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Tag: UBA

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

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

    “Meanwhile, oil-producing countries are smiling as their foreign reserve is rising. What is Nigeria’s problem? We need to hold our leaders more accountable!”
    Concerned by the very absurd occurrence of a huge chunk of Nigeria’s crude oil being stolen, prominent businessman and banker, Tony Elumelu says the government and security agents should be able to tell Nigerians who is stealing the country’s main source of revenue, especially using massive vessels that move through the territorial waters.
    Elumelu stated this in an interview published by the Financial Times on Friday, where he also spoke on denied business opportunities during the Buhari Presidency.
    Elumelu who dreads oil theft said the menace contributed to the divestment of international oil companies in Nigeria.
    He said he discovered first-hand why international oil companies were partly divesting from onshore assets after criminal gangs began stealing crude from his pipelines.
    In 2022, when things got to a point where his company had to shut down production, Elumelu took to social media, tweeting:
    “How can we be losing over 95 per cent of oil production to thieves? Look at the Bonny Terminal which should be receiving over 200,000 barrels of crude oil daily, instead, it receives less than 3,000 barrels, leading the operator Shell to declare force majeure. The reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple!
    “Meanwhile, oil-producing countries are smiling as their foreign reserve is rising. What is Nigeria’s problem? We need to hold our leaders more accountable!”
    Elumelu said oil thieves still take away 18 per cent of crude from his field, lamenting, out of “42,000 barrels of crude pumped daily,” theft still takes away about 18 per cent of production.
    Asked who is behind the theft, he replied, “This is oil theft, we’re not talking about stealing a bottle of Coke you can put in your pocket. The government should know, they should tell us. Look at America — Donald Trump was shot at and quickly they knew the background of who shot him. Our security agencies should tell us who is stealing our oil. You bring vessels to our territorial waters and we don’t know?”
    Mr. Elumelu also recounted an unpleasant experience he had during the Presidency of Muhammadu Buhari when his company, Heirs Holdings was allegedly denied the opportunity of acquiring an oilfield.
    He disclosed that Heirs Holdings had been looking to purchase the oilfield since 2017, having raised $2.5bn to purchase a different one. In a twist, he claimed that former President Buhari and his late Chief of Staff, Abba Kyari, blocked the deal.
    He said he was told Nigeria could not allow something of such strategic importance to fall into the hands of a private operator.
    “This defied logic,” he added since he would have been purchasing it from a foreign company.
    As one of the few Nigerians who made their fortunes outside of oil, Elumelu revealed that his decision to buy a 45 per cent stake in an oilfield three years ago when international oil companies such as Shell, Total and Eni were selling off their shallow water assets in Nigeria was to give the country energy security in the face of low power supply.
    “We wanted to become a Fortune 500 company and we estimated what we needed. It’s not naira, it’s huge dollars. Energy security is crucial for a country that doesn’t produce enough electricity for its roughly 200 million citizens,” he added.
    Speaking on the japa syndrome, Elumelu declared, “I support it, totally. “I don’t have a problem with people saying ‘I’m going to Canada, UK or US.’
    “Joblessness is the betrayal of a generation. You’ve gone to school and come back with your dreams and aspirations and you don’t have the opportunity . For people who decide to find solutions elsewhere, no one should stop them. But for those who decide to stay, they should try to create an impact and build a legacy.”

  • 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.