Pan African financial institution, United Bank for Africa (UBA) Plc at the weekend honoured four retiring directors while restating its commitment to ensuring strong corporate governance across the group.
The four directors who had collectively served the bank for over 40 years, were celebrated for their remarkable contributions to the group, over the years.
The retired non-executive directors – Mrs Rose Okwechime, Ambassador Kunle Olumide, Alhaji Jaafaru Paki and Mr Yahaya Zekeri – were treated to a cocktail and dinner party attended by top players in the private and public sectors at the Transcorp Hilton Hotel, Abuja on Friday.
Speaking at the event, the Group Chairman, Tony O. Elumelu commended the contributions of the retiring directors to the Bank’s corporate governance policies and the actualization of its goals and targets.
“The Bank’s institutionalised corporate governance has attracted more investment, increased its income base, ensuring that UBA impacts the economic and infrastructural developments in Africa. We are grateful for the contributions of the retired directors and their colleagues on the board” Elumelu said
“Without the support given by the retiring directors, we may not be where we are today. Their investment and advisory services with the legacy Standard Trust Bank which later grew into today’s UBA, cannot be understated.” Elumelu said.
Also speaking at the event, the Group Managing Director, Kennedy Uzoka “Tonight, we are happy but not too happy. We are happy because employees of this financial empire have come together to celebrate some great people who have contributed to building the franchise that we have today. Four members of our board are leaving because they have achieved the statutory years of service. If not for this fact, we would have held on to them because of the value they have given overtime,” Uzoka said.
Speaking on behalf of the ex-directors, Ambassador Adekunle Olumide thanked the bank for the opportunity given to them to contribute to the growth of the UBA Group.
He considered the Board’s decision to expand into Africa as one of the greatest achievements during their time. “Today UBA’s subsidiaries contribute over 40 percent to the bank’s profit.
The bank’s vision of diversification of its income and its concrete contributions to the economic and infrastructural developments of Africa, make me happy to be part of that history,” Amb. Olumide said.
He advised that the UBA should maintain its prudent loan policy, which he considered to be one of the best in the Nigerian financial industry.
According to him, he and his colleagues are leaving a bank with very strong corporate governance practices and principles, world-class management and very resourceful staff, which he believes will ensure the bank is maintained to the best standard.
Tag: UBA
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UBA Reiterates Commitment to Strong Corporate Governance Standard, Honours Retired Directors
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UBA Shows Resilience as Gross Earnings hit N375 billion, with Group profit of N79 billion
United Bank for Africa Plc, the pan African financial institution with presence in 20 African countries has announced its unaudited 2018 Third Quarter Financial Results, with impressive growth in Gross Earnings, which berthed at N374.8 billion, an 12.3 percent increase when compared to N333.9 billion recorded in the corresponding period of 2017.
According to the report filed to the Nigerian Stock Exchange(NSE) on Tuesday, UBA’s net operating improved 1.7 percent year-on-year to N227.7 billion, when compared to N224 billion achieved in the similar period of 2017.
Amidst inflationary pressures and uncertainties undermining the business environment in Nigeria and a few other countries in Africa, UBA’s operating expenses only increased by 2.3 percent to N149.1 billion, compared to N145 billion recorded in the same period of last year. The low cost profile can be better appreciated when put in the perspective of double digit inflation rate in Nigeria. Overall, the Bank posted a Profit Before Tax of N79.1 billion whilst Profit After Tax stood at N61.7 billion. This profit performance puts the Bank’s annualized return on average equity at 16% and 20% at pre-tax and post-tax profit level respectively.
The Bank continues to maintain a very strong balance sheet, with Total Assets of N4.51 trillion, an impressive 10.8 per cent year-to-date rise over the N4.07 trillion total asset recorded as at December 2017. Another strong indication of the growth of the Bank and more so, acceptance of the franchise across Africa is the remarkable 16.2 percent year-to-date growth in Customer Deposits, which grew to N3.18trillion, compared to N2.73 trillion as at December 2017. The shareholders’ fund remained very strong at N509.3 billion, even as the implementation of International Financial Reporting Standard (IFRS) 9, moderated the Group’s equity by 3.8% year-to-date.
