UBA Holds 2018 Chairman’s Forum, Seeks Strengthening of Corporate Governance across Board

 

Pan- African financial Institution, United Bank for Africa Plc, last thursday,  ended its annual Group Chairman’s Forum, a platform for group integration, re-strategising and knowledge sharing with the overall aim of puting the bank on firm standing to actualize its goals and targets for the financial year.

 

The theme of this year's forum was focused on three main areas:  ‘Efficient and effective communication across the group; Entrenchment of enduring corporate culture and corporate governance.

 

The meeting which was chaired by the Chairman, UBA Group, Mr. Tony Elumelu, had in attendance all the group chair persons from across Africa, Group board executive and non-executive directors and CEOs of each of the 20 subsidiaries of the bank’s group. The top executive echelon in the bank, including heads of units were also present to put heads together to develop key strategies aimed at building the bank’s brand and satisfying its customers.

Elumelu, whilst addressing participants during the forum, reminded them that putting the customers at the forefront and tailoring the activities of the bank in line with their demands remains the focal point of the bank, adding that imbibing the corporate governance culture is key to building an enduring financial institution.

 

A strong and institutionalized corporate governance, laden with excellence in customer service, according to Elumelu will drive more investment to the bank and thus allow it to contribute meaningfully to the development of the African economy.

 

He said, “As long term investors and Africa enthusiasts, we are committed to the markets in which we operate and to the wider African economy.  We will continue to work with credible partners and governments across Africa to identify and develop those critical growth poles required for the sustainable development of all African economies'.

“In line with this, we must inculcate a culture that enforces corporate governance, individual and corporate accountability, a high sense of urgency and a customer first orientation in getting things done. Responsiveness and accountability are key attributes of High Performing Organizations. We know that the culture of corporate governance is key and we intend to focus on this to ensure that our goals for the financial year are duly met,” Elumelu said

Also speaking at the 3rd Chairman’s Forum, the Group Managing Director, Mr. Kennedy Uzoka, who emphasized the bank’s goals of Excellence, Enterprise and Execution, said that the business had to be more customer-focused than ever before, adding that the elements of effective and efficient communication could not be toyed with as they represent an embodiment of what the bank stands for at all times.

 

Participants at the Group Board Forum resolved to do all in their power to continue to position the bank as the leading Pan-African Bank across all key indices – brand equity, human capital, customer service and profitability, whilst also inculcating a culture of responsiveness at UBA, with zero tolerance for any regulatory infraction across all operations.Speakers at the Forum included Director of Marketing Corporate Communication,  Bola Atta, Director of Human Capital Management, Patricia Aderibigbe; Head of Risk, Uche Ike and the Managing Partner of Angela Aneke Associates. The newly appointed Regional CEOs, Emeke Iweriebor, Amie Sow, Abiola Bawuah and Martin Che also presented on how they intend to achieve their strong objectives for this financial year. The forum ended on a very strong and positive note which witnessed all participants in an up beat mood.

 

 

UBA Group Starts Strong in 2018, Grows Profits to N26.6bn in First Quarter

Pan African financial institution, United Bank for Africa Group (UBA) has released its unaudited first quarter results, showing significant growth across major income lines. 

Following a sterling performance in the 2017 financial year, UBA Group delivered another impressive 18% percent year-on-year growth in gross earnings in the first three months of 2018.

Leveraging on strong growth in both interest and non-interest income, UBA grew top-line to N119.4 billion in the first three months of the year, ending March 31st 2018 and the Group recorded N26.6 billion in profit before tax, compared to N25.5 billion achieved in the first quarter of 2017. The Group also recorded a profit after tax of N23.7 billion in the first quarter, an impressive 6.2 percent year-on-year growth compared to N22.4 billion achieved in the corresponding period of 2017. The group sustained its strong profitability recording an annualized 18% Return on Average Equity (RoAE). The Group Managing Director/CEO of the United Bank for Africa (UBA) Plc, Mr. Kennedy Uzoka, expressed satisfaction with the Bank’s impressive performance in the first quarter of 2018, despite intensifying competition and moderation in yield environment in Nigeria and Ghana. 

