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UBA Appoints five new Executive Directors to Group Board .

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nited Bank for Africa PLC, the leading pan Africa banking group, with operations in 19 African countries and presence in the London, Paris and New York, is pleased to announce the following executive management appointments, subject to the approval of the Central Bank of Nigeria:

Ayo Liadi;

Oliver Alawuba;

Ibrahim Puri;

Uche Ike and

Chuks Nweke

All bring considerable experience to the Board and, as a sign of the depth of internal talent and the Group’s commitment to fostering promotion of its own human capital , all have been promoted from within the Bank.

Ayo Liadi has over 20 years’ banking experience, having worked in Tier 1 banks in Nigeria and in West Africa, before joining UBA in January 2014 as the Director for Lagos and West Bank, overseeing over 200 branches of UBA. A Chartered Accountant and graduate of Business Management from the University of Nigeria, Nsukka, Ayo received the Dean’s Award for Outstanding Academic Performance.

Oliver Alawuba, currently the CEO Africa, Anglophone, joined the UBA Group in 1997. A member of the Association of Bank Directors in Nigeria and also a Catholic Knight, Oliver had previously supervised the Bank’s Public Sector and Personal Banking businesses. Oliver has over 25 years of banking experience.

Ibrahim Puri, currently Directorate Head of the North Bank is a graduate of Banking and Finance. He joined the UBA Group in 2006 and has contributed immensely to the growth of the Bank in both the private and public sectors. Ibrahim has over 25 years of banking experience.

Uche Ike  the Group Chief Risk Officer, is a Chartered Accountant, with an MBA from the University of Benin. He has been with the Group since 2006 and has served in a number of prominent roles, first as Group Head of Operations in South and South East Banks and then for a period of five years, as General Manager at the Bank’s New York branch. Uche has over 27 years of banking experience.

Chuks Nweke, currently the Head of Operations and Information Technology, is an accounting graduate of the University of Nigeria at Nsukka (best graduating student) and holds an MBA from the same university. Chuks is also a qualified Chartered Accountant. He has over 25 years of banking experience .

Congratulating the newly appointed Directors, the Group Chairman, Tony Elumelu said ” These appointments will greatly assist in the plans we have to transform the UBA Group into a truly customer led bank and the foremost financial institution in Africa”.

“These are exciting times for UBA”, he continued. “And with this leadership, I have no doubt that the Bank will continue on its strong growth trajectory “.

The newly appointed Executive Directors join Kennedy Uzoka, who was appointed as the incoming Group CEO in March 2016. Kennedy will assume his role on the 1st of August, on the retirement of Phillips Oduoza.

Mr Uzoka said today “I am extremely optimistic about the future of the Bank, these appointments show the strength of the talent available within UBA and demonstrate our commitment to institutionalisation. We could not have put together a better executive leadership team”.

Board Chairman, Tony Elumelu, also commended outgoing Directors saying “I take this opportunity to inform you that two of our Executive Directors, Femi Olaloku and Obi Ibekwe will be retiring from the Board effective June 30 and May 31, 2016 respectively. I would like to thank them for the enormous contributions they have made during their time of service”.

In April this year, UBA held an intensive three day strategy session which brought together the Group Board , subsidiary CEOs and board chairs to set a path for the Pan Africa Bank’s future.

At the Group strategy session, the Bank resolved to deepen its commitment to its pan Africa strategy and accelerate its expansion across the continent. The appointment of five Executive Directors today is a visible manifestation of the Group’s strategic intent.

UBA reported strong financial results in 2015, in what all recognised was a challenging macro environment. Gross earnings were N315billion whilst operating profits approximated to N70billion. First quarter profits in the current financial year, at N18 billion, illustrate the resilience of the Bank’s business model.

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Lawyers petition Senate over alleged oil theft in Niger Delta

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The lawyers said about $15 million per month accruable to the federal government could potentially be lost due to the absence of a functional measurement system for exported crude oil volumes at this Ugo Ocha terminal.

A group of lawyers has petitioned the Senate Ad-Hoc committee over alleged oil theft from the Ugo Ocha export terminal at OML 42 in the Niger Delta region.

The OML 42, an oil field located in the swamps of the western Niger Delta, is operated by NECONDE Energy Limited. The terminal has four flow stations with a combined production capacity of around 30,000 barrels of oil per day (bpd).

The lawyers complained that an average of one million barrels of Nigeria’s crude oil is taken away monthly by the company without accurate measurement – due to the absence of meters at this export terminal.

In the petition seen by PREMIUM TIMES and presented at the committee’s investigative hearing on “Oil Lifting, Theft and the Impact on Petroleum Production and Oil Revenues” on 21 September, the lawyers said since the terminal was established in 2017, NECONDE has frustrated efforts by the federal government to install a metering system also known as LACT Unit at the terminal. The company, they said, continues to operate the terminal in full violation of the federal government’s requirement for accurate custody transfer measurement at all export terminals.

The petition, dated 21 September, was submitted through O. F. Emmanuel & Co. It comes on the heels of oil theft and vandalism in the Nigerian oil sector.