Commenting on the result, the Group Managing Director/CEO, UBA Plc, Kennedy Uzoka, said; “We achieved a number of strategic imperatives during the quarter and committed more investments in the future of the business – building a solid foundation for sustainable and superior return to our shareholders”
Uzoka said that he is pleased that the Bank’s Virtual Banking Chatbot, Leo, which debuted on Facebook earlier in the year, was successfully launched on WhatsApp during the quarter. “This new channel offering, which enables our customers to fulfil their banking transactions through simple chat commands, is another premier initiative in our suite. The early pay-offs are quite compelling – recent customer acquisitions and broader transaction volume growth are exciting leading indicators that reinforce our confidence in these novel channels,” he said.
“Our franchise is increasingly renowned for financial solution and I am happy with the consistent growth in our businesses across the continent. We have grown balance sheet by 11% year-to-date to over N4.5 trillion. Notwithstanding the statutory-induced cost growth, our earnings proved resilient, as we recorded nine-month profit before tax of N79 billion. Notwithstanding the macro-risk arising from upcoming elections in Nigeria, our single largest market, we are confident of finishing the year strong,” Uzoka concluded.
Also speaking on UBA’s financial performance and position, the Group CFO, Ugo Nwaghodoh said that despite the relative volatility in the third quarter of 2018, especially in the face of U.S. interest rate hikes and concerns over global trade war, which has disrupted the interest and exchange rate environment in many African countries, the bank remains on track to deliver its earnings target for the year.
He said “We remain committed to our five-year plan of working down CIR to 50%, which we consider to be a normalised medium-term CIR. Overall, we closed the third quarter with a post-tax RoAE of 16% and the Group remains well capitalized and liquid, as reflected in the Group’s capital adequacy of 21% and Bank’s liquidity ratio of 53%.”
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UBA Grows Gross Earnings By 16%, Delivers 17% Return on Average Equity
Africa’s leading financial institution, United Bank for Africa Plc has announced its audited 2018 half year financial results, showing strong growth across key performance metrics as well as a significant contribution from its African subsidiaries.
Despite declining yield environment in two core markets, Nigeria and Ghana, the pan Africa financial institution delivered double digit growth in gross earnings, as it recorded a 16 percent year-on-year rise in top-line to N258 billion, compared to
N223 billion recorded in the corresponding period of 2017. This performance, according to analysts, underscores the capacity of the Group to deliver strong performance through economic cycles, even in a challenging business environment.According to the report filed to the Nigerian Stock Exchange on Wednesday, UBA, reported strong growth in operating income at N168.5 billion, compared to N161.8 billion in the first half of 2017, an increase of 4.1 percent. Notwithstanding the inflation-induced cost pressure in the period, UBA finished the first half of the year strongly, with a Profit Before Tax of
N58.1 billion. The Profit After Tax also improved toN43.8 billion, a 3.4 percent growth compared toN42.3 billion achieved in the corresponding period of 2017. The first half of the year profit, translated to pre-tax and post-tax return on average equity of 23% and 17% respectively.UBA’s foreign operations continue to grow in importance, contributing 40% of the Group’s profit, which according to analysts attests to the benefit of UBA’s pan-African strategy and reinforces the Bank’s objective of achieving 50 percent earnings contribution from offshore subsidiaries.
In the first six months of the year, the Bank’s Total Assets grew 4.9% to
N4.27 trillion and Customer Deposits rose by 6.1 per cent toN2.90 trillion, compared toN2.73 trillion as at December 2017. This growth trajectory underlines UBA’s market share gain, as it increasingly wins customers through its re-engineered customer service and innovative digital offerings. The Group’s Shareholders’ Funds remained strong atN496.3 billion, even as implementation of IFRS 9 impacted the total equity of the bank and its peers.In line with its culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc declared an interim dividend of N0.20 per share for every ordinary share of N0.50 each held on the qualification date – Wednesday, September 05, 2018.
