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Tag: Union Bank

  • Union Bank holds education fair

    A two-day fair by the Union Bank Plc, Edu 360, held last week provided a platform for government officials, educationists, private sector service providers, teachers, parents and students to interact, learn, and find products and services suited to their needs.

    The fair which had as theme: “Investing In The Future”, held at Harbour Point Four, Victoria Island, Lagos, featured training for teachers and parents, robotics/STEM exhibition for students, panel discussions, and exhibition by schools and other service providers.

    In her keynote address at the opening of the fair on Tuesday, CEO, The Education Partnership (TEP) Center, Dr Modupe Adefeso – Olateju underscored the importance of adequate investment in human capital development through education.

    She said the failing of the education sector was why Nigeria’s healthcare, which she used as an example, was failing.

    “Nigeria spent $1.3 billion in medical tourism in 2014.  Over 18,000 Nigerians were patients in India alone in 2012.  Our Presients, their spouses and ministers get their medical attention abroad,” she said.

    Mrs Adefeso-Olateju said inadequate funding of training for medical doctors as well as poor and inadequate healthcare facilities for training and practice had resulted in Nigeria losing her medical doctors to foreign countries over the years.  She said the countries embracing Nigerian doctors were gaining from Nigeria’s investment in their education.  Nigeria on the other hand was left without enough doctors to take care of her citizens.

    “Paucity of opportunity for postgraduate training means that most doctors are forced to go abroad to avoid becoming tailors and farmers.  Over half of the 75,000 doctors trained in Nigeria leave.  Nigeria is indirectly subsidizing the training of medical doctors in the U.S. and other countries,” she said.

    Mrs Adefeso-Olateju said the brain drain could be reversed by wooing Nigerian doctors in the diaspora home.

    In his speech, CEO of Union Bank, Mr Emeka Emuwa said there was need for Nigeria to improve in the education and other sectors, adding that the bank was in support of such move.

    He said:” We are driven by the recognition that for Nigeria to realize its full potential, we must invest in and reform the education sector to be able to educate and train our youths for jobs of the future. For us at Union Bank, education is a very critical ingredient in everything we are doing and we are an active participant in developing Nigeria. We can play a very critical role in fasttracking and moving the Nigerian education sector forward. ”

    The Executive Director of Union Bank, Mr Adekunle Sonola, spoke on the importance of education in the lives of youths and the country at large.

    He said:” Our country can’t grow without education, for Nigeria to be truly great, the bedrock of that is education. We need to expose the children to global standards; we cannot make them set up for local standards because the basis for competition in the modern world has changed. We need interventions in Nigeria on education because we need to grow minds. It is important to grow minds because it is a mind that is grown that will ensure a future that is assured.”

    Education Minister, Malam Adamu Adamu, represented by the Vice Chancellor, University of Lagos, Prof Oluwatoyin Ogundipe said Nigeria would gain from quality education.

    “Quality education contributes to peaceful and democratic communities and enhances individual development. It eradicates poverty, hunger, ignorance and illiteracy and brings forth knowledgeable people that contribute to the growth of country and its economy.

    “Education at all levels in our dear country needs urgent attention to refocus it online with global practice for the nation to derive maximum benefit, achievement and impacts. There us need for us to refocus concerning education as that is the bedrock of any developed country. ”

    The Special Advisor to the Governor, Mr Obafela Bank – Olemoh also spoke about the importance if quality education saying we need to improve the quality of our education as the future of the country lies in that.

  • Union Bank to raise funding for education

    The Executive Director, Union Bank, Adekunle Sonola, has said the bank will intensify its funding of the educational sector.

    Sonola spoke at the opening ceremony of edu360, a forum by Union Bank to examine the strategic role of education in Nigeria’s development, said having realised that the local cost of infrastructure was enormous, the bank has been initiating tailored financial solutions to ensure educational centres were equipped with the 21st century resources.

    The bank, he said, has been achieving results in making the right partnerships and attracting international financing for interventions in education.

