The United Bank of Africa, UBA has announced the appointment of Mary Mulili as the CEO of United Bank for Africa, Kenya @UBA_KE
According to the bank, Mary brings with her over 20 years of strategic expertise in Corporate, Commercial, Public, Institutional, SME, Retail, and digital banking. Her extensive experience will greatly benefit the customers, shareholders, stakeholders, clients, and staff of UBA Kenya.
See attached details below:
Afreximbank, UBA Announce an Initial Disbursement of US$2.25 billion Under a syndicated US$3.3 billion Crude Oil Prepayment Facility Sponsored by the Nigerian National Petroleum Company Limited.
Landmark financing is largest syndicated loan ever raised by Nigeria in the international market and one of the largest syndicated transactions in Africa in recent years.
Facility will support Nigeria’s macroeconomic stability and long-term economic growth, facilitating access to raw materials and trade development.
Groundbreaking transaction represents a significant vote of confidence in Nigeria and Africa.
United Bank for Africa Plc (UBA) is the Local Arranger and Onshore Account Bank for the transaction, Lagos, 13 January 2024: – African Export-Import Bank (Afreximbank) has successfully arranged a syndicated US$3.3 billion crude oil prepayment facility sponsored by the Nigerian National Petroleum Company Limited (NNPCL).
An initial disbursement of US$2.25 million has been made. A second tranche of US$1.05 million is expected to be disbursed subsequently.
United Bank for Africa Plc (UBA) acted as the Local Arranger and Onshore Account Bank for the transaction, which is expected to ease the foreign exchange illiquidity and stabilise the Nigerian currency market.
The transaction is seen as a significant further step in unleashing Nigeria’s economic potential.
This landmark financing is Nigeria’s largest crude oil prepayment facility and one of the largest syndicated loans raised in Africa in 2023.
The 5-year facility carries a margin of 6.0% per annum above the 3-month secured overnight financing rate (SOFR). The transaction structure has an embedded price balance mechanism where 90% of all excess cash from the sale of the committed barrels (after debt service) will be released to the borrower, while the balance of 10% will be used to prepay the facility, effectively shortening the final maturity of the facility and freeing cashflow from future pledged cargoes for use by Nigeria.
The initial participating lenders are Afreximbank, Africa’s multilateral trade finance institution, Gunvor International BV, a Geneva-based multinational energy and commodities trading company and Sahara Energy Resources Limited, an African-owned, leading international energy and infrastructure conglomerate.
Afreximbank’s extensive structuring and technical experience in arranging similar complex oil & gas financing facilities in Angola, Republic of Congo, South Sudan, Chad Egypt, Cote d’Ivoire. Ghana, etc. was brought to bear in the successful closure of the facility, notwithstanding a very challenging market environment. The Bank acted as Sole Mandated Lead Arranger, Technical and Modelling Bank, Bookrunner, Facility Agent, Offshore Account Bank, Intercreditor Agent and Collateral Agent.
Lauding the successful financial close, Afreximbank President and Chairman of the Board of Directors, Prof. Benedict Oramah, explained that “this facility further demonstrates the Bank’s commitment to supporting African economies, when such assistance is most needed. Afreximbank stands by its member countries in good and in difficult times. The disbursement of the initial US$ 2.25 billion under the facility will support Nigeria’s long-term economic stability, ease access to import financing for raw materials and essential goods, support industrialization and trade development efforts.
“We are pleased that despite the typical year-end pressures, our partners and investors committed the funds required in record time. We thank them for their support”.
The NNPCL Group Chief Executive Officer, Mr. Mele Kolo Kyari, commented on this landmark transaction, noting that “the proceeds of the facility have been made available to the Federal Republic of Nigeria as one of the strategies to improving macro-economic stability.
“The participation of global, international and regional syndication firms is a further testament to the lending market’s appetite for financing sponsored by NNPCL and signifies solid market confidence in Nigeria.”
The Group Managing Director/CEO, United Bank for Africa (UBA), Oliver Alawuba said that “UBA is delighted to participate in this transaction, which demonstrates once again UBA’s commitment to providing necessary interventions and solutions towards addressing economic issues in Nigeria and across Africa. UBA has a track record of structuring and participating in significant resource-based transactions, leveraging its global network and dollar balance sheet. Similar transactions include DRC deal, Kenyan deal, Senegal SAR Orion deal with Afreximbank.”
