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UBA Hinges Future Performance on Cost Efficiency, Improved Asset Quality

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Pan African financial institution, United Bank for Africa (UBA) Plc has assured its local and international investors that it’s prudent focus on improved asset quality as well as the continuous adoption of strict cost efficient measures will help the bank achieve its objectives and priorities for the 2019 financial year and beyond.

This the bank has said will culminate into an institution with even stronger indices laced with the capacity to churn out strong double-digit growth in annuity-based trade services, enhanced offerings and improved customer service.

Already, the bank has instituted a number of enhanced risk management and control framework which have in no small measure contributed to its financial performances and overall balance sheet growth over the years.

The Group Managing Director/Chief Executive Officer, Mr. Kennedy Uzoka, who noted this in a submission while presenting the bank’s 2018 full year results during an international investor/ analysts conference call on Thursday, explained that UBA’s well diversified asset book supported by stable funding structure, placed it in a premium position to perform remarkably despite the falling economic indices in its operating environment.

He said, “In spite of slow recovery in economic activities in Nigeria (our single largest market), the Group’s total assets has grown by 19.7%, driven largely by a strong deposit growth of 23%, as the drive for retail deposits continue to yield desired results. Leveraging on enhanced customer service, the Group grew retail deposits by 48%, thus strengthening the funding base and providing the foundation for lower cost of funds in 2019.

“Notably, the growth in balance sheet also partly reflects the impact of exchange rate difference between the reporting dates (2017: N331/USD vs. 2018: N359/USD), as 37% of loans and 27% of overall balance sheet is FCY-denominated. The Group maintained its appetite for a well-diversified balance sheet, with over 60% in liquid, low risk instruments.”

Uzoka explained to the investors that the bank recorded impressive growths achieved across major financial lines, recording a 48 percent year-on-year growth in retail deposits and improved CASA ratio to 77 percent.

In its results for the year end December 2018, UBA gross earnings grew by 7.0 percent to N494.0 billion, compared to N461.6 billion recorded in the corresponding period of 2017. The Bank’s total assets also grew significantly by 19.7 percent to an unprecedented N4.9 trillion for the year under review

Throwing more light on the financials, he stated that gross earnings grew by 7% year-on-year, despite regulation and market conditions undermined the non-interest income line. Interest income, which contributed 73% of gross earnings, grew by 11%, driven by strong interest income on treasuries, reflecting the low-risk appetite and treasury-led strategy adopted during the year. He noted that the lower non-interest income was occasioned by market condition and regulatory impact on FX trading income, adding that growing volume on FX trading is compensating for lower margin on this business, thus reinforcing our positive growth expectation on this income line in 2019.

While speaking on the strength of the financial institution in the coming years, especially on the back of it’s African and non-African subsidiaries, Uzoka said the bank’s recent foray into key markets and economies remain a milestone that will catapult the institution in the coming years.

He said, “UBA is a unique pan-African franchise with diversified risk and earnings across fast growing African economies with sound governance, risk management and compliance culture which can be seen from our adherence to international best practice. Our robust digital banking platform through which we are leveraging technology to serve over 15 million customers in a cost efficient approach that has helped to deepen African banking penetration.

“We have the strong financial capacity backed by high capitalization (BASEL II capital ratio well above requirement) and strong liquidity, and we have worked hard towards connecting Africa and the world through our presence in key African markets and major global financial centres such as New York, London and Paris.”

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Army Declares 38 ISWAP Leaders Wanted, Offers Cash Reward for Top Commander

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The Nigerian Army has declared 38 senior leaders of the Islamic State West Africa Province (ISWAP) terrorist group wanted.

In a statement on Wednesday, the headquarters of Operation HADIN KAI said the information on the terrorist leaders was obtained during offensive operations in the Lake Chad region of Borno State, where troops recovered a camcorder and other intelligence materials.

The army said forensic analysis of the recovered devices led to the identification of key ISWAP commanders and their locations within the Mangari–Metele–Dogon Chukun axis in Abadam and Kukawa LGAs.

