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Q3 2023: UBA Records 115% Growth In Gross Earnings, As PBT Grew By 263% To N502.1bn

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Consolidating on its recently released second-quarter performance, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has again announced a splendid performance in its unaudited financial results for the third quarter ended September 30, 2023, recording impressive growth across all key performance metrics.

Replicating the remarkable performance achieved in the first two quarters of the current fiscal year, the bank’s gross earnings grew by 115.2 per cent to N1.309 trillion up from N608bn recorded last year, while operating income rose by 146 per cent from N414 billion in September 2022; to N1.018 trillion in the year under consideration.

The bank’s financial report filed with the Nigerian Exchange Limited, indicated a whopping 262% rise in Profit before Tax (PBT) to close at N502.01 billion compared to N138.49 billion recorded at the end of the third quarter of 2022, while profit after tax also rose impressively by 287.2% from N116 billion recorded a year earlier to N449.29 billion massively surpassing its annualised return on average equity for Q3 2023 at 131 per cent to 44.37%.

As in the preceding quarters, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N16.24 trillion, representing a 49.5% increase over the N10.86 trillion recorded at the end of December 2022, just as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Customer Deposits rising to N11.63trillion, representing a 48.6% rise, up from N7.8 trillion at the end of the last financial year.

UBA shareholders’ funds remained very strong at N1.778 trillion up from N922.1 billion recorded in December 2022 again reflecting a strong capacity for internal capital generation and growth.

Commenting on the result, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, remarked that the Group has once again shown sustainable and remarkable improvement in key performance metrics over the period, reflecting its commitment to delivering value to shareholders and various stakeholders.

He said, “This significant improvement is attributed to the impact of FX harmonization, efficient balance sheet management, and our service-focused strategies. Our banking operations outside of Nigeria have continued to capture the broader business opportunities inherent across, and beyond Sub-Saharan Africa.

Speaking on plans and strategy to sustain and surpass the performance at the end of the year, the GMD explained that the bank will continue to leverage its customer-centric strategies, speed to market, and innovation to consolidate market share in its various jurisdictions, as he pledged the bank’s commitment towards expanding and deepening digital and other transactional banking offerings while building strategic alliances to take advantage of emerging opportunities in due time.

“Looking ahead, we are optimistic that the growth trajectory will be sustained in the final quarter of the year as we remain focused on consolidating the gains achieved so far in delivering enhanced returns to our shareholders.,” Alawuba pointed out.

The bank’s Executive Director, Finance & Risk, Ugo Nwaghodoh, said, “Our performance in the third quarter demonstrates the strong momentum of the Bank, as we deliver continuous improvements across our businesses and key performance metrics. This is reflective of the combined impact of higher asset yields, modest funding cost, and balance sheet optimisation.

Speaking on UBA’s strategy for an excellent performance by the end of the 2023 financial year, Nwaghodoh said, “Notwithstanding changes in the monetary and fiscal regime in some of our markets, we remain committed to driving sustainable and improved performance across our various business segments.”

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris, and Dubai, 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

FG Addresses New US Visa Restrictions, Says UAE Yet To Communicate Revised Policy

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The federal government has said it is currently in talks with the relevant authorities in both the United States and the United Arab Emirates (UAE) to address recent changes in visa policies that impact Nigerian citizens.

On July 8, the US introduced a new visa regulation that limits the duration of most non-immigrant, non-diplomatic visas — including tourist, business, and student visas — for Nigerians to just three months.

Under the new rules, these visas are now restricted to single-entry, meaning applicants must apply for a new visa each time they wish to travel to the US.

In a statement released on Monday, Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu, said the federal government is working through proper and diplomatic means to resolve the concerns raised.

“The United States Government has officially communicated that its decision was based on two principal factors: the current rate of visa overstays by Nigerian nationals and the need for reliable access to their records,” the statement reads.

“It further explained that the visa policy adjustment is part of its global visa reciprocity process, which is routinely reviewed and subject to change, including the number of permitted entries and validity durations.”

President Tinubu has also instructed all federal agencies to comply with international responsibilities and improve collaboration with foreign nations regarding identity verification and sharing of records.

“In response, President Bola Ahmed Tinubu has directed all federal agencies to ensure full compliance with Nigeria’s international obligations and to strengthen inter-governmental cooperation in authenticating the identities of individuals seeking consular services abroad,” the statement reads.

“The President calls on all Nigerians to respect the immigration regulations of their host countries and to uphold the integrity of the permits and privileges granted to them under the laws of those jurisdictions.”

The statement also mentioned that the federal government has not yet received any official correspondence from the UAE about alleged new travel restrictions for Nigerian citizens.

