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UBA Surpasses N1tn Market Capitalisation Mark Amidst Impressive Financials, Recognitions

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Emerges Best Performing Banking Stock in 2023

Africa’s Global Bank, United Bank for Africa (UBA) Plc, on Monday joined the elite group of companies with market capitalisation of over N1tn just as its share price value hits N29.90 per share.

 

 

 

At the close of trading on Monday, the Bank’s market capitalization hit N1,022,562,698,843, making it the 3rd most capitalized financial institution in Nigeria, a remarkable lift from N283.8bn at the beginning of the 2023.

 

 

 

The Bank has 34,199,421,366 shares in issue,

 

 

 

UBA’s N1tn market capitalisation mark comes amidst the bank’s share being named as the highest performing stock in the banking sector in 2023, which underscores the bank’s robust growth trajectory and unwavering market confidence.

 

 

 

Specifically, between the start of January 2023 and today, the price of UBA shares has appreciated by over 250 per cent from N7.60 per share.

 

 

 

Chairman, UBA Group, Tony Elumelu, said that the bank’s remarkable journey in 2023 culminated with its shares being acclaimed as the highest performing stock within the banking sector, as he pointed out that this not only highlights the bank’s strategic prowess but also reflects its commitment to delivering unparalleled value to shareholders and stakeholders alike.

 

 

 

“As UBA celebrates these significant milestones, we will like all our stakeholders to know that we remain steadfast in our mission to drive sustainable growth, foster innovation, and create value for its diverse clientele across Africa,” Elumelu said.

 

 

 

“We are witnessing the impact of the business transformation drive UBA embarked on years ago and executed well. Naturally, the market has taken note of and is duly rewarding our efforts. To our stakeholders, our promise is that we will continue to work harder, deliver on what we know how to do well and create impacts across geographies where we currently operate.” he further said.

 

 

 

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who expressed delight at the bank’s performance in the past few months, said with its unwavering commitment to excellence and execution, the bank continues to set benchmarks in the banking sector, reinforcing its position as Africa’s global bank of choice.

 

 

 

“Market participants have begun to appreciate the latent capacity in UBA’s business model as the bank unlocks enormous potentials in its pan African and international operations. Its unique competitive advantage lies in people, processes, and technology. With Operations and offices in 24 countries and on 4 continents, UBA is the only African bank with deposit-taking license in the USA. The Bank’s fundamentals remain strong with impressive financial results that have continued to deliver sustainable value for its shareholders. At current price, UBA trades at price-to-earning (P/E) and price-to-book (P/B) multiples of 2.27 and 0.59 which are a reflection of the market’s expectations of the Bank’s future growth potentials,” Alawuba said

 

 

 

UBA is listed on the Premium Board of the Nigerian Stock Exchange in recognition of the Bank’s strong adherence to international best practices on corporate governance and remains committed to creating value for its over 275,000 esteemed shareholders spread across the globe.

 

 

 

The outgone year, 2023, has been a splendid year for United Bank for Africa, becoming the most profitable bank in Nigeria in 2023, with a Shareholders’ Fund that has grown from 992bn as at Full year 2022 to N1.8trn as of September 2023. UBA was also appointed as the Local Arranger and Local Depository Bank for the $3.3bn FX Liquidity support facility for Nigeria in partnership with Africa Export and Import Bank (Afreximbank), providing solutions to economic solutions in Nigeria characterized by shortage of Fx liquidity.

 

 

 

Likewise, in 2023, UBA won the 2023 FMDQ Gold Awards in three Categories including the Best FX Liquidity Provider; Dealing Institution of the Year and Best Money Market Liquidity Provider. This recognition is a testament to UBA’s impressive capital strength.

 

 

 

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris, and Dubai, 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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N3bn Fraud Trial: Court permits Yahaya Bello’s accused nephew to travel abroad

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The Federal High Court in Abuja has permitted an accused nephew of former Kogi State Governor Yahaya Bello to travel to the United Kingdom for medical attention.

 

To enable the defendant, Ali Bello, to embark on the foreign medical trip, the court ordered the release of his passport seized from him as part of his bail conditions.

 

Obiora Egwuatu, the trial judge, issued the order on Monday, overruling the objection of the prosecution agency, the Economic and Financial Crimes Commission (EFCC), to grant the accused person’s request.

 

He said the prosecution failed to present convincing evidence to back its claim that Ali would jump bail or tamper with evidence if allowed to embark on the medical trip.

 

He said he had no reason to believe Ali would jump bail, having fulfilled previous undertakings to return to Nigeria to continue his trial on two separate occasions.

 

“Since the grant of bail, he has not breached the terms of bail and has been coming to court to stand his trial.

 

“It is not controverted that this court had on two previous occasions granted the applicant similar prayers.

 

“On those two occasions, that is, between the 1 to 31 August 2023 and 17 December 2023 and 10 January 2024, the applicant did not breach the terms of the permission granted,” the judge said.

