Publication of 2018 Financial Statements

NOVA Merchant Bank Limited has declared a profit after tax of N1.15 billion for the year ended 31^st of December 2018, a significant increase from N510.6 million achieved in 2017, marking a 125% increase. The result is achieved as it begins to reap the benefits of its investments in its operations, technology, and people. 

The impressive result demonstrates the Bank’s growth trajectory which is expected to accelerate as it scales its business and grows its client base.

NOVA achieved strong growth across all parameters. The Bank recorded a 54.10% growth in gross earnings from N1.22bn in 2017 to N1.88bn. The bank further grew the total assets by 38.89% from N18bn to N25bn between 2017 and 2018.

This impressive performance marks a very successful year for the newly licensed merchant bank which recently deployed a state of the art and fully digital core banking application. The Bank also recorded remarkable growth in customer acquisition and in line with its objective to be the employer of choice, promoted about a third of its workforce.

Anya Duroha, the MD/CEO, commented “Our stellar results are a culmination of the hardwork, commitment, resilience, discipline and resourcefulness of all our employees. We have been able to drive strong customer acquisition and deploy leading edge technology whilst optimising our costs. We will continue to focus on growing our business, providing solutions tailored to our clients’ needs, building a high performance culture, motivating our employees and creating sustainable value for our shareholders”.

Remarking on the results, Phillips Oduoza, Chairman of NOVA Merchant Bank said “We have been able to build a strong foundation for the success of the Bank and approach the future with confidence and optimism in our business model, value proposition, clients and employees. We remain committed to the implementation of our over-arching philosophy of ‘New Thinking, New Opportunities’ to create value for all our stakeholders.”

The Bank will continue to strive to deliver profitable, responsible and sustainable growth. It remains dedicated to its core values of Uniqueness, Passion, Leadership, Integrity, Fairness and Teamwork (UPLIFT) as it believes these ethos will enable it to surpass the expectations of its clients and stakeholders.

OYO GUBER POLL: PDP Congratulates Seyi Makinde

The Peoples Democratic Party in the South West under the chairmanship of Dr. Eddy Olafeso hereby congratulates the Governor-Elect, Engr. Oluwaseyi Abiodun Makinde, the good people of Oyo State and the PDP for a well-deserved victory in the keenly contested governorship polls.

This is indeed a credence to the antecedent of Engr. Seyi Makinde and the strong will of Oyo people, who remained undaunted in expressing their relentless support through the ballot, for the well known philanthropist.

Without an iota of doubt, the Ibadan-born politician shall do the people and PDP proud in the discharge of his duties and responsibilities as the Governor of Oyo State, from May 29, 2019.

Engr. Seyi Makinde's disposition to the ideals of a pragmatic political Party (PDP) and masses well being in every nook and cranny of Oyo State must be commended, appreciated and celebrated. 

The Governor-Elect must also be applauded for his doggedness, resilience and focus which served as the cardinal point for winning at the polls.

While all hands must be on deck to support the incoming administration of Omi Tuntun, we pray for GOD's guidance and protection, wisdom and understanding to better the lives of Oyo indigenes from maladministration of the outgoing government.

Congratulations to People's Governor, Engr. Seyi Makinde, the PDP family and entire people of Oyo State for a resounding victory over the oppression of the ruling All Progressives Congress (APC).

Opinion: Letter to Akwa Ibom People on the Coming Governorship Election; By Wole Arisekola

For the last couple of days, I have spent energy and time addressing some post-election issues and controversies especially the needless blackmailing of Senator Godswill Akpabio by enemies within and outside his party.

The purpose of this article is to reset the brains of few educated illiterates who think they are mocking God’s anointed son.

First, I want to underscore that my purpose is not to incite any form of tribal sentiment against any group but to put the records straight that the unfortunate event that happened upper Saturday was as a result of an avoidable mistake among the leaders of the All Progressives Congress in the state.

My primary purpose for this article is to offer advice on how we can face the electoral umpire together as a team in the next election in the state.

My strong conviction is that all forms of hatred, resentment, anger and malice are wasted emotional and psychological energy that could be better channeled into improving one’s lot and the lot of others.In a few days time, we will be going to the polls again. Many of you may be asking if it is worth the time and energy, going to stand under the sun for a process that will be manipulated and for which the results may have been written ahead of time.

In fact, many of you may have become more convinced that “our votes do not count”. There is no denying that the votes of thousands of Akwa Ibom citizens were set aside on February 23 by Mr Mike Igini for a contrived result which suggests that our votes do not count.

But it is actually because our votes do count that it took the Peoples Democratic Party and Igini more than 72 hours to declare the result on the multilated sheet in favour of an unknowm and less fancied candidate of the election in Esie Udim Local Government. Our votes counted to the point that the Akwa Ibom Resident Electoral Commissioner had a hard time manipulating the results.

