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UBA Delights Shareholders; Distributes N27.2bn in Dividends

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The shareholders of the pan-African financial institution, the United Bank for Africa (UBA) Plc applauded the Board, Management and Staff at the 55th Annual General Meeting of the Bank, held in Lagos on Friday April, 7, 2017. UBA shareholders approved the payment of N19.9 billion as final dividend for the financial year ended 31st December 2016, in addition to N7.3 billion interim dividend paid after the audit of its 2016 Half Year Results.

The shareholders, who unanimously approved the N0.55/share final dividend on every ordinary share of N0.50 each were particularly impressed by the new Group Managing Director/CEO, Mr. Kennedy Uzoka, who delivered unprecedented results to shareholders at his inaugural AGM. UBA had earlier paid an interim dividend of N0.20/share to shareholders, bringing the total dividend for the 2016 financial year to N0.75kobo, an impressive 25% growth over the total dividend of N0.60/share paid for the 2015 financial year. Furthermore, the total dividend of N0.75/share translates to an unparalleled yield of 14.3% when put in the perspective of UBA’s share price of N5.26 on the Nigerian Stock Exchange, as at the close of market on Friday, April 07, 2017.

The Shareholders were excited at the sterling performance of the Group, an impressive 22% year-on-year growth in gross earnings and an outstanding 32% year-on-year growth in profit to N91 billion, in what analysts described as an attestation to UBA’s resilience and enhanced productivity.

Worthy of note to the shareholders is the contribution from the Group’s African subsidiaries, emphasizing its earnings diversification, across geographies which reduces the Group’s vulnerability to macroeconomic pressures in any single market. The Group’s ex-Nigeria subsidiaries contributed 32% of the Group’s profit in 2016, compared to a quarter of profit contribution in the 2015 financial year.

Notwithstanding the challenging operating environment, the Group recorded an impressive 22% growth in gross earnings to N384 billion in 2016, from N315 billion in the 2015 financial year, illustrating the Bank’s resilience and tenacity to generate earnings even in periods of economic slowdown.

The Group further achieved a significant 32 percent growth in profit before tax to N91 billion, compared to N68 billion profit recorded over the same period of 2015. UBA’s profit after tax grew by 22 percent to N72 billion, from N60 billion recorded the previous year.

President of the Association for the Advancement of the Rights of Nigerian Shareholders, Alhaji Farouk Umar, said at the AGM, “It is obvious from the faces of shareholders that all of us are happy with the performance of the bank. We did not expect anything less because we know that that our chairman is an achiever not only locally but also internationally. We have seen the African expansion and its contribution to our earnings and I believe this is also commendable.”

The Group Chairman, UBA Plc, Mr. Tony Elumelu, gave credit to the chairpersons of UBA subsidiary Boards across Africa saying ‘these hard working men and women, who chair the Boards across our businesses in Africa, have helped contribute a third of the overall profit of the Group. I believe they deserve commendation. They are strengthening UBA brand across Africa, in line with our aspiration.” He was particularly pleased with the Bank’s new CEO, Kennedy Uzoka. ‘At the Board level, we are extremely pleased by the financial performance that Kennedy and his team delivered in 2016. Kennedy and his team prioritize the Customer and they are diligently executing the Customer First project, which the Board believes will sustainably enhance the performance of the Group’ said Elumelu.

“Our results show the tenacity and enterprise of our Management team and Staff. More importantly is our ability to proactively meet customers’ need. I am pleased that UBA maintains some of the best prudential ratios in the industry, as our capital adequacy ratio of 20% and 39% liquidity ratio are well above the 15% and 30% regulatory requirement respectively. We will be prudent in lending to critical growth sectors of the African economies, as we remain upbeat on the huge banking opportunities in Africa’, he added.

He also used the occasion to commend the Federal Government of Nigeria and Central Bank of Nigeria on their concerted policy actions aimed at reflating the Nigerian economy. ‘I will like to encourage them to continue along this path, which I believe willstimulate the country’s economy in the shortest possible time’.

The Group CEO, Kennedy Uzoka assured the shareholders of a better 2017. “As we further our Customer First Philosophy, we are approaching 2017 with stronger optimism, especially as the outlook remains positive in most of our markets. We are not unaware of the macro economic challenges, competition and constantly changing customer preferences. Rather, we believe we are well equipped to win in the market. We will further sweat 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 (UBA) 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 top providers of banking and other financial services on the African continent. The bank provides services to about 14 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 a robust online and mobile banking platform.

