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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

Police Eliminate Four ‘Kidnappers’, Recover N3m Ransom In Kebbi

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The Kebbi police command has reported that its operatives killed four suspected kidnappers and rescued a victim in Suru LGA of the state.

According to a statement issued on Saturday, Nafi’u Abubakar, the command spokesperson, confirmed that the police also seized N3 million in ransom.

“On Feb. 14, at about 1:45pm; armed men suspected to be kidnappers invaded Gobiraje Village in Suru Local Government Area of Kebbi and kidnapped one Umaru Bawa, 60,” the statement reads.

“Upon receiving the report, the Divisional Police Officer, Suru, swiftly mobilized a team of policemen and vigilantes to the scene, traced the suspects to Tundafari forest in Dakingari axis, and engaged them in a gun battle.

“Consequently, four of the kidnappers were neutralised, one arrested with fatal injuries, while others escaped into the forest with gunshot wounds.”

The spokesperson also mentioned that Bello Sani, the Kebbi police commissioner, praised the officers’ determination and professionalism in Suru, assuring that the fight against state crimes would continue.

The police commissioner urged residents to stay vigilant and report any suspicious activities to the nearest police station without delay.

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BIG STORY

Jay-Z, Diddy’s Accuser Drops Sexual Assault Lawsuit

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A woman who had accused hip-hop icons Sean “Diddy” Combs and Jay-Z of sexually assaulting her when she was 13 decided to drop her civil lawsuit on Friday, according to court records.

In December, Jay-Z — whose real name is Shawn Carter — was accused of raping the girl along with Combs at a party after the MTV Video Music Awards in September 2000.

A document filed with the US District Court for the Southern District of New York stated that the accuser “hereby gives notice that the above-captioned action is voluntarily dismissed, with prejudice” — indicating that the lawsuit cannot be refiled.

It was not immediately clear if the stars had reached a settlement with the woman, who has not been identified.

But 55-year-old billionaire Jay-Z welcomed the closure of the case, which he slammed as “frivolous, fictitious and appalling.”

“This civil suit was without merit and never going anywhere. The fictional tale they created was laughable, if not for the seriousness of the claims,” he said in a statement.

“I would not wish this experience on anyone. The trauma that my wife, my children, loved ones and I have endured can never be dismissed.”

The complaint said Combs and Carter — who is married to pop superstar Beyonce — took turns assaulting the plaintiff as another celebrity stood by and watched.

“Many others were present at the after party, but did nothing to stop the assault,” it went on.

“Carter has been with Combs during many such instances described herein. Both perpetrators must face justice.”

Combs, also 55, has separately been charged with sex trafficking and racketeering.

“Federal prosecutors allege that he sexually abused women and coerced them into drug-fueled sex parties using threats and violence.

He has denied all charges, and his criminal trial is currently slated to begin on May 5.

 

Credit: AFP

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BIG STORY

First Lady Oluremi Tinubu Calls For Innovative Health Financing In Africa, Says “Foreign Aid Unsustainable”

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Oluremi Tinubu, the First Lady, has stated that Africa needs to develop creative financing strategies tailored to its distinct challenges in order to build a strong healthcare system.

A statement released on Friday by Busola Kukoyi, the Senior Special Assistant on Media to the First Lady, revealed that Oluremi made these comments during a high-level meeting on domestic health financing, organized by President Paul Kagame of Rwanda at the 38th African Union (AU) summit in Addis Ababa, Ethiopia.

Oluremi emphasized that without guaranteed access to essential healthcare for Africans, the continent’s efforts to achieve economic growth will remain unfulfilled.

“Africa cannot continue to rely solely on donor funding and foreign aid, which, although helpful, are often unpredictable and unsustainable,” the statement reads.

Instead, we must develop innovative financing strategies tailored to our unique challenges and circumstances.

“Given the increasing funding gap for health on the continent, I urge us all to come together and commit to advocating for increased national health budgets.”

The First Lady noted that, in light of recent policy changes in the US, Africa must seek local and sustainable solutions to fill its funding gap.

On January 20, US President Donald Trump signed an executive order withdrawing the US from the World Health Organisation (WHO).

Trump also froze funding from the United States Agency for International Development (USAID), which supports most health institutions in Africa.

With this freeze, the World Health Organisation (WHO) projects a significant rise in health crises across the continent.

However, the President’s wife stressed the need for effective resource mobilization and use to ensure short, medium, and long-term impacts, stating that the health of the people is key to the continent’s prosperity.

“In line with the Abuja Declaration, our governments should allocate at least 15% of their budgetary allocations to health,” Oluremi said.

“We must also support innovative financing mechanisms and explore sustainable models, such as expanding health insurance coverage, health endowment funds, and investments from the African diaspora.

“Accountability and transparency must be ensured, as funds allocated to health must be used efficiently and effectively.”

The event saw the participation of presidents and heads of state from several African countries, including Rwanda, Ethiopia, Botswana, Kenya, Senegal, Zimbabwe, and Barbados, as well as donor agencies and funding partners, discussing global and regional approaches to domestic health financing in Africa.

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