"This set of first quarter result is a good start to the year and a reflection of our capacity to sustainably grow earnings over the medium to long term. We recorded 18% growth in gross earnings, as both interest and non-interest income grew 18% and 19% respectively. Notwithstanding the moderation in sovereign yield in Nigeria and Ghana, we achieved a 60bps improvement in net interest margin (NIM) to 7.6%, as we extract efficiency gains from balance sheet management,” Uzoka said.

“I am particularly pleased with the 8% year-to-date growth in our retail deposit, as it reflected the benefit of improved customer service and continued customer acquisition. We are committed to exceeding our 2018 deposit growth target in the year, with strategic focus on retail, low cost savings and current accounts, which is critical to sustaining our NIM uptrend,” he explained. 

He said, “We are committed to responsible lending, as we seek to maintain our asset quality. We achieved a 40bps year-on-year savings in cost of risk, a reflection of the quality of our loan portfolio. 

Driven by an 18% year-on-year growth in interest income, UBA Group recorded an 18% percent year-on-year growth in gross earnings to close at N119.4 billion for the three months period ending March 2018, compared to N101.2 billion recorded in the first three months of the year 2017.

He expressed confidence on the steady recovery of the Nigerian economy and improving fundamentals of most African countries, where the bank operates.  

Uzoka emphasized the increasing relevance of its African operations to its bottom line, adding that, “Reflecting our market share gain, we have grown the balance sheet by 6% in the first three months of the year, as we increasingly become systemically important across the 19 other African countries, where we operate. Barring unforeseen circumstances, we look forward to sustaining this strong performance through the year, with the primary objective of delivering superior return to our shareholders.”

Also speaking on UBA’s financial performance and position, the Group CFO, Ugo Nwaghodoh, said Management is committed to delivering on the Group’s financial goals for the year.

He said, “We are diligently executing our priorities for the year, as we focus on profitable growth. We are making strong progress in Nigeria, where our continuous market share gain is translating into higher profit. We grew non-funded income by 20%, driven by annuity-type offerings in digital banking. Precisely, the electronic banking income grew 33% year-on-year and we recorded an impressive 40% growth in trade service income, as customers become loyal ambassadors of our enhanced service channels and customer service.”

Continuing, he stated, “I am pleased that our drive towards optimal scale across our subsidiary operations is progressing well. More importantly, the contribution of these foreign operations to the Group’s profit is impressively reflective of geographic diversification.   

 “We remain resolute on our determination to leverage growing scale across our foreign operations to extract further cost efficiency, with the objective of moderating our cost to income ratio. More so, our profitability in the first quarter of the year reinforces the Group’s capacity to deliver on target, as our profit for the period translates to 18% return on average equity” Nwaghodoh said

Prioritize Africa’s Youth And Leapfrog Traditional Development Paths – Tony Elumelu To African Leaders At World Bank Meetings

During the annual spring meetings of the International Monetary Fund and the World Bank in Washington, DC, African philanthropist and entrepreneur Tony O. Elumelu insisted that prioritizing Africa’s youth by fixing the policy and regulatory issues impeding their innovations would also help attract foreign investors.

The Tony Elumelu Foundation Founder spoke alongside World Bank President Jim Kim and LinkedIn CEO Jeff Weiner in a fireside chat on advancing the digital economy in Africa. During the discussion, he sent a strong message on the importance of leveraging entrepreneurship to enable Africa to leapfrog traditional development paths.

“I speak as someone who has supported young African entrepreneurs. I see enthusiasm, intellect, I determination, drive and discipline – you invest $5,000 and indeed they apply this to their purpose,” Elumelu said. “So why don’t we harness all of these people? Why doesn’t government replicate this model?”

When asked about the technological advancements of today, which will be responsible for shifting African development into overdrive, Elumelu was emphatic.

“It is our young people – the 60 percent of [African] people under the age of 30 who will come up with innovations that might help to pull Africa out of where it is today. We need to prioritize them, to give them support by removing the stifling policies holding them back. If we remove those, we will unleash their creativity onto the world.”

While moderating the discussion, World Bank President Dr. Jim Yong Kim, said policy makers in Nigeria and other African countries are ill-prepared to compete in the digital technology space. Elumelu conceded that without critical infrastructure, driving technological advancement would be difficult.

