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Tag: NSE

  • NSE inducts 400 AFIT graduate engineers

    NSE inducts 400 AFIT graduate engineers

    The Nigerian Society of Engineers (NSE), on Saturday inducted no fewer than 400 graduate  Engineers of the Class 2024 of the Air Force Institute of Technology (AFIT), Kaduna.

    The induction marked a significant milestone in the careers of the graduate engineers. They were formally inducted into the engineering profession by the  society and Council for the Regulation of Engineering in Nigeria (COREN).

    The inductees graduated from the Departments of Aerospace, Automotive, Mechanical, Mechatronics, Metallurgical and Materials   Engineering.

    Others included: Electrical and Electronics, Civil and Environmental Engineering, Information and Communication Technology as well as Telecommunications Engineering.

    In his address, Prof. Auwal Kasim, Provost of the AFIT,  charged the graduates to exhibit professional competence, due diligence, and moral ethics in their practice.

    Represented by the provost, the Commandant of AFIT , AVM Sani Rabe, highlighted its achievements and its commitment to producing well-rounded engineers.

    He said that the institute has grown significantly since its establishment 40 years ago, with five Faculties offering 22 NUC-accredited programmes, a postgraduate school, and two Faculties offering NBTE-accredited programs.

    Rabe emphasised the importance of professional ethics, urging the graduate engineers to uphold the highest standards of integrity, honesty, and responsibility in their practice.

    He also encouraged them to remain committed to lifelong learning, staying abreast of the latest developments and advancements in their field.

    The commandant reiterated AFIT’s openness to collaborations with stakeholders, such as the NSE and COREN, to make its engineering programmes globally relevant and competitive.

    He also stated that the institute was committed to producing unique, adequately prepared, and skilled graduates who can make a positive impact in their communities and the nation at large.

    Earlier, the President of NSE, Mrs Margaret Oguntala, urged the graduate engineers to uphold the ethics of engineering profession wherever they may find themselves.

    The president was represented by the Chairman, NSE, Kaduna state branch , Mr Abubakar Jumare.

    Oguntala charged them to be good ambassadors of AFIT and the engineering profession.

    Also the President of COREN, Prof. Sadiq Abubakar, reiterated its commitment to enhancing engineering education in Nigeria.

    Abubakar emphasised the importance of quality engineering education in driving Nigeria’s economic growth and development.

    “With the establishment of committees and partnerships with stakeholders, COREN is well on its way to ensuring that engineering education in Nigeria meets global standards, “he said.

    The induction ceremony was attended by dignitaries from the Nigerian Air Force, the NSE, COREN, and other stakeholders in the engineering profession.

  • Stock market indices reverse positive trend, down by 1.5%

    Stock market indices reverse positive trend, down by 1.5%

    The stock market closed trading on Tuesday on a negative note, due as the losses in stocks of Tier-one banks.

    Consequently, All-Share Index fell by 1.5 per cent or 1,564.52 to close at 103,110.15, compared with 104,674.67 posted on Monday.

    Similarly, investors lost  N857 billion or 1.5 per cent, making the market capitalisation, which opened at N57.282 trillion, to close at N56.425 trillion.

    Accordingly, the Year-To-Date (YTD) return decreased to 37.89 per cent from 39.99 per cent recorded on Monday.

    Losses in Tier- one banks namely: Zenith Bank, Guaranty Trust Holding Company (GTCO) and United Bank of Africa dragged the market down.

    A total of 648.95 million shares valued at N11.09 billion were exchanged in 14,579 deals.

    Analysis of the market activities indicated that trade turnover settled lower relative to the previous session, with the value of transactions down by 57.26.per cent.

    Meanwhile, Japaul Gold Group led the volume chart with 59.80 million shares traded at N179.54 million.

    Transcorp Hotel trailed with 52.06 million shares traded at N763.20 million.

    Access Corporation also sold shares of 46.81 million worth N1.20 billion, UBA traded 44.55 million shares worth N1.23 billion and Oando Plc which transacted 33.95 million shares worth N496.65 million.

    On the losers’ table, Linkage Assurance, Caverton, Sterling Nigeria, Axa Mansard and National Salt Company (NASCON) lost in percentage terms of 10 each to close at N1.17, N1.80, N6.30, N5.85 and N68.40.