Commenting on the results, the Group Managing Director/CEO, United Bank for Africa Plc (UBA), Mr. Kennedy Uzoka said: “Our performance in the first half the year reflects the resilience of our business model and strategies. Despite declining yields in two core markets, Nigeria and Ghana, we delivered double digit growth in gross earnings. Our performance demonstrates the success of our digital banking initiatives and broader Customer-First strategies”
“We are integrating banking to our customers’ lifestyle, simplifying processes for routine transactions and driving financial inclusion by making banking services accessible and affordable. We are creating opportunities for wealth creation and economic progress, as we empower our customers through innovative platforms and solutions that support their personal and business growth. Our commitment to delivering excellent service is paying-off, as we increasingly win a bigger share of customers’ wallet across our chosen markets. We won the highly coveted “Africa’s Best Digital Bank” Award by Euromoney, demonstrating our pioneering initiatives are being recognised with Leo, our digital banker having been name checked by Mark Zuckerberg ” Uzoka said.
“Our enhanced asset-liability management strategies improved asset yield and grew interest income by 21% despite prevailing yield environment. Our re-engineered sales structure provided the impetus for renewed retail deposit growth. I am particularly pleased by the 24% year-to-date growth in retail savings and current account deposits, underpining the increasing penetration of our digital offerings and the Group’s overarching goal of democratizing banking across Africa. We improved net interest margin to 7.4%in line with our 2018 target, notwithstanding strong competition for wholesale deposits and the impact of rising global interest rates on our foreign currency funding,” he concluded
Also speaking on UBA’s financial performance and position, the Group CFO, Ugo Nwaghodoh said; “We finished the first half of the year in a stronger position and we are optimistic on the future of our business. Amidst economic recovery and uncertainties in Nigeria, our largest market, we grew net interest income and operating income by 9.6% and 4.1% respectively. We doubled revenue from trade services and grew e-banking income by 24%, a testament to our market share gain, which is driven by innovative offerings. Our foreign operations contributed 40% of Group’s profit, underlining the benefit of our Pan-African strategy.
“We sustained our asset quality, with cost of risk at 0.8%. Whilst the loan book declined by 6.5% due to prepayments from some customers in Nigeria and Ghana, we grew the overall balance sheet by 5% in the first half of the year. The Group’s capital adequacy ratio of 23%, Bank’s liquidity ratio of 48% and loan-to-deposit ratio of 57% all reinforce our capacity to grow, with ample headroom for risk asset creation,” Nwaghodoh said.
In recognition of UBA’s dominance in Africa’s digital banking space, UBA emerged the Best Institution in Digital Banking across Africa, courtesy of Euromoney. Earlier in the year, UBA launched Leo, an e-chat service using artificial intelligence to help customers execute transactions on Facebook, the first of its kind in Africa. The Bank is set to replicate the success of Leo on WhatsApp on September 1st, bringing convenience to its growing youthful customer base across Africa.
UBA is one of Africa’s leading banks with operations in 20 African countries. It also has presence in the global financial centres; London, New York and Paris. UBA provides banking services to more than 15 million customers globally, through diverse channels.
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UBA commences Saturday banking operations
In bid to serve its numerous customers better, pan-African financial institution, United Bank for Africa (UBA) Plc has announced opening for business on Saturdays.
In a notice to its customers on Friday, the lender, however, disclosed that banking operations on Saturdays would only be offered in “select branches across the nation.”
UBA said the services to be offered during the Saturday banking would include cash deposit, cash withdrawal, funds transfer, ATM services, account opening and Moneygram and Western Union.
The lender said its branches Mushin, Ikeja, Idumota and Iddo are those in Lagos that will open on Saturdays.
For the Eastern part of the country, its branches in Aba, Port Harcour, Warri and Relief Market in Anambra State will open for business on Saturdays.
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Forex: Emefiele pays unscheduled visits to First Bank, UBA, Zenith, insists on $1/N360 benchmark
Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), on Monday paid an unannounced visit to First Bank, UBA and Zenith banks offices in Abuja to inspect sales of foreign currencies to customers.