“You can't talk about a digital economy in Africa without fixing critical infrastructure. Digital connectivity is a major issue in Africa and you can't fix it if you don't have reliable access to electricity,” Elumelu said. “So, if we want to truly address the issue of a digital economy in Africa, these challenges have to be fixed.”

Elumelu, who is also Chairman of the United Bank for Africa Group, also highlighted regulation, intellectual property and the need to incentivise investors, as other factors that would help drive the digital economy on the continent.

"Let's fix policy issues and all these issues I have identified and investors will come to Africa," Elumelu added.

UBA Celebrates Africa, Honors Staff at 2018 CEO Awards

It was a fun night of  glamour and electrifying excitement as Pan African financial services group, United Bank for Africa (UBA) Plc once again gathered together a stunning audience from Across Africa at the 2018 edition of the UBA CEO Awards.

The event which was held at Eko Hotels and Suites in Lagos, Nigeria, was the talk of the town and trended all night as staff members, their clients and friends all let go and got totally immersed in the celebrations of the special evening.

The UBA CEO Awards remains one of the most sought after annual events in the Lagos entertainment calendar. in its 10th year since inception in 2008, the event keeps getting bigger and better. 

The theme of the night, Celebrating Africa,  celebration by the pan-African Bank, of the continents rich history and culture. UBA’s foot print in 20 African countries and in London, Paris and New York allowed a culturally diverse audience which was on display at the event. The Bank was also promoting its core value of Enterprise, Excellence and Execution as staff members who had performed extra ordinarily during the year, were rewarded and celebrated throughout the evening.

The Chairman, UBA Plc, Mr. Tony Elumelu, who was at the event with his lovely wife Dr Awele, said as he was interviewed on the golden carpet, that the bank chose this day to reward staff who had worked hard to ensure that the company remains a leading financial institution on the continent.

"It is a time to reward dignity, hard work, and excellence in execution, and to show our multitude of staff globally that they are very much appreciated for their contributions.’ said Elumelu.

The GMD/CEO, Mr. Kennedy Uzoka, who congratulated the recipients of the various awards in different categories, charged them to continue to work hard and exhale the core values of UBA. He re -iterated that the Customer is the employer and all staff must focus on ensuring that they are given excellent services always.

He said, “Every year, it is our tradition to appreciate our people who have put in their very best and gone far and beyond the call of duty to deliver excellent services to the bank and the customers by extension. As you may well know, UBA has promoted about 47 per cent of its staff within the last twelve months, and this is something that is very rare in our industry. It is a statement about our commitment to the employees'. 

Continuing, Uzoka said, “We know that when you have been rewarded, you will be motivated to do more, so I encourage you all to put in your best and remain focused on satisfying the customers, which is the reason why we are here.”

In attendance were captains of industries, media moguls, Nollywood stars, Public servants and politicians including  President of Dangote Industries, Alhaji Aliko Dangote, Chairman of Forte Oil, Femi Otedola, President of the Lagos Chamber of Commerce and Industry, Chief (Mrs) Nike Akande, Former Governor of Ekiti State, Otunba Niyi Adebayo and wife, Angela, Publisher of Ovation Magazine, Mr.  Dele Momodu, Majority Leader, House of Representatives, Mr Femi Gbajabiamila, CEO, Ebony LifeTV Mrs Mo Abudu and some Nollywood stars, Richard Mofe Damijo, Omotola Jalade Ekehinde, Omoni Oboli.

Also present to honour UBA at the event were Former Commissioner for Finance in Lagos State, Wale Edun, CEO, Financial Derivatives Company Limited, Mr, Bismarck Rewane, CEO, Airtel, Segun Ogunsanya, Directors of UBA Plc, Ambassador Joe Keshi, Chief Kola Jamodu, Ambassador Adekunle Olumide, Mrs Rose Okwechime,  among many others

Great performances by A-list artists such as ‘science students’ crooner, Olamide, Flavor, Kiss Daniels, Styl Plus and Falz the bad guy as well rib-cracking comedy from Basketmouth ensured that staff and guests alike were kept off their seats as they each performed to the massive enjoyment of those present.