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-seven (27) 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.
The federal government of Nigeria has received an initial disbursement of $2.25 million from Afreximbank in a landmark syndicated $3.3bn crude oil prepayment facility.
TheNewsGuru.com (TNG) reports the $3.3bn crude oil prepayment facility, secured in August 2023, was sponsored by the Nigerian National Petroleum Company Limited (NNPCL).
According to information available on Afreximbank’s website, a second tranche of US$1.05 million is expected to be disbursed soon.
The landmark financing is the largest syndicated loan ever raised by Nigeria in the international market and one of the largest syndicated transactions in Africa in recent years.
The facility is expected to support Nigeria’s macroeconomic stability and long-term economic growth, facilitating access to raw materials and trade development.
TNG reports United Bank for Africa Plc (UBA) acted as the Local Arranger and Onshore Account Bank for the transaction, which is expected to ease the foreign exchange illiquidity and stabilise the Nigerian currency market.
The transaction is seen as a significant further step in unleashing Nigeria’s economic potential.
“This landmark financing is Nigeria’s largest crude oil prepayment facility and one of the largest syndicated loans raised in Africa in 2023.
“The 5-year facility carries a margin of 6.0% per annum above the 3-month secured overnight financing rate (SOFR).
“The transaction structure has an embedded price balance mechanism where 90% of all excess cash from the sale of the committed barrels (after debt service) will be released to the borrower, while the balance of 10% will be used to prepay the facility, effectively shortening the final maturity of the facility and freeing cash flow from future pledged cargoes for use by Nigeria,” a statement on Afreximbank reads.
The initial participating lenders are Afreximbank, Africa’s multilateral trade finance institution, Gunvor International BV, a Geneva-based multinational energy and commodities trading company and Sahara Energy Resources Limited, an African-owned, leading international energy and infrastructure conglomerate.
Afreximbank’s extensive structuring and technical experience in arranging similar complex oil & gas financing facilities in Angola, Republic of Congo, South Sudan, Chad Egypt, Côte d’Ivoire. Ghana, etc. was brought to bear in the successful closure of the facility, notwithstanding a very challenging market environment.
The Bank acted as Sole Mandated Lead Arranger, Technical and Modelling Bank, Bookrunner, Facility Agent, Offshore Account Bank, Intercreditor Agent and Collateral Agent.
Lauding the successful financial close, Afreximbank President and Chairman of the Board of Directors, Prof. Benedict Oramah, explained that “this facility further demonstrates the Bank’s commitment to supporting African economies, when such assistance is most needed.
“Afreximbank stands by its member countries in good and in difficult times. The disbursement of the initial US$ 2.25 billion under the facility will support Nigeria’s long-term economic stability, ease access to import financing for raw materials and essential goods, support industrialization and trade development efforts.
“We are pleased that despite the typical year-end pressures, our partners and investors committed the funds required in record time. We thank them for their support”.
The NNPCL Group Chief Executive Officer, Mr. Mele Kolo Kyari, commented on the landmark transaction, noting that “the proceeds of the facility have been made available to the Federal Republic of Nigeria as one of the strategies to improving macro-economic stability.
“The participation of global, international and regional syndication firms is a further testament to the lending market’s appetite for financing sponsored by NNPCL and signifies solid market confidence in Nigeria.”
The Group Managing Director/CEO, United Bank for Africa (UBA), Oliver Alawuba said that “UBA is delighted to participate in this transaction, which demonstrates once again UBA’s commitment to providing necessary interventions and solutions towards addressing economic issues in Nigeria and across Africa.
“UBA has a track record of structuring and participating in significant resource-based transactions, leveraging its global network and dollar balance sheet. Similar transactions include the DRC deal, Kenyan deal, Senegal SAR Orion deal with Afreximbank.”
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has joined the group of companies with market capitalisation of over N1 trillion, as its share price value hits N29.90 per share.
At the close of trading of the Nigerian Exchange Ltd. (NGX) on Monday, the bank’s market capitalisation crossed N1.02 trillion, making it the third most capitalised financial institution in Nigeria.
This indicated a remarkable lift from N283.8 billion recorded by the bank at the beginning of the 2023, with 34.19 billion shares in issue.
