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Solid Start To 2024, UBA Consolidates Gains As Gross Earnings Rise By 110%, Profit For [Quarter] Hits N156bn, Delivering A YoY Growth Of 165%

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United Bank for Africa Plc (UBA), Africa’s Global Bank , released its financial results for the first quarter ended March 31st, 2024, showing very strong growth across key performance measures.

The Group’s results, which were released to the Nigerian Exchange Limited (NGX) on Friday May 3rd, 2024, saw outstanding year-on-year increases: Gross Earnings rose by 110%, from N271.1billion to N570.2 billion; Interest Income grew by 130%, to N440.7 billion. Operating Income increased by 115%, from N175.7 billion in 2023, to N378.59 billion.

Further consolidating the record performance delivered in the Group’s 2023 Full Year Audited Financials, UBA again saw Profit Before Tax rising significantly by 155% from N61.7 billion in Q1 2023, to N156.34 billion in Q1 2024; while Profit After Tax jumped from N53.5 billion to N142.5 billion, representing an impressive rise of 165% year-on-year.

Commenting on the results, UBA’s Group Managing Director, Oliver Alawuba, said the Group delivered strong first quarter performance, building on the solid momentum of 2023, as well as the ongoing execution of its long-held strategy of customer focus, geographic diversification and effective risk management and governance.

He said, “Our record Q1 profit before tax was delivered with triple digit gross earnings growth, supported by very strong interest and non-interest income. Fees and Commissions rose by 118% year-on-year on the back of improved efficiencies and continued digital adoption. This has helped drive improvement in efficiency and customer satisfaction, with the Group’s cost-to-income ratio held at 57.8%.”

“The Group’s balance sheet grew steadily with Total Assets increasing by 23% to N25.4 trillion. Customer deposits closed at N18.4 trillion, recording a 23% increase year-on-year, largely attributed to growth in current accounts and savings accounts.”

“Our unwavering commitment to sound governance, robust risk management, and financial strength positions us for continued growth, while we contribute meaningfully to inclusive economic development across our network.”

Also speaking on the performance, UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, said the Group’s operating results for the quarter showed the actions taken to enhance the Group’s performance continued to deliver.

He said, “Our first quarter results highlight our relentless customer focus and the strength of UBA’s geographic and product diversification, with good performance across all our regions. We continue to differentiate ourselves across all key financial metrics, with a keen focus on high-quality risk adjusted revenues and cost discipline, while maintaining very sound asset quality.“

“We remain committed to reducing both interest expense and operating expenses and expect to make steady progress as we move through the year toward our stated profitability targets,” Nwaghodoh stated.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers , across over 1,000 business offices and customer touch points, in 20 African countries and across 4 continents.

With presence in the United States of America, the United Kingdom, France and the United Arab Emirates , UBA connects people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

 

 

 

 

 

 

 

 

 

 

 

 

 

BIG STORY

NNPCL Extends Open Invitation To Former President Obasanjo For Tour Of Port Harcourt Refinery

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The Nigerian National Petroleum Company Limited (NNPCL) has extended an invitation to former President Olusegun Obasanjo for a tour of the Port Harcourt Refinery to verify its operational status.

This development follows Obasanjo’s recent interview with Channels Television, where he cited advice from “Shell Petroleum Development Company (SPDC)” suggesting the refinery would not function effectively.

According to the former president, “SPDC,” which was approached to acquire equity in the refinery, expressed concerns about corruption impeding its operations.

Obasanjo further alleged that NNPCL has been misleading Nigerians about the refinery’s functionality.

Responding to the claims, NNPCL’s Chief Corporate Communications Officer, Mr. Olufemi Soneye, respectfully invited the former president to visit the facility, emphasizing the company’s commitment to transparency and accountability.

Soneye said: “Furthermore, we extend an open invitation to President Obasanjo for a tour of the rehabilitated refineries to witness firsthand the progress made under the new “NNPC Limited.”

Soneye also invited Obasanjo to join the NNPCL in its determination to guarantee the country’s energy security.

