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Leading In Africa: UBA To Expand Footprint To 25 African Countries

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Group Chairman Elumelu reconfirms Africa network as strategic priority, pledges further capital for African growth

The United Bank for Africa (UBA) Group recently held its first ever Senior Leadership Forum reflecting the strategic importance and growth potential of its pan-African business. UBA Group Chairman Mr. Tony O. Elumelu convened the Forum to review the impressive growth that the bank’s African network had made over the past 11 years and to provide a platform to reaffirm and embolden its strategic goals.

The Forum brought together 90 participants, including the entire Board of UBA, all Chairmen and all CEOs of UBA subsidiaries across Africa and the United Kingdom. It was timed to coincide with UBA’s Annual General Meeting and Group Board Meeting.

“We are one bank, the United Bank for Africa”, Mr. Elumelu said as he opened the Forum. “Bringing together our senior leadership talent from across the continent and the distinguished leaders who chair our subsidiary businesses is a powerful demonstration of our commitment to forge one bank for Africa.”

“As long-term investors and, may I say, pioneers in pan-African commercial and investment banking, we are deeply committed to the markets in which we operate and to harnessing the potential represented by the wider African economy. Our intention is to be the leader in African financial services, and our recent transactions show this. We see clearly the potential of Africa” said Mr. Elumelu.

UBA subsidiaries operate in 18 African countries and now contribute more than 25 per cent to Group operating revenue. UBA is increasingly recognized as a strong pan-African brand, hailed for democratising banking in its countries of operation whilst participating in landmark financial transactions, including:

  • A USD$1.2 billion oil financing agreement with NNPC and Chevron where UBA provided funding for Chevron and NNPC to develop 36 new oil wells that will significantly expand Nigeria’s oil production capacity
  • A USD $315 million facility to the Government of Ghana for road projects on the strength of Road Fund levies domiciled with UBA Ghana
  • A US$250 million Crude pre-payment facility for Democratic Republic of Congo-based Orion Oil representing the largest reported transaction structured by an African investment bank in 2015 involving fresh capital within the African market.
  • A 234 million Euro oil and gas financing deal with Société Africaine de Raffinage (SAR) of Senegal, which underscored its capacity to fund big ticket transactions across Africa
  • A USD $180 million to Delta Energy Zambia for the procurement and supply of petroleum products to marketing companies in Zambia
  • A USD$90m University of Dakar hostel construction project financed solely by UBA Senegal – African capital, building African infrastructure for African education

“We have done a lot but in many senses we are only beginning to reap the rewards of our network and potential. We are a truly pan-African institution and after this period of consolidation, we know that the continuing expansion of our Africa footprint is a key goal. We must ensure that we have presence in at least 25 countries in the near to medium term, starting from the UMOA and CEMAC zones,” said Mr. Fogan Sossah, Chairman of UBA Senegal during the Forum.

In keeping with the objective of creating an institution worthy of the patronage of clients and the trust of regulators and governments, the three day forum focused on the critical issues and drivers for success across the continent. Seminars were held on Corporate Governance, Corporate Institutionalisation, Board Effectiveness, Compliance, Accountability and more.

Speaking on the breadth and depth of the Forum’s individual sessions, Mrs. Gisele Mudiay, Chairman of UBA Democratic Republic of Congo said: “! Our aspiration for the next five years is to pool knowledge of our individual operating environments and leverage that knowledge to help our customers realize their business goals.”

Noting the difficulties that exist in operating in the diverse economic environments across the African continent, Mr. Ekoto Mukete, Chairman UBA Cameroon said: “While we operate in challenging business environments, we benchmark ourselves against global standards, which means we are able to add real value to our stakeholders. This forum has ensured that we are an army of one, working in each corner of Africa and driving toward one common goal.”

The approval of additional injection of capital into its East African subsidiaries in Uganda, Kenya and Tanzania was communicated at the forum as the group re-affirmed its committment to growth in its countries of operations across the continent.

Commenting on the importance of consolidating pan-African financial expertise and exporting the successful Nigerian model, incoming Group MD/CEO and previous head of UBA Africa, Kennedy Uzoka said: “I have experienced the potential of our pan-African businesses. I know that we can and I commit to ensuring our leadership across Africa. The Senior Leadership Forum reaffirms UBA’s ambition to be the leading pan-African Bank across key indices – brand equity, human capital, customer service and profitability.”

Other items on the agenda at the forum included Know Your Customer (KYC) and Anti-Money Laundering (AML) policies and compliance standards across the Group. The Group Compliance Officer  Uche Ike stated that “compliance is non-negotiable. We operate as a global bank, in global centres. We have seen how swiftly internationally and within Africa banks have lost hard earned reputations through laxity in policy compliance and we will not tolerate this in UBA Group“.