    On the other hand, UPDC Plc led by 8.11 per cent to close at N2, while Geregu Power Plc gained 4.61 per cent to close at N517.80 per share.

    Wema Bank garnered 1.21 per cent to close at N10.90, Ellah Lakes Plc rose by 0.99 per  ent to close at N3.05 and UPDC Real Estate Investment Trust went up by 0.81 per cent to close at N6.25 per share.

    Reacting, the Doyen of Nigerian Stockbrokers, Mr Sam Ndata, assured investors that there was no cause for alarm, due to the drop in the market performance.

    Ndata told NAN in an interview in Lagos that a decline in market performance is a nature of the market.

    “Whatsoever goes up, must surely come down and viz-a-viz,” Ndata said.

    He said: “Today’s fall in the market performance does not mean that investors are at lost, hence, there is no cause for alarm.

    “The market has been on a rising trend for weeks now, so the nature of investment must take its course.

    “It is a regular practice for investors to withdraw part of the investment for their personal use and that is why we witnessed a drop in the market record.

    “We believe that, by tomorrow or following days the market will rise again.

  • NSE advocates implementation of GL 09 entry point for engineers in government service

    NSE advocates implementation of GL 09 entry point for engineers in government service

    The Nigerian Society of Engineers (NSE) has advocated the implementation of Grade Level 09 as entry point for engineers in government services at states that have not effected the policy.

    The first female President of the NSE, Mrs Margaret Oguntala, made the call during her investiture as the 34th president of the engineering professional body in Abuja.

    She also called for a policy formulation that would compel employers of labour to pay commensurate welfare packages/hazard allowances to engineers.

    Oguntala said the advocacy would be key among her focus in the next two years as the president of NSE.

    According to her, setting clear focus areas is paramount to guiding the collective efforts to accomplish her vision.

    Oguntala unveiled a strategic agenda which she said would underpin her mission, a roadmap that she named the “Margaret Oguntala Presidential Agenda, or MOPSA.

    “MOPSA is not just collection of words; it is a manifestation of our overarching vision which is ‘Rebirth the NSE for the growth, empowerment and advancement of engineering in Nigeria.

    “It is a meticulously crafted blueprint that encompasses five key themes, each designed to address crucial aspects of our mission.”

    She said the MOPSA document consisted of one strategic agenda, five strategic themes (pillars) and 34 strategic actions.

    “The first pillar is membership development; we shall focus on upskilling our esteemed members, offering mandatory professional development to keep at the forefront of knowledge.

    “”NSE shall actively engage intergovernmental bodies, industries and academia to foster partnerships that drive progress, innovation and knowledge exchange.

    “We shall collaborate with leading international engineering organisations and foreign missions to gain access to resources and opportunities for our members.”

    The president of the NSE said advancement of innovation through the establishment of new technology -driven engineering innovation hubs would also be a key priority during her tenure among others.

    President of the Senate, Godswill Akpabio, represented by his deputy, Sen. Barau Jubril, said Oguntala had shattered the glass ceiling.

    “We celebrate the progress our society has made in promoting gender equality and inclusivity in the field of engineering.
    “Engr. Oguntala’s appointment serves as a powerful testament to the fact that talent, dedication and expertise know no gender boundaries.

    “It is a clear indication that the Nigerian Society of Engineers recognises and values the contributions of women in shaping the future of engineering; 33 men have come before her, serving as presidents of this great body.

    “However, the time has come for the NSE to enter the labour room and give birth to a new version of itself. And it is only fitting that a mother, who knows the pains of giving birth, should be in charge of this rebirth.

    “As we embark on this new chapter under the leadership of Engr. Oguntala, it is crucial that we reflect on the challenges and opportunities that lie ahead.

    “However, it is through collective efforts and a shared vision that we can overcome these challenges and pave the way for a brighter future.”

    Akpabio said enhancement of engineering education and training was key to the rebirth and needed an immediate attention.

    “We must strive to equip our engineers with the necessary skills and knowledge to compete on a global scale. This can be achieved through partnerships with educational institutions, Industrial leaders and professional organizations.
    “By fostering collaboration and knowledge sharing, we can ensure that our engineers are armed with the latest tools and techniques to tackle complex engineering problems.