“We invite our esteemed former president to join us in this effort as we continue to deliver energy security for our nation and provide tangible benefits to Nigerians.

“His wisdom and experience are invaluable, and we assure him that his advice will always be welcomed and appreciated,” he said.

Soneye explained that the NNPCL did not only carry out a turnaround maintenance on the plant but it embarked on a complete overhaul of the refinery.

He said: “As part of this transformation, “NNPC Limited” has gone beyond oil and gas to become an integrated energy company.

“One of our notable achievements is the complete rehabilitation of the Port Harcourt Refining Company (PhRC) and Warri Refinery.

“This process was not merely the “Turnaround Maintenance (TAM)” of the past but a full-scale overhaul designed to meet world-class standards. Similarly, we are currently conducting the same comprehensive rehabilitation of the old Port Harcourt Refinery and Kaduna Refinery.”

He added that NNPCL has evolved from being a government corporation to a private entity with limited liability.

He said owing to the transition, NNPCL has also moved on from being a loss-making organization to a profit-driven international energy firm.

The new “NNPC Limited,” he said, is committed not only to enhancing these refineries but also to maintaining them to global standards.

Soneye noted that NNPCL will ensure their sustainable operation and contribute significantly to Nigeria’s energy security.

He said: “Regarding his recent comments, we would like to respectfully clarify the current state of the “NNPC.”

The “NNPC” has undergone a transformative journey, evolving from a government corporation into a private entity—”NNPC Limited.”

“This transition has marked a significant shift from being a loss-making organization to a profit-oriented global energy company.”

“We deeply respect and hold President Obasanjo in the highest regard as a distinguished statesman who has contributed significantly to the progress of our nation.

“He has every right to share enduring commitment to the growth and development of Nigeria. Together, we can continue to build a brighter future for our great nation.”

Soneye, who was also requested to react to a media report that NNPCL was to stop the supply of crude oil to Dangote Refinery said, “No need to respond to falsehood.”

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BIG STORY

Naijahottestgist Unveils Man Of The Year, Company Of The Year, Young Person Of The Year, And Public Servant Of The Year!

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In a year filled with trials and triumphs, these individuals and organizations have risen above challenges to embody resilience, innovation, and exceptional leadership. From the unbreakable spirit of the Man of the Year to the groundbreaking strides of Dangote Refinery, the transformative efforts of Stella Okotete, and the impactful reforms led by Olubunmi Tunji-Ojo, these stories inspire hope and progress for a brighter Nigeria.

1. Meet the Man of the Year

The Man of the Year is no ordinary person. He’s a Nigerian who has lived through the realities of 2024—one of the toughest years yet.

He is the man who has endured the hardship of a nation in flux. From waking up each day to face the high cost of fuel to navigating skyrocketing food prices, he’s felt the weight of every naira spent. Insecurity loomed over his daily life, yet he carried on with courage, protecting what mattered most.

Through it all, this man refused to break. His resilience, grit, and determination to keep moving forward in the face of overwhelming odds set him apart. He is not celebrated for wealth or fame but for his strength, perseverance, and the hope he carries in his heart for a better tomorrow.

The Man of the Year is a symbol of every Nigerian who has faced the same struggles, stood firm, and chosen to believe in a brighter future. His story is your story—one of survival, strength, and the unbreakable spirit of Naija.

Here’s to the Man of the Year. He is proof that no matter how hard the times, resilience will always shine through.

2. Young Person of the Year: Stella Erhuwuoghene Okotete

Stella Okotete, Executive Director of the Nigerian Export-Import Bank (NEXIM), stands out as a trailblazer promoting youth and women’s participation in business, governance, and politics. A visionary leader, she spearheads innovative initiatives at NEXIM, including the Women and Youth Export Development Facility, which provides low-interest loans, and the Nigerian Export-Import Bank Academy (NEXA), a certified digital platform for export-import education.

