The Nation Newspaper

Tag: United Bank for Africa

  • NSE trading opens for the week with a loss of 0.26%

    Trading on the Nigerian Stock Exchange ( NSE ) opened for the week on Monday with a drop of 0.26 per cent due to price depreciation of some blue chips.

    The All-Share Index dipped 111.35 points or 0.26 per cent to close at 43,056.51 as against 43,167.86 achieved on Friday.

    Also, the market capitalization, which opened at N15.507 trillion lost N105 billion or 0.68 per cent to close at N15.402 trillion.

    A breakdown of the price movement chart showed that Unilever recorded the highest, shedding N1.40 to close at N60.80 per share.

    Nestle trailed with a loss of N1 to close at N1, 380, while NASCON was down by 90k to close at N23 per share.

    Cadbury depreciated by 80k to close at N17.60, while United Bank for Africa went down by 60k to close at N22.30 per share.

    On the other hand, Total led the gainers’ table for the day, growing by N4.10 kobo to close at N246.10 per share.

    Dangote Sugar came second with a gain of 85k to close at N23.35, while Nigerian Breweries gained 50k to close at N130 per share.

    UACN added 45k to close at N17.95, while Ecobank Transnational increased by 20k to close at N20 per share.

    Also, the volume of shares traded closed lower as investors bought and sold 831.39 million shares valued at N10.57 million on 5, 651 deals.

    This was in contrast with a total of 1.54 billion shares worth N19.71 billion traded in 4,599 deals on Friday.

    FBN Holdings emerged investors delight, accounting for 425.60 million shares valued at N5.29 billion.

    Zenith International Bank followed with an exchange of 78.96 million shares worth N2.45 billion, while Japaul Oil and Maritime traded 64.77 million shares valued at N64.01 million.

    Regency Alliance Insurance exchanged 41.64 million shares worth N13.80 million, while Unity Kapital traded 24.53 million shares valued at N7.72 million.

    NAN

  • Africa has good investment opportunities, says Elumelu

    The Group Chairman, United Bank for Africa (UBA)Tony Elumelu, has stressed the need to change the African narrative while concentrating on the myriad of opportunities inherent in the continent.

    This, he said, is paramount if the continent is to take its rightful position as a strong regional player in the international community, owing to its numerous investment opportunities.

    Elumelu, who is the Founder of the Tony Elumelu Foundation, said the time had come for governments on the continent to put things in place to ensure that the continent which has great potential, lives up to it; adding that already, there are signals of the greatness all around.

    Speaking during Richard Quest’s programme on CNN aired on the sideline of the ongoing World Economic Forum in Davos, Switzerland on Thursday, he said; “the time has come for us to prioritise our young ones, who are the future of this great continent. These are the men and women who are energetic in Africa and who can perform wonders if the enabling environment is there.

    “We need to get it right with infrastructure in Africa and with the macro-economic policies and environment. And the good thing is that things are gradually falling in place. I think Africa promises good investment opportunities, the problem has always been creating the right environment for it, and this should be our major focus.” Elumelu stressed.

  • UBA gross earnings hit N333.92bn in 2017 Q3

    UBA gross earnings hit N333.92bn in 2017 Q3

    United Bank for Africa (UBA) Plc on Monday announced gross earnings of N333.91 billion for the third quarter ended Sept. 30, 2017.

    This is according to the company’s third quarter result released by the Nigerian Stock Exchange (NSE).

    The report showed that the gross earnings represented a growth of 25.75 per cent when compared to N265.53 billion posted in the comparative period of 2016.

    Also, the company’s profit before tax during the period under  review increased by 33.2 per cent or N19.53 billion to N78.33 billion as against N58.79 billion in the corresponding period.

    The result showed that profit for the year closed higher at N60.92 billion from N49.51 billion, representing an increase of N11.41 billion or 23 per cent.

    Further analysis showed that net interest income stood at N152.29 billion from N112.07 billion achieved in the preceding period of 2016.

    Its interest income declined to N238.09 billion compared to N265.53 billion in 2016, while interest expenses stood at N85.79 billion from N70.92 billion in 2016.

    However, the non-interest income rose to N84.60 billion from N71.19 billion, while fees and commission surged to N57.89 billion from N56.22 billion recorded in the corresponding period.