    “In Nigeria today, we have intervention in agriculture to grow crops. We need intervention in education because we need to grow minds. It’s important to grow minds because it’s the mind that we grow that will ensure that the future is assured. At Union Bank, we have put together a group of solutions for the educational world. One of the most impactful of the solutions is how to finance the infrastructure. We have schools that need internet access, computer systems; power generating sets because the operating expenses are enormous. We intervene through providing finance at the right time.”

    The keynote speaker, Modupe Adefeso-Olapeju, managing director, The Education Partnership Center, said the need to have massive investments in the educational sector is as imperative as the need to entrench the enabling environment for professionals to thrive.

    Describing the trend of medical professionals exiting the country upon completion of their studies as subsidising the foreign economies, she said the brain drain would only be reversed through adequate funding of education and accountability measures need to straighten the system.

     

     

    She said: “In a clear case of giving what it doesn’t have, Nigeria is indirectly and effectively subsidizing the training and the healthcare systems in these countries.

     

    Incidentally the cost of producing doctors in the US is a huge problem with fresh doctors graduating with about N200, 000 in student loans. So I’m sure they are quite grateful to Nigeria for what we give them. From the perspective of the diaspora, almost $20 billion of transfer flows into the country every year and apart from expertise, this shows the potential of the capital that can be channeled into the health country. Therefore we need massive investment from all concerned.”

    According to Adamu Adamu, the minister for education, there is need for private sector intervention in areas of advocacy and funding of the promotion of quality education, provision of syndicated and long term loans to qualified and viable institutions for funding development of capacity building programs among others because the government cannot solely fix education.

    Adamu represented by the Vice-Chancellor, University of Lagos, Oluwatoyin Ogundipe, however, said efforts were being harnessed to improve the quality of education, with policies targeted at early childhood care through universal basic education, mass literacy, adult and non-formal education.

    “The federal government recently presented a draft of education reform plan to stakeholders and development partners in an attempt to input the quality of education output. It contains key challenges and issues facing Nigeria’s education system and the ministries perspective on each of them.

     

  • Union Bank unveils Edu360

    As part of its efforts to support education  for national  growth and development,Union Bank has announced the first edition of an annual education fair – Edu360.

    A statement from the bank said the two-day event themed: ‘Investing in the Future’ has been designed to attract audiences across the education ecosystem, including investors, parents, school owners, teachers and students who will benefit from robust discussions covering investments, school choice and financing options for parents.

    According to the bank, Edu360 will also feature an exhibition where service providers in the education sector will showcase their products and services, facilitate fun learning workshops for students, as well as extensive training sessions to equip the 21st century teacher.

    Speaking on the Edu360 initiative, the Chief Executive Officer of Union Bank, Emeka Emuwa said:

    “Union Bank recognises the critical role of the education sector in our economy. Edu360 is a platform to facilitate much needed investments in the sector, capacity building for teachers and collaboration of parents and educators on child development and curriculum.”

    In 2017, Union Bank made a commitment to drive private sector engagement to deliver Nigeria’s Sustainable Development Goals (SDGs) through the Next100 initiative; highlighting SDG 4 – Quality Education as one of the areas in which it intends to drive impact.

    The bank recently organised the Campus Innovation Challenge to encourage innovation among students of Nigerian tertiary institutions.

    Following a rigorous selection process, the top three winning ideas received cash prizes worth N3, 000,000 as well as access to a six-month incubation programme with Co-creation Hub where they will receive the necessary support to grow their innovative ideas.

  • Nigerians laud Union Bank’s TV commercial 

    The new television viewing commercial by the Union Bank has attracted a lot of enthusiasm on the social media with many viewers hailing and identifying with the plot.

    The story line is about a taxi driver battling societal forces that threaten his fledgling business to a youth corps member hoping for a better future to a photographer wishing for better social amenities. The plot also touches love and inter–ethnic integration.

