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Tag: UBA

  • UBA to end over 30 years of operation from makeshift building in UNILAG

    UBA to end over 30 years of operation from makeshift building in UNILAG

    The United Bank for Africa (UBA) on Friday received a parcel of land to construct a permanent site at the university of Lagos after over 30 years of operation from a makeshift building.

    The plot donated by the University of Lagos (Unilag) is for construction of a four-storey building by UBA.

    Receiving the piece of land, UBA’s Deputy Managing Director, Mr Ayoku Liadi, said that the bank would continue to improve on its long standing relationship with the university.

    Liadi said that the donation would usher a stronger partnership between bank and the university.

    He said that the bank was the first to be established on the campus, adding that it could boast of a strong portfolio.

    ”I feel highly excited to receive this piece of land on behalf of UBA; the reason is that I started the process of getting this permanent site from the university about five to six years ago.

    ”Today, it has come to reality, it is a stronger partnership we are going to have with the university, with this proposed iconic building.

    “It is going to be a four-storey building; we see it as an opportunity to have a permanent location on campus.

    ”UBA is the first bank on the campus, we have been here since late1960s, and if you look at the fact that we have been here for such a long time, having a permanent site that befits that relationship with the university should be considered in order and important,” he said.

    According to him, establishing a befitting building will further enhance the bank’s operations and relationship with the entire university community.

    ”The relationship between the bank and students of this institution is as old as the university itself.

    ”We have a professorial seat running with the Faculty of Business Administration, which we instituted about 30 years ago.

    “We revived it about four years ago and today, we have a professor of finance, who we have sponsored to conduct research on behalf of this university and UBA,” Liadi said.

    He said that the construction would begin as quickly as possible.

    ”We hope to complete the project in 18 months.

    ”I must thank the university community as a whole for patronage, our portfolio is growing,” Liadi said.

    The Vice-Chancellor of the university, Prof. Oluwatoyin Ogundipe, said that the bank had a strong presence in the institution, noting that it was funding some students’ projects and programmes.

    ”We have a very cordial relationship with UBA.

    “The bank has a very strong presence on campus, being the first to be cited on this campus.

    ”I want to say that UBA was the first bank to be in the University of Lagos; so, there is a strong tie between UBA and the university.

    “In the next three weeks or thereabout, the bank is going to move to this permanent site to start construction of a befitting UBA building.

  • Double honours: UBA wins Best Bank of the Year, International Bank of the Year at BAFI Awards

    Double honours: UBA wins Best Bank of the Year, International Bank of the Year at BAFI Awards

    Pan-African financial institution, United Bank for Africa (UBA) Plc, carted two highly coveted laurels at the BusinessDay’s Bank and other Financial Institutions Awards (BAFI) winning the Bank of the Year and the International Bank of the Year at the glamorous event held over the weekend.

    The bank beat other strong contenders – Zenith Bank, Guaranty Trust Bank, Access Bank and First Bank – to clinch the two top categories in a well-attended ceremony comprising of Bank CEO’s, Captains of Industries and Senior financial executives.

    Deputy Managing Director, Ayo Liadi with the Bank of the Year Award won by UBA at the BusinessDay Bank and other Financial Institutions Award (BAFI), held in Lagos at the weekend.

    UBA won the ‘Bank of the Year’ in recognition of UBA’s consistent effort in outperforming its peers using a composite of financial metrics, strategic foresight, execution discipline, world-class governance and global vision.

    The Bank also won the award for ‘International Bank of the Year’, a keenly contested category, that pitches Nigerian financial institutions that have expanded on the continent against their international peers operating across Africa.

    UBA’s Deputy Managing Director, Mr. Liadi Ayoku, who received the awards on behalf of the bank, expressed his delight on the recognition from BusinessDay.

    He said, “These awards mark another milestone for UBA Group and is a testament of the diligent execution of the bank’s strategic initiatives on customer service. Being recognized as Nigeria’s best bank complements positive feedback from customers and is a recognition of our improving efficiencies, service quality and innovation. I therefore dedicate it to our growing loyal corporate and retail customers, who are our essence. Given our heritage commitment to Africa’s development, we continue to impact lives through our service as well as funding to individuals, businesses and government,” he noted.