UBA was the first Nigerian bank to make an Initial Public Offering (IPO), following its listing on the NSE in1970. It was also the first Nigerian bank to issue Global Depository Receipts (GDRs). The shares of UBA are publicly traded on the Nigerian Stock Exchange (NSE) 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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Nigeria Independence Fiesta 2023: Lagos Airport Hotel  to Host Green and White Party.

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5 hours ago

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September 27, 2023

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A front line Nigerian events and communications company, PRIMAA Productions and Promotions, has announced a 3-day unlimited and exciting fun-packed “Nigeria Independence Fiesta” in celebration of the nation’s 63rd independence anniversary.

The event has been scheduled to be held at the prestigious Lagos Airport Hotel, Ikeja from Saturday September 30 to Monday, October 2, 2023.

Speaking about the event tagged “Green and White Party,” the organisers led by Prince Adeyemi Aseperi-Shonibare of Primaa Productions and Promotions, said the “event is designed for Nigerians to commemorate the 63rd anniversary and share a special day with families and friends in a very moderate but exquisite manner.

On her part,  the General Manager,  Lagos Airport Hotel, Mrs. Folashade A. Awe (FCA ) said; the “events are also aimed at providing a platform for an exciting get-together for associates, colleagues, families and friends on the national day is going to be fun parked days of celebration at the exclusive pool side of the prestigious Lagos Airport Hotel, Ikeja, Lagos. The events are packaged to deliver an outdoor unforgettable and exciting social event in celebration of Nigerians’ uniqueness.”

“The 3-day event which is to be celebrated with Nigerian contemporary music and dance will have a good number of Nigerian musicians and comedians thrilling and entertaining their fans in spectacular ways. The artists include Don P,  Kenny J, Hismusic, Young Lop, ACENUNKY, LYRIKA, Helix, Oluwafrozy, Macqelin, Omalicha(BlazeG), Emoh Grand and many more.

MC MACAVALI and MC 525, with the reputable DJ AK are going to be the DJ for the 3 days of unlimited fun of music, dance, comedy, swimming competitions, games and many more.”

The event is supported by Fresh FM, Goldmyne TV, Landmark Media limited, LASAA and exclusively packaged by 3P and Lagos Airport Hotel, Ikeja. It promises to be an exciting weekend with gate opening between 9am and 5pm daily and evening events from 7pm till fade.

Interestingly aside the entertainment galore and side attractions,  the Gate Pass also goes with specific benefits. While a child with N2,000 will have free drinks and an adult with N3,000 will be entitled to free drink ,a couple paying N5,000 gate pass will also get free drinks, and a family of four is N10,000  and will get free drinks.

Every ticket also attracts a 20% discount on Airport Hotel rooms. Your ticket can also win you a weekend getaway at Lagos Airport Hotel. (With Terms and conditions )
The dress code for every attendee is a touch of Green and White.

For Sponsorship and Support, please call : +2348138661114 or +2348033077759.
LAGOS AIRPORT HOTEL, HOTELIER OF DISTINCTION.

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Rotimi Ajanaku, others make Ministerial Team Lead of Power Minister

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5 hours ago

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September 27, 2023

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The Ministry of Power is pleased to announce the commissioning of a dynamic and experienced ministerial team dedicated to providing technical support, project delivery coordination, stakeholder management, and media relations within the ministry. This strategic move aims to strengthen the ministry’s existing capabilities and enhance its efforts in delivering efficient and sustainable power solutions to the nation.

Under the visionary leadership of the Honourable Minister of Power, the newly formed team will play a crucial role in driving key initiatives, ensuring seamless project monitoring and execution, fostering collaboration with stakeholders, and effectively communicating the ministry’s objectives and activities to the public.

The appointed team members bring a wealth of expertise and diverse backgrounds, enabling them to contribute effectively to the ministry’s goals. Their collective knowledge and experience will be instrumental in achieving the vision of providing reliable and affordable power supply for all citizens.