Ace TV Presenter, IK Osakioduwa and Ayo, were the compere of the event led the guests through a night of fun and laughter and of course lots to eat and drink.

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FIRST BANK IN TROUBLE OVER INTERNET FRAUD

 

 ......-Customer drags First Bank and MasterCard to court over ATM fraud

An aggrieved customer of First bank of Nigeria Abolade Bode who resides in Nigeria, but whose account was alleged to have been fraudulently manipulated to shop in London and bought air tickets in Budapest, Hungary, in a bid to seek redress has renewed his legal battle against the bank.

        Joined as co -defendant is Mastercard West Africa Limited

   In an amended statement of claim filed on his behalf by a Lagos Lawyer, Barrister Ganiyu Bello the customer averred that he maintains a current account with First bank of Nigeria and he has been operating the bank account since 2006,he runs the account directly by cheques and with the master card procured from the bank after due payment which he uses electronically through Automated Teller Machine ATM. Master Card west Africa limited produced master card bearing MASTERARD Trade Mark .The MasterCard west Africa limited’s MasterCard is internationally acceptable and acknowledged and therefore projected to have high technology protection of its user hence the plaintiff confidence in using the Master card.However, Mr Abolade averred further that on 17th August ,2012 he discovered that his account with First bank was fraudulently debited with the sum of N750,509.77.arising from unknown and unauthorized transactions,. He promptly complain via voice and then by e-mail, his complaint was acknowledged, thereafter he physically visited the head office of the bank at Marina Lagos Lagos state on several occasions and in response he was told that the matter was under investigation,

     In its letter dated 5th of September, 2012 the bank denied any liability, Consequently, the Plaintiff on 6th September, 2012, wrote a letter to Central Bank of Nigeria on the same issue, in its response the Central Bank in an e-mail dated 27th of September, 2012 directed First bank to review his complaint and respond within 72hours and its solution on the matter should be made known to the Apex bank.

       Whilst awaiting for the response of First bank, the plaintiff made formal complaint to Mastercard west Africa by e -mail on 10th of September, 2012 and in response, MasterCard advised the plaintiff to apply for the payment of provisional credit to his account within 60days, in accordance with the advice he forwarded to the bank by e -mail dated 11th September, 2012, a request for provisional credit to be placed on his account, but the bank did not respond to the request.

    Pursuant to the directives of Central Bank of Nigeria, First bank by e -mail dated 27th of September, 2012 made available to the Central Bank of Nigeria via e -mail a copy of which was sent to him, the details of the unauthorized transactions on his account runs thus, namely :

  (a) Online transaction receipt for 3 internet purchases of auto parts made by Mr Manuel Caser of 22 Greengate street London and third from Digital.(b) Two Air Tickets purchased on Wizz Air in Budapest showing Passengers’ names Gamote Iordam and Alina Claudia Duma respectively.

     The Plaintiff averred that he does not know any of these persons neither did he authorized the transactions, the bank neglected to demand from the merchants Turner Shop and Wizz Air or their banks the sum of N750509.77 arising from the unlawful transactions on his account within 60days of occurrence as per the charge process and as adviced by MasterCard.

     The Plaintiff averred that there was never a time the details of his Master Card which is always in his possession disclosed to anyone, and in the circumstances of this matter First bank is liable for the online fraud committed on his account because it arose from card skimming and or counterfeiting

    The Plaintiff contended that the online Fraud committed on his account was not due to his negligence but has been perpetrated by means of other compromises of the defendants’ security because the information required for online transaction are open and accessible only to the staff of First bank who handed and passed the MasterCard to him at the inception and the staff of MASTERCARD who had the custody of the card before issuance.

The Plaintiff averred that the loss of his N750,509.77 from his account has put him under serious financial strains and stress much so that he could not carry out important projects already lined up for execution.

    Mr Abolade also averred that his account which has been debit frozen since August, 2012,in order to avoid further complications has constrained him access to his funds in the account and therefore cannot transact any other businesses in the cashless environment of Lagos state. The bank in spite of several demands has failed to reimburse him.