    Ayoku pointed out that the bank remains focused on its goal of democratizing banking in Africa, leveraging on new technologies and emphasised its determination to change the narrative of financial services in Africa.

    Publisher of BusinessDay Newspapers, organisers of the event, Frank Aigbogun, noted that UBA has excelled in the key areas of prioritising customers, which according earned the bank the double honours.

    While explaining the rationale behind UBA winning the two prestigious categories in its December issue, Aigbogun noted that the bank stood out in prioritising customers as has been evident in the significant rise in Customer Deposits which leaped by 35.7 % to N5.2trillion up from N3.8 trillion at the end of the last financial year.

    He noted that even though Africa’s economic landscape has been unpredictable in recent times which resulted in recession in Nigeria and some of Africa’s best performing economies, the bank still found its rhythm and excelled.

    He said, “In these conditions only the most diversified and innovative of regional banks can prosper. And this is precisely why UBA has scooped the BAFI 2020, Best Bank of the year and International Bank of the year, a testament to hard work, resilience. For one, the lender registered impressive top- and bottom-line growth over the review period.”

    United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points, in 20 African countries. With presence in the United States of America, the United Kingdom and France, 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.

  • Q3 2020: UBA grows gross earnings to N454.4bn, delivers N90.4bn profit before tax

    Q3 2020: UBA grows gross earnings to N454.4bn, delivers N90.4bn profit before tax

    United Bank for Africa (UBA) Plc, the Pan African financial institution, has announced commendable performance in its unaudited 2020 Third Quarter Financial Results, with impressive growth in Gross Earnings, which rose to N454.4 billion, up from N428.7billion recorded in September 2019.

    According to the report filed with the Nigerian Stock Exchange (NSE) on Friday (20 Nov. 2020), UBA reported a Profit Before Tax of N90.4 billion compared to N98.2 billion recorded at the end of the third quarter of 2019. Similarly, the Bank recorded an after-tax net profit of N77.1 billion, thus putting its annualised return on average equity at 16.4%. Operating income also improved by 10.4% year-on-year to close at N293.7 billion, up from N265.9 billion achieved in the corresponding period of 2019.

    The Bank continues to maintain a very strong balance sheet, with Total Assets of N7.1 trillion, a 26% increase over the N5.6 trillion recorded at the end of December 2019. UBA benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, as Customer Deposits leaped to N5.2trillion from N3.8 trillion at the end of the last financial year. The shareholders’ funds remained very strong at N655.3 billion rising by 9.6% from N598.0 billion recorded in December 2019, thus reflecting a strong capacity for internal capital generation and growth.

    Commenting on the results, the Group Managing Director/CEO, UBA Plc, Kennedy Uzoka, said, “In spite of the current turbulence in the operating environment, occasioned by the global pandemic, we have continued to record significant progress in our business segments. Notably, our innovative financial inclusion propositions have helped us moderate cost-of-funds to 3.2% (4.0% in FY 2019), as low-cost deposits (which accounts for 76.2% of our customer deposits) grew 40.8% by the end of the third quarter. Our Direct Sales Agents, Agency Banking Network, and Digital Banking propositions have positioned us at the forefront of financial inclusion across geographies where we operate,” Uzoka stated.

    He pointed out that during the period under review, the Bank was able to provide support to customers across its footprint, assisting them to navigate the negative impact that Covid-19 pandemic has had on livelihoods, businesses and social life, adding that “since March 2020, we have provided transaction fee waivers to customers, rescheduled loans where business cashflows have been impacted, and donated generously to governments and communities to help catalyse a comprehensive pan-African response to the fight against the COVID-19 Pandemic.”

    Speaking on the expectations for the rest of the year, Uzoka said, “whilst the outlook for the rest of 2020 is expected to remain challenging, our diversified model provides sufficient resilience, enabling us to continue to delight our customers with innovative banking products within our robust risk management framework.”

