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BIG STORY

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

Philip Shaibu Moves To Reunite With Oshiomhole, Vows Not To Support Ighodalo

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Philip Shaibu, the impeached deputy Governor of Edo State, has moved to reunite with Oshiomhole and vowed not to support Ighodalo in the forthcoming governorship poll in the state.

Shaibu made this known in an interview (with The Punch), stating that he is not ready to support the Peoples Democratic Party (PDP) gubernatorial candidate, Asue Ighodalo.

The former deputy governor said he would not support Ighodalo because, despite several attempts to know his plans, the latter failed to open up to him about his governorship ambition.

Shaibu noted that he has consistently apologised to Oshiomhole. However, he does not regret his past actions because the former Governor led them to fight against godfathers.

He said, “First, I am not ready to support the governorship candidate of the party, Asue Ighodalo, and until the PDP does the needful, I may not be able to answer the question. I cannot support him because he didn’t open up to me about his ambition despite asking him several times, including at my house. The last time I asked was in November. So, I was taken aback when he spoke on TV that he was being pushed to run.

“I called him and asked who was pushing him to run, but he told me to ignore the report and that it was a social media thing. But his younger brother, Pastor Ituah Ighodalo, said that the move to make his elder brother the governor of Edo State started two years ago. Edo State needs a “homeboy” to govern them, not people who will rent houses during their tenure and leave as soon as it ends. We need people who we can relate to and understand the challenges of the people. The PDP governorship candidate is more of an Ibadan man than an Edo man.

“I am ready. I have also consistently apologised to Comrade, and I am using this avenue to do so again over what happened in 2020, especially the language I used during that period. I look at some of the videos and the only thing I can do is apologise. However, I don’t regret the action I took because Oshiomhole is the one who led us to fight against godfathers. I felt what he was trying to do at that time was wrong. Reuniting with him will be interesting. Even amid the fight, I have maintained that he is my father. I will reunite with him sooner or later. He is also my mentor. So, a lot of things that I do, I learnt from him.”

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BIG STORY

Mende Demolitions: Developers Served Contravention Notices Since 2021, But Ignored — Tokunbo Wahab

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Lagos State commissioner for Environment and Water Resources, Tokunbo Wahab, has shed more light on the demolition of buildings in the Mende area of the state, stating that the developers were served contravention notices since 2021.

Tokunbo, during a press briefing on the development, said “when we took our oath of office in September las year and were subsequently given the Ministry of the Environment and Water Resources portfolio, we realized that we were faced with a Lagos environment that has largely been degraded due to brazen acts of the minority which has however festered because concerted efforts were not made to right the wrongs while ensuring that there were consequences for infractions. Right from the word go, we were very equivocal that we must take back the Lagos environment from all forms of abuses, infractions.

A careful review of the various briefings and reviews showed that with the coastal nature of the state, past and present administrations have done a lot to ensure that Lagos does not experience loss of lives and properties to the vagaries of flooding that comes with torrential rainfalls while committing humongous resources. This has always come in terms of clearing and cleaning of all major primary and secondary drainage channels on a year round basis. It was however discovered that because of the selfishness of some people who considered themselves affluent and could have their ways irrespective of whose ox is gored, many of our major drainage channels setbacks have been built upon. This is after they have been served statutory contravention notices. Some even have their structures marked but they go ahead to remove the markings and continue with the erection of such structures.

What is however ironic is that the same people who have used physical structures to block our drainage and do not allow the storm water to drain into the proper channels that will take it into the river or lagoon are the same people with the loudest voices in lampooning the state for not doing enough to prevent flash flooding and resultant damage to properties and avoidable dislocations and loss of lives.

Right from the system 44 Ikota II Mobil Ologolo channel from where the ministry received an SOS message from many residents including residential estates about the unwholesome acts of a few individual property owners who have constructed structures on the drainage setbacks and also went ahead to fill up major drains leading to the IKota. The management of the team led by the Hon. Commissioner has been very decisive about the open display of brazenness by some property owners in the area. The top shots in the ministry had to contend with campaign of calumny and falsehoods peddled to portray them as highhanded, wicked and callous state officials. But because the ministry was on the side of truth, it has ensured that the law took its effect. Today, the contract for the expansion and lining of the Ikota II Mobil channel has been awarded and is ongoing, giving a permanent peace of mind to property owners and residents.