He said that the visit was to ascertain banks compliance with the new directive by the CBN to sell foreign currencies to all customers over-the-counter whether the customer had an account or not.
“The essence of us being here is to make sure that the banks are able to service not just their customers, but also those who are not their customers, particularly those who want to travel outside the country.
“I want to seize this opportunity to let everybody know that there is dollar availability. If you want to travel, go to a bank. It doesn’t have to be your bank.
“Whether you have an account or not, you should be attended to.
“Just work into any bank with your travel document, show your Visa and air ticket. They will ask for your BVN and once they verify it, they should attend to you on the spot.
“Nobody should go home and come back because he or she wants to buy foreign exchange. You should be attended to immediately and that’s what over-the-counter means,’’ he said.
Emefiele said that all the banks were well stocked and whoever want to make foreign exchange transaction should look for the “BTA/PTA counter’’ or “Bureau de Change counter’’ located in all banks’ branches.
He also said that all banks were expected to display daily foreign exchange rates for major currencies, so that the customer would be aware of how much he or she is paying.
“The essence of this inspection is to say that there is ample liquidity for any eligible traveler and nobody should fall into the temptation of buying BTA or PTA from a bank at more than N360 to a dollar.
“The banks are entitled to their margin, and their margin has already been built into the price so you don’t have to pay any additional charge,’’ he said.
According to Emefiele, the CBN Examiners will continue to do on-the-spot assessments at banks to find out and be sure that people who are traveling get attended to Over-the-Counter.
Emefiele visited the First Bank branch in Central Area, UBA branch in Area 3 and Zenith Bank in Maitama, Abuja.
He asked customers of the three banks their experiences in accessing foreign exchange, if they were being attended to promptly or not.
He also spoke with the Head Branch Service, First Bank, Abuja, Ms Zainab Darlington, Zenith Bank’s Executive Director, North, Mr Umar Ahmed and the Assistant General Manager, UBA, Mrs Jennifer Illoabache.
They all confirmed ample supply of foreign exchange from the CBN to meet all eligible demand for foreign exchange.
According to the Apex bank, Nigerians traveling out of the country for personal reasons, are entitled to access a maximum of 4,000 dollars every quarter, while those going for business, 5,000 dollars.
Meanwhile, the Naira on Monday exchanged for N366 to a dollar at the Bureau de Change segment, showing slight improvement from the N367 it closed on Friday.
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![Southern Nigeria ancient community celebrates ATM advent [Photos]](https://thenewsguru.ng/wp-content/uploads/2018/05/ImageFile-69.jpg)
Southern Nigeria ancient community celebrates ATM advent [Photos]
A Delta State community, Orerokpe, hub of ancient civilization in Southern Nigeria and headquarters of the Okpe local government area on Monday marked and celebrated the inception of automated teller machine (ATM) services.
The advent of ATM in the community, championed by immediate past chairman of the local government, Godwin Ejinyere, marked a new era in the community.
TheNewsGuru reports, on assuming office, Ejinyere had contacted management of United Bank for Africa (UBA) on the need to extend ATM services to Orerokpe to help alleviate the challenges faced by residents of the historic community who move to and fro Warri or Agbarho just to get cash.
“Getting the bank’s headquarters/management to accept and approve ATMs for Orerokpe was like a camel passing through the eye of a needle,” the former council boss, now SSA to Governor Ifeanyi Okowa stated.
“But, I did not give up. After many meetings, pleadings and “lobbying”, the bank graciously approved and gave the go-ahead,” he added.
TheNewsGuru gathers that in February, a set of durable and modern ATMs were brought by UBA to Orerokpe after a first set was rejected by the former council boss on grounds that the machines were not durable and modern.
Orerokpe was renowned to be the hub of civilization in time past, and the Orodje Okpe, His Majesty, Orhue 1, Major Gen. Felix Mujakperuo (retd), became the first person to officially operate an ATM in Orerokpe.