    “As engineers, it is our responsibility to design and implement sustainable solutions that will drive economic growth, improve the quality of life for our citizens, and create an environment conducive to innovation and entrepreneurship.
    “Our engineers are breaking new ground and leading the way in technological innovation.

    “The NSE should reach out to Nigerian engineers in the Diaspora and urge them to respond to the call in our National Anthem.
    “Let them come home and share their skills with us and contribute their unique perspectives and experiences.”
    He said under the Renewed Hope Agenda, President Bola Tinubu and the tenth assembly were committed to support the NSE in giving Nigeria a prominent place in the engineering community.
    The immediate past president of NSE, Mr Tasiu Gidari-Wudil, said Oguntala was instrumental to most of the successes during his tenure.
    Gidari-Wudil pledged his unconditional support for the first female president and urged all engineers to give her maximum support.

    The highlight of the occasion was the taking of the oath of office by Oguntala, which was coordinated by Gidari-Wudil.
    The governors of Oyo, Ogun and Ondo states, some traditional rulers and other international dignitaries, including the president of the World Federation of Engineers attended the event.

     

  • NSE elects first female president in 65 years

    NSE elects first female president in 65 years

    The Nigerian Society of Engineers, NSE, has elected its first female president, Mrs Margaret Oguntala, in the 65 years of its existence.

    The outgoing President of the Society, Mr Tasiu Gidari-Wudil, made this known at a news conference on Thursday in Abuja.

    The NSE also elected other members of the National Executive through voting conducted online on Nov. 21.

    Oguntala would take over the reins of the Society from Jan. 1, 2024 I accordance with the laws of NSE for a period of two years.

    Oguntala had been the Deputy President of NSE for the past two years.

    According to Gidari-Wudil, the election, which was to have been held during the NSE Annual General Meeting in November, is postponed due to a court injunction initiated by a contestants.

    “On this note, I wish to inform the general public that the state of affairs of the Nigerian Society of Engineers is stable and robust.

    “I hereby wish to crave the indulgence of the newly elected Executive Committee Members to extend that same support to the in-coming President.

    “Finally, to all the members of our great Society, I send my sincere appreciations for the trust they reposed in us to offer leadership in the last two years.

    “Even though there may have been few challenges here and there, I am happy that we are leaving a united house,” he said.

    The newly elected members of the society include the President, Mrs Margaret Oguntala, Deputy President, Mr Ali Rabiu, Vice Presidents Mr Joseph Adebayo, (South-West) and Mr Danladi Adamu, (North-East).

    Other Vice Presidents are Mrs Rose Madaki, (North-West), Mrs Felicia Agubata, (South-East), Mr Bemogho Ofoeyeno (South-South) and Mr Ademola Agoro, (South-West).

    Members of the National Executive Committees also elected are Mr Ibrahim Hammadikko, (North-Esat), Mr Aliyu Dutsinma Ibrahim, (North-East), Mrs Rachel Ugye (North-Central).

    Also Ndifon Agbiji, (South-South), Mr Abraham Aghadike (South-East) and Prof. Olumide Ogundipe (South-West).

    On the Statutory Audit Committee are Mr Greg Ashibuogu, Mrs Clara Anyanwu-Amadi and Dr Omolola Adetona.

  • Create railway ministry for mass jobs, economic growth – NSE boss urges FG

    Create railway ministry for mass jobs, economic growth – NSE boss urges FG

    The Ikeja Branch Chairman of Nigerian Society of Engineers (NSE), Mr Femi Adedotun, on Sunday appealed to President Bola Tinubu to create a ministry for the railway for mass employment, industrialisation and economic growth.

    Adedotun made the appeal in an interview in Lagos.

    He said railway operations required large manpower and was a huge employment driver, which nations across the world were leveraging to tackle unemployment and underemployment.

    He urged the federal government to harness the opportunities through partnership with the private sector to manufacture or assembly railway parts to curb capital flight and create thousands of new jobs annually.

    He said the railway ministry would stop capital flight, attract investments, create mass employment and boost the nation’s Gross Domestic Product (GDP).

