.53 trillion. Loans and advances to customers grew by 46.8 per cent from N5.23 trillion in December 2023 to N7.68 trillion in September 2024. While the paid up share capital remained unchanged at N17.10 billion, total equity jumped by 76.8 per cent from N2.03 trillion in December 2023 to N3.59 trillion in September 2024.

Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said share pricing at the stock market thrives on a concept of “forward-pricing mechanism”, where investors take into consideration the potential future return based on available track records and emerging developments.

Managing Director, HighCap Securities Limited, Mr. David Adonri, said share price is a reflection of the market value for a company, comprising both past performances and future expectations.