    Similarly, total assets increased to N3.77 trillion from N3.50 trillion in 2016, while total liabilities rose to N3.26 trillion from N3.06 trillion in comparative period of 2016.

    Loans and advances to customers grew to N1.08 trillion from N970.39 billion reported in the preceding period. (NAN)

  • Delta police nab bank workers over N25m bullion van robbery

    Delta police nab bank workers over N25m bullion van robbery

    The Delta Police Command has confirmed the arrest of four staff of the United Bank for Africa (UBA), Asaba main branch, following last Tuesday’s robbery attack on a bullion van along the Benin-Asaba road.

    The command’s Spokesperson, DSP Andrew Aniamaka, said this in a statement issued on Wednesday in Asaba.

    Aniamaka said that the arrest of the bank workers followed investigation into the bullion van attack which left a policeman fatally wounded and the sum of N25 million carted away.

    “The command has arrested one Amina Oyewole, the Cash Management Officer of UBA Branch 1 Asaba, the Chief Security Officer as well as two drivers.

    “The suspects were arrested by the Police following an armed robbery attack which occurred on Tuesday, Sept. 5, between Otulu and Ubulu-Okiti, along Asaba/Benin expressway in the state.

    “Their arrest followed preliminary investigation into the attack which revealed that, in a bid to cut corners, the bank officials illegally picked seven police officers from different locations yet to be determined to move the money,” Aniamaka said.

    He said the bank staff engaged the policemen on an illegal escort for the conveyance of the sum of N25 million from UBA branch in Agbor to Asaba.

    He said the officials also did not employ the use of a serviceable secured armored bullion van as required by law in the movement of the money.

    The spokesperson said an earlier request for escort men was turned down by the Operations Department of the command because the bank did not have serviceable bullion van needed for such operation.

    He said that during the attack, one of the police escorts was fatally wounded by the armed robbers who also succeeded in carting away the N25 million in a Honda Pilot Jeep and a Toyota Corolla.

    “The command warns that henceforth banks requiring police escort must adhere to laid down regulations on special escort especially during the Ember Months.

    “The command reassures members of the public that no stone will be left unturned in ensuring that the fleeing armed robbers are apprehended and brought to book,” he said.

  • Elumelu urges Nigerian students to embrace entrepreneurship

    Elumelu urges Nigerian students to embrace entrepreneurship

    Dr Tony Elumelu, Chairman, United Bank for Africa (UBA), urged Nigerian students to embrace entrepreneurship in order to overcome the problem of unemployment.

    Elumelu, founder of the Dr. Tony Elumelu Foundation made the call in Sokoto where he addressed students at the National Dialogue Series organized by the Students’ Union, Usmanu Danfodiyo University, Sokoto.

    The Dialogue Series was organised in collaboration with the management of the institution.

    Himself, Tony, a successful entrepreneur, acknowledged with gratitude while expressing happiness for the opportunity accorded him to speak directly to the youths.

    According to him” I applaud this kind of initiative that brings today’s leaders and the people to whom the future truly belongs to interact and share perspectives.

    “ The Tony Elumelu Foundation is committed to empowering young African men and women as my contribution towards the development of our continent.

    ” This is borne out of my deep-rooted belief that entrepreneurship is the single most critical
    ingredient for economic empowerment and jobs creation.”

    Elumelu further commended the efforts of the Vice Chancellor, Professor Abdullahi Abdu Zuru and the University’s management for instituting the National Dialogue Series.

    In the same vein, he lauded the efforts of an alumnus of the University Dr. Shadi Sabeh, for his
    efforts and the Tony Elumelu Foundation, respectively in seeing that the National Dialogue Series sees the light of the day while describing Shadi as,” a fine example of the great force and impact our young ones can achieve if we support and empower them.”

    However, the successful entrepreneur also called on the students to be proud of the University which had produced many great men like Shadi, and Sokoto State Governor, Barrister Aminu Waziri Tambuwal, whom he described as,” a digital governor.” adding that,” the Usmanu Danfodiyo University has such rich legacy, an impeccable pedigree, and an outstanding academic track record that distinguishes it as one of Nigeria’s finest institutions.

    “If you are a student of this great university, you have every reason to be proud, and if you are an alumnus, you equally have every reason to be proud.”

    In his remarks, Chairman of the occasion, Alhaji Muhammad Zangaria, acknowledged the great impact the guest speaker has been making in seeing that the African Continent joins the league of developed nations.