    The chairman, who is the Head of Department, Industrial Maintenance Engineering, YabaTech, said railway was a key sector with several value chains that could engage professionals and artisans from various fields simultaneous.

    “Railway can absorb 1,000 engineers per year in our system. So, it requires government to be extremely focused and fund it very well.

    “And allow local content to come in because there is nothing the Chinese are doing that our local engineers, technicians and technologists cannot do,” he said.

    Adedotun narrated his experience on a visit to the Indian Railway Ministry, saying the Indian nationals were thinking ahead.

    According to him, they usually buy locomotives and engines from more advanced countries to study and fabricate theirs.

    The former staff of the Nigerian Railway Corporation (NRC) urged the federal government to provide the enabling environment for private sector players to set up coaches and wagons’ workshops for production of spare parts.

    He lamented that Nigeria’s railway sector had not grown in over a century of its existence because the sector had no policy backing to function as a money spinner like other countries.

    “NRC is a year older than the Chinese Railway. NRC started in 1898, while the Chinese Railway started operations in 1899. We are a year older than them and yet they are the ones coming back to colonise us. You can see how backward we are.

    “The way forward is for government to take railway as a cardinal activity in terms of policy, financing and management. They must come in so that government, the private sector and the management staff of NRC must work together.

    “The tripartite relationship must also involve the academia, the industry and professional bodies. If railway is fully funded it will tackle unemployment,” he said.

    He lamented low interconnectivity in the country saying, “we just have one line from here (Lagos) to Kano. Whereas all states in Nigeria are supposed to be connected by train.”

    He said an ongoing tripartite agreement signed for the Ikeja NSE, NRC and Federal Institute of Industrial Research (FIRRO), to go into manufacturing of railway spare parts, was still on course.

    Adedotun said the parties to the agreement were trying to introduce local content in the sector by engaging the private sector to manufacture some railway spare parts.

    He said the NSE had inspected new installations to study what the Chinese firms had done and were planning another trip to Ibadan to study the riding index of the rail tracks.

    He said it was a way of the NSE studying gradients and other features to help them design the parts, and that fabrication would be done by FIRRO while NRC would manage operations.

    The chairman commended ongoing efforts of the federal government in training experts in the sector.

    He said the federal government sent five engineers from YabaTech, including himself and others from the Kaduna Polytechnic, to India to understudy the country’s rail system.

    He said Kaduna Polytechnic had started Railway Engineering Departments and the YabaTech would soon begin degree courses in Railway Engineering Technology.

  • NSE gives FG 18 days ultimatum over abduction, killings of members

    NSE gives FG 18 days ultimatum over abduction, killings of members

    The Nigerian Society of Engineers (NSE), has given the Federal Government 18 days ultimatum to fish out and prosecute  killers and abductors of its members across the country.

    The President of NSE, Mr. Tasiu  Gidari-Wudil, gave the ultimatum at a news conference on Thursday in Abuja on the killings and abduction of its members.

    He said over the years, the society has been inundated with reports of abduction and vicious killings of its members across  the country, especially in the South-East.

    Gidari-Wudil said the most recent of such cases was the report of the killing of  Mr Donatus  Udeh, who  was abducted on  April 22.

    “Three days later, his mutilated, lifeless body and vehicle were found at different locations within 9th mile corner, Ngwo, Enugu State on April 25.

    “The late Engr. Udeh was, until his demise, the Vice Chairman of the Enugu Branch of the Nigerian Society of Engineers.

    “In a similar way, five Engineers from NELAN Engineering Consulting Limited were abducted on their way to inspect a project site in Ebonyi on Nov. 3, 2021.

    He said the victims, Nelson Onyemeh,   Earnest Edeani,  Ikechukwu Ejiofor, Samuel Aneke and Engr. Stanley Nwazulum  were  to be on a supervisory visit to the $150 million Abakaliki Ring Road project.

    The president said that that until this moment, the Police have not unraveled the mystery behind the disappearance of the hardworking professionals.

    He  said presently, the life of one of the Executive Committee members of NSE was under threat just because she was supervising a project in Ebonyi.

    The president said  it was a shame to continually witness these cruel killings without any respite from the government.

