Govt should tell Nigeria those stealing her crude with vessels – Elumelu

Banker and businessman, Tony Elumelu laments the difficult environment in which business now operate in Nigeria

Appeal Court Dismisses Uba, PDP’s Suit Against Gov Alia, Deputy

The Court of Appeal, Abuja division on Monday, dismissed an appeal instituted by the Governorship candidate of the People’s Democratic Party (PDP) Titus Uba, challenging the election of Hyacinth Alia as the elected Governor of Benue State. In a judgement delivered by the lead Justice, Onyekachi Aja Otisi dismissed the allegations of non qualifications made by Uba against the Deputy Governor, Samuel Ode. In a unanimous judgment, the Appallate Court held that the PDP gubernatorial candidate failed to establish forgery of INEC form EC9 by Ode beyond reasonable doubt as required by law. Among others, the Court of Appeal said that the issues of non qualifications are pre-election matters which can only be challenged at a Federal High Court and not at the Governorship Election Petition Tribunal as done by Uba. Also, Justice Otisi said that a suit to challenge non qualifications can only be instituted within 14 days of occurrence of the subject matter. The Court also dealt with the allegations by Uba that the name of the Governor, Hyacinth Alia was not not submitted by the All Progressives Congress APC to the Independent National Electoral Commission INEC within 180 days before the election of March 18. The Court held that the allegations can survive because the primary election that produce Alia was ordered by a High Court and was done within the period ordered by the court. In the final analysis, Justice Otisi held that the appeal of Uba against the judgment of Benue State Election Petition Tribunal delivered on September 23 lacked merit and was dismissed. The Court subsequently upheld the judgment of the Tribunal and rejected the plea of Uba to void it and set it aside.

UBA’s Fraud Awareness Week: Stakeholders Seek Collaboration To Combat Menace

United Bank for Africa (UBA) Plc, one of Africa’s premier financial institutions, recently hosted a significant event during its Fraud Awareness Week, emphasizing the importance of inter-agency collaboration in combating financial fraud. This initiative aims to empower customers with the knowledge and tools needed to protect themselves from fraud and financial malpractices within the banking and financial sector. Running from Monday, October 16th to Friday, October 20th, 2023, the week-long event garnered substantial participation from key stakeholders across the financial sector. These participants shared their concerns regarding the escalating cases of fraud and discussed strategies to combat this critical issue. One of the event’s highlights was a Stakeholders’ Round-Table panel session held on Thursday. Distinguished guest speakers included Mr. Abbah Sambo Usman, Head of Cybercrime Investigation at the Advance Free Fraud Economic & Financial Crime Commission (EFCC) Lagos State Command; Barrister Akin Adesomoju, Managing Partner at Akin Adesomoju & Co; and the Chief Risk & Compliance Officer, among others. These experts brought their invaluable insights and perspectives to the table. During the panel session, all participants reached a unanimous consensus on the necessity of collaborative efforts among all stakeholders, including banks, financial institutions, and regulatory agencies. The goal of such collaboration is to provide essential information, data, and intelligence to detect gaps in the fight against fraud and to prevent future occurrences. The Group Managing Director/Chief Executive Officer, Oliver Alawuba, who was represented by the Group Internal Auditor, Gboyega Sodiq, emphasized the pivotal role of the Stakeholders’ Round-Table session. He highlighted that this session is a central component of UBA’s commitment to combating fraud and safeguarding the integrity of the nation’s financial systems. Alawuba stated, “In a rapidly evolving world of finance, where technology and innovation are transforming the landscape of financial services, the need for robust fraud prevention measures is more crucial than ever before. This year’s campaign is encapsulated in two simple yet powerful slogans: ‘UBA won’t ask; so don’t share’ and ‘Stay Secure, Stay Alert, Stop the Fraud.’ These slogans serve as a reminder that as a bank, we will never request sensitive information such as PINs, passwords, OTPs/token responses, or personal details via email, phone calls, or any other digital channels. They stress the fundamental rule that must be adhered to rigorously to maintain account security and combat fraud actively.” In summary, UBA’s Fraud Awareness Week proved to be a vital platform for uniting stakeholders and industry regulators to address the pressing issue of financial fraud through inter-agency collaborations and customer empowerment initiatives.