    Union Bank’s nation-building stance is not out of character. As a financial institution with a rich heritage, the Bank has over the past 100 years, come to be recognised as a trusted partner, helping generations of Nigerian individuals, families and businesses achieve their goals. As a Bank which has been in existence for over a century, Union Bank knows what it means to go through tough times and emerge better.

    In a marked departure from the average bank advert, which typically focus on marketing the institution’s products and services, the Bank’s two-minute commercial communicates strong themes of introspection, perseverance, optimism and hope of a better future for Nigerians.

    Built on the theme of Uncle Thomas, the Bank challenges Nigerians not to lose hope or become the ‘ultimate pessimist’ like Uncle Thomas. Instead, the commercial encourages everyone to continue to believe in a better future.

    The TV commercial, which was coordinated by Image and Time brand agency, was shot in various cities across Nigeria, including Kano, Lagos and Enugu.

    2018 entries for DStv Eutelsat Star awards extended

    Due to popular demand, the closing date to enter for the 2018 edition of the DStv Eutelsat Star Awards competition has been extended till Friday, 26 October 2018. Students between the ages of 14 and 19 now have extra time to be inspired to write a creative essay or design a poster. This year’s topic is “Currently, satellites are being used in a variety of ways but there is always room for expansion and growth. Write an essay or design a poster on areas you believe the full potential of satellites has not yet been explored or embraced.”

    Students can enter for the eight edition of the DStv Eutelsat Star Awards competition today and stand a chance of winning exciting prizes.  The overall essay winner will be eligible for a trip for two to Paris, France, in the company of Eutelsat and onwards to French Guiana to see a rocket launch into space.

    The DStv Eutelsat Star Awards competition is open to all learners from secondary (high) or combined schools on the continent where MultiChoice Africa maintains operations. Entry forms can be obtained from any MultiChoice Resource Centre, the nearest MultiChoice office or via www.dstvstarawards.com. Entries are accepted in English, French and Portuguese and will be judged on the basis of high-standard criteria of accuracy, creativity, originality and innovation. For the first time this year students are also invited to engage with the Awards community through a dedicated Facebook page.

  • Foundation partners Union Bank for playwright competition

    BEETA Universal Arts Foundation (BUAF), in partnership with Union Bank of Nigeria Plc, has announced the second edition of Beeta Playwright Competition (BPC), aimed at discovering new talents in play writing.

    The competition is also aimed at preserving the Nigerian culture, history and heritage through raising new playwrights adept at conceptualising new drama that capture all areas of the country’s life from the grand to the absurd.

    Entry for the competition, which is open to indigenous playwrights between 18-40, will end on August 31. This will be followed by the announcement of the top 10 finalists, who will participate in a writing workshop after which the winner will be announced at a grand finale.

    Award winning actress and producer, Bikiya Graham-Douglas, conceptualised Beeta Playwright Competition (BPC) to make a difference in unveiling and showcasing Nigeria’s emerging playwrights for the next generation.

    Paul Ugbede’s play, Our Son the Minister emerged winner of the competition’s first edition. Graham-Douglas’ foundation published the play and staged it to give it flesh and life at Terra Kulture Arena, Lagos. It also toured the country.

    According Union Bank’s Head of Corporate Communication and Marketing, Ogochukwu Ekezie-Ekaidem, the bank recognises how invaluable arts are to Nigeria’s culture and history, hence the commitment to developing talents in the creative industry through partnership with BUAF.

    The competition, which is also supported by The Guardian, WAPIC Insurance Plc, Terra Kulture, Olajide and OyewoleLLP, and YNaija.com awards N1 million worth of prize to the winner plus a publishing deal with Paper Worth Books Limited.

    It culminates in the stage production of the winning entry by BUAF at Terra Kulture Arena. The second edition will has Shaibu Husseni, Ego Boyo, Ayo Jaiyesimi, Kenneth Uphopho, and Ibiso Graham-Douglas, as the panel of judges for the competition, with Prof. Ahmed Yerima as chairman.

