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An Impressive Start: UBA Group Posts 47.5% Growth In Gross Earnings, Profit Hits ₦61.4bn

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its unaudited results for the first quarter ended March 31st, 2023, recording remarkable growth across all its major income lines.

The Bank’s result which was released to the Nigerian Exchange Limited (NGX) on Thursday, April 13, 2023 showed that gross earnings rose by 47.5 percent from ₦183.9 billion to ₦271.2 billion; while Interest Income which stood at ₦125.9 billion as at March 2022, grew by 53.4% to ₦191.9 billion in the quarter under consideration.

The results further revealed that Operating Income rose by 39.6 percent to ₦175.7 billion, as against ₦125.9 billion recorded in the corresponding quarter of 2022.

Following the sterling performance recorded in its just released 2022-year-end financials, UBA again saw its Profit Before Tax (PBT) rising significantly by 38.2 percent to ₦61.4 billion in Q1 2023, up from ₦44.5 billion recorded in the first quarter of 2022. In the same vein, its profit after tax (PAT) jumped from ₦41.5 billion to ₦53.6 billion, representing an impressive 29.1 percent increase.

Commenting on the result, UBA’s Group Managing Director/ Chief Executive Officer, Mr. Oliver Alawuba, explained that despite the high inflationary, and challenging global environment, UBA was able to leverage the uptick in interest rates and improved digital offerings, in growing funded and non-funded income, adding that he is particularly excited at the growth in PBT, which has helped to drive increased returns to shareholders, with a 22.6% Return on Average Equity (ROAE) compared to 19.7% recorded in December 2022.

“We have continued to record improved gains in our customer acquisition and retention strategies across our countries of presence, evident in the 10.5% growth in customer deposits to ₦8.6 trillion from ₦7.8 trillion at the end of 2022FY. This has enabled the Group drive increased loan growth and interest income, with loans to customers at ₦3.6 trillion, representing a year-to-date(YTD) increase of 5%. For 2023, we remain committed to improving the Group’s performance as we strategically position our entities to take advantage of emerging developments within their jurisdictions and across the globe. We will continue to deliver excellent rewards to our stakeholders,” Alawuba said.

Also speaking on the performance, UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, said that the performance demonstrates the group’s resilience and commitment towards delivering value and enhancing the confidence of its customers, stakeholders and the wider public notwithstanding the competitive landscape and current global trend in the industry.

“The impressive performance of UBA Group in first quarter 2023 is hinged on its continuous improvement and growth in gross earnings and balance sheet size as gross earnings grew by 47.5% year-on-year to ₦271.2billion and total assets up by 4.6% to ₦11.4 trillion from ₦10.9 trillion as at December 2022, ” Nwaghodoh stated.

Continuing, he said, “The growth in gross earnings is on the strength of increase in both interest income and non-interest income while growth in total asset is attributable to increased deposits due to aggressive deposit mobilization drive that resulted in a 10.5% growth in customer deposit in the first quarter.”

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than thirty million customers, across over 1,000 business offices and customer touch points, in 24 countries and across 4 continents.

With presence in the United States of America, the United Kingdom and France and recently the United Arab Emirates, 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.

BIG STORY

BREAKING: Chief Of Army Staff Lt. General Taoreed Lagbaja Dies At 56

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, Commander-in-Chief of the Armed Forces, has announced the death of Lt. General Taoreed Abiodun Lagbaja, Chief of the Army Staff.

Lagbaja died at the age of 56.

According to a statement issued by the Special Adviser to the President, Information and Strategy, Bayo Onanuga, he passed away on Tuesday night in Lagos after a period of illness.

“Born on February 28, 1968, Lt. General Lagbaja was appointed Chief of Army Staff on June 19, 2023, by President Tinubu.

“His distinguished military career began when he enrolled in the Nigerian Defence Academy in 1987. On September 19, 1992, he was commissioned as a Second Lieutenant in the Nigerian Infantry Corps as a member of the 39th Regular Course.

“Throughout his service, Lt. General Lagbaja demonstrated exceptional leadership and commitment, serving as a platoon commander in the 93 Battalion and the 72 Special Forces Battalion.

“He played pivotal roles in numerous internal security operations, including Operation ZAKI in Benue State, Lafiya Dole in Borno, Udoka in Southeast Nigeria, and Operation Forest Sanity across Kaduna and Niger States.

“An alumnus of the prestigious U.S. Army War College, he earned a Master’s degree in Strategic Studies, demonstrating his dedication to professional growth and excellence in military leadership.

“Lt. General Lagbaja is survived by his beloved wife, Mariya, and their two children.

“President Tinubu expresses his heartfelt condolences to the family and the Nigerian Armed Forces during this difficult time. He wishes Lt. General Lagbaja eternal peace and honors his significant contributions to the nation,” the statement added.

