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Tag: Union Bank

  • Union Bank outlines three-year strategic plan to drive growth

    Union Bank of Nigeria (UBN) Plc yesterday outlined a three-year strategic plan that will further consolidate the bank’s growth towards being Nigeria’s most reliable and trusted banking partner.

    At the annual general meeting yesterday in Lagos, the board and management of the commercial bank has made commendable progress and has been positioned to take advantage of emerging opportunities in the economy.

    Chairman, Union Bank of Nigeria (UBN) Plc, Mr Cyril Odu, said with the successes recorded in 2018, the bank will now focus on executing its 2019-2021 strategic objectives.

    He noted that in 2018 the bank strengthened its retail and transaction banking offerings and launched the first Local Letter of Credit to support local trade as well as launched the inaugural N13.5 billion bond issue and adopted the Robotic Process Automation (RPA) technology, making history as the first Bank to do so in Nigeria.

    According to him, the bank will over the next three years optimise its assets to deliver higher values to stakeholders, increase its digital footprints and position itself for a sustainable future.

    “We have positioned Union Bank to take advantage of the emerging opportunities in the economy and remain optimistic about the future of the Bank. We will execute our 2019-2021 strategic objectives – sweating our assets, digitizing our bank, and positioning for the future – towards being Nigeria’s most reliable and trusted banking partner,” Odu said.

    He said the bank would focus on embedding disciplined cost management as well as mining synergies across business segments and functions to improve the profitability of its business and deliver value to all its stakeholders including shareholders, customers, business partners and employees.

    He said the bank remains confident that Nigeria has a potentially robust economy with a large consumer market, abundant natural resources and a productive population.

    “2018 has been a year of good progress for our bank and we are well positioned to execute our short to medium term strategy,” Odu said.

    Chief Executive Officer, Union Bank of Nigeria (UBN) Plc, Mr. Emeka Emuwa added that the priorities of the bank in 2018 were three including enhancing productivity across board; tightening up loan portfolio especially by resolving key large exposures which drove non-performing loans up significantly and optimising the bank’s capital and funding base.

    “I am pleased to report that we made significant strides in each focus area. Notwithstanding a depressed economic environment and a challenging operating landscape, our efforts to optimise productivity delivered results.

    In 2019, we will double-down on our productivity efforts to deliver our financial targets. We are harnessing synergies across our business segments to ensure we maximize opportunities across entire value chains, while centralising key business and operational functions for better efficiency, and prioritizing customer experience across all our touchpoints,” Emuwa said.

    He outlined that the bank will seek to deepen its customer base through new customer acquisition and retention, leverage digital banking to improve sales and productivity, diversify its businesses and customers, improve operational efficiency and harness synergies across its business to maximize opportunities across its entire value chains and ecosystems.

    According to him, following the successful execution of the bank’s debut local currency bond issue to raise N13.5 billion and the tightening up of its loan portfolio, Union Bank is well positioned to continue executing key business priorities in 2019 and beyond.

    Key extracts of the audited report and accounts of Union Bank for the year ended December 31, 2018 showed that gross earnings dropped by 11 per cent from N163.8 billion in 2017 to N145.5 billion in 2018. Net interest income declined by 17 per cent from N66.7 billion to N55.4 billion while non-interest income also dropped from N39.3 billion to N35.2 billion.

    With 113 per cent reduction in credit impairment, net income after impairments increased by 16 per cent from N80.64 billion to N93.5 billion. Profit before tax thus increased by 33 per cent from N13.9 billion to N18.5 billion. Profit after tax also rose from N13 billion to N18.1 billion.

    Earnings per share however declined by 11 per cent from 72 kobo in 2017 to 61 kobo in 2018.

    The bank’s group balance sheet increased marginally by one per cent from N1.455 trillion in 2017 to N1.464 trillion in 2018. Customers deposit rose by seven per cent from N802.4 billion to N857.6 billion.

    Non-performing loan ratio for the bank improved from 20.8 per cent in 2017 to 8.1 per cent in 2018. Shareholders’ funds however dropped by 34 per cent from N337.7 billion in 2017 to N225.6 billion in 2018. Net asset value per share thus reduced from N11.79 in 2017 to N7.75 in 2018.