    He said  that the primary purpose of government was the security and welfare of the people, as provided in section 14(b) of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

    Gidari-Wudil said  that when all the professionals are killed, who would construct the roads, build bridges and waterways.

    “The engineer saves lives and improves the quality of living by her innovative ideas and inventions.

    “The slain engineers were exactly on such patriotic nation-building and economy- stimulating course when they were cut down.

    “It is an irony that such breed of humans would be targeted for such brutality without a convincing action by the government to bring the perpetrators to book.

    “Going forward , I hereby make an appeal to the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria to wade into the matter,’’he said.

    He urged the president should specifically direct the Inspector- General of Police to carry out special investigation into  the abduction and killing of Udeh, in Enugu.

    The society also called for the   re-opening of the case of the five engineers of NELAN Engineering Consulting Limited which happened in Ebonyi State in 2021.

    He said that if no action was taken as demanded, as  President and Chairman-in-Council of the NSE, he will  initiate an industrial action to press home their demands.

  • INEC should be headed by an engineer – NSE

    INEC should be headed by an engineer – NSE

    The Nigerian Society of Engineers (NSE) has called on government to ensure that the person to head the Independent National Electoral Commission (INEC) should be an engineer if the country must achieve sustainable development.

    Mr Tasiu Gidari-Wudil, President of NSE said this on Saturday at a news conference organised by the society for the commemoration of the World Engineering Day (WED) in Abuja.

    The theme of the 2023 World Engineering Day is “Engineering Innovations for a More Resilient World”.

    In  2020, March 4, was officially designated as the World Engineering Day (WED) for Sustainable Development.

    The date was approved by the United Nations Educational, Scientific and Cultural Organisation (UNESCO) as a special international day to celebrate Engineers and the works of Engineering every year.

    Gidari-Wudil speaking at the occasion said if the Government would strive the person who should head  INEC as its chairman should be an engineer.

    “70 per cent of the operations of INEC is logistics, that is industrial engineering, the operations; election now is ICT based, technology based, so if you are going to bring a professor of political science or history most of the questions in this field he cannot answer.

    “But if you bring an engineer he will use his experience, am sure most of the commissioners are not engineers, so when you talking of logistics and tracing, I can tell you if you put an engineer he will be geo-tagging every ballot box.

    “So, if really government is ready to solve problems let them put square pegs in square holes, there are more than 40 fields of engineering, so if you want things to work don’t be afraid to put the right professionals in the right places.

    “What we are saying is that the in-coming government should be mindful of this if they want to develop this country. In every political party there are engineers. People with the right competences should put in places,” Gadari-Wudil said.

    Recall that at the recently concluded 2023 Presidential and National Assembly Elections, many of the challenges that faced the commission was due to the late arrival of sensitive materials and INEC personnel coupled with failure of the BIVAS machine.

    The NSE president also used the occasion to call for full implementation of the Presidential Executive Order 5, which according to him, certain critical sections of the Executive Order are not being fully implemented.

    Speaking on the recent building collapse in Gwarimpa, FCT, he said there was an urgent need to establish responsible Building Engineering Practice and Governance.

    “The Nigerian Society of Engineers (NSE) views with severe dismay and as a national disgrace, the recent collapse of a 3-storey building on 6th Avenue, Gwarimpa District, Abuja.

    “This unfortunate incidence is the latest in the unmitigated trends of shameful and avoidable building collapse incidences across Nigeria, which have resulted in humongous deaths and maiming of innocent Nigerians.

    “These disasters are outcomes of ineffective compliance, breakdown of regulatory control, official negligence and failure to stamp out building design and construction incompetence and quackery.

    “It is the NSE’s well-considered view that henceforth, a determined precedence should be set for deterrence and as part of the healing balm for victims of this disaster by fully implementing the reports of the investigations.”

    Gadari-Wudil speaking further, said NSE was spear-heading the adaptation of curricula and teaching methods to ensure that engineering professionals and students are innovative, and developing skills.

    He added that training programmes were being created and developed to up-skill and re-skill NSE members to meet the demands of the 4th Industrial Revolution (4IR).

    The news conference also  witnessed the inauguration of the new President of the Nigerian University Engineering Students Association, and a tour of a mini exhibition of products of indigenous innovations by engineers.