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BIG STORY

SPORT: Madrid Eye Ademola Lookman As Vinicius’ Replacement

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Spanish giants Real Madrid have entered the race for in-form Ademola Lookman, with the UEFA Champions League holders keen to bring the Nigerian to Santiago Bernabéu as a potential replacement for “Vinicius Junior.”

Lookman has been in scintillating form since joining Atalanta from RB Leipzig in 2022 for €9.35m plus bonuses, netting 39 goals and providing 23 assists in 90 competitive appearances for the Italian side, and has attracted the interest of several top European clubs.

The 27-year-old came close to joining Paris Saint-Germain in August, with “Sports Zone” reporting that he had reached a personal agreement with the French giants.

Last season, Lookman played 45 matches, scoring 17 goals and recording 10 assists. His standout moment came in the UEFA Europa League final against Bayer Leverkusen, where he netted a brilliant hat-trick to secure the trophy for Atalanta.

He has shown no signs of slowing down this season, contributing seven goals and five assists from 12 appearances.

Though Atalanta managed to retain the Nigerian during the summer transfer window, they could soon be forced to cash in on him, with several top clubs competing for his signature following another stellar season.

Madrid are preparing for the possible departure of their star forward “Vinicius,” with Al-Hilal reportedly planning a record-breaking €300m bid for the Brazilian, a transfer fee that could surpass Neymar’s €222m move to Paris Saint-Germain from Barcelona in 2017.

According to Spanish outlet “Fichajes” via “El Futbolero,” the Saudi Pro League club are eyeing “Vinicius” as a marquee signing and potential replacement for Neymar, who could depart Al-Hilal by season’s end.

Los Blancos have turned their attention to Lookman as a strong candidate to fill the void should the deal for the Brazilian go through.

“Faced with uncertainty over ‘Vinícius Jr.’s’ contract renewal, the Merengues have set their sights on a promising Serie A talent. Ademola Lookman, a winger for Atalanta, has emerged as one of the main options to take the Brazilian’s place should he decide to leave the Santiago Bernabéu,” the website wrote.

“Lookman’s qualities make him an ideal candidate to strengthen Real Madrid’s attack. His versatility to play on both wings, his speed, and his dribbling ability make him an extremely dangerous player in one-on-one situations. In addition, his ability to link up with his teammates and create dangerous plays makes him a perfect complement to Carlo Ancelotti’s style of play.”

According to Transfermarkt, the Nigerian is valued at €60m, a fee Madrid will have no problem paying.

At the recent Ballon d’Or Ceremony in Paris, Lookman was ranked 14th best player in the world and is also considered the favourite for the 2024 CAF Men’s Player of the Year award.

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BIG STORY

Sex Tapes: Equatorial Guinea Installs CCTV In Offices, Suspends Officials

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The government of Equatorial Guinea has launched an investigation into hundreds of leaked pornographic videos allegedly involving high-ranking civil servant, Baltasar Engonga, engaged in sexual acts with various women, including the wives of prominent officials in his office.

The government has also ordered the installation of surveillance cameras in courts and ministries to combat “indecent and illicit acts.”

In addition, officials involved in the scandal have been suspended, according to a statement issued by the Equatorial Guinea Press and Information Office, published on the government’s website on Tuesday.

Vice-President Teodoro Mangue stated on Tuesday that any official found engaging in sex acts at work would be sanctioned, as this was a “flagrant violation of the code of conduct.”

The government explained that the recent actions were taken in response to the widespread circulation of videos that had “denigrated the image of the country.”

“Among the decisions taken are the suspension of employment of the officials who appear in the homemade adult videos circulating on the networks, severe measures for the members assigned to the surveillance of the inmates for not fulfilling their duties and allowing such acts, as well as the reinforcement of security in all judicial offices in the country; in addition to the installation of surveillance cameras in the judicial and ministerial offices,” the statement read.

“The Executive has made this decision in the wake of the sexual videos that have gone viral on social media in recent days, which have denigrated the image of the country.

“And in order to correct this bad behaviour of some officials of the public and judicial administration of Equatorial Guinea, the Vice President of the Republic, concerned about this situation, has urgently summoned the President of the Supreme Court of Justice, the Attorney General of the Republic, and several members of the government headed by the Prime Minister, to adopt strategies to stop this type of behaviour and thus propose preventive measures,” it added.

Social media has been buzzing following the arrest of Engonga, who is the Director General of the National Financial Investigation Agency (ANIF) in Equatorial Guinea, for allegedly recording over 400 sex tapes involving the wives of notable figures in the country.

The scandal came to light during a fraud investigation against the 54-year-old economist, which led to a surprise search of his house and office by ANIF officials. During the search, several CDs were discovered, revealing his sexual encounters with different married women.

Since the sex tapes leaked online, there have been a range of reactions, with many describing the incident as the largest sex scandal in the country, and possibly in Africa.

The videos reportedly include encounters with high-profile individuals, such as his brother’s wife, his cousin, the sister of the President of Equatorial Guinea, the wife of the Director-General of Police, and around 20 wives of the country’s ministers, among others.

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