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UBA Grows Profit To N62 Billion In Nine Mont

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Leveraging its expansive footprint, pan-African banking group, United Bank for Africa Plc (“UBA” or “the Bank”), announced its unaudited Third Quarter Financial Results, showing a 7% year-on-year growth in profit before tax to N62 billion despite the challenging macro-economic environment. This represents an impressive 18.2% annualized return on average equity.

The Bank recorded an appreciable growth in both funding and fee income lines.

“I am pleased with our performance in the first nine months of the year. Notwithstanding the negative economic growth in Nigeria, we maintained growth in earnings and sustained our asset quality. Increasingly, we are leveraging our unique pan-African platform to drive new customer acquisition and grow market share across our African subsidiaries” said Kennedy Uzoka, Group Managing Director and CEO of UBA Plc.

Furthermore, the Bank’s level of impairment in its overall loan book was moderate. The Non-Performing Loan (NPL) ratio of 2.5% and 0.9% cost of risk remain one of the best in the industry.

UBA Plc’s third quarter results also show significant efficiency gains with appreciable growth in operating income by 11% to N183 billion while profit after tax rose by 8% to N52 billion within the period. Though partly driven by the depreciation in the value of the naira, UBA also recorded a significant 21% year-to-date growth in deposits and a similar 26% growth in total assets. The bank also ensured that cost-to-income ratio remained flat year-on-year at 65% despite   external cost pressures which masked the positive results of its cost efficiency initiatives.

Also speaking on the results, Group CFO, Ugo Nwaghodoh, said “the growth in deposits and total assets reflects the Bank’s increased share of customers’ wallet and deepening banking penetration across all its chosen markets in Nigeria and Africa which again accounted for a third of the Group’s earnings.”

The Group GCFO assured that UBA will continue  to balance its  appetite for growth and profitability with the strategy of sustaining strong liquidity and capital ratios. The Bank maintained 43% liquidity ratio and 17.6% BASEL II capital adequacy ratio, well ahead of regulatory requirement.

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

From a single country operation founded in 1949 in Nigeria, Africa’s largest economy, UBA has emerged as a pan-African provider of banking and other financial services, to some 11 million customers globally, through one of the most diverse service channels in sub-Sahara Africa; 632 business offices, 1,798 ATMs, some 13,500 PoS, and a robust internet and mobile banking platform.

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Transcorp Group Announces N142 Billion Revenue, N58.8 billion PBT, and Celebrates 10 year’s unbroken Dividend payment, at 18th Annual General Meeting

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Transnational Corporation Plc (Transcorp Group or the Group), Nigeria’s leading listed conglomerate, announced 57% revenue growth, from N90.3 billion in 2022 to N142.1 billion in 2023, at its 18th Annual General Meeting (AGM), held on Monday, May 27, 2024, at the Transcorp Hilton Hotel, Abuja.

The Company’s outstanding financial results were driven by successful execution across all business lines and demonstrated Transcorp Group’s ability to deliver to all its stakeholders, including shareholders. At the AGM, Transcorp Group confirmed excellent year-on-year growth: the Group’s total assets grew by 20% increase, up from N422.7 billion in 2022 to N529.9 billion in 2023, PBT grew from N30.3 billion in 2022 to N58.8 billion in 2023, and PAT for the Group increased from N16.8 billion to N32.5 billion. This performance was due to the strong results across its subsidiaries: Transcorp Hotels Plc, Transcorp Power Plc, Transafam Power Ltd, and Transcorp Energy Ltd.

The Group’s power subsidiaries, which together with its strategic investment in OPL281, form the basis of its integrated energy strategy, also achieved significant growth, achieving a profit increase of 63%, from N17.7 billion in the previous year to N28.9 billion in 2023. Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 20% of Nigeria’s installed power capacity and the Group recently entered the distribution sector, through its investment in Abuja Electricity Distribution Plc.

The Group’s hospitality business achieved record average occupancy of 81%, with profit increasing by 105% from N4.6 billion in the previous year to N9.5 billion in 2023; while revenue grew by 36% from N30.4 billion in 2022 to N41.5 billion.