  • Union Bank partners TEDxLagos

    Union Bank has announced its partnership with TEDxLagos for the upcom-ing TEDxLagos event scheduled for August 18. This is part of the bank’s efforts to leverage partnerships and initiatives that support and promote Nigeria’s development and growth.

    TEDx is a global platform created in the spirit of TED’s mission, “ideas worth sharing”. The Lagos event will focus on bringing together some of Nigeria’s best minds; entrepreneurs and social entrepreneurs, professionals, innovators and reformers to share thought provoking ideas that will encourage decisive action for the benefit of the society.

    Speaking on the bank’s partnership with TEDxLagos, Head, Corporate Communications and Marketing at Union Bank, Ogochukwu Ekezie-Ekaidem said: “Union Bank is excited about this partnership with TEDxLagos; a platform synonymous with sharing and inspiring great ideas.”

     

  • Union Bank grows half year profit by 25% to N11.5b

    Union Bank of Nigeria (UBN) Plc recorded double-digit growths across key performance indices in the first half with net profit rising by 25 per cent to N11.5 billion within the six-month period.

    Key extracts of the interim report and accounts of UBN for the period ended June 30, 2018 released yesterday at the Nigerian Stock Exchange (NSE) showed that gross earnings rose by 16 per cent to N83.3 billion in first half 2018 as against N72.1 billion recorded in first half 2017. Interest income had risen by 10 per cent from N56.6 billion in 2017 to N62.2 billion in 2018. Non-interest income grew by 37 per cent from N15.4 billion to N21.1 billion. Net operating income increased by 22 per cent from N41.9 billion to N50.9 billion. Profit before tax rose by 23 per cent to N11.7 billion in first half 2018 as against N9.5 billion recorded in comparable period of 2017. After taxes, net profit rose from N9.2 billion in first half 2017 to N11.5 billion in first half 2018.

    Chief Executive Officer, Union Bank of Nigeria (UBN) Plc, Mr. Emeka Emuwa, said the first half performance showed that the bank has continued to see positive results from its efficiency and productivity drive.

    According to him, across all its business lines, the bank witnessed strong underlying performance, translating into improved earnings as it also continued to focus on the recovery of non-performing loans.

    He noted that with the resolution of the large real estate exposure which was impaired in December 2017 in second quarter of this year, the group’s non-performing loan ratio came down to 10.8 per cent from 14.9 per cent and 19.8 per cent recorded by March 31, 2018 and December 31, 2017 respectively.

    “The group continues to demonstrate its ability to deliver strong results notwithstanding a competitive and challenging operating environment,” Emuwa said.

    He outlined that the group would in the second half of the year, continue to focus on productivity, leveraging its enhanced platform to deliver best-in-class services to its customers and taking advantage of targeted opportunities across business lines and geographies.

    Chief Financial Officer, Union Bank of Nigeria (UBN) Plc, Oyinkan Adewale pointed out that with low-cost deposits now accounting for 70 per cent of total deposits as against 67 per cent as at December 2017, group’s cost of funds fell in first half of 2018.

    “We are pleased that for the first time since 2012, the group’s retained earnings moved from a negative to a positive position, thus eliminating a major technical impediment to the payment of dividends,” Adewale said.

    Adewale noted that operating expenses in the first half were affected by some one-off items, as well as a combined 25 per cent increase in NDIC premium and AMCON levy, assuring that the group would intensify its cost rationalization initiatives in the remaining part of the year.

  • Union Bank, JAN promote financial literacy

    Junior Achievement Nigeria (JAN) in partnership with Union Bank Plc is through its Leadership, Empowerment, Achievement and Development (LEAD) promoting financial literacy among the girl-child.

    The group, which said it will be training 50 girls on the ninth edition of LEAD, added that empowering the girl-child with financial education will help them contribute their quota to the development of the country.

    Executive Director, JAN, Simi Nwogugu explained during a media parley in Lagos, that the successes and testimonies recorded from the previous editions motivated them to do the current edition where they hope to further impact on  the nation positively.