UBA Anchors H2 Profitability On Customer-Centric Values

The United Bank for Africa (UBA) Plc, has pledged its commitment to customer-centric values as it aims to build upon its successes to sustain profitability by the end of the current financial year. UBA’s Group Managing Director, Oliver Alawuba, who gave the assurance at the half year Investor Conference Call Presentation in Lagos, explained that the bank’s impressive performance was characterised by robust revenue generation, prudent cost management, and strategic capital allocation.  UBA is a leading pan-African financial institution, offering banking services to more than thirty-seven million customers across 1,000 business offices and customer touch points in 20 African countries. Alawuba’s assurance comes on the back of exceptional performance in the first half of the 2023 financial year. According to him, these achievements have provided the bank with a solid foundation upon which to further enhance its position as a leading financial institution in Africa and beyond. In its first half results ended June 30, 2023, UBA showcased its financial resilience and strength, surpassing expectations with remarkable performance as it reported a profit before tax of N404 billion, representing a rise by 371 per cent, compared to N85.75 billion recorded in the first half of 2022.  With that performance, UBA became the most profitable financial institution in Nigeria. The result also showed that Operating Income grew by 206.6 per cent to N783.96 billion in June 2023; higher than N255.67 billion reported a year earlier, just as it delivered a 164 per cent growth in its Gross Earnings which rose to N981.78 billion as at June 2023, up from N372.36 billion recorded last year in June 2022. Alawuba said, “These figures reflect our ability to finance future growth and help individual customers, families, businesses and non-profit organisations to carry out their projects. At UBA, we remain focused on our Customer First philosophy and growing our share in the various markets we operate.  “Thanks to our scale, geographic footprint and business diversification, we have numerous opportunities to grow, which should allow us to remain our customers’ first choice and to make the most of those opportunities, our focus is on implementing plans that enhance the existing network across all the countries and businesses, and improving the profitability of our core businesses through disciplined capital allocation.” He further promised that notwithstanding the accomplishments in the first half of the year, the Bank is committed to rendering excellent services to its customers and staying focused on its strategy and corporate objectives. Just last week, the Bank announced the rolling out of a special financing initiative aimed at powering the growth of small and medium scale enterprises (SMEs) all over Africa. In partnership with the African Continental Free Trade Area (AfCFTA) secretariat, UBA is to inject up to $6 billion into eligible SMEs across Africa over the next  three years. “Under the initiative, SMEs specializing in agro-processing, pharmaceuticals, automotive and transport, and logistics will have access to tailored financing solutions. This move is especially beneficial for businesses that operate within these sectors which heavily rely on imports,” Alawuba said. UBA’s Executive Director Finance & Risk Management, Ugo Nwaghodoh, while highlighting the bank’s investment in digital banking, added that the bank continues to gain traction from its huge investments in technology. “Our investments in state-of-the-art technology continue to yield expected results, evident in the huge boost of our digital banking income, which grew 53,7 per cent year-on-year to N57.2 billion. These gains have enabled us to optimize net earnings amid the accelerating inflationary pressure, currency devaluation, and increased regulatory induced cost,” he explained.  He added that focusing on the bank’s sustained growth across its African Markets, UBA remains focused towards delivering innovative and personalised financial products and services that cater to the unique needs of its diverse customer base.

UBA increases staff salaries to address rising cost of Living

The United Bank for Africa (UBA) Plc, Africa’s global bank, has reaffirmed its dedication to the well-being of its staff and their families amid the current economic challenges impacting living conditions which is occasioned by the removal of fuel subsidy. In response to this rising cost of living, the bank’s Board of Directors has taken decisive action by implementing a cost of living adjustment for its employees, effective immediately. This marks the third time in three years that the bank has raised the salaries of its staff, underscoring its commitment to recognizing and valuing the contributions of its employees. Additionally, in line with its commitment to rewarding excellence, UBA announced the promotion of over 1,500 staff across Africa in March 2023, building on the elevation of close to 1,000 staff in the previous year. Oliver Alawuba, UBA’s Group Managing Director/Chief Executive Officer, stated, “We are aware of the impact of recent economic policy pronouncements on prices and your capacity to meet your financial commitments to family and personal needs. As an organization focused on the well-being of our people, I am pleased to inform you that the Board of UBA Plc has approved a Welfare Allowance for all employees.” This decision by UBA to adjust staff remuneration once again reflects the bank’s unwavering commitment to maintaining a standard of living for its employees that is in line with prevailing economic conditions. By prioritizing staff welfare, UBA aims to support its workforce in navigating the challenges posed by the changing economic landscape. Alawuba explained that the decision to adjust the staff’s remuneration package once again demonstrates UBA’s unwavering commitment to maintaining the standard of living for its employees at a level that is commensurate with prevailing economic conditions. “This move will serve to alleviate the financial burdens faced by our staff and their families, reinforcing the bank’s position as a responsible and caring employer,” he explained. United Bank for Africa is one of the largest employers in the financial sector on the African continent with 25,000 employees’ group wide and serving over 35 million customers globally.  Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