The Okpe monarch became the first person to operate the ATM at the official commissioning of the machines on Monday, and the former council boss became the second person to operate an ATM in Orerokpe.
See photos:
Set of newly installed ATMs 
Orodje Okpe making withdrawal as first person to officially operate an ATM in Orerokpe 
Orodje Okpe shortly after the withdrawal 
Elated Orodje Okpe 
Ejinyere making withdrawal as second person to officially operate an ATM in Orerokpe 
UBA representatives, Ejinyere and others at the commissioning of the ATMs With this development, the unbanked and under-banked populations around the Orerokpe, Oviorie, Oha, and other neighbouring communities will now have access to this banking service, and also, the ATM will service entrepreneurs and small and medium business owners in the axis.
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UBA Holds 2018 Chairman’s Forum, Seeks Strengthening of Corporate Governance across Board
Pan- African financial Institution, United Bank for Africa Plc, last thursday, ended its annual Group Chairman’s Forum, a platform for group integration, re-strategising and knowledge sharing with the overall aim of puting the bank on firm standing to actualize its goals and targets for the financial year.
The theme of this year’s forum was focused on three main areas: ‘Efficient and effective communication across the group; Entrenchment of enduring corporate culture and corporate governance.
The meeting which was chaired by the Chairman, UBA Group, Mr. Tony Elumelu, had in attendance all the group chair persons from across Africa, Group board executive and non-executive directors and CEOs of each of the 20 subsidiaries of the bank’s group. The top executive echelon in the bank, including heads of units were also present to put heads together to develop key strategies aimed at building the bank’s brand and satisfying its customers.
Elumelu, whilst addressing participants during the forum, reminded them that putting the customers at the forefront and tailoring the activities of the bank in line with their demands remains the focal point of the bank, adding that imbibing the corporate governance culture is key to building an enduring financial institution.
A strong and institutionalized corporate governance, laden with excellence in customer service, according to Elumelu will drive more investment to the bank and thus allow it to contribute meaningfully to the development of the African economy.
He said, “As long term investors and Africa enthusiasts, we are committed to the markets in which we operate and to the wider African economy. We will continue to work with credible partners and governments across Africa to identify and develop those critical growth poles required for the sustainable development of all African economies’.
“In line with this, we must inculcate a culture that enforces corporate governance, individual and corporate accountability, a high sense of urgency and a customer first orientation in getting things done. Responsiveness and accountability are key attributes of High Performing Organizations. We know that the culture of corporate governance is key and we intend to focus on this to ensure that our goals for the financial year are duly met,” Elumelu said
Also speaking at the 3rd Chairman’s Forum, the Group Managing Director, Mr. Kennedy Uzoka, who emphasized the bank’s goals of Excellence, Enterprise and Execution, said that the business had to be more customer-focused than ever before, adding that the elements of effective and efficient communication could not be toyed with as they represent an embodiment of what the bank stands for at all times.
Participants at the Group Board Forum resolved to do all in their power to continue to position the bank as the leading Pan-African Bank across all key indices – brand equity, human capital, customer service and profitability, whilst also inculcating a culture of responsiveness at UBA, with zero tolerance for any regulatory infraction across all operations.
Speakers at the Forum included Director of Marketing Corporate Communication, Bola Atta, Director of Human Capital Management, Patricia Aderibigbe; Head of Risk, Uche Ike and the Managing Partner of Angela Aneke Associates. The newly appointed Regional CEOs, Emeke Iweriebor, Amie Sow, Abiola Bawuah and Martin Che also presented on how they intend to achieve their strong objectives for this financial year. The forum ended on a very strong and positive note which witnessed all participants in an up beat mood.
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UBA Meets NSE’s Stringent Corporate Governance Conditions, Lists on NSE Premium Board
The Nigerian Stock Exchange on Monday migrated the ordinary shares of United Bank for Africa (UBA) Plc to its Premium Board, in what capital market analysts describe as an attestation to the Bank’s strong adherence to international best practices on corporate governance.