    Nwogugu said it is an annual event where the girls are taken on a residential one-week intensive programme with career women in six different fields of Entertainment, Technology, Law, Finance, Big industries and Creative arts  coming  to mentor the girls in the fields.

    She said the idea for the LEAD camp was mooted in 2001 because after two years of running JAN, she noticed that some of the girls who were shy or timid at the beginning of the programme were more confident by the end and needed just a little more encouragement to secure their new found leadership skills.

    “17 years later, we now have several notable LEAD camp alumni leading and working in positions and doing impactful work to make the world a better place”, she added.

    JAN Board member, Rufai Ladipo said remolding  the girls to future leaders is the goal of the organisation in which they are passionate about and sponsors have been coming in to add their quota to the development of the girls.

    Oduolayinka Osunloye, an alumni of the camp said it is ironical that marketing which she worked on in camp 15 years ago is what she is presently doing professionally and attributed her success to the training gotten there.

  • Union Bank in N1.55b off-market shares deal

    Adeal was struck yesterday for the transfer of about one per cent equity stake in Union Bank of Nigeria (UBN) Plc in an off-market deal valued at about N1.545 billion.

    Transaction report obtained by The Nation indicated that 280.956 million ordinary shares of 50 kobo each of Union Bank were traded in a cross deal at N5.50 per share. The deal was consummated through the negotiated cross deals window of the Nigerian Stock Exchange (NSE).

    The transaction price of N5.50 represents a discount of about 6.8 per cent from the bank’s closing share price of N5.90 per share. UBN’s share price appreciated by 5.0 kobo yesterday, despite average marginal decline of 0.01 per cent recorded by the equities market.

    The transaction volume represents 0.96 per cent of UBN’s outstanding shares of 29.121 billion ordinary shares of 50 kobo each.

    As an off-market, negotiated cross deal, it means that the deal was not subjected to the dynamics of price discovery for the particular period. Off-market trade implied that the deal was sealed outside the floor of the NSE.

    The negotiated cross deal platform of the Exchange is a special-purpose trading platform that is meant for voluminous transaction. By the cross deal, it implies that the buyer and the seller had been prearranged and the transfer at the stock market was a mere perfection of the agreement between the two. The negotiated cross deal allows the parties to the deal to close the deal at reduced cost.

    Most shares of UBN are in the hands of core investors and related. The majority core investors and related party hold more than 85 per cent equity stake in UBN, leaving the bank with a free float of 14.94 per cent.

    The Asset Management Corporation of Nigeria (AMCON) had in 2014 sold a 20.9 per cent equity stake in UBN  in a deal worth more than N25 billion. The deal involved transfer of about 3.538 billion ordinary shares of 50 kobo each at indicative market price of N7.16 per share, totaling N25 billion.

    The NSE had recently extended its deadline for UBN to dilute its concentrated bloc shareholding and free more shares for minority retail investors. UBN was given extended deadline of May 18, 2020 to achieve the 20 per cent minimum free float required for its listing on the main board of the NSE.

    Companies listed on the Exchange are required to maintain a minimum free float for the set standards under which they are listed in order to ensure that there is an orderly and liquid market in their securities. The free float requirement for companies on the main board is 20 per cent of market capitalisation while companies on the premium board are required to have free float of 20 per cent or above N40 billion on the date the Exchange receives the company’s application to list. Companies on the third tier board, otherwise known as Alternative Securities Market (ASEM) are required to have 15 per cent free float.

    Free float, otherwise known as public float, refers to the number of shares of a quoted company held by ordinary shareholders other than those directly or indirectly held by its parent, subsidiary or associate companies or any subsidiaries or associates of its parent company; its directors who are holding office as directors of the entity and their close family members and any single individual or institutional shareholder holding a statutorily significant stake, which is 5.0 per cent and above in Nigeria.

    Thus, free float’s shares do not include shares held directly or indirectly by any officer, director, controlling shareholder or other concentrated, affiliated or family holdings.

