• Shareholders to receive one new share for five existing shares

• Further strengthens regulatory capital and positions Group for growth in lending, digital banking and unique diversified global banking Strategy

Africa’s Global Bank, United Bank for Africa (UBA) Plc, will raise N239.4 billion through a Rights Issue of 6,839,884,274 ordinary shares of 50 kobo each at N35.00 per share.

The Rights Issue, which opened on Friday, November 15, 2024, gives existing shareholders the opportunity to purchase additional shares in proportion to their current holdings and is being offered based on one new ordinary share for every five existing ordinary shares held by shareholders, as of November 05, 2024.

In his letter to the shareholders informing them, the Group Chairman of United Bank for Africa, Tony Elumelu, noted that following the resolution of the Group’s shareholders at the Annual General Meeting held in May 2024, authorising the establishment of the N400 billion Equity Shelf Programme, UBA will embark on a Rights Issue, as the first step in its broader capital raising programme.

“UBA’s Rights Issue aims to raise N239.4 billion, through the issuance of new Ordinary Shares to our shareholders. The primary objective of this Rights Issue is to further strengthen our capacity to take advantage of growth opportunities and sustain our leadership in the banking industry,” Elumelu said.

Explaining the use of proceeds, the Group Chairman noted that, beyond regulatory compliance, the funds will expand the Group’s lending capacity, investment in digital infrastructure, support sustainable business practices and expanding the Group’s African operations.

Elumelu also highlighted how UBA is driving economic growth across Africa. “Our historic partnership with the Africa Continental Free Trade Area (AfCFTA) Secretariat, where UBA pledged up to US$6 billion in financing over the next three years to support eligible SMEs across Africa underscores our commitment to fostering economic development”.

The issuance is in compliance with the revised minimum capital requirements for Nigerian commercial banks announced by the apex banking regulator in Nigeria – the Central Bank of Nigeria (CBN) earlier this year.

UBA has consistently demonstrated growth and resilience, evidenced by the Group’s strong financial performance and recent recognition within the industry. UBA’s progressive dividend policy, which has seen an increase by 14.8% annualised dividend yield has demonstrated the Group’s ability to reward shareholders consistently. In 2023/2024, UBA won “Bank of the Year” Awards in eight of its subsidiaries – Cameroon, Chad, Ghana, Cote d’Ivoire, Mozambique, Republic of Congo; Sierra Leone; Tanzania, as well as the Regional Award for Africa and in 2024 has won World Best Frontier Markets Bank and Best SME Bank Africa.

Application for the provisional allotment of the Rights to the new ordinary Shares will be made exclusively through the NGX e-offer portal during the offer period, while existing shareholders may also apply for additional shares above their provisional allotment as described in the Provisional Allotment Letter. Shareholders who are customers of the Bank are also encouraged to access their Rights through UBA’s internet banking and mobile banking channels.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With a unique international presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa and globally, through retail, commercial, corporate and institutional banking, innovative cross-border payments and remittances, trade finance and related banking services.

Nigerian entrepreneur and brand strategist Abisoye Fagade is setting out to revitalize the National Hospitality and Tourism Institute, leveraging his extensive experience and exposure to global best practices. With a rich background in media, advertising, and business development, Fagade believes he can turn the institute into a world-class training ground that prepares Nigerian students to excel in the hospitality and tourism industries both domestically and abroad.

As the founder of Sodium Brand Solutions and a leading figure in Nigeria’s media space, Fagade’s understanding of brand positioning and customer-centric service is well-suited to transform the institute’s operations and curriculum. He aims to instill a new culture of professionalism, global competitiveness, and innovation within the institute, ensuring it becomes a vital force in shaping the nation’s hospitality standards.

• Modernizing Curriculum for Global Competitiveness

Fagade’s first step is to overhaul the institute’s curriculum, introducing practical, industry-relevant courses that reflect current global trends in hospitality and tourism. He plans to bring in seasoned industry experts and form international partnerships to expose students to the skills needed to thrive in a globalized market. This includes collaborations with renowned hotels, tourism agencies, and hospitality schools worldwide, offering students opportunities for internships, exchange programs, and real-world learning experiences.

“Hospitality is about people and experiences, and in today’s world, it is essential to train students to understand both local and international guests,” Fagade said in a recent statement. “We need a curriculum that combines practical skills, cultural sensitivity, and an understanding of global standards.”

• Embracing Digital Tools and Sustainable Practices

As digital transformation sweeps across industries, Fagade envisions the National Hospitality and Tourism Institute embracing technology to improve training and services. By integrating digital tools, software applications, and e-learning platforms, he intends to make training more accessible and interactive, preparing students to use the tech solutions that are becoming essential in hospitality management.

Additionally, Fagade places a strong emphasis on sustainability, which has become a focal point in global tourism. His strategy includes training students on eco-friendly practices, resource management, and sustainable tourism models that protect Nigeria’s cultural and natural heritage. “Our institute should set an example, showing that Nigeria can offer world-class tourism that respects our environment and our traditions,” Fagade noted.

• Expanding Opportunities Through Global Collaborations

To ensure the institute reaches international standards, Fagade plans to develop exchange programs and collaborative initiatives with leading hospitality institutions in Europe, Asia, and the Americas. These programs will enable Nigerian students to gain exposure abroad and learn from established markets, bringing back valuable insights and experiences that can be adapted to the local industry. This global perspective, he believes, will create a pool of Nigerian hospitality professionals who are both globally informed and deeply rooted in their own cultural identity.

• Long-Term Vision: Establishing a National Legacy

Abisoye Fagade’s mission is not merely about modernizing an institution but about fostering national pride and economic growth. He believes that Nigeria’s tourism sector holds significant potential to diversify the economy, and a well-trained workforce is key to making that vision a reality. “Our people are the heart of Nigeria’s hospitality,” he said. “We are known for our warmth and welcoming spirit. By enhancing our standards, we can ensure our tourism industry is a leader in Africa and an inspiration worldwide.”

As he undertakes this ambitious journey, Fagade’s leadership and forward-thinking approach are expected to transform the National Hospitality and Tourism Institute into a beacon of excellence, establishing a legacy that will elevate Nigeria’s status on the world tourism map.

Seun Oloketuyi

Founder /Chairman Advisory board

Best of Nollywood Awards

Writes from Lagos

President Bola Tinubu has approved the appointments of three Nigerians as directors-general of various agencies and one special adviser on “Public Communications and Media.”

The new appointees are:

(1) Mr. Olawale Olopade — Director-General, National Sports Commission

(2) Dr. Abisoye Fagade — Director-General, National Institute for Hospitality and Tourism

(3) Dr. Adebowale Adedokun — Director-General, Bureau of Public Procurement

(4) Daniel Bwala — Special Adviser, Media and Public Communications (State House)

Olopade, the new Director-General of the National Sports Commission, is a seasoned sports administrator with many years of experience in the sector. He previously served as commissioner for youth and sports in Ogun State and chaired the local organizing committee for the 2024 National Sports Festival.

Dr. Abisoye Fagade, the new Director-General of the National Institute for Hospitality and Tourism, is a marketing communications expert and the founder and managing director of Sodium Brand Solutions.

Dr. Adebowale Adedokun, the new head of the Bureau of Public Procurement, was formerly the Director of Research/Training and Strategic Planning at the bureau before his appointment.

Daniel Bwala, the Special Adviser on “Public Communications and Media,” is a lawyer and a well-regarded public affairs analyst.

The President urges the newly appointed officials to carry out their duties with dedication, patriotism, and excellence.