    Also speaking, Vice-chancellor of the University, Professor Abdullahi Abdu Zuru, lauded the UBA
    Chairman for the intellectual nurturing of students of the institution noting that Elumelu remains an icon of great recognition
    in the continent and globe at large.

    Zuru further advocated the establishment of the Tony Elumelu Business School in the University, in partnership with Elumelu while disclosing that the proposed School would be training budding Entrepreneurs in the country, to further tame poverty, unemployment and youths restiveness.

    Similarly, the Vice Chancellor opined that the proposed school would help in providing plausible solutions to the formidable socio-economic problems plaguing Nigeria.

    While commending the management of the institution, President of the Students Union, Comrade Idris Mubarak Maibasira said,” the unparalleled philanthropic movement of Elumelu had taken a myriad of Nigerians out of poverty and had equipped scores with entrepreneurial skills.

    He further enjoined the Sokoto State Government and Elumelu ‎ to assist in easing students accommodation problems on campuses while requesting the UBA Chairman to construct a pedestrian bridge at the “Kofar mata” route, to serve as part of the Bank’s Corporate Social Responsibility.“

  • N-Power: Beneficiaries in Nasarawa protest non-payment of five months stipend

    Some beneficiaries of the Federal Government N-power programme in Nasarawa have protested the non-payment of their five months stipend.

    News Agency of Nigeria (NAN) reports that the protesters who carried placards and leaves, marched for over five kilometres from the Lafia Branch of United Bank for Africa to the Government House.

    Spokesman of the group, Abdulkareem Isiaka, said most of their members have not been paid since the programme started five months ago.

    He said the protest was to draw the attention of the concerned authority to come to their aid by ensuring that they get their money as at when due.

    “All those who are yet to be paid have already reported to their respective places of primary assignment.

    “We have reported to the authority at the various local government areas, yet nothing was done about it hence the need for the protest.

    “Maybe they are not reporting the case to the appropriate authority, but with this protest now the authority will be aware that something like this is going on,” he said

    NAN reports that the protesters were accompanied by security agencies while no government official came out to address them.

     

  • UBA: Outperforming

    UBA: Outperforming

    United Bank for Africa (UBA) Plc is on the top list of companies with well-rounded performance. UBA’s top-of-the-chart performance at the stock market combines with considerable growth in all key fundamental indicators to make the bank the best performing banking stock in recent period. Capital Market Editor Taofik Salako, in this report, reviews the interplay of fundamental earnings and share price appreciation

    United Bank for Africa (UBA) Plc outperformed all banking stocks in the first quarter of 2017 with a share price appreciation of 28.22 per cent. It had recorded the second highest price gain of 33.1 per cent in 2016, just slightly under three points behind Guaranty Trust Bank (GTB), which led the sector with 35.9 per cent.

    Altogether, UBA’s share price had grown by more than 60 per cent in the past 15 months, the highest by any bank and one of the few bright spots in the long-running depression at the stock market. Average return at the Nigerian Stock Exchange (NSE) in the first quarter of 2017 was negative at -5.05 per cent.

    The NSE Banking Index was down by 0.03 per cent while the NSE 30 Index, which tracks large-cap stocks, was almost on the average with a three-month return of -4.93 per cent. In  2016, the stock market had recorded a full-year average return of -6.17 per cent, equivalent to net capital loss of N604 billion.

    Only 19 companies, including three banks, recorded a capital gain of 20 per cent and above in 2016, underlining the general downtrend that marked price changes during the period. A long-running depression had seen quoted equities losing N4 trillion in the past three years, including N1.75 trillion and N1.63 trillion in 2014 and 2015 respectively.

    UBA’s share price appears to be riding on the crest of positive analysts’ reviews. There is almost analysts’ consensus on the attractiveness of the UBA. Investment research and rating firms such as Renaissance Capital, CSL Stockbrokers, Fitch and Augusto among others had maintained that UBA has strong fundamentals to support substantial price appreciation. UBA Group’s audited report and accounts for the year ended December 31, 2016 supported the positive view of its earnings potential, in spite of the Nigerian economic recession.

    Improving earnings

    Key extracts of the Group’s audited report showed impressive growths in the top-line and the bottom-line as it continued to expand its assets base. Group;s gross earnings rose by 21.9 per cent from N314.84 billion in 2015 to N383.65 billion in 2016. Interest income had grown by 15 per cent from N229.63 billion in 2015 to N263.97 billion.