The Forum coincided with the 54th Annual General Meeting of UBA(where participants were also able to celebrate the Bank’s strong financial performance) as the week long activities culminated in the dedication of staff at the annual UBA CEO awards ceremony.

UBA reported strong financial results in 2015, in what is largely recognized as a challenging macro environment. Gross earnings were N315bn whilst operating profits stood at almost N70bn. UBA Africa operations currently contribute approximately 25% of these earnings but are expected to grow significantly and over time contribute as much as 50% to overall Group profitability.

 

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Financial Empowerment: UBA Launches ‘Click Credit’ To Ease Access To Cash For Customers

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Pan African financial institution, United Bank for Africa (UBA) Plc has launched ‘Click Credit’, a time loan designed to address the urgent needs of customers whose salary accounts are domiciled with the bank.

As a bank backed by a strong retail franchise with over 1,000 business offices serving 19 million customers, UBA has introduced this product in line with the bank’s mission of creating value for its customers while assisting them to meet up with their urgent needs. The loan product, already being enjoyed by millions of customers in  Nigeria will be extended to the Bank’s other franchises in Africa.

Click Credit, which has been carefully crafted to improve the lives of the UBA customers, is a superfast loan product which will allow qualified customers to apply for up to N5 million loan and pay back over 12 months at an interest rate of 1.58% per month, with no hidden fees.

Specifically, salary earners from N25,000 per month who fall between the ages of 18 and 59 can benefit from this facility with no extra fees; no need for collaterals, no paper-work or other difficult issues when it comes to this facility; as customers can even apply via LEO, UBA Mobile Banking and UBA internet banking.

UBA’s Group Head of Retail Banking, Mr. Jude Anele, who revealed that qualified customers have begun to enjoy the service, explained that the loan provides immediate access to funds once eligibility is confirmed in less than a meeting

He said, “As Africa’s most innovative and technology-driven financial institution with an array of novel products and services tailored to the needs of its millions of customers, we have launched Click Credit, which is straightforward and more affordable than many other loan products in the market.  Its unique feature is that it meets a critical credit need for our customers”.

Anele while emphasising the critical role that credit plays in any developing and developed society, said that it is part of the customers’ financial power where they can be assisted to get the things they need when they need them without hassles.

While explaining that this product is being rolled out first in Nigeria and subsequently in the rest of UBA’s countries of operations; he explained that UBA is committed to ensuring that Click Credit helps the bank’s customers to cover critical needs and set them up for success, having moved past that moment of need.

On her part, UBA’s Group Head, Marketing, Dupe Olusola, reiterated that UBA remains focused on empowering its customers to fund their urgent needs.

“At UBA, we work hard to be there in the moments that matter to our customers, hence, our huge investment in technology and other facilities to make banking easier and seamless,” Olusola explained, adding that the bank has deepened its focus on the most important aspect of its business which are its the customers.

To ensure ease of access, customers can apply for Click Credit by simply dialling *919*28# or via UBA’s chat bank ‘Leo’, UBA Mobile Banking app and UBA Internet Banking.

 Customers can also speak to the Bank’s  Customer Fulfilment Centre (CFC) about Click Credit. The terms of the loan are available at www.ubagroup.com/clickcredit.

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Transcorp Group Announces Significant New Executive and Non-Executive Board Appointments

Gbemileke Ajayi

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Transnational Corporation of Nigeria Plc (Transcorp) has announced significant appointments to its Board and Executive Management. Transcorp is Nigeria’s leading listed industrial holding company, whose interests include Transcorp Power, Nigeria’s largest power generator, Transcorp Hotels, owner of the iconic Transcorp Hilton, and significant upstream oil and gas assets.

Owen Omogiafo has been appointed as President/GCEO of Transnational Corporation of Nigeria Plc, with effect from March 25, 2020. She succeeds Valentine Ozigbo, who is retiring to pursue a career in public service, having served Transcorp for close to a decade. Owen is currently the MD/CEO of Transcorp Hotels Plc and has over two decades of corporate experience in organizational development, human capital management, banking, change management and hospitality. She holds a B.Sc. in Sociology & Anthropology from the University of Benin, an M.Sc. in Human Resource Management from the London School of Economics and Political Science and is an alumnus of the Lagos Business School and IESE Business School, Spain. She is also a member of the Chartered Institute of Personnel and Development, UK and a Certified Change Manager with the Prosci Institute, USA. She has received multiple awards and been named as one of Africa’s top 100 Female CEOs.

