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Tag: Union Bank

  • Union Bank commits N30m to Olympic

    Union Bank commits N30m to Olympic

    Union Bank Plc yesterday donated N30 million to support athletes and the Nigeria Olympic Committee (NOC) participating in the Olympic Games holding next month in Rio, Brazil.

    Speaking yesterday during the cash donation in Lagos, the bank’s Transformation Director, Joe Mbulu, said the lender recognises the value of sports to youth and grassroots development, which translates to national growth.

    “Our support for sports transcends supporting the Olympics. We believe that sports drives unity and Nigerians, no matter the tribe, will always support Team Nigeria,” he said.

    “We will continue to support sports. We understand that the times are tough but we cannot abandon the Team Nigeria.”

    The bank’s Head, Corporate Affairs & Corporate Communications, Ogochukwu Ekezie-Ekaidem, who announced the donation said athletes participating in the games will get N25million out of the N30 million while the Nigeria Olympic Committee (NOC) will get N5 million.

    According to her, the lender sees sports as a Corporate Social Responsibility (CSR), youths and talent development.

    “Sports team life skills. We support the NOC and boost the participants’ morale. The private sector should learn to appreciate the athletes,” she said.

    Ekezie-Ekaidem also announced the selection of five athletes to represent the Team Union and promote the lender’s commitment to sports development.

    Nigeria is scheduled to compete at the Summer Olympics in Rio de Janeiro, from August 5 to 21, this year.

    Since the nation made its debut in 1952, Nigerian athletes have participated in every edition of the Summer Olympic Games, except for the 1976 Summer Olympics in Montreal because of the African boycott.

  • Union Bank supports LEAD Camp

    Union Bank supports LEAD Camp

    Union Bank of Nigeria has supported the Junior Achievement Nigeria (JAN)initiate tagged Leadership, Empowerment, Achievement, and Development Camp for 50 girls.

    The 50 girls, in public and private schools across the regions, will be given the opportunity to learn from seasoned industry practitioners in leadership, media and economy among other human endeavours.

    According to the Director, In-school Programmes, Adaeze Oputa, the mission of LEAD Camp is to empower and inspire young girls to become achievers and leaders. This addresses social development goal (SDG) which talks about gender equality and empowerment of women and girls.

    The participants are taken through series of activities administered by HOD Consulting and supported by leading women from the private and public sectors as mentors.

    Oputa said the majority of participants, who come various parts of the country are public school students who may never get this kind of opportunity in their lives. “We are grateful to Union Bank and HOD Consulting for making this possible and to our list of inspiring speakers who have been generous with their time,” he said.

    JAN’s Chief Executive Officer of HOD Consulting/Founding Executive Director, Mrs. Simi Sanni Nwogugu said LEAD Camp was developed 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 company programme, were more confident by the end and needed just a little more encouragement to secure their new found leadership skills

    On the bank’s support for the initiative, the Managing Director of Union Bank Plc, Emeka Emuwa said developing and grooming young talent is a key focus area for the bank. “The LEAD programme provides an opportunity for us to nurture and encourage an entrepreneurial mindset in these 50 young women who we hope will be the corporate leaders of tomorrow,” he added.

  • Alleged debt: Court lifts ban on NICON, Global Fleet accounts

    Justice Abdulazeez Anka of the Federal High Court, Lagos Division, on Monday discharged an order granted to Asset Management Corporation of Nigeria (AMCON) to take over some assets of business mogul, Jimoh Ibrahim, over an alleged N50 billion debt.

    Justice Anka set aside the interim ex parte order following an application by AMCON’s lawyer, Yusuf Ali (SAN), that parties have decided to explore an amicable settlement of the dispute.

    A sister court presided over by Justice Saliu Saidu had on June 14, granted AMCON an interim injunction against NICON Investment Limited, Global Fleet Oil and Gas Limited and Chief Jimoh Ibrahim.

    But, NICON Insurance Limited, Nigeria Re-Insurance Hotels Limited, Abuja International Hotels Limited and NICON Hotels Limited, had in a Motion on Notice, filed by their lawyers led by Chief Niyi Akintola (SAN) and Chief Bolaji Ayorinde (SAN), prayed the court to set aside and discharge the ex parte order on the grounds that AMCON deliberately failed to make full disclosure of all material facts before the court.

    At the resumed hearing of the applications to discharge the order on Monday, Ali told the court that since the provision of the Federal High Court rules encourages amicable settlement of disputes, parties have decided to meet and report back to court within two weeks.