    With 2.9 per cent increase in interest expense from N96.03 billion to N98.77 billion, net interest income rose by 23.7 per cent to N165.2 billion in 2016 compared with N133.6 billion in 2015. This underlined the profitability of the group’s core banking business. Group profit before tax grew by 32.4 per cent to N90.64 billion in 2016 as against N68.45 billion in 2015. After taxes, net profit rose by 21.1 per cent from N59.65 billion to N72.26 billion. With these, earnings per share increased from N1.79 in 2015 to N2.04 in 2016.

    UBA Group’s balance sheet also emerged stronger with total assets rising by 27.3 per cent from N2.75 trillion in 2015 to N3.5 trillion in 2016. Customers’ deposit rose by 19.7 per cent from N2.08 trillion to N2.49 trillion. Loans and advances recorded above average growth of 44.2 per cent to N1.50 trillion in 2016 as against N1.04 trillion in 2015, underlining  the bank’s commitment to economic development. Shareholders’ funds also increased by 33.5 per cent from N325.83 billion in 2015 to N434.85 billion in 2016.

    Key underlying ratios showed that the growth in 2016 was driven by improvements in the intrinsic operational performance and management. Net interest margin, which underlines the profitability of the core banking business, improved to 62.6 per cent in 2016 as against 58.2 per cent in 2015. This corroborated the reduction in cost of fund. Pre-tax profit margin, which measures the underlining profitability of the group’s businesses, also improved from 21.7 per cent in 2015 to 23.6 per cent in 2016.

    On the back of improved earnings, the bank increased dividend payout to shareholders by 25 per cent, further enhancing the total real return on investment built up significantly by capital appreciation. Shareholders received final dividend payment of N19.9 billion for the 2016 business year, in addition to N7.3 billion interim dividend paid after the audit of its 2016 half-year results. With this, shareholders received a final dividend per share of 55 kobo in addition to interim dividend of 20 kobo, bringing total dividend for the 2016 business year to 75 kobo as against 60 kobo paid for the 2015 business year. A dividend yield of more than 14 per cent further placed UBA within the top yields at the stock market. This surpassed the 13.01 per cent coupon on the two-year tenored Federal Government National Savings Bonds.

    Sustained growth

    The latest audit report confirmed UBA Group’s steady performance over the years. A five-year medium term review showed that total assets have grown steadily from N2.27 trillion in 2012 to N3.50 trillion in 2016. Net loans and advances more than doubled from N658.9 billion in 2012 to N1.50 trillion in 2016. Customers’ deposits also followed the uptrend, jumping from N1.72 trillion in 2012 to N2.49 trillion in 2016. Shareholders’ funds rose consecutively from N189.11 billion in 2012 to N434.85 billion in 2016. Profit before tax, which stood at N52.01 billion in 2012, had defied recession to rise to N90.64 billion in 2016 while profit after tax rose from N54.77 billion in 2012 to N72.26 billion in 2016.

    Most analysts have rated UBA Group high on its fundamentals. “We note improvement in profitability and the bank’s good asset quality. The rating takes into cognizance the weak macroeconomic climate on the banking industry’s asset quality, in which we do not expect UBA to be excluded. Nonetheless, we note positively its diversified geographical reach, which will cushion to an extent the impact of the weak Nigerian economic climate,” Agusto & Co stated in its recent credit rating report.

    Nigeria’s foremost local rating agency, Agusto & Co,  had upgraded UBA’s rating from “A+” to “Aa-”, with a stable outlook, citing the bank’s improved capitalisation, good liquidity and large pool of stable deposits, strong domestic presence supported by the bank’s extensive branch network and growing alternative banking channels.

    Also, Fitch International, one of the foremost global rating agencies, in its latest report affirmed and upgraded its ratings for the bank citing strong earnings and asset quality. Fitch affirmed UBA’s viability rating at “B” as the pan-African banking group continues to sustain its benchmark asset quality and strong profitability amidst industry and macroeconomic challenges. UBA is one of the few banks with strong risk management framework, which has helped kept non-performing loans ratio at a moderate level of 1.74 per cent as at the end of March 2016.