President/Group CEO, Dr. Owen D. Omogiafo, OON, highlighted the Group’s strategic growth plans, including the multipurpose, world-class 5,000-capacity event centre at the Transcorp Hilton Abuja, opening this year, as well as the ambition to increase available power generation capacity. She said: “The reward for success is more work, and across our Group, we are not relenting. We are focused on maximising our strengths and opportunities for vertical growth, to deliver more value and achieve sustainable growth. We are confident that the coming year will bring even more value to our shareholders.”

Tony O. Elumelu, CFR, Group Chairman, explained: “Transcorp Group has not only recorded unprecedented growth, the Group has demonstrated its potential to deliver much more value to stakeholders and to our country. The sustained success of all our businesses reflects our resolute stance on corporate governance, our commitment to improving lives and transforming communities, and the priority we place on our people. Despite the current macro-economic challenges, the future remains an exciting one”.

“Government has a critical role to play. We remain committed to creating more value and appreciate the policies already implemented. However, we call on the Federal Government to prioritise the crippling issues in the power sector. The challenges in the power sector should be uppermost in our nation’s transformation agenda. The private sector cannot thrive without improved access to electricity. Fundamentally reforming the power sector is essential to our national economic transformation.”

Shareholders at the AGM approved a dividend of 10 kobo, a 100% increase over the previous year. The financial year 2023 is the 10th consecutive year of consistent dividend payment by Transcorp Group.

Shareholders also lauded Transcorp Group’s commitment to growing shareholder value and strong corporate governance, as well as its consistency in paying dividends year-on-year. The Group’s commitment to community and social responsibility, inclusive of its sustainability and CSR projects, was also commended at the AGM.

About Transnational Corporation

Transnational Corporation Plc (Transcorp Group) is one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.

Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 20% of Nigeria’s installed power capacity. Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL287. The Group’s hospitality business, Transcorp Hotels Plc owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has launched the digital platform Aura by Transcorp Hotels.

www.transcorpgroup.com

 

 

 

 

 

 

 

 

 

 

 

 

 

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Anxiety as CBN sacks 200 employees

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No fewer than 200 officials of the Central Bank of Nigeria were on Friday relieved of their duties, adding to the long list of ongoing disengagements in the apex bank, Saturday PUNCH reports.

This adds to the list of 117 staff sacked by the bank between March 15th and April 11, 2024.

The termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower-ranking staff.

Impeccable sources who are staff of the bank confirmed the sacking to our correspondent on Friday, adding that the sacked persons were more than 200 but not less than 200.

They revealed that the new move included older directors who were not affected by the last round of retrenchment.

One of the sources in a 20-second call with our correspondent simply stated, “It is true and confirmed.”

The staff who could not disclose further details for fear of being tapped added that the move had caused palpable apprehension amongst staff of every cadre as the management had not specified any standard criteria for the decisions.

Another undeniable authority confirmed the information, indicating that additional dismissals are expected in the months ahead, spread out across staggered phases.

The official said, “It is real and is even more than 200 officials but the actual number is unconfirmed yet. The sacking is coming in staggered phases and that is why we can’t confirm the number yet.

“But it is not less than 200. The sacked persons include directors and other cadres but the ones that are easily known are the directors. Some of the old directors that were not affected during the last round of sacks are now affected.”

The sack letter obtained by our correspondent and issued by the Human Resources Department on May 24, 2024, indicated that the policy was to reorganise the organisation for effective operations.

The letter, lacking a signature, read, “The new strategic direction of the bank has been widely publicised. In line with our new mission and vision, the bank is currently undergoing a significant organisational and human capital restructuring process.

“As a result of this review, I have been directed to notify you that your services will not be required with effect from Friday, 24th May 2024. Your final entitlements will be calculated and paid to you in due course. Thank you”

In February, at least 1,500 members of staff of the apex bank of Nigeria were redeployed from the headquarters located at Central Area to its Lagos office.