  • Union Bank named ‘2019 Advertiser of the Year’

    Union Bank has been named ‘Advertiser of the Year’ by CHINI Africa, Cannes Lions Official Festival representative in Nigeria and organisers of the annual Creativity Week. The Bank also received the bronze category award for ‘Integrated Marketing Campaign’ of the Year.

    The awards were officially presented at the 2019 Pitcher awards ceremony, in recognition of the brand’s creativity in the development of impressive advertising campaigns; particularly the ‘Clear Your Doubt’ campaign with its popular tagline- Don’t be an Uncle Thomas, and the more recent ‘Enabling Success’ Television Commercial. Both campaigns received wide acclaim from advertising professionals, customers and the general public.

    The commercial bank which communicated strong themes of introspection, perseverance, healing and hope of a better future for Nigeria, also emerged the most watched Nigerian Commercial on Youtube in 2018 with over 2.7million views.

    Receiving the awards, the Head of Corporate Communications and Marketing, Ogochukwu Ekezie-Ekaidem said, “Our brand is an essential part of our identity and we are truly honoured to be recognized as ‘Advertiser of the Year.’ We are pleased that our campaigns continue to resonate deeply with audiences across Nigeria and beyond. Union Bank’s goal was to elevate the voice of the everyday Nigerian for whom we have enabled success for over 100 years, and we thank CHINI Africa and the general public for acknowledging our efforts.”

    The Pitcher Awards is an annual event organised to celebrate and honour outstanding works from West and Central African various categories including film, print, design, media, PR and digital. According to a statement by CHINI Africa, “the awards are designed to inspire creative excellence in marketing communications and help provide international recognition for the work, companies and people behind them.”

    During the just concluded Creativity Week, Union Bank also partnered with CHINI Africa to host the ‘Creating a Better Africa’ (CBA) programme, a conference designed to inspire social purpose, sustainability practices and also to promote creativity as a catalyst for development across Africa.

  • Union Bank hosts financial dealers meeting

    The Financial Market Dealers Association (FMDA) last week held its quarterly general meeting in Lagos. The meeting was hosted by Union Bank.

    The meeting was an opportunity for treasurers of Money Deposit Banks (MDBs), market players and their institutions to exchange ideas, share information and deepen business relationships for the development of the financial markets.

    Union Bank’s Head of Corporate Banking and Treasury Emeka Okonkwo, and other senior executives were joined by dignitaries including the Governor-elect of Lagos State, Mr. Babajide Sanwo-Olu, who was represented by Mr. Yomi Oluyomi, and President, Chartered Institute of Bankers of Nigeria (CIBN) Dr. Uche Olowu.

    Dr. Doyin Salami, who spoke on “Navigating the Next Level for the Economy and Markets”, shared insights into the 2019 economic outlook to assist market players and Union Bank customers’ position themselves for the year.

    Okonkwo, who spoke on behalf of the Chief Executive Officer of Union Bank, highlighted the role of the FMDA in boosting the growth and development of the financial markets and Nigeria’s economy.

    He said: “This year, we expect the economy to be influenced by a number of trends on the global and local scenes. Therefore, a key element of our success as individual organisations, and also at the macro-economic level, is insight into the potential impact of these trends on the financial markets and economy.

    “Union Bank remains focused on repositioning itself as a strong player in the Nigerian banking sector – a simpler, smarter bank.”

  • Union Bank hosts FMDA Quarterly Meeting

    Union Bank Plc will on Thursday, March 14, host the Financial Markets Dealers Association (FMDA) quarterly general meeting in Lagos.

    The event will hold at the America, Asia, Africa Room, Eko Hotels & Suites, Adetokunbo Ademola Street, Victoria Island, Lagos at 3.pm.

    In statement, the FMDA Acting Executive Secretary, Mrs. Mary Gbegbaje, confirmed that Dr. Doyin Salami, Economist and Adjunct Lecturer at the Lagos Business School will deliver a paper on Navigating the Next Level for the Economy and Markets under the Chairmanship of the Managing Director, Union Bank Plc,  Emeka Emuwa.

    FMDA President, Samuel Ocheho, will also discuss market development issues while new dealers will also be introduced into the market.

    According to the statement, :”The meeting provides a veritable avenue for the exchange of ideas, dissemination of information and fostering of business relationships among Treasurers, market players and their institutions”.

    The FMDA is an association of licensed Deposit Money Banks (DMBs) operating within the Nigeria Financial market, emphasizing on regulatory policy engagement/advocacy and professional ethics in the financial markets.