I am a living witness to the fact that people of Akwa Ibom State made a very good outing at the presidential and National Assembly elections.
I am in shock that the outcome was far from what we anticipated. But that should not daunt our spirit. Rather, that should make us more resolute on our mission to change the PDP government in Akwa ibom State.

We must know that the state elections are around the corner. Believe me my brothers and sisters, the state election, contrary to popular opinion, is even more important than the federal elections. The reasons are simple and clear.

When Senator Akpabio was in power as the Executive Governor of Akwa Ibom State, he demostrated the big impact that a state can have on the lives of its citizens by constructing the best roads in the history of Nigeria in rural areas throughout the state. He believes that government should not be for the elite alone but for everybody .
He actually demostrated that governance takes place at the state and local government levels and the state government can make far greater impact and direct impact on the lives of the people far more than the Federal Government.

My dearest brothers and sisters , our father, Professor Yemi Osinbajo, the Vice President of Nigeria and Chief Adams Oshiomhole, the National Chairman of our great party were here yesterday. They are feeling the same pain that we are feeling and they came to sympathise with us and promised to ensure that there is a redress of the injustice done to us by INEC and Mr Mike Igini last Saturday.

They told us that the survival of Akwa Ibom depends on those who we allow to govern us at both the state and local government levels.
All what we need to do is to come out and vote out PDP on Saturday.
We must not throw out the baby with the bath water. We must come out in the large numbers and perform our civic duty .

I am very proud of you my brothers and sisters.
God bless the Land of Promise, God bless Akwa Ibom and God bless Nigeria.

Africa TV Invites Iyalode of Owu Kingdom To Beautiful Africa Day Belgium

The Iyalode of the Owu Kingdom, Aare Chief (Mrs) Adenike Lawal has been invited as a special guest of honor to grace Beautiful Africa Day celebration scheduled to hold on June 1, 2019. The special invitation was conveyed to the influential Princess at her Lagos residence on Sunday by the Chairman of Africa TV Group, Larry Omodia.

Delivering the invitation, Mr. Larry Omodia said the invitation was aimed at forging stronger ties between Africa and the rest of the world and to also project the good image of Africa and its resources. In the area of cultural value, agriculture, youth empowerment, and economy to the international community.

Omodia described the Iyalode’s throne as a reference point of womanhood and in view of the enviable niche, she has carved for herself since mounting the throne of Iyalode of Owu Kingdom.

“Africa TV crew are very happy with you for the great work you are doing.

“On behalf of my crew, we are inviting you to the Beautiful Africa Day celebration coming up in June.

“

We will take care of all the expenses to the venue in Belgium.

 "During the event, you are expected to rob minds with Mayors of Holland, Belgium, Ambassadors and also educate the world about the benefit of Africa”, Omodia stated.

Responding, Aare Adenike Lawal said she would continue to promote Yoruba tradition and cultural heritage as well as propagate peace in Yoruba land, Nigeria and unity across the  African continent

The highly revered Iyalode said she would grace the occasion in Belgium and also promised to contribute her quota to the success of the event.

Alaafin of Oyo, Aare Gani Adams, To Attend Beautiful African Day

Alaafin of Oyo, Oba Lamidi Adeyemi, Aare Onakakanfo of Yorubaland, Aare Gani Adams and Iyalode of Owu Kingdom have all signalled their interest in attending the Beautiful African Day Festival scheduled to hold on June 1, 2019, in Belgium.

During the courtesy visit of the Africa TV crew, led by the Chairman, Larry Omodia, to the Lagos residence of OPC National Coordinator on Friday, Aare reiterated his commitment to attend and support the annual festival for being rich in cultural advancement and presenting a good image of Nigeria and the African continent to the world.

“I can assure you I will attend the event in June and Alaafin of Oyo, Oba Lamidi Adeyemi will also be part of it.

“I love the concept and the platform, reeling out the good part of the continent to the world.

“It is also an avenue for me to further promote the rich cultural heritage of the Yoruba race.

“The event is also coming at the right time because we are just planning to lunch our Oodu Progressive Union (OPU) in Luxembourg.

“So we might incorporate the launching into the Beautiful Africa Day festival if all things work well”, Aare stated.

Aare, in his address, noted further that Yoruba indigenes in the diaspora must have a sense of belonging and identify with their roots all the time.

He added that OPU has its presence in 74 countries, and launching in Luxembourg and re-awaking the organisation in Belgium during the event will be a plus for the organisation.

Omodia thanked Aare for the good reception accorded the crew and assured him that he would give his best to have a better outing at this year’s edition.

Beautiful African Day is an annual event aimed at celebrating and promoting Africans who are doing well in their respective endeavours.