The same has applied in Apapa where illegal extension of fences by property owners have prevented the ministry from having access to its drainage channels for many years. A similar scenario played out at the System 156 and 157 which has witnessed total obliteration of major drainage channels with buildings and the list goes on and on.

The ministry has strengthened its Drainage Enforcement and Compliance department to be very firm but polite in ensuring due diligence concerning all drainage channels and restoring Right of Ways on all channels.

In the drainage sector, while the ministry is ramping up to ensure law and order, it is also constructing new drainage channels while intensifying work on those ongoing. Presently, over 200km of secondary collector drains and 50km of primary channels and concrete lining of drainage channels has been achieved.

For the drainage maintenance, a total of 34 Nos. Primary Channels totaling approximately 115km length were approved and executed under maintenance Dredging of Primary Channels Programme spanning all the original 20 Local Government Areas and effectively draining several catchment areas simultaneously while 144 Nos of Secondary Collectors covering 125.7km spread were also cleaned. Thirty – Nine (39) Nos. Primary Channels with a total length of approx. 117.76 km length has been approved for execution this year 2024.

While for the Maintenance of Secondary Collectors, about 281 Nos. Collector Drains totaling approximately 242.5 km in length, spread across the Twenty (20) Local Government Areas of the State has been approved for Cleaning.

The ministry has also ramped up its activities on the state of the environment leading to improved and timely waste clearing efforts all over the state. The state of the two main dumpsite of Olusosun and Soulous has also experienced some form rehabilitation leading to increased capacity. Lagos State Government also signed an MOU with JOSPONG Group from Ghana on solid and liquid waste treatment solutions in the state. This MOU will ensure the Identification of existing dumpsites/TLSs as potential candidates for conversion/upgrading to Material Recovery Facilities (MRFs) and compost facilities. The collaboration between LASG and JOSPONG technical teams will re-engineer the solid waste management system in Lagos State and ensure creation of job opportunities in the Waste to Wealth value chain.

Following my announcement of a ban of use, sale and distribution of Styrofoam food containers on January 22, 2024, due to grave health concerns and the dangers to our eco system and drainage channels, the Ministry through the Sanitation Services Department facilitated meetings with stakeholders concerned and followed up the 3 weeks’ moratorium to mop-up Styrofoam products from distributors and Lagos markets. After the expiration, enforcement activities were commenced by joint effort of Scientific Officers in the Ministry, Environmental Health Officers as well as KAI personnel in the State. A total of over 900 kg of Styrofoam food containers have so far been confiscated and deposited at the TLS Marini in Oshodi for destruction. More efforts are however being intensified on public awareness and sensitization of residents on the dangers inherent in the continued usage of the Styrofoam food containers.

One of our agencies, LAWMA during the period under review identified 103 illegal blackspots across the metropolis and made efforts to ensure its dislodging just as a total number of 1,081 environmental offenders were arrested for various environmental offences with 1016 being prosecuted by the Mobile Magistrate’s court and sentenced to community service at various locations in the state, with an option of fine. Monitoring gangs were also deployed across 20 Local Governments to capture evidence of illegal dumping activities and possible prosecution.

The Ministry during the period under review through its State Environmental Protection Agency (LASEPA) undertook 367 enforcement activities in households, markets, hotels, warehouses, service centers, eateries, stores, church, mosques as well as 140 hospitality facilities including; Supermarket, Nightclubs, Bake houses with a view to ensuring compliance with the state environmental laws. 76 abatement notices were served to individuals and organizations violating laws on indiscriminate discharge of raw sewerage in to the lagoon or other forms of water and land pollution. A 25% compliance rate with environmental laws was recorded compared to the previous year.

The Agency successfully collaborated with the Air Quality Monitoring Research Group(AQMRG) UNILAG/AIRQo (University of Makarere) on Air Quality study of Lagos and deployed 24 low-cost Air Sensors across Lagos metropolis which has helped to record a reliable data on particulate matter PM2.5 as related to health and the environment of the entire State.