Dupe Olusola has been appointed as the MD/CEO of Transcorp Hotels Plc, effective from March 25, 2020. She is currently the Group Head, Marketing at United Bank for Africa Plc. She has over 21 years of corporate experience including MD/CEO of Teragro Juice Concentrate Plant. She holds a BA in Economics from the University of Leicester and a Masters in Development Economics from the University of Kent. She is a certified Project Manager, with qualifications in PMP and Prince 2. She has received numerous awards and was named by the Ventures Africa’s as one of the 10 Most Influential Nigerian CEOs of 2015.

The Board of Transcorp Hotels Plc has also approved the appointment of Helen Iwuchukwu as an Executive Director/Chief Operating Officer of the company. She is currently the Group Company Secretary of Transcorp Plc. She holds an LL. B. (Hons) degree in Law and was enrolled as a Solicitor and Advocate of the Supreme Court of Nigeria in 1993 (BL Hons) and holds a Master of Laws degree (LL. M.) from Middlesex University Business School, London. Helen is a member of the Nigerian Bar Association, with over 25 years in legal advisory, corporate law, corporate governance, administration, human capital management, and government relationship management.

Christopher Ezeafulukwe has been appointed as the MD/CEO of Transcorp Power Plant, Ughelli and was the Executive Director, Business Development & Legal, Transcorp Plc. He has over 21 years’ experience in business development, legal advisory, and company secretarial roles. He holds an LL.B from the University of Lagos, a B.L from the Nigerian Law School, an LL.M from the University of Lagos and further LL.M in Energy, Environmental & Natural Resources Law from the University of Houston, Texas. He is a member of the Nigerian Bar Association, the Institute of Chartered Secretaries & Administrators of Nigeria, the Association of International Petroleum Negotiators and was a member of the Executive Council of Association of Power Generation Companies of Nigeria.

The Board of Transcorp Power Ltd has also approved the appointment of Okaima Ohizua as Executive Director/Chief Operating Officer of Transcorp Power Ltd. She is currently Executive Director, Customer Services at Transcorp Hotels Plc. She has over 25 years of working experience and has been key to the continued service transformation at Transcorp Hilton Hotel, since joining the Board and Management in 2013. A graduate of law from the University of Benin and the Nigerian Law School, Okaima also holds an Advanced Management Program certificate from the Pan-African University – Lagos Business School.

The Board of Transcorp Plc also announced the appointment of Valentine Ozigbo as a Non-Executive Director, following his resignation as MD/CEO of Transcorp Plc.

Speaking on these appointments, the Chairman, Transcorp Group and Heirs Holdings, Tony O. Elumelu, CON, expressed his confidence that the newly appointed chief executives and non-executive directors will further, strengthen Transcorp’s mission of improving lives across Nigeria.

“These appointments demonstrate our commitment to nurturing talent and rewarding success. We have a deep pool of highly qualified and dedicated employees, who can be challenged with more responsibility in attaining our corporate vision. We remain committed to diversity and inclusion; are delighted by the depth and quality of experience that this leadership team brings to our group. These appointments further indicate our internal succession capacity and strong corporate governance practices”.

Mr. Elumelu thanked Valentine Ozigbo for his achievements as CEO. He highlighted that the Board of Transcorp will continue to implement its defined strategy, which has led its investee companies being leaders in their chosen sectors and has seen the significant transformation, since Mr Elumelu’s holding company, Heirs Holdings invested in 2011.

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USAID, United Bank For Africa Sign Memorandum Of Understanding To Advance The Two-Way Trade And Investment Goals Of Prosper Africa

Gbemileke Ajayi

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U.S Agency for International Development (USAID) through the Prosper Africa initiative is partnering with the United Bank for Africa (UBA) to increase two-way trade and investment between the United States and the nations of Africa.

This partnership ensures businesses are equipped with the technical and financial tools they need to enter into new trading and investment relationships in Africa and the United States.

USAID will provide technical assistance and advisory services to prospective businesses through its Trade and Investment Hubs, and will connect UBA with African Diaspora business groups working across the United States. The MOU enables UBA, the only sub-Saharan African bank licensed to operate in the United States, to expand access its reach and extend financing to American companies in the United States looking to do business with African nations.

Recognizing tremendous growth opportunities, USAID and UBA are collaborating to advance Prosper Africa’s goal of substantially increasing two-way trade between Africa and the United States. By working together, they will extend financing and technical assistance to businesses that will strengthen the American economy, grow African economies, and create jobs on both sides of the Atlantic.

The two institutions entered into this agreement as part of the opening ceremony of the Tunisia Prosper Africa Conference, co-organized by the U.S. Embassy in Tunis and the American Chamber of Commerce of Tunisia. The event facilitated U.S. and African business-to-business connections and featured remarks by key representatives from the U.S. Government and the U.S. and African private sector.

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