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FY2015: UBA Grosses N60 Billion in profits, pays additional 40kobo dividend.

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United Bank for Africa Plc; the pan African financial services Group with operations in 19 African countries has delivered another strong and impressive financial performance.

In its Audited Full Year results for the year ended December 31, 2015, released to the Nigerian Stock Exchange (NSE) on Monday, the bank recorded a 10% growth in gross earnings, closing at N315 billion and a 25% growth in profit-after-tax to N60 billion; translating to a 20% return on average equity. Similarly, UBA defied competition and macroeconomic pressures to grow operating income by 10% to a record N205 billion in December 2015; from N186 billion in December 2014.

Following the impressive performance, the board is proposing a final dividend of 40 kobo per share. This brings to 60 kobo the total dividend for the 2015 financial year. UBA had earlier paid an interim dividend of 20 kobo per share, following the audit of its 2015 Half Year Results.

Commenting on the result, Mr. Phillips Oduoza, the GMD/CEO, UBA Plc, said “our 2015 profit is a new high, reflecting the hard work and discipline of our Board, Management and Staff in creating value for all stakeholders. We remain committed to growing in a responsible manner that aligns with our vision of building an enduring institution”.

He said the bank’s resilient business model, geographic diversification, proactive strategies, and strong governance created an edge for it through the year. “We will continue to invest in our future whilst managing cost tightly to generate strong returns to shareholders” he assured.

Also speaking on UBA’s financial performance and position, the Group Chief Finance Officer (GCFO), Mr. Ugo Nwaghodoh said “amidst macroeconomic volatilities, we leveraged efficiency gains in our business development and operations to grow earnings. We improved on our balance sheet management and pricing, thus ensuring a strong 19% growth in interest income as well as an enhanced net interest margin of 6.3%. Our improved service delivery and customized offerings helped in growing transaction banking volume, with attendant fee income. Whilst we were exposed to some external cost pressure, we managed to keep our cost growth at 5% (below the average inflation rate of 9% in Nigeria; our core market which represents three-quarter of our operations)”.

He expressed satisfaction at the performance of the bank’s Africa operations, particularly in synergy extraction and pursuit of scale economics to achieve market share and earnings targets. “Precisely, UBA Africa contributed 24% of our Group’s profit before tax in the 2015, despite the impact of cross-currency depreciation in some of our markets. Whilst our cautious stance on lending in Nigeria moderated the loan book, we recorded a collective 14% loan growth in UBA Africa, as we deepen market penetration and our share of customers’ wallet. Our prudence and discipline in risk asset creation over the past half-decade sustained the quality of our loan portfolio; NPL ratio stabilized at 1.7% with full provisions coverage” he stated.

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State of Emergency in Rivers: Akpabio, Dickson in heated argument

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The President of the Nigerian Senate, Godswill Obot Akpabio and Senator Seriake Dickson were, on Thursday, locked up in a heated argument over the provision of Senate Rules in the handling of debate on the State of Emergency in Rivers State.

As the Senate convened for plenary, Leader Michael Bamidele Opeyemi moved a motion for the Order Paper to be re-ordered to enable the Senate to handle the debate on the state of emergency before any other motion itemized for legislative action.

As Bamidele stood to point out the relevant order, Seriake Dickson\, representing Bayelsa Central Senatorial District and former governor of Bayelsa State raised a point of order, to which Akpabio was hesitant to oblige.

The angry Akpabio reminded Seriake Dickson in a witty manner, how he watched him on television saying he would not go the way of the Senate on the state of emergency in Rivers, even as Dickson insisted on getting the Senate President’s attention through a point of order.

Akpabio said: “Senator Seriake Dickson, let’s not argue, if we argue it won’t be good for any of us.

“We are all distinguished people, you were a former governor, I was a former governor. Please turn off your mic and sit down. I watched you on television. You said, whatever the Senate does, the Senate will never go with you.

“I said you said whatever the Senate does, the Senate will never have your vote.

“I don’t know but if you have already made up your mind to go on television when the Senate has not done anything or considered any issue, I am not arguing with you, but I say, please allow me to preside.

Replying to the Senate President, Seriake Dickson said: “Mr Senate President, you know we must have mutual respect for all our colleagues, and I do have regard for you, particularly, as our presiding officer and I think that should be reciprocal.”

Dickson said the point of order he raised was to draw the attention of Senators to the provision on the need to first break into a closed-door meeting.

The motion to close the door was immediately raised by the Senate Leader and seconded by the minority leader, Senator Abba Moro and the Senate went into a closed-door session.

https://x.com/i/status/1902686188504252855

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Death toll in Abuja CNG tanker explosion rises to eight

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The Federal Capital Territory (FCT) Emergency Management Department has confirmed that the death toll from the Abuja truck explosion has risen to eight.

The accident, which occurred on Wednesday evening near Karu Bridge along the Abuja-Keffi Expressway, involved a Compressed Natural Gas (CNG)-laden truck and multiple vehicles.

Acting Director General of the FCT Emergency Management Department (FEMD), Abdulrahman Mohammed, provided the update on Thursday while addressing journalists at the scene.

Earlier, the FCT Police Command, through a statement signed by its spokesperson, SP Josephine Adeh, reported six fatalities and the destruction of 14 vehicles in the explosion. However, Mohammed clarified that among the initial six casualties, four were burned beyond recognition. Two additional victims, who were initially rescued, succumbed to their injuries on Thursday morning, bringing the total fatalities to eight.

“Five people were confirmed dead at the scene yesterday. One more passed away later, making six. Then this morning, after further checks, we discovered that two more had died, bringing the total to eight. Four of the victims from yesterday were burned beyond recognition,” he explained.

He also confirmed that 30 others were receiving medical treatment at various hospitals across the FCT. According to him, eight victims are being treated at Karu General Hospital, 10 at Customs Hospital, 11 at the National Hospital, and one at Aso Clinic.

Mohammed further stated that officials were checking other hospitals, including Asokoro Hospital, to verify if additional victims had been admitted.

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Sirajo Jaja, Bauchi accountant-general in EFCC custody for ‘N70bn fraud’

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Sirajo Jaja, the accountant-general of Bauchi State is currently in the custody of the Economic and Financial Crimes Commission (EFCC) for alleged fraud.

Jaja, was arrested alongside one Aliyu Abubakar, an unlicensed bureau de change (BDC) operator, and Sunusi Ibrahim Sambo, a point of sale (PoS) operator.

The three individuals were apprehended in Abuja on Wednesday, with investigations pointing to a massive fraud involving the diversion of public funds and money laundering amounting to N70 billion.

EFCC spokesperson Dele Oyewale confirmed the arrests, and sources within the commission revealed that the investigation centers on the alleged movement of N59 billion, which was withdrawn from various bank accounts opened by Sirajo Jaja on behalf of the Bauchi State government.

The funds were allegedly funneled through Abubakar and Sambo, who made cash payments to political party agents and associates of Bauchi State Governor Bala Mohammed.

Additionally, Abubakar, who had previously jumped bail, was rearrested in connection with the case.

The EFCC is also looking into Governor Bala Mohammed’s involvement in the scandal.

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