    Also throwing more light on the Bank’s financial performance and position, the Group CFO, Ugo Nwaghodoh said: “we achieved substantial growth in the underlying business, having grown loans by 15.6% (to N2.4trillion) and deposits by 35.7% (to N5.2trillion) within the period as interest and fee income from loans settled at N172.9 billion and N8.9billion respectively. Credit impairment charges increased by N4.8billion YoY (to N11.5billion), providing adequate reserve for impaired loans, which should help moderate the need for further reserves later in the year. NPL ratio and cost-of-risk settled at 5.2% (5.3% in FY 2019) and 0.64% (0.9% in FY 2019) respectively.

    “As we deploy rigorous balance sheet management strategies to protect our margins, we will sustain cost discipline to push cost-to-income ratio to our desired sub-60% target in the short-term. The Group continues to target 15% loan growth, a NIM of >6.0% and ROE of >16% for the 2020 financial year, but targets remain subject to the evolution of the COVID-19 pandemic and its implications on the operating environment”, the GCFO explained.

  • UBA unveils products to drive retail banking

    UBA unveils products to drive retail banking

    United Bank for Africa (UBA) Plc, on Friday in Lagos, committed to delivering superior and innovative banking solutions to its over 20 million customers around the 20 African countries where it was present

    The bank unveiled some products that would drive its retail banking business as well as aid customers and non customers to perform unlimited transactions in Nigeria and Africa.

    The Group Head, Retail Liabilities of UBA, Mrs Ogechi Altriade, spoke on the products at a virtual media parley, with journalists participating across Nigeria and Africa.

    She said that the bank had come up with a “kiddies products and proposition” that would support parents to save toward their children’s education.

    Altriade said the bank also supported the kiddies through scholarships and periodically allowed parents to participate in the scholarship draws.

    This, according to her, is a way of helping them see their children through school.

    She said that the bank had come up with a product, “Face of our Next Gen” proposition, with Wizkid as role model and an ambassador.

    This is to bring forth vibrant youth to embrace the proposition.

    Altriade said that the UBA retail banking businesses also catered for the “Mass Market” segment, where it had its largest population of people.

    The mass market segment is majorly targeted at average and low earners

    According to her, the bank has also come up with a segment for SMEs known as “SME Banking ” .

    She said that this product does not just cater for individuals but Micro Small and Medium Enterprises.

    The bank offers financial and non financial services to them, she said.

    Altriade said that the bank’s retail banking also catered for people in the Diaspora.

    “We have UBA connect products that gives you access to all the countries where UBA is present.

    “We also have our Africash products where customers and non customers can have access to it,” she said.

    She also said the UBA Agency Banking segment was designed to bring the under banked and unbanked into the system.

    She said :”with UBA Agency banking, they are able to leverage on platform to reach out to people in the remote areas”.

    Altriade listed some innovations that the bank had used to drive its retail banking.

    She cited Mobile Banking solutions, USSD Banking, Leo Chat Box, UBA Click Credit, among others.

  • Excellent Service Delivery key to Customer Satisfaction – UBA GMD

    Excellent Service Delivery key to Customer Satisfaction – UBA GMD

    The Group Managing Director/Chief Executive Officer, Kennedy Uzoka, has said that excellent service delivery is a key ingredient towards ensuring customer satisfaction.

    The GMD said this in a message to mark the commemoration of the 2020 edition of the Customer Service Week, and took time out to appreciate the staff who have worked tirelessly towards satisfying their customers, and urged them not to rest on their oars.

    The Customer Service Week, which is celebrated annually all over the world, recognises the importance of customer service and seeks to show appreciation to the staff who serve and support customers with the highest degree of care and professionalism.

    The theme for this year’s celebrations is ‘Dream Team’ and embodies the core values of the bank – the 3Es which stand for Excellence, Enterprise, and Execution which is achievable when an institution genuinely cares about the customers.

    While emphasising the need for continuous excellent service delivery to customers, specifically appreciated the staff who have worked tirelessly to impress customers and urged them not to rest on their oars.