The key responsibilities of the ministerial team include:

1. Technical Support & Project Coordination

The technical support team will play a crucial role in assisting the Minister of Power in carrying out his responsibilities effectively. They will provide support to Minister of Power in the areas of Policy and Regulation Research and Analysis, Briefing and Documentation, Project tracking, coordination and harmonisation, Technical Expertise, Crisis Management, International Cooperation, Monitoring and Evaluation.

Team Lead : ADEDAYO OLOWONIYI

A seasoned professional with proven success conceptualizing strategies and directing multicultural teams to streamline operations, improve fiscal health, and propel business growth across Africa. He established and steered entities in Nigeria, Senegal, Kenya and Angola.

He has over 10 years’ experience as CEO of multinational companies in Africa, and 15 years’ experience in the power sector in Africa. Adedayo was the first Nigerian CEO and Country Manager for ABB, and the Vice President Business Development and Managing Director for MAN Diesel & Turbo, a German manufacturer of turbines, engines and compressors for power generation and oil & gas applications.

He possesses in-depth knowledge and understanding of the power sector in Sub- Saharan Africa and its challenges. Adedayo has vast international experience within multiple countries, including the United Kingdom, United States, Switzerland, South Africa, Nigeria, Senegal, Kenya, and Angola.

He will be supported by other seasoned professionals and specialists across the Power Sector value chain as well as Institutional technical partners from UKNaif, AfDB, USAID, and the World Bank.

2. Stakeholder Coordination

As a stakeholders’ coordinating team to the Minister of Power, the primary responsibility of the team is to manage and facilitate effective communication and collaboration between the Minister and various technical and political stakeholders in the power sector. This includes Stakeholder Mapping, Relationship Building, Policy Advocacy, Public Relations, Political Analysis, Political Strategy, Conflict Resolution, Political Intelligence and Political Risk Assessment.

*Team Lead: ROTIMI AJANAKU

Rotimi, a Law graduate is a skilled stakeholder engagement specialist with a strong background in public relations and diplomacy. Responsible for managing relationships with key stakeholders in the power sector, fostering collaboration, and addressing stakeholder concerns to promote a conducive environment for power sector development.

Rotimi will be supported by other stakeholder liaison officers across the country.

3. Media Relations Team

As a media advisory team to the Minister of Power, the role of the team is to provide strategic guidance and support in managing media relations, public communications, and reputation management. This includes Media Strategy, Media Relations, Message Development, Media Monitoring, Crisis Communication, Media Training, Content Creation, Reputation Management, Media Campaigns, Media Analysis and Reporting.

Team Lead: Bolaji Tunji

Bolaji Tunji was Special Adviser, Communication and Strategy to Senator Abiola Ajimobi, Governor of Oyo State, Nigeria, until May 29, 2019. He retained the position after the public service, working with the Ex- Governor and was Senator Abiola Ajimobi’s Special Adviser when he was nominated the Deputy National Chairman (South) of the All Progressives Congress (APC) the ruling political party in Nigeria.

Prior to his appointment, he was Executive Director (Special Duties) and a member of the Board of The Sun newspaper.

An astute journalist with wide network in the media industry, he set up and was pioneer Managing Director/Editor-in-Chief of New Telegraph newspaper, a national publication. He was also Editor, National Mirror newspaper, having edited the Sunday Mirror title, from the same stable, for about three years.

A graduate of the Obafemi Awolowo University, Ile- Ife, Osun State, Tunji, a former classroom teacher, began his journalism career with Nigeria’s The Guardian newspaper in March 1993 where he spent eight years before resigning as a Correspondent to join Daily Independent as pioneer Deputy News Editor in September 2001.

The Ministry of Power is confident that the commissioning of this exceptional ministerial team will significantly bolster its capacity to address the challenges and opportunities in the power sector. By leveraging their combined expertise and collaborative approach, the team will contribute to the sustainable development of a robust and reliable power infrastructure that meets the growing energy needs of our nation.

He will be supported by other seasoned media specialists covering the conventional print and electronic media as well as the New media.

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US President, Joe Biden Appoint Nigerians Osagie Imasogie & Chinenye Ogwumike As Advisers.

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6 hours ago

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September 27, 2023

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The United States President, Joe Biden, has appointed two professionals who are of Nigerian descent as special advisers.

Both Osagie Imasogie and Chineye Ogwumike were part of the 12 members of the President’s Advisory Council on African Diaspora Engagement in the United States.