     In consequence of the foregoing, the Plaintiff claims from the defendants jointly and severally for the reimbursement of N750,509.77 and N10million damages respectively plus interest at the rate of 21% per annum with effect from 17th of August, 2012 until entire sum is fully paid.However, in its amended statement of defence filed by Novolex solicitors, First bank while describing the Plaintiff ‘s suit as speculative, vexatious and abuse of judicial process urged the court to dismiss same with substantial cost, on the ground that the reported transactions in this instance showed that the Plaintiff card was used to order Auto parts in United Kingdom and to pay for Airline Tickets. These transactions could not have been possible without at least the initiator or enabler knowing the number and other details, thus buttressing the fact that the Plaintiff must have compromise his security information.

       First bank also stated that as a precautionary measure to prevent further dissipation of the funds therein and to enable the bank carry out full investigation into the complained withdrawals,another account was opened for the Plaintiff to enable him to continue with his normal banking transactions.

Elumelu Opens Digital Economy for Africa Forum with World Bank President and LinkedIn CEO

                           Chairman, Heirs Holdings and Founder, The Tony Elumelu Foundation, Tony O. Elumelu will join Jim Yong Kim, President, World Bank Group and Jeff Weiner, LinkedIn CEO at the opening debate of the ‘Digital Economy for Africa’ Forum in Washington, D.C organised by the World Bank Group.
The event, which will hold on April 19, 2018, at the World Bank Group Main complex, will also serve to launch the World Bank Group’s Digital Economy for Africa initiative in collaboration with the IFC as an important effort to realise Africa’s digital potential.
Follow Heirs Holdings on social media to join the real-time conversation.

ELUMELU TO TOUR EAST AFRICA ON ENTREPRENEURSHIP, INFRASTRUCTURE

Entrepreneur, and philanthropist, Tony O. Elumelu will lead a 5-day working visit to East Africa, where he will meet with national leaders of Kenya and Uganda.

 

In his capacity as Chairman of United Bank for Africa (UBA), Mr. Elumelu will travel to Uganda (April 10) and Kenya (April 12) to meet with the Executive Presidents of both nations, Uhuru Kenyatta and Yoweri K. Museveni to discuss issues around the growth and development of the their economies, enabling entrepreneurship, infrastructure financing, regional economic growth and how the private sector in Africa can work in shared purpose alongside African governments to create prosperity for all Africans.

On the side lines of these engagements, the Tony Elumelu Foundation (TEF) will gather members of the full local ecosystem – from investors to academia to established and emerging entrepreneurs alike – for an entrepreneurship ecosystem event. During the event, TEF alumni and members of the vibrant Kenyan and Ugandan entrepreneurship communities will receive insights from guest speakers who will provide practical, practicable information to help the audience develop their businesses and their business management skills. Guest speakers include leaders from TEF partner Microsoft and other ecosystem players including Google.

During the visit, Elumelu will also meet with key stakeholders and policy makers in the countries to discuss infrastructural funding opportunities, as well as interact with leading private and public sectors players. He will host a Founder’s Forum with students of Makerere University, Kampala and University of Nairobi, two leading African institutions. At this Forum he will give young Africans insight into his own life, share tips and values for success while encouraging entrepreneurship and development.

 

A proponent of the economic philosophy of Africapitalism, Elumelu has toured various countries in Africa and beyond, encouraging entrepreneurship and advising governments on why it is essential for private sector partnership to grow their economies.

 

Through the Tony Elumelu Foundation, the UBA Chairman has supported over 3,000 entrepreneurs and counting, helping to build their dreams and businesses to a point where they will in turn employ other Africans to help build the continent.

 

In March, the Foundation announced the 2018 cohort of its 10-year, $100 million TEF Entrepreneurship Programme, which saw the selection of over 1,000 African entrepreneurs with the most innovative, high-potential business ideas and an additional 250 entrepreneurs thanks to partnerships with the International Red Cross (ICRC) and the United Nations’ Development Programme (UNDP).Elumelu is the Founder and Chairman of Heirs Holdings Ltd, a family owned investment company committed to improving lives and transforming Africa. With portfolio spanning the power, oil and gas, financial services, hospitality, real estate and healthcare sectors, operating in twenty-three countries worldwide. He sits on numerous public and social sector boards, including the global advisory board of the United Nations Sustainable Energy for All Initiative (SE4ALL), USAID’s Private Capital Group Partners Forum (PCG), and is Co-Chair of the Aspen Institute’s Global Food Security Working Group. He serves on the international advisory board of the Washington DC based think tank the Wilson Center and is a member of the Global Advisory Council of the Harvard Kennedy School’s Centre for Public Leadership. He is also a member of the World Economic Forum Community of Chairmen.