  • EFCC moves for interim forfeiture of Bankers Warehouse’s $2.8m

    The Economic and Financial Crimes Commission (EFCC) has filed a motion at the Federal High Court in Enugu for the interim forfeiture of $2.8million seized last week .

    Acting Spokesperson of the commission, Mr Tony Orilade said the commission has  also filed  an affidavit of urgency for the matter to be heard on Dec. 27 by a vacation Judge  in Port Harcourt.

    The commission  on Thursday arrested two persons at Akanu Ibiam International Airport, carrying the money in two suitcases.

    The men were  Ighoh Augustine and Ezekwe Emmanuel.

    According to the EFCC, the suspects, who said they work for a company called Bankers Warehouse,   confessed during interrogation that they had been in the business of moving cash for “some notable banks” for over six years.

    “At the time of filing this report, the alleged owner of the money, the bank had not made any physical presence in any of the commission’s offices, including the Enugu office, to establish their claim.”

    Orilade further said that efforts were being made to secure warrant for the detention of the suspects pending when they would be charged to court.

    He explained that the warrant was consequent upon the refusal of the bank or any of the relatives to come for the release of the suspects.

    Bankers Warehouse in a statement at the weekend claimed ownership of the money and asked the EFCC to apologise and return the money.

    The company which said it is licensed by the Central Bank of Nigeria to carry out Cash/Asset movement and Currency Processing said the men arrested were not involved in any money laundering and were carrying out a legitimate movement of cash.

    Read also: Bankers Warehouse urges EFCC to release detained $2.8m cash, employees

    “We hereby state emphatically that the movement of this currency was a legitimate exercise, being carried out on behalf of a legitimate Financial Institution,” the company said..

    “We emphasise that our employees are in no way criminals, carrying out any act of illegality as the EFCC has tried to portray. The young men whose character and reputation have been deliberately soiled by the EFCC operatives were conducting their legitimate duties as requested by a bank customer of our company.

    “We request for the swift and immediate release of our employees and our customer’s currency, both detained without proper cause.

    “We also demand an immediate retraction by the EFCC and an apology issued to our company and our employees whose images have been maligned”.

    In another development, the Nigerian Navy has handed over four persons and a vessel allegedly involved in illegal oil bunkering to operatives of EFCC, Benin Zonal Office.

    The suspects, Promise Onate, Emonefe Stanley, Samson Obaje and Peresey Friday were onboard the vessel, MV Enterprise, when they were rounded up by men of the Nigerian Navy, NNS Delta on Dec. 4 at Nana Creek Escravos, Delta State.

    They were arrested on the suspicion that they were conveying Automotive Gas Oil, (AGO) without any valid approval.

    Captain Yilme, who represented the NNS Commander at the handing over in Warri, Delta State, said, “after forensic analysis of the product by officials of Department of Petroleum Resources (DPR), the result revealed that the product onboard were poorly refined AGO”.

    While receiving the suspects and the vessel, Richard Ogberagha, an EFCC operative, said the commission would carry out further investigation and ensure that those found culpable were brought to book.(NAN)

  • Union Bank lists N13.5b bond on FMDQ

    Union Bank of Nigeria (UBN) Plc has listed two bonds valued at N13.5 billion on the FMDQ OTC Securities Exchange.

    The commercial bank listed its N7.19 billion Series 1 and N6.31 billion Series 2 Senior Unsecured Fixed Rate Bonds on the FMDQ. The bonds were issued under Union Bank’s N100 billion debt issuance programme.

    Managing Director, Union Bank of Nigeria (UBN) Plc, Mr. Emeka Emuwa, said the bonds were major part of the bank’s corporate funding strategy.

    He noted that the listing of the bonds on FMDQ will ensure growth in liquidity and transparency within the fixed income market in Nigeria.

    Managing Director, FMDQ OTC Securities Exchange, Mr. Bola Onadele commended Union Bank for successfully raising the bonds noting that Nigerian debt capital market has continued to make essential strides towards sustainable development.

    He reiterated that FMDQ, through consistent collaboration with its stakeholders, shall continue to further deepen and effectively position the Nigerian debt capital market for growth, in support of the realisation of a globally competitive and vibrant economy.