The appointment was contained in a statement released by the State House on Wednesday.

The members include Silvester Scott Beaman who will chair the council, Mimi E. Alemayehou, Rosalind Brewer, Viola Davis, Helene D. Gayle, Patrick Hubert Gaspard, C.D. Glin, Osagie Imasogie, Almaz Negash, Chinenye Joy Ogwumike, Ham K. Serunjogi, and Kevin Young.

The members of the council will serve for the 2023-2025 term.

According to the statement, the establishment of the council was aimed at enhancing dialogue between United States officials and the African Diaspora.

“The Council’s members include individuals who have distinguished themselves in government, sports, creative industries, business, academia, social work, and faith-based activities.

“They will provide invaluable guidance to reinforce cultural, social, political, and economic ties between the U.S. and Africa, and promote trade, investment, and educational exchanges between the United States and Africa,” the statement read in part.

Below are the profiles of both Imasogie and Ogwumike

Osagie Imasogie

Osagie Imasogie is Chairman of the Investment Bank and SEC/FINRA registered Broker-Dealer, Quoin Capital and Quoin Advisors. In addition, Osagie is a co-founder of PIPV Capital, a private equity firm that is focused on the life sciences vertical and has invested over $1 billion into that industry. Prior to co-founding PIPV Capital, he established GlaxoSmithKline Ventures and was its founding Vice President. Osagie has held senior commercial and R&D positions within pharmaceutical companies such as GSK, SmithKline Beecham, and DuPont Merck.

He has also been a Price Waterhouse Corporate Finance Partner as well as a practicing attorney with leading U.S. law firm, Schnader, Harrison, Segal & Lewis. Osagie is a serial entrepreneur and investor who serves on the board of a number of financial institutions such as FS-KKR Capital Corp and Haverford Trust, institutions that cumulatively manage over $28 billion. He is an adviser to Brown Advisory, a firm that manages in excess of $140 billion. Osagie is the Vice-Chair of the Executive Committee of the Philadelphia Museum of Art and a member of the Executive Committee and Chair of the Nominating & Governance Committee of the Philadelphia Orchestra and Kimmel Center.

In addition, Osagie is a Trustee of the University of Pennsylvania, a member of the Executive Committee of the University, and is also the Chairman of the Board of the University of Pennsylvania Carey Law School, where he is an Adjunct Professor of Intellectual Property. Osagie holds LLM degrees from the London School of Economics and the University of Pennsylvania Carey Law School, and is a member of the New York State Bar in addition to being admitted to practice in other jurisdictions.

Chinenye Ogwumike

Chinenye “Chiney” Ogwumike is a 2-Time WNBA All-Star for the Los Angeles Sparks and a full-time, multi-platform ESPN host and NBA analyst. Chiney stars on ESPN daily on ESPN’s NBA Today and NBA Countdown, and also stars on the court as a forward for the Sparks. Chiney is a proud first generation Nigerian-American, born in Cypress, Texas. The 1st overall pick in the 2014 WNBA Draft, she graduated from Stanford University with an International Relations degree under the mentorship of Dr. Condoleezza Rice.

Chiney led Stanford to three Final Fours while distinguishing herself in academics, earning multiple honors for her academic success, including being named the 2014 Capital One Academic All-American of the Year and the Pac-12 Women’s Basketball Scholar-Athlete of the Year. Chiney Ogwumike was the 2014 WNBA Rookie of the Year and is a 2-Time WNBA All-Star (2014, 2018). She served as the vice president of the WNBA Players Association (WNBPA) from 2018 to 2022, instrumentally helping negotiate the groundbreaking 2020 collective bargaining agreement.

In August 2020, Chiney became the first Black woman to host a national, daily sports-talk radio show. The 2021 Forbes 30 Under 30 honoree also holds the title of Executive Producer, producing an ESPN Films documentary “144” on the 2020 WNBA season. In 2018, Chiney became a full-time multi-platform ESPN NBA Analyst, becoming one of the youngest national sports studio analysts and one of the only full-time professional athletes to currently hold a regular national sports media position. She has made numerous trips to Nigeria, Rwanda, Kenya, and South Africa with NBA Africa and other nonprofits to help launch youth empowerment and education initiatives, using basketball as a tool for development.

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