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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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Wema Bank Emerges Best Performing Bank in Half year 2022

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Nigeria’s most innovative bank, Wema Bank Plc, has emerged the best performing bank in the first half of year 2022 financial year with a weighted average score of of 2.83 points, beating 12 other bank’s.

 

According to a special report on the Nigerian banking performance in the first half of 2022 prepared by Nairametrics, Wema Bank ranked first in one category, second in three categories and third in one category. Stanbic IBTC and First Bank came second and third respectively..

 

The key metrics considered in the report are total asset growth, loan book growth, profit growth, cost-to-income ratio movement, and return on average equity.

 

The 13’reviewed banks which are listed on the Nigerian Exchange posted a net profit of N1 trillion in 2021 from N887.1 billion recorded in 2020.

 

The 13 reviewed banks are Wema Bank, First Bank of Nigeria, FCMB, GTB, Jaiz Bank, Access Bank, and Stanbic/IBTC. Others are UBA, Sterling Bank, Unity Bank, Union Bank, Zenith Bank, and Fidelity Bank.

 

During the first six months of 2022, the thirteen banks posted an aggregate of N501.1 billion as profit after tax, representing an increase of 13.1% compared to N443.17 billion recorded in the corresponding period of 2021

 

The banks grew their bottom line despite headwinds ravaging the global economy as the energy crisis triggered a significant surge in the operational costs of businesses operating in the country, while some banks were forced to ration their operating hours in a bid to manage the rise in the cost of operation.

 

Wema Bank came first in the category of

Leading bank’s by customer deposits growth . The bank recorded ±30.2 percent customer deposit growth during the review period, followed by Fidelity Bank and Access Bank with +13.1 percent and +12.8 percent respectively.

 

Wema Bank came second in three other categories – total assets growth rate (+13%), loan book growth rate (+19.9%) and profit after tax growth rate {+47.8%}.

 

Stanbic IBTC , the second place winner, ranked first in total asset growth rate and leading bank’s by cost to income ratio growth rate

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Again! FCMB Lands IN Serious Trouble Over False Claim…… As Court Orders Bank To Pay N540m Damages.

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First City Monument Bank (FCMB) is in hot soup as the Federal Capital Territory (FCT) High Court has ordered the bank to pay N540.5 million in damages to Pastor Emmanuel Omale of the Divine Hand of God Prophetic Ministry and his wife, Deborah over false claim that they laundered N573 million for former chairman of the EFCC, Ibrahim Magu.

Delivering judgement in the suit, Yusuf Halilu, the judge, held that the bank breached its “duty of care to the claimants,” the Omales and their church.

The judgment was on the suit marked: FCT/HC/CV2541/2020 filed by Mr. Omale, his wife and the church.

The judge held that the evidence before the court showed that the bank admitted error in its report to the NFIU of entries in the account of Divine Hand of God Prophetic Ministry which was accused of laundering money on Mr. Magu’s behalf.

Mr. Halilu also said the bank claimed that the purported N573 million was wrongly reflected as credit entry in Divine Hand of God Prophetic Ministry’s account by its reporting system, which it recently upgraded.

The judge held that FCMB admitted the error, which brought incalculable damage to the reputation of the claimants both within and outside the Nigeria – depleting their church’s membership.

Mr. Halilu said the claimants provided sufficient evidence to establish case of negligence against FCMB.

Consequently, the judge awarded N200 million as aggravated damages; N140.5 million as specific damages and N200 million as general damages.

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More Troubles For Dangote Cement As Kogi Govt Demands 10 Per Cent Share, Orders Immediate Seal Off

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However, Dangote Cement is facing allegations of sharp practice from Kogi State government, Kogi Assembly as well as Akwa Ibom State.Already, the Kogi State House of Assembly has ordered stoppage to the activities of the company in two Local Governments in the State while investigations continue.

To make the claim possible, Kogi State House of Assembly ordered the management of Dangote Cement company to provide all necessary documents that have to do with the transfer of Obajana Cement Company owned by Kogi state government to Dangote Cement Company.

The House also directed that the documents signed at the establishment of the Company and relevant receipts of dues it claimed to have paid to Kogi State Government available at the next adjourned sitting date.

The speaker of Kogi State House of Assembly, Matthew Kolawole, gave the order after interim reports of the ongoing investigative hearing on Internally Generated Revenue (IGR) which was submitted by the ad hoc committee led by Hon. Isah Tenimu Umar, Member Representing Lokoja I Constituency and deliberated upon at the plenary on Wednesday.

Kolawole said this has become important in view of the claims and counterclaims between the Chairman of Kogi State Internally Generated Revenue Service (KGIRS) and representatives of Dangote Cement as the acting chairman of KGIRS, Salisu Enehe had earlier accused Dangote Cement Plc Obajana of forging its tax receipt during the investigative hearing by the State House of Assembly.

According to the State Revenue Boss, most of the figures the company claimed to have paid are totally incorrect, urging the company to check its record.

He added that despite the billions of Naira that company is making from the state monthly, it has failed to pay taxes that are due to the state and Lokoja Local Government Area.

Nigerians Getting ₦1,593,247 Per Week From ₦99,000 Investment in Amazon
Nigerians Getting ₦1,593,247 Per Week From ₦99,000.

In another development, Following the unrestrained environmental degradation in Ankpa and Olamaboro local government areas, Kogi state House of Assembly on Wednesday, directed the Commissioner of Police and Commandant of the Nigeria Security and Civil Defence (NSCDC) to seal off operations of Dangote Plc in the affected areas of the State.

The House gave the order during a public hearing on activities of Dangote Group in the state, especially on the the massive exploitation , environmental degradation and non compensation to the affected owners of the land and without revenue accruing to the state government.

The Speaker, Kogi state House of Assembly, Mathew Kolawole, charged the NSCDC commandant to ensure immediate implementation pending when the ad hoc committee on revenue clarifies some grey areas. Kolawole, who lamented the environmental degradation caused by mining activities on Kogi by the Dangote group and its subsidiaries, accused the multi national business concern of making billions in the state but yet fails to give back to it.

Akwa Ibom is also finding it difficult to collect its entitlement from the Dangote Group. According to reports from the place, the Itu Local Government blocked Dangote premises with their trucks because the company has refused to pay tax for more than two years despite pleas and series of warnings.

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