    One of such products was the Hybrid Solar Power Trainer designed and constructed by engineers in National Agency for Science and Engineering Infrastructure (NASENI).

    The objectives of WED include  creating awareness about the World Engineering Day as an important international day for achieving sustainable development by governments, civil society, industry, and the public;

    To increase awareness of Engineering, its impact on modern life, and that it is crucial to advance the UN’s Sustainable Development Goals (SDGs) among other objectives.

  • CBN accepts culpability for chaos arising from Naira redesign

    CBN accepts culpability for chaos arising from Naira redesign

    The Central Bank of Nigeria (CBN) has accepted culpability for the chaos arising from the redesign of the N200, N500 and N1000 banknotes and the resultant suffering Nigerians are faced with.

    Mr Folashodun Shonubi, CBN’s Deputy Governor in charge of Operations said the apex bank did not anticipate the resultant effects of the Naira redesign and cash withdrawal limits policies.

    Speaking at the 22nd fellowship conferment lecture and ceremony organised by the Nigerian Society of Engineers (NSE) in Abuja, Mr Shonubi acknowledged that there was an oversight.

    The lecture held on Thursday, February 9, 2023, was titled, ‘The intricacies of the naira redesign and its benefit to Nigerians’.

    “As you know, Nigerians are very ingenious. And we created a whole new line of business for people that we never envisaged.

    “An aspect of that is queuing, where you sell your position on the queue for money. Night crawling, where you wait till night, collect numerous cards from your friends and family and go to an ATM and empty them using different cards and then take the cash to sell.

    “So it’s been a bit stressful to be honest because we did not anticipate this kind of behaviour,” he said.

    However, Shonubi argued that numerous benefits have been achieved, including the retrieval of N2 trillion to the banking system since implementation commenced.

    He vowed that the CBN will do everything within its authority to ensure that it salvages the current situation and make the challenges become a thing of the past as soon as possible.

    Council of State gives CBN two options to address Naira scarcity

    Meanwhile, the Council of State has presented two options to the CBN with which to address the current shortage of Naira notes in the country.

    TheNewsGuru.com (TNG) reports the National Council of State asked the CBN to print more new notes or recirculate the old Naira notes to ease the current hardship being faced by Nigerians.

    However, the Council of State expressed support for the Naira redesign policy of the apex bank but stressed that the hardship on Nigerians was too much.

    Attorney General of the Federation and Minister of Justice, Abubakar Malami briefed State House reporters on the key issues after the Council of State meeting at the Presidential Villa, Abuja on Friday.

    According to Malami, the Council of State advised the CBN to urgently ensure the availability of Naira notes to douse tension and ameliorate the suffering of citizens across the country.

    “The two major resolutions that were driven by the deliberations of the Council are: one, that we are on course as far as the election is concerned and we are happy with the level of preparation by INEC and the institutions.

    “And then two, relating to the Naira redesign policy, the policy stands but the Council agreed that there is need for aggressive action on the part of the Central Bank of Nigeria (CBN) as it relates to implementation of the policy by way of ensuring adequate provision being made with particular regards to the supply of the Naira in the system,” Malami said.

    While corroborating the comments made by the Attorney General, Gov. Darius Ishaku of Taraba State said the INEC and the Inspector General of Police both gave details of their level of preparedness for the 2023 election.

    He said the governor of the CBN gave details of the Naira redesign policy as well as the merits and demerits of the policy.

    “The Governor of the Central Bank briefed us on the monetary change and issues that have arisen relating to that across the whole States of the Federation.

    ”He gave us the merits of that policy that is being implemented.

    ”What took more time was the monetary issue because of the scarcity of money in circulation but generally the view is that principally the policy was accepted.

    “But the major issue is that of implementation. So many views were proffered particularly that the CBN governor should look into making sure that the new money is available in quantum.

    ”And there were suggestions too that if the new money is not enough or printing them could be difficult, the old currency could be recirculated or pumped into circulation to ease the tension particularly for the poor people in the society who will need a little money to buy their food or drugs on daily basis,” he said.

    Ishaku said all deliberations at the Council were advisory, but the president would take the final decision.