It is also a channel to encourage and recognize eminent Africans who deserve to be honoured.

UBA Group Launches Full Banking Operations in the UK

London, March 1, 2019, three weeks after the UBA group launched its operations in Mali, the global financial city of London hosted a high level gathering of business and public sector leaders on Thursday, February 28, 2019, as the new UBA franchise, UBA UK was formally birthed in the United Kingdom amidst high expectations.At the upscale ceremony which held at The Prestigious Shard in the city of London, UBA UK was formally introduced to business leaders across Europe and Africa with a commitment from the UBA Group of its readiness to galvanise trade and commerce between Europe and Africa.

The formal launch is the sequel to the authorization of the Prudential Regulation Authority(PRA) and the Financial Conduct Authority(FCA) for UBA UK Limited to carry out full-scale wholesale banking across the United Kingdom.

With this launch, UBA Group further consolidates its unique positioning as the first and only Sub-Saharan African financial institution with banking operations in both the United Kingdom and the United States, thus reinforcing its strong franchise as Africa’s Global Bank, facilitating trade and capital flows between Africa and the world.

Speaking at the event, the Group Chairman, Mr. Tony Elumelu said the Group is excited by the authorization of the relevant regulatory authorities in the United Kingdom for UBA to upgrade its operation and further fulfil its aspiration of deepening trade and investments flows between Africa and Europe.

“The enhancement of our business in the United Kingdom is very timely and mutually beneficial for African and European corporates as well as respective governments. With the British and other European governments seeking new and improved measures to grow trade relations with Africa, we are enthusiastic on our positioning and capabilities in supporting corporates and government institutions to fulfil these lofty aspirations, which we believe are pertinent for the sustainable growth of both continents.”

Elumelu expressed that he is extremely pleased as UBA is living up to its mantra of being Africa’s global bank and positioning itself to support investors in key financial centres across the world.

Also speaking at the event, The Group Managing Director/CEO, Mr. Kennedy Uzoka, noted that, “UBA Group is the most efficient gateway for European corporates and institutions to access Africa, given the bank’s expansive network across most impact markets on the continent and its deep knowledge of the business terrains in Africa. According to him, “Simultaneously, we are serving the trade and capital needs of our African customers, who are seeking exposure to the European markets. With the upgrade of UBA UK Limited, we are excited to deepen our support to existing customers whilst also providing the leverage for new customers to effectively fulfil their cross-border transactions through UBA Group’s network.”

On his part, the CEO, UBA UK, Mr. Patrick Gutmann, said; “We are now on a stronger footing, as the authorization of the PRA and FCA for an enhanced business model affords us the opportunity to swell our capital and balance sheet as well as the broader UBA Group’s network across Africa. We welcome our existing and new customers to this new world of borderless opportunities, as we creatively serve our customers in meeting their international transaction needs.”

 Some of the guests In attendance at the event were the President of Dangote Group, Alhaji Aliko Dangote; President, Afreximbank, Dr. Benedict Oramah; Former Prime Minister of Pakistan,  H.E Shaukat Aziz; Member of the British House of Lords and Executive Committee Member of the All Party  Africa Group, Rt. Hon Lord Anthony Tudor St. John amongst many others.

The event was not short on entertainment as one of Africa’s leading entertainer,s Dbanj performed to the admiration of guests including Star boy, Whiz Kid.  

United Bank for Africa (UK) Limited, previously named UBA Capital (Europe) Limited offers a full suite of treasury services, cash management, correspondent banking, corporate lending and wholesale deposit products to professionals and eligible counterparties. In addition, UBA (UK) Limited offers all aspects of structured and trade finance; issuance, acceptance, confirmation and refinancing of Letters of Credit of different variations, including SBLCs.

Court Restrains INEC From Issuing Certificate of Return To Akpabio’s Opponent

An Abuja High Court has given an order restraining the Independent National Electoral Commission from issuing a Certificate of Return to Chris Ekpenyong based on the February 23, 2019, National Assembly for Akwa Ibom North-West Senatorial District.
INEC had declared Ekpenyong, a former Deputy Governor of Akwa Ibom, winner of the election, against the incumbent, Godswill Akpabio.
According to the result announced by the returning officer, Prof. Peter Oban, Akpabio scored 83,158 votes, while Ekpenyong scored 118,215 votes.
Before the announcement of the election result, Akpabio had petitioned INEC alleging that the Resident Electoral Commissioner, Mike Igini, was “considering reversing the announced cancellation of result from Obot Akara.
“It is the law that a pronouncement on a result has been made, only a court of law can reverse such decision. An attempt to reverse same is total illegality,” Akpabio said in the petition dated February 23 and signed by his brother, Ibanga Akpabio, who was the APC senatorial agent for the election.