    Associate Executive Director, Corporate Development, FMDQ OTC Securities Exchange, Ms. Kaodi Ugoji said FMDQ’s listings, quotations and noting service have been tailored to provide unique opportunity for companies and governments to raise the profiles of their issues and access a deep pool of funds to meet their long-term funding needs.

    She assured that FMDQ remains committed to continue to develop initiatives that will make the Nigerian debt capital market highly liquid, deep and well-developed.

     

  • $2.8m airport haul: EFCC alerts CBN Governor as firm, Union Bank kick

    The Economic and Financial Crimes Commission (EFCC) has officially alerted Central Bank (CBN) Governor Godwin Emefiele to last Thursday’s interception of $2.8million at the Akanu Ibiam International Airport in Enugu.

    The anti-graft agency has already commenced investigation into the source and purpose of the huge cash-in-transit, with a private firm, Bankers Warehouse Limited, and Union Bank kicking over the EFCC’s seizure of the money.

    The company and Union Bank said separately yesterday that the men arrested along with the funds were on a lawful assignment.

    An EFCC source told The Nation yesterday in Abuja that the organization had alerted the CBN Governor on “the seizure of the $2.8million. We expect the apex bank to cooperate with us on this case.

    “But investigation is ongoing to ascertain what informed the movement of such a huge amount, the beneficiaries and the final destination of the cash.

    “Going by the extant laws, the suspects ought not to be in possession of this amount of money. They are in custody undergoing interrogation and we will inform the public accordingly.”

    Responding to a question, the source added: “Our detectives will interact with some officials of Union Bank and those in charge of the conveying company.

    “By financial regulations, the huge cash ought to be transferred not hauled. It is strange that CIT operators now haul foreign currency in huge volume. This is why we suspect a case of money laundering.”

    But Bankers Warehouse insisted, in a letter to the CBN, that its staff were on a legal mission.

    The letter signed by BW Head of Operations, Dr. Lawrence Ijebor, said: “I want to convey to you that once again, we are facing a challenge with one of the security agencies (this time the EFCC), which detained our couriers yesterday evening while attempting to board an Arik Air flight from Enugu to Lagos, conveying currency on behalf of Union Bank. They were transporting US dollar.

    “When questioned, they presented their identity cards, identifying themselves as Bankers Warehouse employees on official Cash-In-Transit (CIT) movement and also provided the letter of authority issued by the bank converting that movement.

    “Despite the information provided, the EFCC insisted on detaining our employees, taking possession of our goods and threatening to confiscate the currency without making themselves available to our senior managers or other agencies familiar with our movements.

    “Our attention has been drawn to an article  in a newspaper and EFCC website where our staff have been paraded as suspected money launderers, exposing the identity of our client and portraying our company in not just a negative but criminal light.

    “We seek your intervention as our regulator to address this issue of constant harassment of our staff by security agencies which constitutes a risk that could threaten the lives and safety of our employee and the cargo they are tasked with conveying.

    “Also, kindly recall that the CBN had previously called a meeting of stakeholders regarding this issue in the past. It may be prudent to engage the stakeholders once again to provide clarity on the legitimacy, coverage and mode of operations of registered CIT operators.”

    The management of Union Bank also deplored the action of the EFCC.

    The bank, in tweets on its official Twitter page yesterday said: “Movement of cash across states is routine for all banks. Bankers Warehouse is licensed by CBN to provide Cash-in-Transit services,” the bank said.

    “We are surprised by the release of a news bulletin prior to the completion of @officialefcc investigation. This is a legitimate and routine operation consistent with banking.”

    The EFCC, responding to claims by the company and Union Bank yesterday said officials of Bankers Warehouse and Union Bank refused to honour invitations by it.

    Acting spokesman for the EFCC, Mr. Tony Orilade, said investigations were still on and the outcome of the probe would determine the agency’s next line of action.

    He added, “On the Union Bank saga, the way forward is that investigation is ongoing.

    “On the detention of their staff and threat to confiscate the money, this is neither here nor there. The two men arrested with the money were detained because they have to offer relevant information.

    “The bank refused to honour invitation from the time of the arrest until we had to go out with the story. That was when they suddenly realised they need to honour the invitation. Be that as it may, a thorough investigation has to be carried out as to the source and legitimacy of the money because we are not unaware that some financial institutions are being used to launder money.”