Equity market continues bullish run, gains N534bn

Nigeria’s equity market on Monday appreciated by N534 billion as an investment in the shares of United Bank of Africa, FCMB, Access Bank and others lifted the market activity The market capitalization of listed equities increased by 1.60 percent to N33.731 trillion from N33.197 trillion reported the previous day. The NGX All Share Index also increased by 980.97 basis points to 61949.24 points from 60968.27 points traded on Friday. A review of the investment during the day showed that JapaulGold, UPL, and Fidelity Bank led the gainers’ table gaining 10 percent each to close at N0.77 percent, N2.75, and N7.70 percent respectively, Meyer Paint and Eterna Plc also increased by 10 percent each to close at N23.10 per share. On the contrary, Triple G topped the losers’ chart during the day, shedding 9.87 percent to close at N3.38 percent each, Cornerstone Insurance and NSL Tech trailed with a loss of 9.09 percent each to close at N1.00 and N0.30 per unit respectively. ABC Transport fell by 6.82 percent to close at N0.41 per share, Julius Berger was down by 3.23 percent to close at N30.00 per share. Volume of trades increased by 20.692 million, representing 20.73 percent as investors traded 1.205 billion shares valued at N14.039 billion in 12128 deals against 998.080 million shares valued at N15.956 billion in 10580 deals. Transactions in the shares of FCMB group was the toast of investor during the account for 173.808 million shares valued at N930.697 million, United Bank for Africa followed with an account of 160.673 million shares worth N2.119 billion, Access Corp traded132.518 million shares valued at N2.383 billion, Jaiz Bank exchanged 80.637 million shares worth N138.392 million while Transnational Corporation of Nigeria Plc sold a total of 74.963 million shares cost N285.247 million.

UBA unveils Braille Account Opening Form for visually impaired

United Bank for Africa (UBA) has unveiled the UBA Braille Account Opening Form, designed specifically to cater to the financial needs of the visually impaired. The new UBA Braille Account Opening Form was launched at the bank’s head office on Tuesday in Lagos. The event which had in attendance key executive members of the bank and guests including Multi-Award Winner, Nigerian Musician, Producer, and Songwriter, Cobhams Asuquo, is the first of its kind initiative in the Nigerian and African market, General Manager, Lagos State Office for Disability Affairs (LASODA), Dare Dairo; Former Senior Special Assistant to the Lagos State Governor on Persons Living with Disability, Adenike Oyetunde-Lawal, as well as students from the Pacelli School of the Blind also attended the programme. The Executive Director, Finance and Risk Management, UBA, Ugo Nwaghodoh, said that the bank would continue to look for ways to make the physically challenged and others to be comfortable in their life-long relationship with the financial industry. He said, “in our quest to drive all-encompassing financial inclusion, we decided to support the visually impaired by developing a Braille Account Opening Form and these special customers now have the same opportunities available to our customers. “The ultimate benefit is to ensure that everybody has the right to select and choose the kind of account they want to operate, and this account opening form will go a long way to ensure this.” He said that the UBA Braille Account Opening Form was produced with the support of the Anglo-Nigerian Welfare Association for the Blind and was the first of its kind in the industry. According to him, it is designed specifically to cater to the needs of visually impaired individuals. With this innovative solution, he said, UBA had empowered blind customers to independently initiate and complete the account opening process, ensuring their seamless integration into the financial system. “Until now, this unique and special section of the society has been disadvantaged, but with this ground-breaking initiative, UBA has fully demonstrated its unwavering commitment toward providing an excellent user experience for all its customers, regardless of their individual abilities or disabilities,” he added. Endorsing the laudable initiative, Asuquo, described the braille account as an innovative initiative that would presents UBA as a bank with a heart that pays keen attention to the needs of the blind and disabled. Asuquo said, “before now, we have always been at the mercy of the reader when we want to do things like open accounts for ourselves, but this account opening form has come to solve the problem of access which has previously been a huge limiting factor for people like me who are blind. “With this initiative, UBA has promoted our ideal of inclusivity and has helped to put back freedom in our hands while opening us up to the variety of opportunities and options available to us. “UBA has blazed the trail, I am beyond elated, as this new initiative will send a strong note to others to replicate the same feat and make people realise that banking services can and should be done with humanity in mind,” Asuquo said. He thanked the bank for amplifying this much needed cause. “I endorse this 100 per cent and I believe it is a much needed first-step that will lead to so many others,” he said. Dairo, General Manager, Lagos State Office for Disability Affairs; LASODA, commended the entire team for conceiving the idea. He said, “I am so elated at this initiative, and I am happy to hear that this is also going to be replicated in the 19 African countries where UBA is present. “I say thank you to this bank for this beautiful project. It is true that government cannot do it all, and we are glad when we see institutions charting the course for others.” UBA is one of the largest employers in the financial sector on the African continent, with 35,000 employees group wide and serving over 35 million customers globally.