    Strength in diversity

    Other African subsidiaries contributed about one hird of the group’s profit in 2016, reflecting the increasing market share of the group outside its Nigerian home. UBA operates in 18 other African countries including Ghana, Republic of Benin, Liberia, Cote d’Ivoire, Burkina Faso, Guinea, Senegal, Sierra Leone, Mozambique, Zambia, Uganda, Tanzania, Kenya, Congo DR, Congo Brazzaville, Cameroon, Chad and Gabon. UBA also has presence in United Kingdom, United States and France.

    Geographical segment analysis showed the group performance was buoyed by above average growths in its foreign subsidiaries. The other 18 African subsidiaries recorded pre and post tax profit of N31.4 billion and N24.32 billion respectively on total earnings of N121.9 billion in 2016, considerable growths on pre-tax profit of N18.8 billion and post-tax profit of N14.14 billion recorded on total incomes of N67.72 billion in 2015. Other non-African global operations also improved in 2016 with total income of N9.8 billion and pre and post tax profits of N3.4 billion and N3.37 billion respectively. Other non-African global subsidiaries had recorded gross earnings of N6.01 billion and pre and post tax profit of N1.95 billion each in 2015.

    Operating segment analysis also showed that the overall performance rested on evenly spread improvements across the key business segments. Corporate banking recorded gross earnings of N116.63 billion, profit before tax of N43.46 billion and profit after tax of N37.69 billion in 2016 compared with N101.07 billion, N29.04 billion and N25.31 billion recorded respectively in 2015. Retail and commercial banking segment, the largest segment, grew top-line to N227.57 billion in 2016 with profits before and after  tax of N29.44 billion and N20.05 billion respectively. Total revenue in the segment had stood at N185.19 billion in 2015 with profit before tax of N26.52 billion and profit after tax of N23.11 billion.

    Outlook

    The board and management of UBA said the banking group is well-positioned for sustainable long-term growth that will continue to ensure commensurate returns to shareholders. Chairman, United Bank for Africa (UBA) Plc, Mr. Tony Elumelu, noted that most African countries were implementing policy measures that should help stimulate inclusive economic growth, ease macro pressures and lower the cost of doing business. According to him, while Africa has experienced a difficult period; the UBA group welcomed 2017 with renewed optimism as it truly believes that “Africa is Rising”.

    “Our pan- Africa operations have delivered on the promises we made at the outset of our growth strategy and we are beginning to reap the benefits of one the largest network in Africa. As we navigate the fast changing market place, we are increasingly digitalising our core business, as we explore new markets and means of embracing customers experience, gain increased share of customers’ wallet and offer new services. I am very optimistic that we will sustain the strong growth trajectory, as we continue to gain market share, leveraging our core values of enterprise, excellence and execution,” Elumelu outlined.

    Group managing director, United Bank for Africa (UBA) Plc, Mr. Kennedy Uzoka also assured that the bank is optimistic of continuing growth in the years ahead.

    “The 2017 outlook remains positive in most of our markets. We are not aware unaware of the macro challenges, competition and constantly changing customer preferences.  We will further sweat our unique Pan Africa platform to improve productivity, extract efficiency gains and grow our share of customers’ wallet across all business lines and markets,” Uzoka said.

    According to him, as the banking group continues with its customer first philosophy, shareholders can look forward to better performance, especially with the outlook remaining positive in most of the group’s markets.

    “We will build on our strong governance culture, zero-tolerance for infractions and transparency in furthering our frontiers of leadership in the African market,” Uzoka said.

  • Dana Air opens more points of sale in Accra

    • Partners more Banks for book on hold 

    Dana Air has introduced more point of sales and contact centres for customers in Accra.

    The spokesman of the airline, Mr Kingsley Ezenwa disclosed on Monday.

    According to Ezenwa the new move is aimed at ensuring accessibility and seamless process of ticket booking and payment.

    The airline, he also said is in talks with four more banks for its Book on Hold payment option.

    Speaking on the development, Dana Air’s Accountable Manager, Mr Obi Mbanuzuo, said the airline strategically opened the offices at Liberty Avenue Adabraka and Cornestone Arcarde, Mensah Woos Street, East Legon.

    The decision of the offices locations were based on the demands of its passengers and the need for the airline to have multiple payment options and outlets for passengers.

    Commenting further, Obi said: “Apart  from Guarantee Trust Bank, Zenith Bank and United Bank for Africa; we are also in talks with Access Bank, Fidelity Bank, UMB and Barclays Bank for book on hold payments. 