The Chairman, UBA Group, Mr Tony Elumelu, in a statement in Lagos, said that the feat came amidst the bank’s shares being named as the highest performing stock in the banking sector in 2023.
Elumelu stated that this underscored the bank’s robust growth trajectory and unwavering market confidence.
Specifically, between January 2023 till date, the price of UBA shares has appreciated by over 250 per cent from N7.60 per share.
The chairman explained that the bank’s remarkable journey in 2023 culminated with its shares being acclaimed as the highest performing stock within the banking sector.
He highlighted that this not only indicated the bank’s strategic prowess but also reflected its commitment to delivering unparalleled value to shareholders and stakeholders alike.
“As UBA celebrates these significant milestones, we will like all our stakeholders to know that we remain steadfast in our mission to drive sustainable growth, foster innovation, and create value for our diverse clientele across Africa.
“We are witnessing the impact of the business transformation drive UBA embarked on years ago and executed well.
“Naturally, the market has taken note of and is duly rewarding our efforts.
“To our stakeholders, our promise is that we will continue to work harder, deliver on what we know how to do well, and create impacts across geographies where we currently operate,” he said.
UBA’s Group Managing Director/Chief Executive Officer, Mr Oliver Alawuba, expressed delight at the bank’s performance in the past few months,
Alawuba said, with the bank’s unwavering commitment to excellence and execution, it continues to set benchmarks in the banking sector, reinforcing its position as Africa’s global bank of choice.
He said: “Market participants have begun to appreciate the latent capacity in UBA’s business model as the bank unlocks enormous potentials in its pan African and international operations.
“Its unique competitive advantage lies in people, processes, and technology.
“With operations and offices in 24 countries and on four continents, UBA is the only African bank with a deposit-taking license in the USA.
According to him, the bank’s fundamentals remain strong with impressive financial results that have continued to deliver sustainable value for its shareholders.
The managing director noted that at current price, UBA trades at price-to-earning (P/E) and price-to-book (P/B) multiples of 2.27 and 0.59, which are a reflection of the market’s expectations of the bank’s future growth potentials.
He stated that the bank is listed on the Premium Board of the Nigerian Stock Exchange in recognition of its strong adherence to international best practices on corporate governance.
Alawuba noted that UBA remains committed to creating value for its over 275,000 esteemed shareholders spread across the globe.
“The outgone year, 2023, has been a splendid year for UBA, becoming the most profitable bank in Nigeria in 2023, with a Shareholders’ Fund that has grown from N992 billion as at full year 2022 to N1.8 trillion as of September 2023.
“UBA was also appointed as the Local Arranger and Local Depository Bank for the $3.3 billion FX Liquidity support facility for Nigeria in partnership with Africa Export and Import Bank (Afreximbank).
“Providing solutions to economic solutions in Nigeria characterised by shortage of FX liquidity.
“Likewise, in 2023, UBA won the 2023 FMDQ Gold Awards in three categories, including the Best FX Liquidity Provider, Dealing Institution of the Year, and Best Money Market Liquidity Provider,”he said.
According to him, this recognition is a testament to UBA’s impressive capital strength.
United Bank for Africa Plc is a Pan-African financial institution offering banking services to more than 25 million customers, across 1,000 business offices and customer touch points in 20 African countries.
Africa’s Global Bank, United Bank for Africa (UBA) Plc, and Saudi Export-Import Bank (Saudi EXIM), a premier export credit agency in the Kingdom of Saudi Arabia, have announced a partnership aimed at strengthening business growth and enhancing economic cooperation between their economies.
To this end, both institutions signed a Memorandum of Understanding (MoU) on November 9, 2023, to foster economic cooperation and trade relations between the two entities.
The MoU was signed on the side-lines of the Saudi and Arab African Summits in Saudi Arabia.
The partnership between UBA Group and Saudi EXIM Bank outlines the guiding principles for developing cooperation and relations between the two banks, with primary focus on promoting trade through the export of goods and services between the Kingdom of Saudi Arabia and the African markets.
Apart from collaborating in these areas, both institutions will also ensure sustained participation in the development of the African economy through intercontinental business relationships that will be facilitated by the new partnership.