In a renewed step to ensure safety of lives and property of residents, the Operatives of KAI/LAGESC in line with the provisions of the Lagos State Environmental Protection Management law renewed the enforcement of the use of pedestrian bridges. At the count, a total number of 1,032 persons were arrested for crossing the highway and failure to use pedestrian bridges. 165 miscreants and squatters on the pedestrian bridges across the state were also dislodged and the bridges cleaned up.

The Agency arrested a total of 1,886 people comprising illegal traders, street Traders, environmental polluters and cart pushers. All these individuals were prosecuted according to the 2017 Lagos State Environmental Protection Management Law. The agency also ensured that perishable food items and goods confiscated during its several enforcement raids were donated to orphanages, motherless homes and the needies as prescribed by the law.

In terms of beautification and restoring the aesthetics of the Lagos environment, the Lagos Signage and Advertising Company (LASAA) has embarked on a comprehensive project to replace dilapidated street directional signs across Lagos State, enhancing navigability, safety, and aesthetics within urban areas.

Distinguished guests, gentlemen of the press, what I have just done is to give you a brief snap shot of some of the strides we have recorded across the environment and water resources sector in the last one year and beyond and will now go ahead to give a detailed account across the two offices that make up the Environment and Water Resources ministry and all its agencies before taking your questions and comments.”

 

 

 

 

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BIG STORY

List Of Former Governors Under Investigation For Alleged Corruption Not From Us — EFCC

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The Economic and Financial Crimes Commission (EFCC) has disassociated itself from an allegedly circulated list of former governors who are being investigated for possible wrongdoing.

A number of allegations surfaced in the media on Saturday (not from PorscheClassy) claiming that the anti-graft agency was keeping an eye on 58 former governors. They were charged with embezzling N2.187 trillion within a quarter of a century.

The 58 former governors, who were chosen from the six regions of the nation, reportedly faced investigations, while other former governors had already faced investigations and prosecutions.

But in a statement on Sunday, the EFCC spokesman, Dele Oyewale, described the reports as false and misleading.

He said the “so-called list is a disingenuous fabrication designed to achieve motives known only to the authors.”

“The Economic and Financial Crimes Commission, EFCC, feels obliged to dissociate itself from a phantom report circulating in sections of the media claiming it has released a full list of ex- governors being investigated for alleged corruption,” the statement read.

“The report headlined:  “EFCC Releases  Full List of 58 Ex- Governors  that Embezzled N2 .187 Trillion”, in one of the news outlets, is false and mischievous as the Commission neither issued the said list nor entertained discussions on investigation of ex-governors with any news medium.”

The anti-graft agency urged the public to disregard the report, saying “it is false and misleading.”

It also urged media practitioners to crosscheck facts about matters under investigation with the Commission to avoid misleading the public with false and inaccurate reports.

Recently, the EFCC has been probing some former governors over allegations of corruption and misappropriation of public funds.

Among them is the former Kogi State Governor, Yahaya Bello, who is being arraigned on 19 counts bordering on alleged money laundering, breach of trust, and misappropriation of funds to the tune of N80.2 billion.

According to the EFCC, the embattled ex-governor withdrew $720,000 from the state’s accounts to pay his child’s school fees in advance just before he left office on January 27, 2024.

Briefing journalists at the Commission’s headquarters in the Jabi area of Abuja, on April 23, the EFCC Chairman, Ola Olukoyede alleged that Bello moved the money from the state coffers to a Bureau de Change operator, and used the money for his child’s school fee in advance.

He said, “A sitting governor, because he knew he was leaving office, moved money directly from the government to Bureau de Change (and) used it to pay his child’s school fee in advance.

“Over $720,000 or thereabout, in anticipation that he was going to leave the Government House. In a poor state like Kogi? And you want me to close my eyes under the guise of ‘I’m being used’. Used by who? At this stage of my life? Used by who?

“I didn’t initiate the case; I inherited the case. I called for the case file and I said there are issues here.”

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