 

Stressing the need to ensure a defendant is healthy to stand trial, the judge said, “I wholeheartedly subscribe to the view that a defendant should be alive to stand trial” and face the consequences of his crime if found guilty.

 

Mr Egwuatu ordered the court’s deputy chief registrar who keeps Ali’s passport to release it to him, the News Agency of Nigeria (NAN) reports.

 

He also ordered the defendant to return the passport on or before 15 September.

 

Series of charges relating to Kogi funds

Ali and three others are standing trial on money laundering charges involving N3 billion allegedly diverted from the Kogi State coffers during former Governor Bello’s tenure.

 

The three co-defendants in the case are Abba Adaudu, Yakubu Siyaka Adabenege and Iyadi Sadat.

 

The case is only one in a series of prosecutions the EFCC brought against Ali, Mr Bello and their associates over their alleged fraudulent handling of Kogi State Government’s funds.

 

Ali and a co-defendant, Dauda Sulaiman, are charged with money laundering in another case involving the alleged diversion of N10 billion of Kogi State’s funds. The case is before a different judge of the Federal High Court in Abuja, James Omotosho. The prosecution has already called seven witnesses in the trial.

 

Mr Bello, the former governor, faces money laundering charges involving an alleged diversion of Kogi State’s N80 billion in a separate case before Mr Omotosho. Both Ali and Mr Suleiman are named as accomplices in the case.

 

EFCC brought the charges against Mr Bello after completing his two terms of eight years as governor in January but has been unable to get him to court for arraignment.

 

Since April, Mr Bello has shunned six court sessions scheduled for his arraignment, which has now been rescheduled for 25 September.

 

Ali’s medical trip request

On 5 April, Ali filed an application in the trial before Mr Egwatu seeking an order to release his passport from the deputy chief registrar of the court to enable him to travel abroad for medical consultation and examination.

 

He said the trip was to fulfil a routine cardiologic follow-up to review his medication and undergo cardiac tests.

 

He said he received medical advice to undergo the process annually.

 

He also recalled that the judge had granted him similar permissions to embark on the foreign medical trip on two occasions – first between 1 and 31 August 2023 and second between 17 December 2023 and 10 January 2024.

 

He said he returned to Nigeria on both occasions and returned his passport to the court’s deputy chief registrar as he was ordered to.

 

He pleaded with the judge to order the release of his passport again, undertaking to return it to the official upon his return from the UK to Nigeria.

 

The defendant also gave an assurance to be law abiding in the UK.

 

EFCC opposes request

The EFCC opposed the application.

 

Arguing against the request in court, EFCC’s prosecuting counsel, Rotimi Oyedepo, a SAN, cited a five-paragraph counter-affidavit detailing reasons for the commission’s objection. An EFCC official, Abubakar Salihu Wara, swore to the facts in the document on 19 April.

 

Mr Oyedepo argued that Ali failed to place any medical report before the court to show the health condition that necessitated the medical appointment.

 

Mr Oyedepo said Exhibit ‘A’ attached to the application did not disclose the email address of the sender and the receiver of the said medical appointment.

 

He added that the applicant did not present anything to show that Exhibit ‘A’ emanated from the London Centre for Advanced Cardiology as claimed.

 

He argued that Ali might tamper with evidence gathered for his prosecution if his application is granted.

 

However, Ali filed a further affidavit to dispute the prosecution’s claims.

 

Ruling

Apart from banking on the reputation Ali had earned by fulfilling his promises to return to Nigeria when granted the foreign trip permissions on two previous occasions, the judge also ruled that EFCC’s reasons for objecting to the request were not convincing.

 

Mr Egwatu held that EFCC failed to show that the name of the London hospital Ali planned to visit and its address “are not in existence”. He said there was no contrary evidence disputing the fact that the applicant “has a scheduled appointment with the said cardiologist.”

 

According to him, there was also no evidence presented by the EFCC to show that while Ali was on bail, he did or attempted to interfere with evidence or collude with any person to tamper with evidence.

 

The judge further said that a defendant ought to be healthy to stand the rigours of trial.

 

Former Central Bank of Nigeria (CBN) governor Godwin Emefiele, facing multiple corruption trials, recently applied to the High Court of the Federal Capital Territory, Abuja, to seek medical attention in the UK, but the court rejected the request.

 

The judge in the case upheld EFCC’s objection, which was argued by Mr Oyedepo, the same prosecutor in Ali’s trial.

 

(NAN)

 

 

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Reps ask FG to suspend NMDPRA boss over anti-Dangote refinery comment

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The House of Representatives has called on the Federal Government to suspend the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, pending the conclusion of the investigations of allegations against what it called the unguarded statement by the CEO.

 

The resolution of the House followed the adoption of a motion of urgent public importance sponsored by the member representing Esosa Federal Constituency, Edo State, Esosa Iyawe, during Tuesday’s plenary on the need to address issues arising from Farouk’s utterances about the nation’s local refineries.

