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Elumelu lauds FG’s Economic Recovery Plan at UBA’s AGM

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The Chairman of the United Bank for Africa Plc, Mr. Tony Elumelu, has strongly commended the Federal Government and the Central Bank of Nigeria (CBN) for their efforts in stimulating the Nigerian economy, and bringing to bear a coordinated policy response that will positively jumpstart the Nigerian economy.

 

According to Mr Elumelu, recent actions by the Federal Government, including greater liquidity in the foreign exchange markets, have already had a positive impact on the economy, giving Nigerians and foreign investors alike hope that the nation’s economy is on the road to recovery.

 

Speaking during 55th Annual General Meeting of the United Bank for Africa Plc, Elumelu said, “I would like to commend the Federal Government of Nigeria and President Buhari on the launch of the economic recovery programme. The Economic Recovery and Growth Plan is a robust call to action and we look forward to its rapid implementation. We were honoured to be consulted before the launch, and I believe, as a significant investor in Nigeria, that if we all give our support to the programme, the country will quickly recover.”

l-r: Group Managing Director/CEO, UBA Plc, Mr. Kennedy Uzoka; Group Chairman, Mr. Tony O. Elumelu; and   Deputy Managing Director, Mr. Victor Osadolor, at the 55th Annual General Meeting of UBA Plc, held in Lagos on Friday

Mr Elumelu added that the CBN had also implemented decisions that have helped strengthen the nation’s economy.  “I also commend the CBN for the decisive way they have been managing the economy, especially the way the foreign exchange regime is responding to their targeted intervention.”

 

The UBA Group Chairman used the opportunity to highlight the Group’s commitment to customer service. Our Customer First programme is central to the Bank’s ambition to be the Bank of choice for all Africans. He also applauded staff and shareholders on the performance of the Bank and for their loyalty, adding that the results show that UBA had made a wise decision, by investing in other African countries outside of Nigeria. Addressing the shareholders at the AGM he said: “Many said we are too bold in ambitions in Africa. It is clear from these results that our strategy has been proved correct. I want you to know that by investing in UBA, you have diversified your portfolio, you have not just invested in a Nigerian bank, but have invested in a bank with earnings now coming from across Africa”.

 

Mr Elumelu also praised UBA’s new leadership team. “Last year we had a leadership change and a new CEO, Kennedy Uzoka was appointed, which we are formally introducing today. Let me say that Kennedy and his team have hit the ground running. At the board level, we are extremely impressed by the financial performance that they are already delivering. We all have great faith in their ability to deliver.”

Group Managing Director/Chief Executive Officer, UBA Plc, Mr. Kennedy Uzoka said: “As we deliver our Customer First Philosophy, we are approaching 2017 with stronger optimism, especially with the outlook remaining positive in most of our markets. We are aware of the macro economic challenges, competition and constantly changing customer preferences. However, we believe we are well equipped to win in the market. We will further develop our unique Pan- African platform to improve productivity, extract efficiency gains and grow our share of customers’ wallet across all business lines and markets. We will continue to build on our strong governance culture, zero-tolerance for infractions and transparency in furthering our frontiers of leadership in the African market.”

 

United Bank for Africa Plc is a leading pan-African financial services group, with presence in 19 African countries, as well as the United Kingdom, the United States of America and France.

UBA was incorporated in Nigeria as a limited liability company after taking over the assets of the British and French Bank Limited who had been operating in Nigeria since 1949. The United Bank for Africa merged with Standard Trust Bank in 2005 and from a single country operation founded in 1949 in Nigeria – Africa’s largest economy – UBA has become one of the leading providers of banking and other financial services on the African continent. The Bank provides services to over14 million customers globally, through one of the most diverse service channels in sub-Saharan Africa, with over 1,000 branches and customer touch points and robust online and mobile banking platforms.

UBA was the first Nigerian bank to make an Initial Public Offering, following its listing on the NSE in1970. It was also the first Nigerian bank to issue Global Depository Receipts. The shares of UBA are publicly traded on the Nigerian Stock Exchange and the Bank has a well-diversified shareholder base, which includes foreign and local institutional investors, as well as individual shareholders.