    He said, “Now more than ever, we have discovered things that truly matter, and it has taken the utmost dedication and commitment of all of us to stay resilient even when it seemed like everything was falling apart.

    “From colleagues who had to show up at work to make sure our services continued to run, to staff who worked remotely, delivering excellent service to the best of their ability, it has taken great grit to get us here today. It is commendable to see the power of people committed to succeeding.

    “As we celebrate this year’s Customer Service Week, I would like to express my gratitude to you all for the journey so far. Most especially, I would like us to keep focused on and dedicated to delivering excellence to our customers who have stayed loyal to the the team. They are the real MVPs that keep us going strong ” Uzoka noted.

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

    With presence in the United States of America, the United Kingdom and France, 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 Launches New Online Entertainment Platform, ‘RED Radio’

    UBA Launches New Online Entertainment Platform, ‘RED Radio’

    Pan- African financial institution, United Bank for Africa, (UBA Plc), continues to lead in innovation with the launch of its dynamic and creative Online Radio channel – RED Radio.

    RED Radio, powered by UBA is a lifestyle web platform that has been set up to inform, educate, entertain and to bring to the fore, the best of Africa. Much like its sister platform, REDTV, RED Radio is expected to showcase the best in lifestyle, entertainment, music, news, comedy and fashion.

    Speaking on the launch of RED Radio, Group Chairman of UBA, Tony O. Elumelu applauded the creative initiative, emphasising that UBA is a financial institution always ready to support creativity and entrepreneurship. The 2020 Time 100 most influential person in the world who has committed USD100 million to empowering young entrepreneurs across Africa said about RED Radio, “Creativity and innovation are a powerful combination and every detail in an art piece is important and meaningful. This applies to growing businesses and budding entrepreneurs. You will encounter challenges, like I did, but each experience is a lesson that brings you closer to your goal. That is the beauty of creativity.”

    Continuing, Elumelu remarked, “There are many ways to make something beautiful, to make a sound interesting or to bring a story to life. You can define your expression, and today, as UBA’s RED Radio launches, I wish Bola Atta and her enterprising team many successes through this beautiful medium of expression.”

    In appreciation of the support of UBA Group Chairman for the exciting creative initiative, UBA’s Group Head, Corporate Communications, Bola Atta, said ‘just like, REDTV which is Africa’s leading online entertainment network, RED Radio is positioned to fast become the foremost online radio platform in Africa’.

    Also expressing his delight, UBA’s Brand Ambassador and star boy, Wizkid, said, “I am never too busy for my UBA family as he granted an exclusive interview on one of the station’s flagship shows ‘On the Street’ where he spoke extensively about his upcoming album and what his fans should expect from him in the coming weeks.

    RED Radio promises to bring rich and engaging content that will keep its audience coming back constantly for vibrant and robust entertainment. Listeners can tune in to www.itsredio.com 24/7.

  • UBA USA CEO Sola Yomi-Ajayi Appointed to US EXIM’s Sub-Saharan Africa Advisory Committee

    UBA USA CEO Sola Yomi-Ajayi Appointed to US EXIM’s Sub-Saharan Africa Advisory Committee

    Sola Yomi-Ajayi, the CEO of the United Bank for Africa(UBA)’s operations in the United States, has been appointed to the Export-Import Bank of the United States (US EXIM) Committee on Sub-Saharan Africa for 2020/2021.

    Established by the US Congress, the Sub-Saharan Africa Advisory Committee provides guidance and advice regarding US EXIM policies and programmes designed to support the expansion of financing for US manufactured goods and services in Sub-Saharan Africa.

    The committee is composed of prominent members of the US business community and Ms. Yomi-Ajayi is the sole representative of an African institution. UBA USA is the only Sub-Saharan African deposit-taking institution regulated in the United States and provides a unique portfolio of banking solutions to corporates, governments, multilaterals, and development organisations transacting with Africa. UBA USA can assist in trade finance, treasury, foreign exchange, transaction management and lending, drawing on UBA’s seventy-year heritage and unique pan-African network.