    “In the spirit of good faith to show that we are doing this to promote equity and justice, we agree that the ex parte order should be suspended so that parties can explore the issue of settlement. We have an agreement that each of the parties will nominate one chartered accountant each that will carry out forensic audit of the account. Since Union Bank is the principal bank that gave out the loan, the accountants will meet at Union Bank’s headquarters and they are to report back within two weeks,” Ali said.

    Confirming the agreement, Akintola, Ayorinde and Ibrahim, who led a team of lawyers, urged the court to set aside the ex parte order so as to give parties unfettered access to meet and report back to the court.

    Addressing the court, Akintola submitted that parties have agreed to explore amicable settlement of the dispute, adding that the applicants have appointed the firm of Adewale Folowosele & Associates to meet with those that will be nominated by AMCON and Union Bank.

     

  • GCR Affirms BBB+, Stable Rating for Union Bank

    GCR Affirms BBB+, Stable Rating for Union Bank

    Global Credit Ratings Co. (GCR) has affirmed Union Bank of Nigeria’s credit ratings of BBB+ and A2 for long and short term respectively, and a stable outlook through June 2017.

    According to GCR, the ratings take into consideration the Bank’s improved market position in Nigeria’s highly competitive banking industry following its recapitalisation in 2012, and improved NPL ratio and profitability metrics in subsequent years.

    In 2013, Union Bank embarked on a transformation programme to reposition the bank and once again become a respected provider of quality banking services in Nigeria.

    In that time the Bank has executed critical initiatives around infrastructure, technology and human capital in line with its strategic objectives. In October 2015, Union Bank unveiled a new brand identity, signalling readiness to operate more competitively in the Nigerian financial industry.

    Commenting on the ratings, Mr. Emeka Emuwa, Chief Executive of Union Bank, said, “The affirmation of the bank’s credit ratings from the previous year is a result of the management’s focus on rebuilding fundamentals and positioning Union Bank for sustainable long term growth. We are pleased that GCR’s review highlights some of the key successes of the Bank’s robust transformation programme over the past three years. Going forward, the Bank will continue to focus on delivering consistent growth to all its stakeholders in the short and medium term.”

  • Union Bank unveils ‘new look’ branches

    Union Bank unveils ‘new look’ branches

    Union Bank Plc has showcased its new brand identity in two of its newly upgraded branches in Plateau State.

    The branches are those  at Pankshin/ Shendam Road, Langtang and 48 Muritala  Mohammed Way, Jos, Plateau State. This is in continuation of its efforts to make banking “simpler and smarter” for its teeming customers.

    Speaking at both events in Langtang and Jos, the Executive Director, Public Sector, Union Bank,   Ibrahim Kwargana said the unveiling was to further consolidate the bank’s position as one of the best corporate and retail banking financial institution in the country, with simpler and smarter packages that will afford our customers quality, reliable, secured and effective services.

    He said: “What we are doing is in furtherance of our transformation journey that started three years ago with restructuring and upgrading of Union bank branch networks.”

    He noted that the expansion represents Union Bank’s strategic objective to maintain significant market share, expand its pan-Nigeria footprint and diversify earnings while delivering value to customers and stakeholders.

    “We want to assure our customers that we are innovative bank and to date, we have refurbished over 70 branches across the country and a lot has also gone into the innovative products that we are currently offering,” he said.

    The bank’s Transformation Director, Joe Mbulu called on customers to partner the bank in utilising the transformed platform, saying that customers can now do bank transactions from the comfort of their homes, using online and mobile banking platforms.

    He maintained that the essence of the restructuring and upgrading is to “ensure that we are in the right locations and serving the right customers in a functional and professional setting.

    The Ponzhi Zinni of Langtang,  Nimnam Langnim; Chief Judge of Plateau State, Justice Pius  Damlak; former Plateau State Deputy Governor, Ignatius Longjan and others attested to the quality of services in the transformed Union Bank.

     

  • Union Bank assures of improved returns in 2016

    Union Bank assures of improved returns in 2016

    The board and management of Union Bank of Nigeria (UBN) Plc have assured shareholders of the bank that recent and ongoing strategic initiatives would lead to improved returns in the current business year.

    At the annual general meeting yesterday in Lagos, directors of the bank variously assured shareholders that the bank would optimise its new business model and continue to ensure effective cost management in its operations in order to increase shareholders’ value in 2016.

    Chief executive officer, Union Bank of Nigeria (UBN) Plc, Mr. Emeka Emuwa said the bank would focus on growing its deposit base, transactional income and client base, managing its liquidity and effectively utilising its capital while reducing operational costs with a view to delivering better results in the years ahead.