The Premium Board is the newly created platform for elite companies that meet the most stringent corporate governance and listing standards of the Exchange.
According to the CEO of Nigerian Stock Exchange, Oscar Onyema, UBA Plc, Seplat Petroleum Development Company Plc, Lafarge Africa Plc and Access Bank Plc were admitted on this elite platform, having fulfilled all the stringent listing requirements for the Premium Board of the Nigerian Stock Exchange. It is a platform for showcasing sector leaders, with sound corporate governance.
“Premium Board features companies that adhere to international best practices on corporate governance and meet the Exchange’s highest standards of capitalisation and liquidity,” Onyema said.
According to Onyema, UBA Plc, Lafarge Africa, Seplat and Access Bank have all passed the Corporate Governance Rating System and have market capitalization of N374.48bn, N391.37bn N378.60bn and N347.12bn respectively.
Onyema added, “companies on the Board are well-run corporates with sound governance, which is part of the requisite qualification for listing on the Premium Board. These stocks which currently have strong visibility on the Exchange will further appeal to investors, seeking to invest in companies with the highest standards of corporate governance. From inception to date, the Premium Board Index continues to outperform the benchmark NSE ASI with the Premium Board recording a total return of 85% per cent, compared to the NSE ASI’s return of 42% over the same period.
UBA, Seplat, Lafarge and Access would join Dangote Cement Plc, FBN Holdings Plc, and Zenith International Bank Plc on the Premium Board, bringing the total number of companies on this elite platform to seven.
Speaking at the event, the Group Managing Director/CEO, UBA Plc, Kennedy Uzoka noted; “the migration of UBA shares to the Premium Board of the Nigerian Stock Exchange (NSE) is well deserved. It is instructive to bring back memories of our pioneer Initial Public Offer (IPO) in the Nigerian banking sector, following our listing on the NSE in 1970. Since then, we have remained committed to the development of the NSE and the broader capital market, through our equity and debt listings as well as strategic partnerships with the leaderships of the Nigerian capital market.
More so, this premium listing of UBA shares is a further attestation of our size and the liquidity of the stock on the Exchange. It is also reinforcing of our continuously evolving sound corporate governance, which is a pre-requisite for companies to be listed on the Premium Board of the NSE. In expectation that this premium listing will further enhance the visibility of our stock on the Nigerian Bourse, we believe our decision to migrate UBA shares to this new Board will deepen value creation for our shareholders. It is pertinent to reiterate our commitment to sustainable and superior wealth creation for all shareholders, as we duly appreciate and place significant premium on everyone’s investment in UBA Group, Kennedy added”.
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NSE to migrate Access Bank, UBA, Lafarge Africa, Seplat to Premium Board
The Nigerian Stock Exchange (NSE) on Thursday announced plans to migrate Access Bank, Lafarge Africa, Seplat and United Bank for Africa (UBA) Plc to its Premium Board.
The NSE said in Lagos the four companies would be migrated to its Premium Board on April 16, sequel to their applications and meeting of its listing requirements for the board.
The Premium Board is the listing segment for the elite group of issuers that meet the exchange’s most stringent corporate governance and listing standards.
The board is a platform for showcasing companies that are leaders in their sectors.
Premium Board features companies that adhere to international best practices on corporate governance and meet the Exchange’s highest standards of capitalisation and liquidity.
It gives a company access to a global pool of investors who are focused on companies managed in conformity to the highest standards in their target markets.
The NSE said Access Bank Plc, Lafarge Africa, Seplat and UBA had all passed the Corporate Governance Rating System (CGRS).
It added that they had market capitalisation of N347.12 billion, N378.60 billion, N391.37 billion and N374.48 billion respectively.
“They will join Dangote Cement, FBN Holdings Plc., and Zenith International Bank that were migrated to the Premium Board in 2015, bringing the total number of companies on the Board to seven,’’ NSE said in a statement.
The statement quoted Mr Oscar Onyema, NSE Chief Executive Officer, as saying that the migration affirmed the strides listed companies were making toward meeting the highest standards of corporate governance.