The MoU will also work towards supporting joint projects and collaboration involving the export of goods and services from Saudi Arabia, and exploring opportunities to co-finance, co-insure, co-guarantee, and reinsurance projects jointly undertaken by companies from both regions.
It will also facilitate the exchange of information and know-how in the field of export credit policies and practices, the sharing of experiences and best practices through meetings, conferences, seminars, and workshops, as well as providing training for each other’s staff members and staff exchanges when beneficial to both parties.
The framework for cooperation on specific joint projects will be established under separate agreements, with each party determining the terms and conditions of its support in line with its policies, procedures, and national legislation.
Also, the exchange of information will be facilitated by both institutions, while technical know-how in the field of export credit policies and practices will also be shared.
UBA’s Chief Executive Officer, Oliver Alawuba, who expressed his enthusiasm about this collaboration, explained that through the partnership, both companies will Identify and support joint projects and collaboration in the area of exportation of goods and services.
He said, “We are happy to join hands with Saudi EXIM Bank in a partnership that holds great promise for businesses and economies in both regions. This agreement will not only facilitate the export of goods and services but also solidify our commitment to intercontinental business relationships and contribute to the development of the African economy.”
“This relationship is particularly promising, considering that Saudi Arabia is deliberate in deepening economic cooperation with Africa and UBA with presence in 20 African countries, providing the necessary vehicle for deepening this engagement. The partnership also expands our access to Asia and the Middle East, where the Bank recently opened a subsidiary in Dubai,” Alawuba said.
His Excellency Eng. Saad Al-Khalb, CEO of Saudi EXIM, said, “By uniting our strengths, we are setting in motion a dynamic platform that will propel the export of innovative Saudi goods and services, catalyze industrial growth, and magnify our global footprint across the rich tapestry of African economies. This, we believe, will not only augment Saudi Arabia’s export diversification but also contribute significantly to the socio-economic fabric of the African nations we will serve together.”
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.
With presence in New York, London and Paris and now the UAE, 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.
Saudi EXIM was established in 2020 with the aim of promoting Saudi non-oil exports and enhancing its competitiveness across various sectors in global markets. This is done by providing financing services, guarantees and credit insurance with competitive advantages to enhance confidence in Saudi products and increase the contribution of non-oil industries to 50% by 2030 from the current percentage of 16%, which is a major goal of the Kingdom’s Vision 2030. The Export-Import Bank is one of the development funds that are supervised by Saudi National Development Fund
Consolidating on its recently released second-quarter performance, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has again announced a splendid performance in its unaudited financial results for the third quarter ended September 30, 2023, recording impressive growth across all key performance metrics.
Replicating the remarkable performance achieved in the first two quarters of the current fiscal year, the bank’s gross earnings grew by 115.2 per cent to N1.309 trillion up from N608bn recorded last year, while operating income rose by 146 per cent from N414 billion in September 2022; to N1.018 trillion in the year under consideration.
The bank’s financial report filed with the Nigerian Exchange Limited, indicated a whopping 262% rise in Profit before Tax (PBT) to close at N502.01 billion compared to N138.49 billion recorded at the end of the third quarter of 2022, while profit after tax also rose impressively by 287.2% from N116 billion recorded a year earlier to N449.29 billion massively surpassing its annualised return on average equity for Q3 2023 at 131 per cent to 44.37%.
As in the preceding quarters, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N16.24 trillion, representing a 49.5% increase over the N10.86 trillion recorded at the end of December 2022, 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 N11.63trillion, representing a 48.6% rise, up from N7.8 trillion at the end of the last financial year.
UBA shareholders’ funds remained very strong at N1.778 trillion up from N922.1 billion recorded in December 2022 again reflecting a strong capacity for internal capital generation and growth.
Commenting on the result, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, remarked that the Group has once again shown sustainable and remarkable improvement in key performance metrics over the period, reflecting its commitment to delivering value to shareholders and various stakeholders.
He said, “This significant improvement is attributed to the impact of FX harmonization, efficient balance sheet management, and our service-focused strategies. Our banking operations outside of Nigeria have continued to capture the broader business opportunities inherent across, and beyond Sub-Saharan Africa.