    Gov. Babajide Sanwo-Olu, who also briefed newsmen, assured that the president would take the right decision at the end of the day for the benefit of all Nigerians.

    “All we said or discussed were advisory and the president will retire back to his office and I think with all of this advice, the executive knows what to do as we move on.

    ”I’m sure the president will make his thoughts and views known to the nation,” he added.

    TNG reports present at the Council of State meeting are former presidents Goodluck Jonathan, Yakubu Gowon and Abdulsalami Abubakar, Olusegun Obasanjo, who joined the meeting virtually.

    Chairman of the Independent National Electoral Commission (INEC), Prof Mahmood Yakubu, the CBN Governor, Godwin Emefiele, and the Inspector General of Police, Usman Baba were also present to brief the council.

    The Council of State is an organ of the Federal Government of Nigeria which advises the executive on key policy making.

    This would be the first Council of State meeting held in 2023, coming 14 days to the presidential elections and amid the twin crisis facing the economy: fuel scarcity and a cash crunch occasioned by the CBN’s Naira redesign policy.

  • UBA reports 12.3% growth in profit as gross earnings hit N608bn

    UBA reports 12.3% growth in profit as gross earnings hit N608bn

    Africa’s Global Bank, United Bank for Africa (UBA) Plc has announced a remarkable performance in its unaudited financial results for the third quarter ended September 30, 2022, recording impressive growth across all its major indices, replicating the commendable performance it achieved in the first two quarters of the current fiscal year.

    Specifically, the bank’s Gross Earnings rose to N608 billion, up from N493 billion recorded in September 2021, while Operating income also grew by 27.3% to close at N414.1 billion as at September 2022, up from N334.8 billion achieved a year earlier.

    In its financial report filed with the Nigerian Stock Exchange (NSE), UBA reported a 12.3% rise in Profit Before Tax to close at N138.5 billion compared to N123.4 billion recorded at the end of the third quarter of 2021, while profit after tax also rose significantly by 10.9% to N116 billion up from N104.6 billion recorded a year earlier, thus sustaining its annualised return on average equity for Q3 2022 at 19.2%.

    As always, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N9.3 trillion, representing a 9.1% increase over the N8.5 trillion recorded at the end of December 2021, just as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Customer Deposits rising to N7.03 trillion, representing a 10.4% rise, up from N6.4 trillion at the end of the last financial year.

    UBA shareholders’ funds remained very strong at N809 billion up from N805 billion recorded in December 2021 again reflecting a strong capacity for internal capital generation and growth.

    Commenting on the result, UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, remarked that the Group continues to show notable operating resilience amid significant headwinds in its presence markets amidst heightened global risk environment, adding that its strong diversification model and unwavering focus on customer satisfaction continues to give the bank an edge over its peers in the industry.

    He said, “We continue to reap the benefits of our diversification strategy and Customer -1st philosophy and build resilience in our operations across Africa and the Rest of the World to support the mission of providing superior value to our stakeholders.

    “This has translated into strong financial gains evident in growth in our customer deposits and Net interest margin. In addition, we are strategically positioned to drive our market share in our operating countries, with the strong growth of our payments and transaction banking offerings,” Alawuba stated.

    Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said, “The Group’s profitability increased by 12.3% to N138.5 billion, with underlying growth in our key income lines and moderation in our cost of funds.

    We remain very cautious in risk asset creation as we defensively position our asset portfolios to minimize the impact of the heightened credit risk. Consequently, our NPL ratio remains within acceptable threshold at 3.2%.

    United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) million customers, across 1,000 business offices and customer touch points in 20 African countries.

    With presence in New York, London, Paris, and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

  • UBA delivers N153 billion profit, records 11% balance sheet growth

    UBA delivers N153 billion profit, records 11% balance sheet growth

    Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced its audited results for the full year ended December 31, 2021, reporting impressive performance in key financial metrics.

    The 2021 financial result filed by the bank at the Nigerian Stock Exchange (NSE) on March 4, 2022, showed that gross earnings rose significantly to N660.2 billion representing an increase of 7 percent compared to N616.8 billion recorded at the end of the 2020 financial year.