Onyema said the new companies had consistently demonstrated their inherent values to be globally competitive brands.
“Companies on the board are already enjoying the highest levels of visibility and appeal to investors looking for large companies with highest standards of corporate governance.
“From inception to date, the Premium Board Index continues to outperform the benchmark NSE ASI with the Premium Board recording a total return of 84.99 per cent versus the NSE ASI’s 41.79 per cent as at April 11.
“The Premium Board’s performance continues to reinforce the sentiments of both foreign and domestic investors on the importance of corporate governance and sustainability,’’ he said.
However, to be listed on the Premium Board of the NSE, the aspiring companies must attain a minimum market capitalisation of N200 billion as at the date of application, a minimum score of 70 per cent on the CGRS.
The companies must maintain a minimum free float of 20 per cent of their issued share capital or a free float value equal to or above N40 billion, as well as meet other standard listing criteria.
The NSE Premium Board and the associated Premium Board Index were launched on Aug. 25, 2015.
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UBA Rewards High Performance, Promotes 2,000 Staff Across Africa
In line with its commitment to reward excellence and high performance, Pan-African financial institution, United Bank for Africa (UBA) Plc, has announced the promotion and elevation of about 2000 of its work force, representing about 17% of total staff strength across the group.
This is in recognition of the remarkable contribution the staff members have made to the bank’s business growth as highlighted by the impressive performance recorded in its recently released 2017 financial year end results.
The announcement, which came on Monday, is especially heartening in the face of the numerous economic challenges faced by major financial institutions on the continent, most of whom are yet to recover from the impact of the recessive business climate that rocked many companies in 2016 and a greater part of last year.
It is important to note that about a year ago, the bank had promoted 3,000 staff members, 25% of its workforce, while also doling out cash rewards to deserving staff for exemplary conduct and performance that year.
This year’s promotion, as with others, have been commended by human resources analysts who have noted that UBA, which was mentioned in a recent survey as one of the “Best 100 Companies To Work For in Nigeria” has become synonymous with rewarding excellence. The announcement has also been greeted with joy and enthusiasm by the workforce of the bank.
The affected staff that cut across all units, divisions and 19 countries where UBA operates were selected after the completion of appraisal system that identified high performers in the bank among other criteria.
The Bank’s Group Managing Director/CEO, Mr. Kennedy Uzoka in an email to staff of the bank described the promotion as ‘dividends of hardwork’, adding that with the recent proclamation of UBA as the African Bank of 2017 by the Banker Magazine; as well as the ranking as Best of Bank of the Year in Cameroun, Congo Brazzaville, Senegal and Tchad, it is only right to recognise, reward and celebrate the performance of the staff who have worked tirelessly to achieve this.
Uzoka charged staff to continue to embody the Bank’s core values in their endless quest of delivering excellent services to both internal and external customers of the Bank.
He said, “I congratulate all for their well-deserved elevation. I also wish to especially thank those colleagues who have not made it on this year’s list. I implore you to keep up your contribution, as your efforts are recognised. There are several other ways that we will continue to reward and recognise your contributions and we intend to use all opportunities to demonstrate this.”
United Bank for Africa Plc is a leading financial services group in sub-Saharan Africa, with presence in 19 African countries, as well as the United Kingdom, the United States of America and France.
From a single country operation founded in 1949 in Nigeria, Africa’s largest economy, UBA has emerged as a pan-African provider of banking and other financial services, to 10 million customers globally, through one of the most diverse service channels in sub-Sahara Africa; 632 business offices, 1,750 ATMs, some 13,500 PoS, and a robust online and mobile banking platform.
UBA was the first Nigerian bank to make an Initial Public Offering (IPO), following its listing on the NSE in1970. It was also the first Nigerian bank to issue Global Depository Receipts (GDRs). The shares of UBA are publicly traded on the Nigerian Stock Exchange (NSE) and the Bank has a well-diversified shareholder base, including foreign and local institutional investors as well as individual shareholders.