Speaking on plans and strategy to sustain and surpass the performance at the end of the year, the GMD explained that the bank will continue to leverage its customer-centric strategies, speed to market, and innovation to consolidate market share in its various jurisdictions, as he pledged the bank’s commitment towards expanding and deepening digital and other transactional banking offerings while building strategic alliances to take advantage of emerging opportunities in due time.
“Looking ahead, we are optimistic that the growth trajectory will be sustained in the final quarter of the year as we remain focused on consolidating the gains achieved so far in delivering enhanced returns to our shareholders.,” Alawuba pointed out.
The bank’s Executive Director, Finance & Risk, Ugo Nwaghodoh, said, “Our performance in the third quarter demonstrates the strong momentum of the Bank, as we deliver continuous improvements across our businesses and key performance metrics. This is reflective of the combined impact of higher asset yields, modest funding cost, and balance sheet optimisation.
Speaking on UBA’s strategy for an excellent performance by the end of the 2023 financial year, Nwaghodoh said, “Notwithstanding changes in the monetary and fiscal regime in some of our markets, we remain committed to driving sustainable and improved performance across our various business segments.”
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.
The Chairperson of United Bank for Africa (UBA), Tony Elumelu, has revealed that he started his career as a trainee many years ago.
According to Elumelu while speaking to 700 UBA graduate trainees, drawn from across Africa, titled: “Nurturing excellence and crafting future African leaders at UBA” said countless challenges and triumphs have marked his way from the beginning of his career till date.
He said, “I make it a point to share fragments of my journey, detailing my processes, highlighting my triumphs, and even discussing my lowest moments.
“This practice isn’t just a personal reflection; it’s a conscious effort to ensure everyone can learn from the dedication and hard work that has marked my career. Through these personal stories, bonds are forged, and lessons are imparted.
“This ethos of transparency and shared learning is central to my approach and symbolic of the values that drive UBA’s success. As an institution, every stage of one’s career should be marked by growth, mentorship, and the continuous pursuit of excellence.
“This same excellence has driven me throughout my career – a vision of creating a bank for all, a bank for Africa and an environment where talent is nurtured, dreams are realised, and excellence is celebrated. It is a vision that has inspired me to create a world-class trainee programme that will nurture future leaders, who mirror the passion and dedication I demonstrated as a trainee myself.
“But beyond nurturing future leaders, the UBA GMAP –our bespoke graduate trainee programme– is making significant strides in addressing critical societal issues.
“The experience reinforced to me the criticality of institution building. In front of me was a generation of new leaders. UBA has created a six-month programme, identifying the best and brightest young men and women from across Africa. We have invested in and equipped our youth. We have done well and done good.
Addressing the issue of unemployment through job creation, he said the UBA graduate trainee programme goes beyond its primary goal of nurturing future leaders; it also plays a vital role in addressing the pervasive curse of unemployment across the African continent.
“Youth unemployment remains a significant challenge, and UBA actively contributes to the solution. The Group is creating tangible jobs for young Africans by providing opportunities through this programme.
“These jobs not only benefit the individuals involved but also positively impact our immediate environment and stimulate the economic growth of our continent’s economy.
“Creating opportunities for and investing in young Africans: UBA’s commitment to developing and empowering young talent responds to the pressing need for opportunities on our continent.
“GMAP is designed to identify and nurture the potential of young Africans, giving them access to training, mentorship, and real-world experiences essential for their personal and professional growth. It is building to last.
“By investing in these young minds, UBA is shaping the banking industry’s future and offering hope and prospects to a generation of African youth eager to contribute to their communities and the broader society.
Declares Interim Dividend of 50k per share.
Gross Earnings Rises to N981.78 billion.
Bank’s Total Assets Hits N15.38 trillion.
Shareholders’ Funds at N1.712 trillion.
Africa’s Global Bank, United Bank for Africa (UBA) Plc, delivered an outstanding performance for the half year ended June 30, 2023, as announced in its audited financial report.
The results released to the Nigerian Exchange Limited (NGX) on Tuesday showed that the Group recorded double and triple-digit growth across its major income lines, as it continued to show substantial progress in increasing the contribution and market share from its subsidiaries in Africa and globally.
Specifically, at the end of the first two quarters of the year, and despite the tough global macroeconomic backdrop and geo-political challenges in
Africa, UBA Group reported a profit before tax of N404 billion, representing an extraordinary increase of 371 per cent, when compared to N85.75 billion recorded in the first half of 2022. This translated to an annualised Return on Average Equity of 57.7 per cent as against 17.1 per cent a year earlier.