    Stock markets maintain minimum public float to prevent undue concentration of securities in the hands of the core investors and related interests, a situation that can make the stock to be susceptible to price manipulation. Besides, it provides the general investing public with opportunity to reasonably partake in the wealth creation by private enterprises.

  • Union Bank AGM: Gross earnings up by 26% to N164 billion in 2017


    Union Bank, one of Nigeria’s longest standing and most respected financial institutions has reported a profit before tax (PBT) of N15.5 billion on gross earnings of ₦163.8billion for the financial year ended December 31, 2017.

    The Chairman of the Bank, Cyril Odu presented the Group’s report to shareholders at the 49thAnnual General Meeting which held in Abuja on June 5, 2018.

    Other highlights of the bank’s financial performance in 2017 show that interest income grew by 25% to ₦124.5 billion from ₦99.7 billion in 2016, as a result of the impact of naira devaluation on the foreign currency denominated loan book, government securities yields and loan book repricing.

    Non-interest revenue also moved up by 31% to ₦39.3 billon from ₦29.9 billion in 2016, driven by improved fee and commission income, trading income and a more effective debt recovery machine.

    Operating expenses increased by 5% to ₦65.1 billion from ₦62.0 billion in 2016 due to inflationary pressures and the impact of devaluation on technology and network investments Gross loans grew by 5% to ₦560.7 billion compared to ₦535.8 billion in 2016, while customer deposits rose by 22% to ₦802.4 billion (from ₦658.4 billion in 2016) continuing its upward trajectory since 2016. The growth was led by investments in customer-led products, recently upgraded alternate channels, along with a strengthened brand.

    Some key operational highlights of the bank at the AGM included: 90% increase in new-to-bank accounts (vs. 2016) driving customer deposits up by 22%, Newly launched suite of digital channels drove active subscriber numbers up by over 100% across channels, Launched the award-winning “Uncle Thomas” campaign to support launch of digital platforms and the brand, Local and international recognition with awards for: 2017 Corporate Communications Awards (CCA) – “Best Rebrand”, 2017 Jobberman Best 100 Places to Work in Nigeria – Ranked 4th Best Company to Work for in Nigeria (up from 9th in 2016), 2017 Marketing World Awards – “Brand Evolution of the Year” and “Iconic Brand of the Year”, 2017 CBN/NIBSS e-Payment Efficiency Awards – “Most Efficient Bank on e-Reference Operations”, 2017 International Finance Magazine Awards – “Fastest Growing Retail Bank in Nigeria”.

    Read Also: Union Bank boosts operations with robotics

    Speaking on the Group’s results for the year, Chief Executive Officer, Emeka Emuwa said: “Strengthening our capital base through the Rights Issue was key for the Bank in 2017. Notwithstanding the challenges a tightened economy presented, the rights issue was 20% oversubscribed.

    “This overwhelming success is credited to strong shareholder and investor confidence in Union Bank’s immediate and longer-term plans. With sufficient capital buffers, we are now in pole position to execute our growth agenda from 2018 onwards.

    “Operationally, we continued to focus on growing our retail customer base and optimizing customer experience with simpler, smarter banking solutions. We launched an upgraded suite of digital channels including UnionMobile, UnionOnline and our unique USSD banking code *826#, driving an increase in active subscribers above 100% on the mobile app and online banking platforms.

    “Union Bank’s alternative banking platform remains the fastest growing in the industry. We continue to attract broad segments of new customers, adding 90% more new-to bank customers in 2017 compared to 2016.

    “Notwithstanding a fiercely competitive environment and reduced consumer purchasing power in the system, our new-to bank customers and deepening share of wallet with existing customers have driven customer deposits up by 22% to ₦802 billion.

    “Consequently, gross earnings are up by 26% to N164 billion. For 2018, our focus is on leveraging our capital and investments in talent and technology to accelerate growth across all business segments and improve enterprise value for all our stakeholders.”

    As Union Bank launches into its second century of existence armed with a strengthened capital base to support business growth and maintain regulatory capital requirements, it is poised to remain one of Nigeria’s most trusted financial institutions.