With degrees from Benson Idahosa University and NOUN, alongside certifications from global institutions such as Harvard, Oxford, and Columbia Business School, Okotete has held significant political roles, including secretary of the APC Election Planning and Monitoring Committee in 2023. Her contributions to public service include serving as Special Assistant on MDGs for Delta State, where she aligned policies with sustainable development goals and implemented impactful programs in education, healthcare, and poverty alleviation.

As co-founder of the E’Girls Foundation, she has championed girl-child rights and human capacity development since 2000. Her work has also led to groundbreaking efforts like outlawing female circumcision in Ughelli North and driving school enrollment through the “War Against Loitering and Hawking During School Hours” initiative.

Committed to empowering women in governance, she developed a strategy to train 20 million women for public office and conceptualized the Progressive Women Trust Fund, fostering financial support for female leaders. Okotete’s relentless dedication to service, innovation, and empowerment makes her a standout leader transforming Nigeria’s socio-economic landscape.

3. Nigerian company of the year

Dangote Refinery

The Dangote Refinery is a game-changer for Nigeria’s oil industry. Located in the Lekki Free Trade Zone, Lagos, it’s the largest single-train refinery in the world, with a capacity to process 650,000 barrels of crude oil per day.

This massive project, worth over $19 billion, is expected to meet 100% of Nigeria’s oil needs and even have a surplus for export. The refinery will produce various petroleum products, including diesel, kerosene, and gasoline.

Some impressive features of the Dangote Refinery include:

– *Pipeline Infrastructure*: The largest sub-sea pipeline infrastructure in the world, spanning 1,100 kilometers.

– *Power Generation*: A 435MW Power Plant that can meet the total power requirement of Ibadan DisCo.

– *Job Creation*: The refinery is expected to provide 135,000 permanent jobs in the region.

The refinery began production in January 2024, starting with diesel fuel and aviation fuel. With its advanced technology and massive capacity, the Dangote Refinery is set to revolutionize Nigeria’s oil industry and boost the country’s economy.

4. Nigerian public servant of the year

Olubunmi Tunji-Ojo, the Minister of Interior in Nigeria, has indeed been associated with efforts to bring about positive change and reform in the country.

Some of the key areas where Tunji-Ojo has been instrumental in driving reform include:

1. *Prison Reform*: Tunji-Ojo has been advocating for prison reform, aiming to improve the living conditions and rehabilitation programs for inmates.

2. *Immigration Reform*: He has been working to modernize Nigeria’s immigration system, making it more efficient and effective in managing the country’s borders.

3. *Disaster Management*: Tunji-Ojo has been instrumental in strengthening Nigeria’s disaster management capabilities, ensuring that the country is better prepared to respond to natural disasters and emergencies.

4. *Internal Security*: He has been working to enhance internal security in Nigeria, focusing on community policing and intelligence-driven law enforcement.

These efforts demonstrate Tunji-Ojo’s commitment to driving positive change and reform in Nigeria, particularly in the areas of justice, security, and humanitarian response.

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BIG STORY

Inside Delta: Police Arrest Man For Allegedly Stabbing Neighbour To Death Over Rice

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The Delta State Police Command confirmed the arrest of 30-year-old Daniel Onyejekwe for allegedly stabbing his neighbor, Christian, to death over a dispute about rice.

The incident occurred on New Year’s Day in the Ogwanja area of Sapele, Delta State.

The Police Public Relations Officer, Delta State Command, SP Bright Edafe, confirmed the development on Thursday, saying, “It is confirmed, and the suspect is in custody.

The two were fighting and injured themselves badly. Unfortunately, one, Christian, died.”

An eyewitness reported that the altercation started when rice was being shared along Boyo Road in Ogwanja.

An argument ensued between Onyejekwe and the deceased, leading to a physical fight.

The eyewitness stated, “Christian and Daniel started dragging the rice, and during the fight, Daniel picked a bottle and stabbed Christian multiple times. The vigilante rushed him to the hospital, but he was confirmed dead on arrival.”

The remains of the deceased have been deposited at a mortuary, while the police have launched an investigation. SP Edafe assured residents that the suspect would be prosecuted after the investigation was concluded.

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