Supremacy Battle Hits Zenith Bank As Peters Amangbo And Adaora Umeoji Lock Horns

                                     .....Intrigues as bank trembles to drumbeats of war

A multitude of evilly inclined people can stir up strife, just as a crowd of tsetse flies can make a noise like hailstorm, in desperate bid to thwart the bliss and quiet of the most peaceful household. When the target of their plot are two upstanding bankers of the Zenith bank, Peter Amangbo, the Managing Director and his Deputy, Adaora Umeoji, the situation calls for tact and unprecedented caution.

As you read, mischief makers are at their hideous best; their plot this time revolves around the relationship between Peter and Adaora. Certain faceless people and rabble-rousers recently went to town with the rumour that there is no love lost between them. They are claiming that the two Zenith Bank head honchos are dangerously poised to tear at each other like loaded guns.
Peter, according to mischief makers, is not one of those people who, having gained power, settled down to enjoy it. He is allegedly paranoid of been undermined and in love with upheavals but Peter’s apologists dismiss the claims as the rant of mischievous individuals seeking to create a rift where there is none.
Trouble reportedly started when Adaora’s loyalists allegedly believed that she has been cast in a bind and turned into ordinary ceremonial figurehead whose chief duties has been to rubber-stamp the MD’s decisions while carrying out his will, albeit grudgingly.
Funnily enough,  life is a drag to many deputy bank chiefs, in Nigeria. They are the negligible indices in the scheme of things. The quiet characters whose industry and worth are forever smothered in the raucous din of over-celebrated and publicity-hungry superiors. Thus the title: Deputy Managing Director (DMD), rankles many deputy bank chiefs, like rusty handcuffs on the wrists of severely misunderstood and underappreciated patriots.
It’s really sad. No wonder some people would say it’s better to be a branch manager than to be the DMD of a bank.
But as news of their alleged grudge-fest spreads like wild fire, sources close to the duo have dismissed the rumour and what they term malicious speculations, claiming they are figments of the imagination of agents of mischief desperately trying to sully the reputation of the Zenith bank head honchos and impair the bond of their friendship.
However, the fear of Adaora is the beginning of wisdom. Staff of the bank tremble and kowtow before her, while the customers catch cold whenever she sneezes. She is however not one to brook any nonsense from any quarters. Little wonder, many worship the ground she treads while praying and hoping that they don’t incur her wrath.

Afrobeat Star, S Dee Classic, Hits Town With Omo Dada

Cashing in on the success of his several singles, which are currently enjoying airplay, Afrobeat star, Salau Olatunde Saheed, better known as S Dee Classic, has released a new single, Omo Dada.

This, according to the graduate of Business Administration of Moshood Abiola Polytechnic, Abeokuta, who has carved a niche for himself in the Afrobeat genre, is in the spirit of the Christian season and reaches out to both the young and old.

Speaking on his new project and the motive behind it, Salau said it was to further prove his critics wrong regarding his music prowess.

"As one of the fast rising music stars, what i have packaged in my latest single is to tell the world the stuff I am made of and to further prove my verstality, competence, and capability in music", he said. The Kwara State born multi talented artisite is into modeling, song writing and blogging

Photo News: Faces At The Cathedral Church of Christ, Marina, Lagos For Easter Service

L-R: Very Rev Adebola Ojofeitimi, Provost Cathedral Church of Christ Marina, Lagos. Chief Olurotimi Williams, Registrar Of the Diocese of Lagos, His Grace, The Most Rev’d Dr E. Adebola Ademowo, OON Diocesan Bishop of Lagos and Dean Emeritus, Church of Nigeria, Anglican Communion, Hon. Justice Sybil Nwaka, Archbishop’s Nominee, Barrister Folashade Adetiba, Legal Secretary after the 2018 Easter Service at the Cathedral Church of Christ, Marina, Lagos.