At the time, the CBN said the action was necessitated by several factors, including the need to align the bank’s structure with its functions and objectives and redistribute skills to ensure a more even geographical spread of talent.

It added that it was also in compliance with building regulations, as indicated by repeated warnings from the facility manager, and the findings and recommendations of the Committee on Decongestion of the CBN Head Office.

Efforts to get the reaction of the Director of Corporate Communication, Hakama Sidi Ali, was not successful as she did not respond to several calls sent across to her or reply the text messages to her line.

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Paris-bound bizman arrested with 111 cocaine wraps

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The National Drug Law Enforcement Agency has arrested a 48-year-old businessman, Emmanuel Orjinze, at the Nnamdi Azikiwe International Airport, Abuja, for ingesting 111 wraps of cocaine.

The suspect, who claimed to be a professional footballer in Europe, was arrested on May 21 during the outward clearance of an Air France flight to Paris, France.

This was made known in a statement signed by the agency’s Director of Media and Advocacy, Femi Babafemi, and shared on the agency’s website on Sunday.

The statement read, “Operatives of the National Drug Law Enforcement Agency have arrested a 48-year-old Paris, France-bound businessman, Emmanuel Okechuku Orjinze, for ingesting 111 wraps of cocaine, which he excreted after days of observation in the agency’s custody following his arrest at the Nnamdi Azikiwe International Airport, Abuja.

“Okechukwu, who also claims he is a professional footballer in Europe, was arrested on Tuesday, May 21, during the outward clearance of Air France flight AF 878 from Abuja to Paris, France.

“After a body scan confirmed he ingested illicit drugs, he was taken into custody where he excreted a total of 111 pellets of cocaine that weighed 1.603 kilograms over three days. The suspect claimed he did business in the maritime sector while still scouting for any European football club to engage him. ”

In the same vein, the NDLEA officers operating at the Murtala Muhammed International Airport, Ikeja, Lagos hinted that they had dismantled another drug trafficking syndicate at the airport.

This, they said in a statement, followed the arrest of four members of the network and the seizure of a total of 8kg of methamphetamine and 7.60kg of Loud, a synthetic strain of cannabis imported from South Africa.

The statement added that a drug trafficking syndicate was busted at the airport when an official was caught with illicit substances in their backpack and bag.

On May 21, 2024, the NDLEA officers, supported by aviation security, intercepted the official at Terminal 1 and discovered the drugs during a search, blowing the lid off the syndicate.

“A swift follow-up operation at the Ajao Estate area of Lagos led to the arrest of two other members of the syndicate: Chris Nwadozie and Chinedu Nwaosu. Further investigation led to the arrest of another member of the cartel working within the airport system on Saturday, May 25,” the statement added.

In a related development, the agency also arrested a freight agent, Sonubi Abiodun, for attempting to export eight parcels of cocaine concealed in paint buckets to the United Kingdom.

Additionally, the NDLEA operatives arrested suspects producing and distributing skuchies, a mixture of black currant and illicit drugs, in Lagos, and recovered 2,480 litres of the psychoactive substance.

In Cross River State, a suspect, Ogar Emmanuel, was arrested with 2.5kg of cannabis, while 290kg of cannabis was recovered from the warehouse of Usani Ikpi, who is still at large. Additionally, three suspects – Sa’adu Sule, Mukhtar Nura, and Hamza Nura – were arrested in Katsina State with 70kg of cannabis, which originated from Ogun State.

The statement added, “No fewer than five suspects including Ezekiel Munda, 30; and Sule Mustapha, 21, were arrested by the NDLEA operatives on Thursday, May 23, during raids at the Karu Abattoir, Jikwoyi and Tora Bora hill area of the FCT, Abuja, where 95.01kg of cannabis and different quantities of opioids were recovered from them.

“In Edo State, operatives arrested a physically challenged notorious drug dealer, Zekere Sufianu, 45, at Auchi town on Wednesday, May 22. At the time of his arrest, he was found with 751 grams of Loud, 178 grams of tramadol, and pills of swinol,” the statement concluded.

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