However, the president acknowledged that visa applications by Nigerians appear to be “progressing in a gradual and orderly manner”.

“Regarding the new conditions for issuing UAE transit visas to Nigerian nationals, the Federal Government notes that it has not received any formal communication from the UAE authorities regarding a revised visa policy,” the statement added.

“The President appreciates the continued cooperation of the Government of the United Arab Emirates, which has remained constructive and engaged with Nigerian authorities.

“Any genuine concerns raised are being addressed through the appropriate channels, in a spirit of mutual respect and collaboration.

“The President assures all Nigerians that his administration will continue to pursue the best possible outcomes for citizens abroad, ensuring that Nigerians can travel, work, and live with dignity and respect in any part of the world, in line with the Tinubu administration’s 4-D Foreign Policy agenda and its Diaspora plank.”

The federal government reaffirmed its commitment to strengthening bilateral relations with both the United States and the United Arab Emirates.

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BIG STORY

TikTok Deletes 3.6 Million Nigerian Videos Between January And March 2025 Over “Community Guidelines Violation”

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In a significant effort to improve digital safety, “TikTok” took down more than “3.6 million videos” in Nigeria between January and March 2025 for breaching its “Community Guidelines,” representing a 50 percent increase compared to the previous quarter.

This information came from TikTok’s “Q1 2025 Community Guidelines Enforcement Report,” which outlines the platform’s dedication to providing a secure and respectful environment for users and creators alike.

According to TikTok, 98.4 percent of these videos were detected proactively, and 92.1 percent were removed within 24 hours, setting a new benchmark for content moderation in Nigeria.

The company explained that despite the high figure, these videos make up only a small percentage of total Nigerian content, emphasizing the creativity and positive spirit within Nigeria’s TikTok community.

In March 2025 alone, TikTok also deactivated “129 covert accounts” in West Africa involved in misleading activities, shut down “42,196 LIVE rooms,” and ended “48,156 live streams” in Nigeria that went against its guidelines. On a global scale, TikTok removed more than “211 million videos” in Q1 2025, with 184 million of them flagged by its automated systems, achieving a 99 percent proactive detection rate worldwide.

To further support its community, TikTok organized the “My Kind of TikTok Digital Well-being Summit” in Africa this June, bringing together content creators, non-governmental organizations, and policy experts to address online safety and mental health.

One of the key outcomes of the summit was a partnership between TikTok and “Cece Yara,” a Nigerian non-profit focused on protecting children and supporting youth. This partnership will bring in-app helpline features to TikTok users in Nigeria, providing professional support on matters like “suicide prevention,” “self-harm,” “bullying,” and “hate speech.”

In the next few weeks, Nigerian users—particularly the younger demographic—will have direct access to these local helpline tools within the app, making it easier to get help when needed.

These recent developments by TikTok show the platform’s continued commitment to fostering a creative environment that is also safe and responsible for users in Nigeria.

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BIG STORY

Buhari Could Have Died Long Ago If He Relied On Nigerian Hospitals — Femi Adesina

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Femi Adesina, who once served as presidential spokesperson, stated that former President Muhammadu Buhari might have passed away earlier if he had depended solely on healthcare facilities within Nigeria.

Buhari passed away on Sunday at a medical clinic in London, United Kingdom, after battling a prolonged illness.

He held office as Nigeria’s military ruler between 1983 and 1985, and later served as a civilian president from 2015 to 2023.

During his presidency, Buhari made multiple trips to London to receive medical attention, drawing criticism over the trend of public officials seeking healthcare abroad and the poor condition of local hospitals.

For example, Buhari returned to Nigeria on August 19, 2017, after spending 103 days in London for medical treatment.

While he was away, there were widespread rumors suggesting he had died in the UK.

Throughout his eight years in office, Buhari is estimated to have spent no fewer than 200 days in London for medical reasons.

In an interview aired during Channels Television’s broadcast of Buhari’s burial on Tuesday, Adesina mentioned that Nigeria did not have the necessary expertise to manage Buhari’s health issues.

He explained that Buhari had been receiving medical care in the United Kingdom even before becoming president.

Adesina also pointed out that critics of Buhari’s overseas medical visits should consider that he needed to stay alive to bring about reforms in his country.

He said Buhari regularly sought treatment in London, even before assuming office, and it wasn’t something he started only after becoming president.

Adesina explained that to bring about changes in Nigeria’s healthcare system, one first had to be alive, and Buhari’s choice to seek care abroad was about survival, not showmanship.

He added that if Buhari had insisted on receiving treatment in Nigeria just to make a point, he might not have survived due to the country’s limited medical capacity.

According to Adesina, Buhari needed to remain alive in order to lead Nigeria toward developing the kind of medical expertise necessary to handle such conditions locally.

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