    UBA’s Group Chairman, Tony O. Elumelu, stated that the appointment is recognition of the role UBA has played over decades in promoting and supporting large and small businesses in all its 20 countries of operations in Africa.

    “The appointment of Sola, as a member of the US EXIM Advisory Committee for Sub-Saharan Africa is welcome news. UBA’s global network of offices in New York, London and Paris, permits us to be the preferred financial intermediary between Africa and the rest of the world. Our mission at UBA is fully aligned with the objectives of the US EXIM’.

    The EXIM President and Chairman, Kimberly A. Reed, who congratulated Yomi-Ajayi and the other appointees said, “With six of the 10 fastest-growing economies in the world and more than one billion consumers, Africa is poised to play a pivotal role in the global economy. Supporting US exports to sub-Saharan Africa is one of our top priorities at EXIM, and my deepest congratulations goes to the new members of the EXIM Sub-Saharan Africa Advisory Committee”.

    Others appointed into the committee are Daniel Runde, who chairs the committee, C. Derek Campbell, Chief Executive Officer, Energy and Natural Resource Security, Inc; Scott Eisner, Senior Vice President, African Affairs, U.S. Chamber of Commerce; Rebecca Enonchong, Founder and Chief Executive Officer AppsTech; Lori Helmers, Executive Director/Americas Export Finance Head, JPMorgan Chase Bank; Florizelle Liser, President and Chief Executive Officer, Corporate Council on Africa; Mima Nedelcovych, Chairman, AfricaGlobal Schaffer; EE Okpa, Principal, The OKPA Co; Marise Duff Stewart, Director Customer and Industry Relations, Progress Rail, a Caterpillar Company and Paul Sullivan, President – International Business, Acrow Bridge.

    EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers.

  • UBA Executive Director, Emeke Iweriebor is dead

    UBA Executive Director, Emeke Iweriebor is dead

    Emeke Iweriebor, a group executive director in pan-African UBA Plc, has died.

    He died on Sunday at 51 after an illness.

    Iweriebor was for some years in charge of the bank’s east and southern Africa operations.

    His death has devastated his colleagues in the leading bank with the chairman, Tony Elumelu mourning Iweriebor’s passage on Instagram, with a touching tribute.

    Iweriebor, President Paul Kagame and Elumelu

    Elumelu and Emeke Iweriebor

    Elumelu wrote:

    “We are shocked, devastated & overcome by immeasurable grief as we mourn the unexpected demise of our brother, friend, & long time colleague, @emekeiweriebor. “Mr Execution”, as I fondly called him, Emeke earnestly drove the launch of @UBAGroup operations in over ten African countries‬- singlehandedly obtaining banking licences in some of these countries.

    “‪A true Lion to the core, Emeke served @ubagroup wearing many hats and playing strategic leadership roles for almost 2 decades of selfless service. He rose to Group Executïve Director at UBA.

    “There are no words to describe the depths of our pain as we are forced to say goodbye to one of our very own. Rest well, dearest Emeke.‬

    “We pray that God grants Emeke’s dear wife and wonderful kids, the fortitude to bear this irreparable loss”.

  • UBA, First Bank, Fidelity, others cut offshore monthly spending limit on Naira Card to $100

    UBA, First Bank, Fidelity, others cut offshore monthly spending limit on Naira Card to $100

    The United Bank for Africa (UBA), First Bank of Nigeria (FBN) and Fidelity Bank have joined the list of Nigerian banks that have reduced international spending limits for their customers as the foreign exchange situation in the country continues to bite harder.

    As they face tightening forex liquidity, it will be difficult for banks to meet their dollar commitments, particularly for debit card usage, hence, the need to cut down the spending limits.

    In a message sent to its customers and sighted by TheNewsGuru.com, TNG First Bank announced that it has now limited the amount its customers can henceforth spend for offshore transactions in a month, $100.

    “Spend now and pay later with your Naira Credit Card. Enjoy up to N3,000,000 credit facility, $100 monthly spend limit on international transactions, 45 interest-free days, flexible repayment plan, access to over 29 million channels worldwide, card control and protection using the Card Services feature on FirstMobile App,” the bank said in the notice.