 

The lawmaker reminded his colleagues that claims of adulterated fuel in the Nigerian market must be thoroughly investigated, stating that fuel quality can impact engine hardware.

 

This he said, is the reason ultra-low sulphur diesel is recommended for all types of power plants, storage tanks, industrial facilities, fleets and heavy equipment, and even ships, as high sulphur content in fuels, causes damage to engines and contributes to air pollution.

 

He said considering the various risks associated with sulphur, countries across the world have taken steps to regulate it by setting standards that require maximum reduction of emissions of this chemical compound, which diesel producers are expected to adhere to.

 

The Labour Party lawmaker, however, noted that the NMDPRA permits local refiners to produce diesel with Sulphur content of up to 650 parts per million until January 2025, as approved by the Economic Community of West African States.

 

He quoted the NMDPRA boss as saying that the diesel produced by the Dangote Refinery is inferior to the ones imported into the country and that their fuel had a large content of sulphur, which he put at between 650 to 1,200 ppm.

 

 

“In their defence, Dangote called for a test of their products, which was supervised by members of the House of Representatives, wherein it was revealed that Dangote’s diesel had a Sulphur content of 87.6 ppm (parts per million), whereas the other two samples diesel imported showed sulphur levels exceeding 1800 ppm and 2000 ppm respectively, thus disproving the allegations made by the NMDPRA boss.

 

 

“Allegations have been made that the NMDPRA was giving licences to some traders who regularly import high-sulphur content diesel into Nigeria, and the use of such products poses grave health risks and huge financial losses for Nigerians.

 

“The unguarded statements by the Chief Executive of the NMDPRA, which has since been disproved, sparked an outrage from Nigerians who tagged his undermining of local refineries and insistence on the continued importation of fuel an act of economic sabotage, as the imported products have been shown to contain high levels of dangerous compounds.”

 

He condemned what he called the careless statement by Farouk, noting that “Without conducting any prior investigation, he was not only unprofessional but also unpatriotic, especially in the face of the recent calls for protest against the Federal Government.”

 

Recall that a joint committee of the House on Monday, July 22, 2024, commenced investigations into Farouk’s allegations against Dangote Refinery.

 

The panel, made up of the Committees on Petroleum (Downstream and Midstream) is also conducting a legislative forensic investigation into “The presence of middlemen in crude trading and alleged unavailability of international standard laboratories to check adulterate

d products”, among others.

 

 

 

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Democrats Raise Over $40 Million Online Following Biden’s Presidential Race Exit

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In a remarkable display of financial support, Democrats raised more than $40 million online following President Joe Biden’s announcement that he would be exiting the presidential race. This surge in donations, which occurred on Sunday, marked the most significant single day of online contributions for the Democratic Party since the 2020 election.

According to a New York Times analysis of ActBlue’s online contribution tracker, the wave of donations began shortly after President Biden’s withdrawal and coincided with Vice President Kamala Harris gaining momentum in the nomination race. Prior to Biden’s announcement, donations were averaging less than $200,000 per hour. However, within just one hour after the news broke, donations soared to $7.5 million.

The ActBlue platform processes contributions for various Democratic candidates and causes, not limited to Biden or Harris. It includes donations to Democratic House and Senate candidates as well as political nonprofits. The overall increase in donations highlights the unified support within the party during a pivotal moment.

Kenneth Pennington, a Democratic digital strategist, expressed his enthusiasm on X (formerly Twitter), stating, “This might be the greatest fundraising moment in Democratic Party history.” The previous record for single-day donations on ActBlue was set after the death of Justice Ruth Bader Ginsburg in September 2020, with approximately $73.5 million processed. Sunday’s donations, reaching over $50 million by the end of the day, made it one of the platform’s most successful days ever.

The influx of contributions comes at a critical time for the Democratic Party, which has been grappling with internal conflicts and a need to regain momentum in the race aga inst former President Donald J. Trump. Fundraising had significantly slowed among major Democratic donors following President Biden’s underwhelming debate performance, but his departure from the race seemed to galvanize the party’s base.

Biden’s exit and his endorsement of Vice President Harris appeared to unify Democratic supporters, resulting in a dramatic spike in contributions. As Harris builds momentum to secure the nomination, the financial backing will undoubtedly play a crucial role in her campaign.

President Biden’s withdrawal had been anticipated by many, although the timing came as a surprise. He announced his decision while recovering from Covid at his Delaware beach house. In a letter posted on X, Biden reflected on his presidency, calling it the “greatest honor of my life.” He emphasized that stepping down was in the best interest of the party and the country, allowing him to focus on his duties for the remainder of his term.

Biden’s endorsement of Harris was swift and unequivocal, with his campaign quickly rebranding to “Harris for President.” Prominent Democrats and potential rivals, including California Governor Gavin Newsom, promptly voiced their support for Harris.

The surge in donations following Biden’s exit signifies a critical juncture for the Democratic Party. With substantial financial resources now at their disposal, the party aims to leverage this momentum to overcome recent challenges and strengthen their position in the upcoming election.

 

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