     All our guests need to do is just to book their tickets on our website and then make payments at any of the listed banks within 12 hours.”

    He urged frequent flyers to register for the airlines’ frequent flyer program – Dana Miles and take advantage of the multiple benefits that will follow and also expect more amazing packages in the months to come.

    Only recently, Dana Air launched a promo tagged, “Show your loyalty’’ which entails guests to fly five times and get a free ticket on any of its route- Accra, Abuja, Lagos, Port Harcourt and Uyo.

     The airline is reputed for its world-class in-flight service, superior on-time performance and innovative online

  • Two charged with N1.1m bank transfer fraud

    Two charged with N1.1m bank transfer fraud

    The police in Lagos have arrested two men for allegedly stealing N1.1 million belonging to Ecobank Plc through their United Bank for Africa (UBA) account.

    Okorie Ugochukwu, 27, and Meldon Odey, 20, of no fixed adresses, were accused of conspiring with others at large at the Ojodu, Lagos branch of Ecobank and providing a UBA account into which their accomplices transfered N1.1m from Ecobank.

    They were arrested by men of the Ikoyi Police Station, Lagos, allegedly after they withdrew the N1.1m from a UBA Automated Teller Machine (ATM).

    At their arraignment Thursday before Mr. P. A. Adekomaiye of a Lagos State Magistrates’ Court in Igbosere, the defendants were charged on three counts bordering on conspiracy and stealing.

    Prosecuting Inspector Ingobo Emby told the court that the defendants hatched their plans to steal the N1.1m at the Ojodu Branch of Ecobank, sometime in November 2015.

    He alleged that Ugochukwu and Okorie compromised a UBA Savings Account No. 2045154137 “through which they fraudulently received the N1.1m, property of Ecobank Plc, which they withdrew with an ATM card.”

    The offences, the prosecutor added, contravene and are punishable under Sections 285 and 409 of the Criminal Law of Lagos State, 2011.

    The men denied the charges.

    Chief Magistrate Adekomaiye granted each defendant bail of N300, 000 with two sureties each in the like sum.

    The case was adjourned till March 17.

     

  • UBA grows Q3 top-line by 12% to N211b

    UBA grows Q3 top-line by 12% to N211b

    United Bank for Africa (UBA) Plc grew its top-line by 12 per cent to about N211 billion in the third quarter as the bank’s core banking operations further stimulated overall performance.

    Key extracts of the interim report and accounts of the bank for the nine-month period ended September 30, 2014 released at the weekend showed that interest income grew by 12.5 per cent, nudging the bank’s gross earnings by 12 per cent to N210.7 billion. The bank had recorded gross earnings of N188.02 billion in the comparable period ended September 2013.

    Interest income had risen from N132.76 billion recorded in third quarter 2013 to N149.41 billion in 2014. Net interest income also rose from N78.16 billion to N81.96 billion. Operating income increased to N138.39 billion in 2014 as against N129.87 billion.

    Group managing director, United Bank for Africa (UBA) Plc, Mr. Philips Oduoza, said the growth in gross earnings reflected the increasing business activity across the bank’s operations.

    According to him, the bank has been supporting businesses and institutions with the finance they need to exploit emerging opportunities on the continent.

    He noted that the operating income of N138 billion for the nine-month period to 30 September, 2014 represented a 6.6 per cent increase over the corresponding period of last year, showing the strong underlying operating efficiency of UBA business globally, and the capacity of the business to remain profitable.   The bank made a profit before tax of N42.54 billion and a profit after tax of N33.6 billion for the period.

    “We are confident that our performance will continue to improve in the last quarter 2014, with increased contribution to Group Balance sheet from the African subsidiaries,” Oduoza said.

    Oduoza had recently outlined that the bank’s key strategic imperatives remain as defined in 2013 under the bank’s “Project Alpha” adding that the bank will leverage on the viable platform established in 2013 to further consolidate on the current growth momentum.

    According to him, as a proactive bank, UBA has adequately resourced and re- aligned its structures to optimise emerging opportunities arising across all the regional blocs, while also adopting appropriate risk management frameworks to mitigate likely exposures in its operations both within the local and global environment.

    “We will adopt a very aggressive approach to market and ensure focused implementation of our strategic priorities, to drive achievement of our corporate targets,” Oduoza added.