    Equally, fellow tier-one lender, UBA, also announced that it was following the path due to the uncertainties surrounding the forex market which had forced its hand to review its international spending limits.

    The company, in a notice to its customers, said, “In light of the uncertainties in the Foreign Exchange Market, we have had to review international card spending limits.

    “The new applicable limit on your Naira card is $100 (or its equivalent in other foreign currencies) monthly effective August 21, 2020.

    “Whilst we note this significant reduction from your previous spend limit, we would like to reassure that this limit will be revised upwards as the market continues to improve.”

    Also, Fidelity Bank took the same step, putting $100 cap on international transactions via its Naira card.

    The bank stated, “Please be informed that the spending limit for international transactions on our Fidelity Naira Visa and MasterCard is now $100 monthly.

    “This means that your card can be used on Point-of-Sale (POS), WEB and ATM for a cumulative transaction value of $100 monthly.”

    In similar vein, Ecobank Nigeria also confirmed that a $100 monthly limit has been placed on international spending using its cards.

    TNG recalls that Guaranty Trust Bank (GTBank) had two weeks ago slashed the international spending limit on its Naira Mastercard by 80 per cent to $100 per month from $500 it first reduced it to earlier in the year.

    It was also reported that Stanbic IBTC Bank said its customers will only be able to spend $500 per month in terms of offshore card transactions and placed a monthly limit of $100 on withdrawals.

    Another tier one bank, Zenith Bank Plc, announced a temporary suspension of the use of debit cards for cash withdrawals abroad while it slashed the monthly spending limit for international card users to $200.

  • UBA provides $200m for Nigeria’s Petroleum Industry – Timely Financing for Post COVID Economic Growth

    UBA provides $200m for Nigeria’s Petroleum Industry – Timely Financing for Post COVID Economic Growth

    The United Bank for Africa Plc (UBA), the leading pan-African financial services group, has acted as an Initial Mandated Lead Arranger with a consortium of Nigerian commercial and international banks in a $1.5 Billion Pre-Export Finance Facility for Eagle Export Funding Limited, to enable the forward sale of crude by the Nigerian National Petroleum Corporation (NNPC) and its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).

    UBA is providing $200 million (Naira equivalent) towards the crude oil sale, to support investment growth and liquidity requirements. The forward sale will provide much needed capital for investment in NNPC’s production capacity, which is of strategic importance to the Nigerian economy and the country’s leading source of foreign exchange earnings. UBA’s position as Mandated Lead Arranger recognises the Group’s strength in structuring and deploying financing to the oil and gas sector, and the depth and liquidity of the Group’s balance sheet.

    UBA has a strong track record in the resources sector across Africa, having facilitated similar oil prepayment deals with the NNPC. UBA was also responsible for the EUR 240m Revolving Crude Oil Financing Facility for the Société Africaine de Raffinage and in Congo Brazzaville co-funded the $250m crude oil prepayment facility for Orion Oil Limited.

    Other participants in the Eagle Export Funding Limited deal include Standard Chartered Bank, Afrexim Bank, Union Bank and two oil trading companies, Vitol and Matrix.

    Speaking on this most recent support for the Nigeria’s petroleum industry, UBA Group Chairman, Tony O. Elumelu stated ‘This has been one of the most economically challenging years that Nigeria has witnessed. With the sharp drop in the price of oil and the ensuing hardship that followed the onset of the Covid-19 pandemic, the private sector must come together and contribute meaningfully to the economy. This facility is clear evidence of this – UBA is providing investment that will significantly improve Nigeria’s production capacity and in doing so also demonstrating the strength, depth, and sophistication of our commercial banking capability. I believe that together, working with governments, we can create more jobs and more wealth for people, not only in Nigeria, but across Africa’.

    The United Bank for Africa is one of the largest employers in the financial sector on the African continent, with over 20,000 employees and serving over 20 million customers. UBA operates in 20 African countries and globally in the United Kingdom, the United States of America and France, providing retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.