    He added that the bank would focus on trade and retail businesses, growing its public sector business in light of the opportunities created by the government as well as drive more value chain synergies across its businesses in Nigeria and United Kingdom.

    In his address, chairman, Union Bank of Nigeria (UBN) Plc, Mr. Cyril Odu, assured shareholders that the board and management of the bank are committed to delivering consistent growth in earnings to ensure that the bank can resume paying dividends to shareholders in the near future.

    He pointed out that the improving quality of the bank’s earnings underscored the success of its transformation programme.

    Reviewing the bank’s 2015 performance, Odu noted that gross earnings for the bank increased by eight per cent from N109.8 billion in 2014 to N118.4 billion in 2015, including N3.6 billion one-off gain on disposal of subsidiaries as the bank continued the implementation of its divestment programme in line with the Central Bank of Nigeria (CBN) regulation.

    He added that profit before tax grew from N14.4 billion in 2014 to N14.6 billion in 2015 while operating expenses reduced by two per cent from N57.2 billion to N56 billion in 2015.

    He pointed out that the double-digit increase in customers’ deposits  by 12 per cent to N569.1 billion in 2015 as against N507.4 billion in 2014 reflects increased customer confidence in the bank while the bank also showed more support for its customers with 15 per cent increase in loans and advances to N349 billion in 2015.

    Meanwhile, shareholders, who spoke at the meeting, praised the bank but called on the directors to hasten the return to dividend payment. Union Bank’s last dividend payment was in 2008.

  • AFRACA praises Union Bank’s agric financing role

    AFRACA praises Union Bank’s agric financing role

    Stakeholders in the Agricultural Sector have commended Union Bank Plc for investing heavily in rural agriculture and being in the forefront of implementing most of the Federal Government policies on Agriculture to ensure food security in the country.

    The lender received these praises in Abuja at the two-day Nigerian Finance conference with the theme “Catalysing the Diversification of the Nigerian Economy through Effective Agricultural Finance”. The event was organized by African Rural and Agricultural Credit Association (AFRACA).

    The representative of the Central Bank Governor who is also the Deputy Governor Corporate Services, Adebayo Adelabu said that investment in Agriculture generates four times poverty reduction variables than any other sector, adding that commercial banks have in the past shied away from investing heavily in Agriculture because of the unpredictable nature of the Sector as draught and even excessive rains could turn the tide and put the banks at risk from scooping their investments in record time.

    Managing Director, Union Bank Plc. EmekaEnuwa reiterated the need for more funding of the Agric sector especially under the platform provided by AFRACA saying that most of the African countries are facing the same dwindling fortune like Nigeria.

  • Union Bank pledges support for rural farmers

    Union Bank pledges support for rural farmers

    THE Chief Executive of Union Bank, Emeka Enuwa yesterday said Union Bank will keep providing agricultural finance to rural farmers adding that as a member of African Rural Agricultural Credit Association (AFRACA), the Bank remains committed to providing rural finance in Nigeria.

    “At Union Bank, we shall continue to provide credit to the agricultural sector and we encourage the other banks to do the same. We remain committed to driving investment in the agricultural sector as an active member of AFRACA and we urge all participants to align with AFRACA’s vision of a rural Africa, where people have access to sustainable financial services for economic development”.

    Enuwa went further to say that Agriculture remains the vital tools that can get the country out of the current depleted foreign exchange stressing that agricultural financing and infractions development must remain an unbroken chain for economic development.

    The Union Bank boss stated this in Abuja at a two day workshop on Catalysing the Diversification of the Nigerian Economy Through Effective Agricultural Finance organised by African Rural Agricultural Credit Association (AFRACA.)

    He recounted that Nigeria was a major exporter of Palm oil, cotton and rubber in the 80s but the oil boom drifted the nation to focus on oil which has now become a commodity with a value that cannot drive the economy, saying that most African countries like Angola that are dependent on oil are also going through the same economic challenge, while urging government to increase funding to agriculture to enable more farmers have access to credits.

    Enuwa pledged the continuous support of Union Bank to rural farmers through a revolving micro credit.

    He said, “Nigeria we all know is an oil producing nation as a number of other member nations, and over the last year or so, we find ourselves in a situation where oil revenue has declined approximately to 43% year to year, 2014 to 2015. And when your foreign currency earnings declines, it has a direct impact on the economy.

    “There has been a shortage in foreign currency and this has affected sectors like manufacturing and others. It has led to a disparity in the exchange rate. We have also started seeing inflation through our indices.

    “Every country needs to diversify its revenue base. Revenue base is production base and that is why agriculture is very important again.

