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UBA Promotes Africa’s Renaissance, Celebrates Africa Day with Glitz & Glamour

Published

7 years ago

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In line with its commitment to promote the African culture and deepen its African footprints, Pan African financial institution, United Bank for Africa (UBA) Plc, on Thursday joined the world to celebrate the 2017 Africa Day across the 19 African countries of operations with the theme: ‘Africa, the new Frontier.’

Africa Day is dedicated to celebrating the diversity of the African continent, as well as to highlight the cultural and economic potential that exists on the continent. UBA Staff celebrated the day in grand style as they dressed to work in a display of the best of Africa’s rich attire.

At the bank’s head office in UBA House on Marina, Lagos, Nigeria, there was an unusual welcome for staff, as they were ushered into the building with a rendition of traditional African music and unique African themed decorations adorning the building, thus presenting special ambience to the celebration for a bank that takes huge pride in its African heritage. There was also excitement in the air, as a lot of things to celebrate the African heritage was also on display and staff were treated to various African meals and snacks throughout the day in their offices.

The highlight of the day was the crowning of the best dressed male and female in African attires, who emerged from votes cast by staff. Two staff emerged winners and were rewarded with an all-expense paid trip to Seychelles.

The three winners selected from both the male and female categories were given cash prices amounting to about N350,000, while the best dressed female, Mrs. Ebeano and Mr. Abdullahi were rewarded with an all-expense paid trip to Seychelles.

The Deputy Managing Director, UBA Plc, Mr. Victor Osadolor, who spoke at the ceremony to announce the winners, reiterated that UBA is a core African bank with deep African roots that has continually supported the continent in various ways over the years. He added that the bank remained proud of its African heritage.

He said, “We at UBA celebrate Africa Day with the rest of Africa, we are Africa, United by one Bank, and it is important to note that just as Africa has come a long way, UBA has also come a long way in putting her footprints in Africa. As of now, we have over 125 branches in Africa selling Africa to the world. We are one of the biggest employees in the continent, and we have been supporting a lot of credit facilities and infrastructural development i Ghana, Zambia, Cote d’Ivoire and other key economies; we are also sponsoring the building of the stadium in Cameroon to be used for the African Nations cup, the building of a plaza in Ghana, as well as other key investments because we believe in this continent and know that infrastructure is key to the success of any continent.”

It will be recalled that the African Diplomatic Group, an association of African group of Ambassadors and High Commissioners to the Federal Republic of Nigeria recently commended UBA for the sponsorship of the upcoming 54th Africa Day Celebration. In a letter addressed to the Group Managing Director/CEO, Mr. Kennedy Uzoka and dated 23rd January 2017, appreciating the bank’s support, the High Commissioner of Rwanda, Ambassador Stanislas Kamanzi praised UBA for sponsoring the celebration of the 54th African Day.

Africa Day, formerly Africa Freedom Day and African Liberation Day, is the annual commemoration of the foundation of the Organisation of African Unity (OAU) usually celebrated every May 25th and UBA celebrates Africa Day annually in line with the official celebration by African nations, reiterating its long-held belief that the future belongs to African continent leveraging on the occasion to rekindle the African spirit that drives the group’s vision to be a dominant financial services provider on the continent financing the continent’s emergence as a recognizable economic power.

United Bank for Africa (UBA) Plc is a leading Pan-African financial institution, offering banking services and customer touch points in 19 African countries. With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross border payments and remittances, trade finance and ancillary banking services.

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Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion

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18 hours ago

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May 2, 2024

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Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has announced impressive Q1 financial results for the period ended March 31, 2024.

In its Q1 2024 unaudited results, Transcorp reported significant year-on-year growth, with revenue rising to N88.6 billion from N32.4 billion in 2023, representing a 173% increase.

The impressive results are largely driven by a remarkable 209% year-on-year revenue growth within the power business, highlighting significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.

The hospitality business recorded a 68% year-on-year growth in revenue, driven by an increase in occupancy rate from 75% to 82% compared to the previous year.

The results show substantial growth across all financial indicators, reinforcing its market leadership and strategic positioning.

Highlight of Transcorp Group Results:

  • Q1 2024 Revenue was N88.6 billion, a significant increase of 173%, compared to Q1 2023.
  • Operating income increased by 479%, from N8.5 billion in Q1 2023 to N49.1 billion in Q1 2024.
  • Operating expenses saw an increase of 40% year on year to N8.2 billion in Q1 2024, reflecting the impact of inflation and cost of operations.
  • Net finance cost increased by 14% to N3.7 billion in 2024 from N3.2 billion in 2023 due to a slightly higher interest rate review in line with MPR.
  • Profit before tax from ordinary business of the Group  surged by 1110%, amounting to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023 in the same period last year.
  • Profit before tax inclusive of extra ordinary income was N45.7 billion in 2024 compared to N2.9 billion in 2023.
  • The Group recorded extra ordinary income of N11 billion during the period from the realised gain from the sale of shares.
  • Profit after Tax including the extra ordinary income improved 1832% year-on-year to N35.9 billion in Q1 2024, compared to N1.9 billion in Q1 2023 in the same period last year.
  • Earnings per share of the Group was N61.12k in Q1 2024, compared to N2.58k in Q1 2023.
  • On the balance sheet, total assets grew by 8.3%, from N530 billion in December 2023 to N574 billion in Q1 2024 due to the increase in operational activities.
  • Shareholders’ funds increased by 20% from N187billion in December 2023 to N224 billion at the end of Q1 2024 due to profit accreted to retained earnings.

In response to the results, Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “Our Q1 2024 results demonstrates Transcorp Group’s resilience and commitment to excellence. Despite the challenges, we achieved growth across all major indices, focusing on operational efficiency at both our power plants, and maximising opportunities within our hospitality business, showing our ability to adapt and succeed in changing markets. We will continue to deliver sustainable growth, operational efficiency, and value for our shareholders.”

This robust achievement is a further demonstration of the Group’s strategic focus and effective execution. Transcorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.

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News and Report

Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion

Published

18 hours ago

on

May 2, 2024

By

Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has announced impressive Q1 financial results for the period ended March 31, 2024.

In its Q1 2024 unaudited results, Transcorp reported significant year-on-year growth, with revenue rising to N88.6 billion from N32.4 billion in 2023, representing a 173% increase.

The impressive results are largely driven by a remarkable 209% year-on-year revenue growth within the power business, highlighting significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.

The hospitality business recorded a 68% year-on-year growth in revenue, driven by an increase in occupancy rate from 75% to 82% compared to the previous year.

The results show substantial growth across all financial indicators, reinforcing its market leadership and strategic positioning.

Highlight of Transcorp Group Results:

  • Q1 2024 Revenue was N88.6 billion, a significant increase of 173%, compared to Q1 2023.
  • Operating income increased by 479%, from N8.5 billion in Q1 2023 to N49.1 billion in Q1 2024.
  • Operating expenses saw an increase of 40% year on year to N8.2 billion in Q1 2024, reflecting the impact of inflation and cost of operations.
  • Net finance cost increased by 14% to N3.7 billion in 2024 from N3.2 billion in 2023 due to a slightly higher interest rate review in line with MPR.
  • Profit before tax from ordinary business of the Group  surged by 1110%, amounting to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023 in the same period last year.
  • Profit before tax inclusive of extra ordinary income was N45.7 billion in 2024 compared to N2.9 billion in 2023.
  • The Group recorded extra ordinary income of N11 billion during the period from the realised gain from the sale of shares.
  • Profit after Tax including the extra ordinary income improved 1832% year-on-year to N35.9 billion in Q1 2024, compared to N1.9 billion in Q1 2023 in the same period last year.
  • Earnings per share of the Group was N61.12k in Q1 2024, compared to N2.58k in Q1 2023.
  • On the balance sheet, total assets grew by 8.3%, from N530 billion in December 2023 to N574 billion in Q1 2024 due to the increase in operational activities.
  • Shareholders’ funds increased by 20% from N187billion in December 2023 to N224 billion at the end of Q1 2024 due to profit accreted to retained earnings.

In response to the results, Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “Our Q1 2024 results demonstrates Transcorp Group’s resilience and commitment to excellence. Despite the challenges, we achieved growth across all major indices, focusing on operational efficiency at both our power plants, and maximising opportunities within our hospitality business, showing our ability to adapt and succeed in changing markets. We will continue to deliver sustainable growth, operational efficiency, and value for our shareholders.”

This robust achievement is a further demonstration of the Group’s strategic focus and effective execution. Transcorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.

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News and Report

May Day: Glo salutes Nigerian workers  

Published

2 days ago

on

May 1, 2024

By

 

Digital telecommunications solutions provider, Globacom, has saluted Nigerian workers as the country observes this year’s edition of the International Workers’ Day. The company enjoined them to rededicate themselves to excellence so as to take Nigeria to the next level.

 

In a solidarity message released on Tuesday, Globacom lauded the resilient spirit of workers in spite of present challenges. It urged them to use the opportunity of the Workers’ Day to reflect on how their contributions can build a better and more vibrant society.

 

“We salute Nigerian workers on this this day and commend them for the hard work, commitment, resourcefulness and industry which are essential for the growth of the economy of any nation”, Globacom said, and urged them not to rest on their oars.

 

The company noted that the story of Nigeria cannot be complete without the huge contributions of workers, both in the public and private sectors.

 

The International Labour Day is observed annually on May 1 to recognize the contributions of workers all over the world. It is also used to promote a fairer and more sustainable future for all by advocating for workers

’ rights.

 

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