In addition:
• The results also showed as of June 30, 2023, a profit after tax (PAT) of N378.24 billion, representing a leap of 437.8 percent over H1 2022.
• Operating Income grew by 206.6 per cent to N783.96 billion in June 2023; higher than N255.67 billion reported a year earlier.
• The Group 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.
• Total Assets continued a strong upward trajectory, rising above the N15trn mark, as it hits N15.38 trillion, representing a 41.7 per cent leap up from N10.86 trillion recorded at the end of last year.
• Customer Deposits also rose by a sharp 42.4 per cent to N11.14 trillion in the period under consideration; as against N7.8 trillion recorded at the end of 2022.
• Shareholders’ Funds increased to N1.712 trillion reflecting the Group’s strong capacity for internal capital generation.
In line with the Group’s culture of paying both interim and final cash dividends, the Board has approved an interim dividend of 50k per share, which represents over 150% increase over the prior year.
UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba commenting on the results said the exceptional performance underscored the Group’s commitment to consistently deliver value to its shareholders; he added that the Group made progress in digital payments, retail penetration and also benefitted from the effect of revaluation gains, arising from the harmonization of foreign exchange rates at the different access windows in Nigeria.
He said, “The Group recorded strong double-digit growth in revenues and profits from its operations, the result also reflects the effect of sizeable revaluation gains, arising from the harmonization of currency exchange rates in Nigeria. Our reporting currency found a new exchange level at about N756 to 1US$ as of 30 June 2023, compared to N465 at the beginning of the year. The results again demonstrate the benefits of our long-held diversification strategy across Africa and globally. The growth of our international business, most recently in the UAE, only reinforces this earnings quality.
Continuing he added, “Our business is on a steady growth trajectory, as we further strengthen our risk management traditions and practices necessary technology investments to deliver premium service to our customers. We have also continued to finance landmark projects in critical sectors of the economies across Africa, facilitating intra-Africa trade with our valuable offerings and provide a versatile last-mile distribution network for Africa-bound donor and multilateral agency funds.”
“ The three core geographical pillars of our business (Nigeria, Rest of Africa and Rest of the World) are making strong contributions to the Group profit, further justifying our global strategy and business positioning across Africa, UAE, France, UK and USA, and demonstrating the benefits of positioning UBA as the financial intermediary for Africa and the rest of the world.” Alawuba said.
On the plans for the rest of the year, Alawuba said, “As we approach the last quarter of the year, the Group remains strategically positioned to sustain the strong performance, consolidating on H1 2023 results, to deliver superior returns to our esteemed shareholders.”
UBA’s Executive Director Finance & Risk, Ugo Nwaghodoh, said the half year 2023 financial numbers reflect an excellent performance across key metrics, as the bank diligently executes its strategic priorities.
“Our HY2023 financial numbers reflect excellent performance across key metrics, as we diligently execute our priorities for the year. Annualized return on average equity at 57.7% was bolstered by improved operating income and revaluation gains.” he explained.
Nwaghodoh also pointed out that the Group maintains robust capital buffers to support business growth and loss absorbency. The Group’s shareholders’ funds stood at N1.7trillion, with a capital adequacy ratio of 36.4%”.
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. With presence in New York, London, and Paris and now the UAE, 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.
The management of Africa’s Global Bank, United Bank for Africa (UBA) Plc, has unveiled its commitment to enhance customer experience, whilst expressing optimism for greater achievements for its customers and shareholders.
UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, who made this pledge in Lagos on Tuesday, while marking his first-year anniversary in office, promised investors and customers that the best is yet to come.
The ‘UBA 4.0 Team’, led by Alawuba, took over the reins of leadership in August 2022, and have since achieved record-breaking profit margins and witnessed transformative growth across the international and African markets.
The GMD who expressed gratitude to his team and other internal stakeholders for the many successes achieved in the last 12 months, said that through their collective efforts, the bank has celebrated major business wins across various markets, solidifying its position as a leading financial institution in the region.
He said, “I want to express my gratitude to every one of you, our dedicated and talented team leaders and members. for your commitment to our customer-centric vision and the spirit of execution displayed in our successes so far.