PREMIUM TIMES reported how the Nigerian National Petroleum Company Limited (NNPCL) disclosed that it loses 470,000 bpd of crude oil amounting to $700 million monthly due to oil theft.

This paper also reported how Nigeria, amid dwindling revenue, lost $10 billion to crude oil theft in seven months.

The lawyers, in the petition signed by the Principal Partner, Oluwatosin F. Emmanuel, alleged that as of the time of the petition, there are no meters at the Ugo Ocha export terminal to accurately determine the volumes of Nigeria’s crude oil sold to foreign buyers.

They said enormous amounts of revenue – to the tune of $15 million per month – accruable to the Federal Government of Nigeria could potentially be lost due to the absence of a functional measurement system for exported crude oil volumes at this terminal.

They also claimed that NECONDE continues to operate the terminal in flagrant violation of the federal government’s mandate for accurate custody transfer measurement at all export terminals.

“Been aware of this monumental revenue loss, the government of Nigeria, through NUPRC, recently placed a ban on all exports of crude oil from NECONDE’s OML 42 UGO Ocha terminal until a functional LACT Unit is installed on the terminal,” part of the petition read. “In spite of the subsisting government ban, NECONDE continues to export Nigeria’s crude oil illegitimately from the Ugo Ocha terminal while frustrating every effort to install a LACT Unit on the terminal.”

They asked the Senate panel to ensure that the ban on exports from the Ugo Ocha terminal is enforced and that the company is compelled to install a 1.25 million barrels per day LACT Unit (metering system).

The lawyers further prayed the committee to direct the Nigerian Navy to “arrest and detain the vessel “MT COPPER SPIRIT” which is currently lifting oil at the Ugo Ocha terminal, direct the NMDPRA and NUPRC to cancel all barging permits granted to NECONDE and NPDC until a LACT Unit is installed and commissioned at the Ugo Ocha terminal – as directed by NUPRC and direct the Nigeria Ports Authority to prohibit the movement of crude oil barges and tankers to and from the Ugo Ocha terminal.”

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Just In: Again, national grid collapses to zero megawatts

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Nigeria’s national grid crashed to zero megawatts (MW) at 10:51am on Monday, causing power outage nationwide outage.

The collapse occurred days after electricity consumers said they had enjoyed improved supply.

The national electricity grid as of 10am on Monday had 3,712MW generated from 21 Generation Companies (GenCos) before it dropped to 0MW one hour after.

According to the information from the System Operations, a section of the Transmission Company of Nigeria (TCN), only Afam IV was on the grid but with zero supply as of 12noon.

As of Sunday, the highest generation was 4,100MW while the lowest was 3,652MW with the frequency hovering between 49.04 Hertz (Hz) and 50.34Hz.

Since July 1 this year, consumers said power supply had increased in their various areas.

For instance, the Abuja Electricity Distribution Company (AEDC) recently confirmed increment in its daily allocation to over 500MW from the actual 300MW it had distributed before then.

Though the national grid had not cross 5,000MW, Daily Trust observed that level of load rejection especially around the DisCos’ networks had dropped significantly with some customers entitled to five-hour supply, recording over 12 hours daily.

The Nigerian Electricity Regulatory Commission (NERC) had attributed the improvement in power supply nationwide to the partial activation of contracts that seeks to hold sector operators liable for deliberate incompetence.

The national grid collapsed twice, in July and in August but was quickly restored and power supply improvement was sustained before the latest system collapse on Monday.

According to records, this is the seventh system collapse this year, much more than the three recorded last year.

Although TCN, the national grid manager was yet to establish the cause of the crash, some insider said it could be as a result of a maintenance of the 330 kilovolts Jos – Bauchi transmission line maintenance slated for Monday.

Some DisCos including Kaduna Electric, Enugu, and Kano, had already communicated the nationwide outage to their customers noting that efforts were ongoing to restore supply.

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Police Deploy More Personnel To Seaports In Lagos Over Nigerian Students, NANS’ Protest

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Following the ASUU strike that has kept university students across the nation at home for over seven months, NANS declared “Occupy The Airport” nationwide protest.

The Nigeria Police Force has announced that it has deployed personnel to adequately secure seaports across the nation following a threat by the National Association of Nigerian Students (NANS) to shut down commercial activities at the nation’s busiest seaports ¬¬¬¬¬¬- the Apapa and Tin-Can Island Ports in protest over the lingering strike by the Academic Staff Union of Universities (ASUU).
Following the ASUU strike that has kept university students across the nation at home for over seven months, NANS declared “Occupy The Airport” nationwide protest.
The aggrieved students who protested on Monday at the Murtala Muhammed International Airport also reportedly threatened to ground commercial activities at the Apapa and Tin-Can Island Ports in Lagos State.
Disclosing the security beef up to Daily Trust, the Commissioner of Police in charge of Western Port Authority Command, Jonathan Towuru, said security was tightened around the Western Ports to avoid any breakdown of law and order although the student body did not show up as threatened.
The commissioner said, “People went about their businesses while operations at the terminals went on seamlessly, without any hindrance. But if the students eventually turn up, we will engage them in discussions. I must say that they conducted themselves well on Monday at the airport even though you still saw police monitoring the protest.”

 

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