    “In the case of Nigeria, we have history. We used to be the highest producer of palm oil, likewise rubber, cocoa, all and we have to get back to such glory even if it is not the same produce, perhaps different ones.

    “As it stands, we are the largest producer of cassava in the world and this is an opportunity to do more of that. We have to move away from being a net food importer to a net food exporter.

    “One of the challenges facing agriculture sector today is lack of effective agriculture finance. In Nigeria, the banking sector has made some progress. Over the last few years from 2014 to 2015 there has been 36% growth in loan to the real sector, agriculture did not get up to 4% of the total lending in Nigeria.

    “In addition to finance, farmers also face infrastructure impediment, roads, power, transport and storage. Those are things that are important to farmers and which remain a challenge.

    “What has to happen to elevate agriculture to a top level generating sector is what we are seeing, that is the government is saying that agriculture is the key pillar for our economic development and it is being reflected in the budget. If you look at the capital investment required to further enable agriculture whether it is in infrastructure, transport, roads, those are the things we expect to see more investment within the course of this year and going forward. Across Africa the same thing is being done” he said.

    He called on Nigerians to usurp the competitive advantage we have in cassava production to ensure the country become a force in cassava farming and processing.

  • CSR: Union Bank adopts school in Kano

    CSR: Union Bank adopts school in Kano

    Union Bank of Nigeria has adopted Maryam Alooma Muhktar Girls Secondary School, Kano, as part of the activities marking this year’s Global Money Week.

    Global Money Week is a money awareness celebration from Monday, March 14, to Sunday, March 20, 2016. The globally recognised initiative is aimed at engaging children on aspects of financial education, including saving, creating livelihoods, gaining employment and entrepreneurship.

    The Bankers’ Committee of Nigeria designated Thursday, March 17, 2016 as Financial Literacy Day. The day has been marked to positively impact youths in primary and secondary schools by educating them on the basics of financial literacy and planning skills.

    “At Union Bank, we recognise the significance of promoting Financial Inclusion in Nigeria. We have developed a range of banking solutions tailored to service the under-banked businesses, communities and individuals across Nigeria.

    ‘’With our extensive network of over 300 banking centres, we have demonstrated our continued commitment to serve the public,”said the Group Managing Director, Union Bank and Chair of the Financial Literacy and Public Enlightenment Sub-committee of the Bankers’ Committee, Emeka Emuwa.

    They added: “Beyond this, we recognise that Financial Literacy is a key enabler in our quest for Financial Inclusion and that we must begin by ensuring that our children are properly empowered with a sound financial education.”

    Union Bank’s executives and a team of staff volunteers have visited the school.

    Its Executive Director, Commercial Banking, Mr Kunle Sonola taught the pupils Financial Literacy from a curriculum developed by Junior Achievement–Nigeria, a non-governmental organisation, focused on educating children on economic matters.

    The bank’s Executive Director, Public Sector, Ibrahim Kwargana said there was need to equip youths on how to handle and manage their finances.

    Meanwhile, the state Deputy Governor, Prof Hafiz Abubakar, represented by the Director Planning, Research and Statistics, Ministry of Education, Science and Technology, Danlami Garba, described the programme as a wonderful initiative which the youth can gain from.

  • Union Bank, group sign MoU to finance farmers

    Union Bank, group sign MoU to finance farmers

    The Rural Finance Institution Building Programme (RUFIN) yesterday signed a Memorandum of Understanding (MoU) with Union Bank Nigeria Plc to enhance access to finance for rural farmers.

    The National Programme Coordinator, Mr. Olumuyiwa Azeez, during the signing of the MoU in Abuja, said the MoU was  part of efforts made to ensure that credits are made available to rural farmers.

    He said: “The essence of this is to ensure that small scale farmers will now have access to credit; we intend to involve the Nigeria Incentive-Base Risk Sharing System for Agricultural Lending (NIRSAL) to ensure that they provide security for the farmers.

    “We hope that Union Bank will ensure that our farmers who already have off-takers for the produce are supported to enhance production.

    “We are counting on you; we have numerous farmers in all the RUFIN states and this is very successful; we will then upscale it to all the RUFIN participating states and beyond.”

    He assured the bank that the farmers who are expected to benefit from the credit has been properly trained and given financial education, adding that the farmers are in group which will guarantee they pay back loans given to them.

    The coordinator said RUFIN’s capacity building programmes would be extended to the bank for them to benefit.

    He said government was determined to diversify the economy, reduce import bill on agriculture and increase foreign exchange generation through agriculture to ensure that Nigerians eat and grow.