“Through our collective efforts, we have recorded major business wins across our various markets, improved on our financial performance, enhanced customer service delivery and are on the way to achieving a more connected Brand, and these achievements have not only strengthened the bank’s standing but have also provided a solid foundation for even greater accomplishments in the future,” Alawuba pointed out.
He explained that the bank will not rest on its oars in its drive to deliver on its promise of being the leading financial services provider in Africa and beyond, adding “We will continue to focus on our three levers of transformation, these being People, Process and Technology.”
Alawuba highlighted the importance of engaging stakeholders to drive progress across all aspects of the bank’s operations, as he reiterated his commitment to continuous engagement across all geographies to ensure UBA remains at the forefront of the financial industry.
“I have travelled to 21 countries across our 24 presence countries in the last 12 months, I make the commitment to continuously engage all stakeholders across all geographies, to ensure we make the expected progress in every aspect of our operations,” he stated.
While reaffirming the bank’s mission to empower its customers, partners, and communities as a whole, the GMD stated that the UBA 4.0 remains dedicated to the well-being of our communities thus reinforcing its commitment to environmental sustainability.
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.
Africa’s Global Bank, United Bank for Africa (UBA), has launched the UBA Braille Account Opening Form, a first-of-its-kind initiative in the Nigerian and African market, designed specifically to cater to the financial needs of the visually impaired.
Until now, this unique and special section of the society has been disadvantaged, but with this ground-breaking initiative, UBA has fully demonstrated its unwavering commitment towards providing an excellent user experience for all its customers, regardless of their individual abilities or disabilities.
The new UBA Braille Account Opening Form was launched at the UBA Head Office in Lagos on Tuesday, in an event that had in attendance key executive members of the bank and guests including Multi-Award Winner, Nigerian Musician, Producer, and Songwriter, Cobhams Asuquo, General Manager, Lagos State Office for Disability Affairs (LASODA), Dare Dairo; Former Senior Special Assistant to the Lagos State Governor on Persons Living with Disability, Adenike Oyetunde-Lawal, as well as students from the Pacelli School of the Blind.
While endorsing the laudable initiative, Award-winning Music Producer, Cobhams Asuquo, described the Braille account as an innovative initiative that presents UBA as a bank with a heart that pays keen attention to the needs of the blind and disabled.
Asuquo said, “Before now, we have always been at the mercy of the reader when we want to do things like open accounts for ourselves, but this account opening form has come to solve the problem of access which has previously been a huge limiting factor for people like me who are blind. With this initiative, UBA has promoted our ideal of inclusivity and has helped to put back freedom in our hands while opening us up to the variety of opportunities and options available to us.
Continuing he said, “UBA has blazed the trail, I am beyond elated, as this new initiative will send a strong note to others to replicate the same feat and make people realise that banking services can and should be done with humanity in mind. Thank you UBA for amplifying this much needed cause, I endorse this 100 per cent and I believe it is a much needed first-step that will lead to so many others.”
Speaking earlier, UBA’s Executive Director, Finance and Risk Management, Ugo Nwaghodoh, said the bank continues to look for ways to make the physically challenged and others to be comfortable in their life-long relationship with the financial industry.
He said, “In our quest to drive all-encompassing financial inclusion, we decided to support the visually impaired by developing a Braille Account Opening form and these special customers now have the same opportunities available to our customers. The ultimate benefit is to ensure that everybody has the right to select and choose the kind of account they want to operate, and this account opening form will go a long way to ensure this.”
The UBA Braille Account Opening Form was produced with the support of Anglo-Nigerian Welfare Association for the Blind and is the first of its kind in the industry, designed specifically to cater to the needs of visually impaired individuals. With this innovative solution, UBA is empowering blind customers to independently initiate and complete the account opening process, ensuring their seamless integration into the financial system.
The General Manager, Lagos State Office for Disability Affairs; LASODA, who was also at the event, commended the entire team for conceiving the idea. He said, “I am so elated at this initiative, and I am happy to hear that this is also going to be replicated in the 19 African countries where UBA is present. I say thank you to this bank for this beautiful project. It is true that Government cannot do it all, and we are glad when we see institutions charting the course for others.”
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 35,000 employees group wide and serving over 35 million customers globally. 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.