  • $2.8m laundered fund: Investigation ongoing, says EFCC

    The Economic and Financial Crimes Commission (EFCC) says investigation is ongoing in a bank saga where two suspects were intercepted with 2.8 million dollars at Akanu Ibiam International Airport, Enugu.
    The money is believed to belong to a bank.
    EFCC Acting Spokesman, Mr Tony Orilade, made this known in an interview with the News Agency of Nigeria (NAN) in Abuja on Saturday.
    NAN reports that the suspects were arrested on Thursday.
    “Upon their arrests, they were caught with consignments of two suitcases, containing $1.4 million each, totalling $2.8 million, at the departure lounge of the airport while about to board an Arik Air evening flight to Lagos.

    “During interrogation, the suspects confessed that they have been in the business of conveying cash for “some notable banks” for over six years and were in the process of doing same” for another bank when they were caught.

    Orilade said the bank refused to honour EFFC’s invitation from the time of the arrest until the commission “had to go out with the story”.

    “That was when they suddenly realised they need to honour the invitation.

    “The two men arrested with the money were detatined because they have to offer relevant information.
    “Be that as it may,  thorough investigation has to be carried out as to the source and legitimacy of the money because we are not unaware that some financial institutions have yielded to being used to launder money.
    “The way forward is that investigation is ongoing.
    “Further investigation will reveal the next line of  action,” Orilade said.(NAN)

  • Union Bank reacts to EFCC $2.8M confiscated at Enugu Airport

    The Management of Union Bank has reacted to the arrest of two men by the operatives of the Economic and Financial Crimes Commission (EFCC) at the Enugu Airport.

    The EFCC had on Friday paraded two men, alleged by the commission to be fraudsters caught with $2. 8 million.

    The bank in a series of tweets posted on its official twitter handle said the operation was licensed by the Central Bank of Nigeria (CBN).

    “Movement of cash across states is routine for all banks. Bankers Warehouse is licensed by CBN to provide Cash-in-Transit services” the bank said.

    “We are surprised by the release of a news bulletin prior to the completion of @officialefcc investigation. This is a legitimate and routine operation consistent with banking”.

    Also, Bankers Warehouse, a company licensed by CBN to carry out both Cash Management (CM) and Cash-In-Transit (C-I-T) in a letter to the bank regulator said it was on a legitimate business.

    Bankers warehouse head operations, Lawrence Ijebor, said EFCC still detained it employees despite providing identification.

    The letter reads, “When questioned, they presented their identity cards identifying themselves as bankers warehouse employees on official CIT movementaand also provided the letter of authority provided by the bank covering that movement”.

    “Despite the information provided, the EFCC insisted on detaining our employees, taking possession of our goods and threatening to confiscate the currency, without making themselves available to our senior managers or other agencies familiar with our movements”.“

    We seek your intervention as our regulator, to address this issue of constant harassment of our staff, by security agencies.”

  • Union Bank reacts to EFCC $2.8M confiscated at Enugu Airport

    The Management of Union Bank has reacted to the arrest of two men by the operatives of the Economic and Financial Crimes Commission (EFCC) at the Enugu Airport.

    The EFCC had on Friday paraded two men, alleged by the commission to be fraudsters caught with $2. 8 million.

    The bank in a series of tweets posted on its official twitter handle said the operation was licensed by the Central Bank of Nigeria (CBN).

    “Movement of cash across states is routine for all banks. Bankers Warehouse is licensed by CBN to provide Cash-in-Transit services” the bank said.

    “We are surprised by the release of a news bulletin prior to the completion of @officialefcc investigation. This is a legitimate and routine operation consistent with banking”.

    Also, Bankers Warehouse, a company licensed by CBN to carry out both Cash Management (CM) and Cash-In-Transit (C-I-T) in a letter to the bank regulator said it was on a legitimate business.

    Bankers warehouse head operations, Lawrence Ijebor, said EFCC still detained it employees despite providing identification.

    The letter reads, “When questioned, they presented their identity cards identifying themselves as bankers warehouse employees on official CIT movementaand also provided the letter of authority provided by the bank covering that movement”.

    “Despite the information provided, the EFCC insisted on detaining our employees, taking possession of our goods and threatening to confiscate the currency, without making themselves available to our senior managers or other agencies familiar with our movements”.

    “We seek your intervention as our regulator, to address this issue of constant harassment of our staff, by security agencies.”