    Total assets grew by 11 percent to an unprecedented N8.5 trillion in the year under review, up from N7.7 trillion in 2020, thus marking the first time the Bank’s assets will cross the N8 trillion mark.

    Despite the huge challenging business and slow economic recovery in most of its countries of operations, UBA’s Profit Before Tax was impressive with a 20.3 percent growth to N153.1 billion, compared to N127.3 billion at the end of the 2020 financial year; while Profit After Tax rose grew by 8.7 percent to N118.7 billion in 2021, compared to N109.2 billion recorded the previous year.

    Similarly, net loans grew by 7.7 percent growth to N2.8 trillion, whilst customer deposits rose by 12.2 percent to N6.4 trillion, compared to N5.7 trillion in the corresponding period of 2020, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise

    In the year under consideration, the bank’s operating income rose by 10% to N443 billion compared to N403 billion in the prior year, whereas operating expenses closed the period at N279 billion.

    In its usual tradition of rewarding shareholders, the Bank proposed a final dividend of 80 kobo for every ordinary share of 50 kobo for the financial year ended December 31, 2021. The final dividend which is subject to the affirmation of the shareholders at its Annual General Meeting will bring the total dividend for the year to N1 as the Bank had paid an interim dividend of 20kobo earlier in the year.

    Commenting on the result, the Group Managing Director/CEO, Kennedy Uzoka, said that notwithstanding the tight and challenging operating environment, UBA continues to deliver significant performance.

    He said, “The year 2021 can best be described as a year of global recovery; economies around the world began to witness early-stage recoveries, as supply chains recover from the devastating disruptions suffered in 2020.

    Consequently, UBA recorded remarkable 7% growth in top line to N660 billion (USD1.56bn), and profit before tax (PBT) of N153.1 billion, up 20.3% from the prior year. Net Loans and advances grew by 7.7% to N2.8 trillion with exposure mostly to resilient economic sectors including oil & gas, agriculture and manufacturing. Deposit from customers grew 12.2%, crossing the N6 trillion mark, to N6.4trillion.”

    The GMD explained that the quality of UBA’s portfolio as well as the strength of the bank’s credit risk management frameworks and policies remain the bedrock of the positive results that the bank has been recording over the years, adding that the current performance highlights UBA’s relentless customer focus, and leverage on its key strategic levers – People, Process and Technology.

    “Looking forward, I am particularly excited about our ongoing Enterprise Transformation Program which is designed to enhance the bank’s process agility, service delivery and customer experience. We are also making sizeable investments in cutting-edge technology and cyber security, to keep our innovative digital banking offerings above the curve, as we tool and re-tool our human resources to compete and win in a rapidly changing and evolving landscape. This will ensure the bank continues to achieve respectable top and bottom-line growth through the medium to long term” the GMD stated.

    UBA’s Group Chief Financial Official, Ugo Nwaghodoh, who corroborated the GMD’s comments, said, once again, the bank has shown resilience. It achieved sizeable growth and strengthened its balance sheet despite the slow pace of economic recovery that characterised the year 2021.

    “Through active and diligent assets and liabilities management, the bank was able to protect its net interest margin and achieved a downward moderation of Cost of funds (CoF) by 70 basis points to 2.2% from 2.9% in the prior year.

    According to him, the group’s capital adequacy ratio at 24.9% was well above the required regulatory minimum and reflects a strong capacity for business growth. “The Group’s non-performing loan ratio improved further to 3.6% from 4.7% at the end of 2020. This testifies to the quality of UBA’s loan portfolio even as the bank remains relentless in its resolve to drive down the Cost-to-Income ratio, which stood at 63.0% at the end of the year.”

    Nwaghodoh added that the bank achieved further strides in growing its business and gaining market share across its pan-African operations, with the region accounting for 63.2% of the Group’s profitability, compared to 55.4% in 2020; Loans and advances as well as Deposit in the region were also up 14.5% and 27.3% respectively from a year earlier.

    In his concluding remarks, the CFO stated “We recognise the changing competitive landscape and are proactively positioning to consistently deliver on our strategic objectives and commitment to shareholders.”

    United Bank for Africa Plc is Africa’s global bank, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touch points in 20 African countries. With a presence in the United States of America, the United Kingdom and France and more recently the United Arab Emirates, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.