 

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My son’s death a test from God – Heartbroken Gov. Sule

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Heartbroken Governor Abdullahi Sule of Nasarawa State on Friday said the death of his son, Hassan, is a test from God.

Hassan, 36, died on Thursday after a brief illness.

He spoke while receiving condolences at the palace of his father, the Sarkin Gudi, Alhaji Sule Bawa, in Akwanga LGA.

Sule said he was the one consoling somebody who lost his nine children and 70 cows the previous day and that today God decided to test him, to see whether he was sincere in consoling that bereaved father.

“This is my time to be tested. I see this as a test from God. I was the person consoling somebody that lost his 9 children and 70 cows yesterday, and today God decided to test me, to see whether I was sincere in consoling that bereaved father,” he said in a report by The Punch.

According to him, his son grew up carrying all his siblings along, saying that it was only God that has the power to take him away.

Sule added that his son was the one taking decisions on their businesses, saying that he was always on hand to advice him on what next to do, as his schedule would not allow him to run any business.

The governor insisted that God took him away to test hi resilience and faith.

“God didn’t seek my advice when he gave Hassan to me and he will not seek my advice when he takes him away,” he said.

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Senate summons Kyari, CEO NNPCL over N48 billion pipeline surveillance contract awarded to Tompolo

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The Senate Committee on Ethics, Privileges and Public Petitions has summoned the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, over a N48 billion pipeline surveillance contract awarded to stakeholders in the Niger Delta region.
The pipeline surveillance contract was awarded by the Federal Government to Global West Vessel Specialist Limited, a private maritime security firm founded by Government Ekpemupolo, an erstwhile Commander of the Movement for the Emancipation of the Niger Delta (MEND) also known as Tompolo.

The Tompolo-owned firm was expected to protect all the oil pipelines criss-crossing nearly all the states in the Niger Delta in collaboration with other major stakeholders in the oil bearing communities in the region.
Specifically, Tompolo is expected to carry out the N4 billion per month contract that covers Delta, Ondo, Imo, Rivers and some parts of Bayelsa State in collaboration with major tribes along the communities that host the oil pipelines.

However the Isoko Ethnic Nationality has petitioned the Senate alleging that their young men were not being carried along in the multi-billion naira project.

The Isoko people under the auspices of Interested Isoko Youth Groups, through a petition sent to the Senate on their behalf by Stanley Okonmah, said they were completely marginalised in the contract award.
The lsoko Ethnic Nationality requested the Senate to probe the award of the contract and prevail on the NNPCL’s management to award a fresh contract to a company owned by an Isoko person.

Specifically, the people urged the Senate to look into the matter and urged the Minister of Petroleum Resources and the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL) to correct the anomaly.

They want the NNPCL to award the pipeline surveillance contract to a company to be chosen by stakeholders of Isoko nation.

The Chairman, Senate Committee on Ethics, Privileges and Public Petitions, Senator Ayo Akinyelure (PDP – Ondo Central), at a session in Abuja, said the GCEO of the NNPCL was being summoned to the Senate for him to come and assure the Isoko people that the agency would do the needful to avoid economic sabotage by the aggrieved youths of the area.
He said, “The GCEO of the NNPCL is hereby summoned by the Senate Committee on Ethics Privileges and Public Petitions (to appear before this committee) on January 25.

“We want him to come and assure Nigerians that he would do the needful to calm down the youths so that they will not engage in pipeline vandalism.”

Earlier, the leadership of the Isoko youths told the panel that since oil was discovered in their land and pipelines installed there in 1958, till date, no case of vandalism had been recorded in the area.

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Confusion at Lagos Airport as Workers Embark On Strike…… Passengers Stranded!(Photos)

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Several passengers were stranded this morning at the Murtala Mohammed International airport as airport workers began strike starting from midnight.

passengers were spotted all around with airlines having little information on the way forward.

for instance, virgin Atlantic passengers that were due for London trip this morning were helpless as many had to reschedule their flights and many left loitering around

more details………

 

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