Among those declared wanted is Abu Musa Al-Mangawi Baa Shuwa, identified as the Wali (governor) of ISWAP and one of the group’s most wanted leaders in the Lake Chad Basin.

Others include Muhammad Jidda, also known as “The One-Handed Man”, who was identified as the group’s deputy leader and Amirul Jaish, as well as Hamad Abu Hanifa, the Amirul-Fiya of ISWAP.

The army said a financial reward would be offered for credible information leading to the arrest of Abu Musa Al-Mangawi Baa Shuwa.

The army added that all information provided by members of the public would be treated with strict confidentiality, while the identities of informants would be protected.

Operation HADIN KAI urged residents to support ongoing counter-insurgency efforts by providing timely and credible intelligence through established security channels or by calling 07084988859.

 

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LAWMA Targets Cleaner Lagos with 150 New Compactor Trucks Before Year-End

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The Lagos Waste Management Authority has announced that out of the 3,000 compactor trucks of different sizes and capacities expected to arrive in the state within the next three years to strengthen waste collection and evacuation across the state, 150 will be delivered by the end of this year.

LAWMA added that 150 of the new compactors, which include tricycle compactors designed for narrow streets and hard-to-reach communities, form part of the first phase of the procurement programme.

The Managing Director/Chief Executive Officer of LAWMA, Dr Muyiwa Gbadegesin, made this known on Tuesday while inspecting the ongoing rehabilitation of Road E at the Olusosun Disposal Facility to evaluate the progress of the project.

The Director of Public Affairs at LAWMA, Mukaila Sanusi, disclosed this in a recent statement obtained by The PUNCH.

Gbadegesin described the project as a critical intervention aimed at improving access to the facility and accelerating waste evacuation across the metropolis.

“The Lagos State Government had concluded plans to acquire 3,000 compactor trucks of different sizes and capacities over the next three years to strengthen waste collection and evacuation across the State. About 150 of the new compactors, including tricycle compactors designed for narrow streets and hard-to-reach communities, are expected to arrive before the end of the year as part of the first phase of the procurement programme,” he added.

Gbadegesin noted that the state requires no fewer than 2,000 operational compactor trucks to effectively manage the volume of waste generated daily, stressing that the new fleet would improve service delivery, strengthen the operations of private sector participants and expand waste collection coverage across the state.

He further disclosed that the modern transfer loading station model would be replicated across Lagos as part of the state government’s long-term strategy to modernise waste management infrastructure, reduce haulage distances, improve operational efficiency, lower transportation costs and support the gradual transition from landfill-dependent waste disposal to a more sustainable waste management system, driven by resource recovery and the circular economy.

While appealing to residents for continued understanding and cooperation, the LAWMA boss assured them that the current waste evacuation delays were temporary and would gradually ease as the rehabilitation of Road E progressed, additional operational platforms became available, and the state’s ongoing investments in modern waste management infrastructure began to yield results.

He reaffirmed LAWMA’s commitment to delivering efficient, reliable and sustainable waste management services, while commending Governor Babajide Sanwo-Olu for his continued investment in modernising Lagos’ waste management system through strategic infrastructure development, fleet expansion and innovative partnerships.

The LAWMA boss reiterated that the temporary delays being experienced in waste evacuation across parts of Lagos will soon ease following the ongoing rehabilitation of Road E at the Olusosun Disposal Facility, which is expected to restore seamless access for waste collection vehicles and significantly improve evacuation operations.

He disclosed that the rehabilitation, being undertaken by Zoomlion Nigeria as part of its Corporate Social Responsibility initiative, would enable compactor trucks to access the disposal facility with greater ease, reduce turnaround time and enhance operational efficiency.

Gbadegesin explained that the recent heavy rainfall had significantly affected access to the Olusosun disposal facility, hampering the movement of compactor trucks into and out of the site and contributing to the temporary delays in waste evacuation experienced in some parts of Lagos.

He expressed confidence that the ongoing rehabilitation of Road E would restore seamless access to the facility and substantially improve waste evacuation across the state.

According to him, Olusosun currently receives approximately 10,000 metric tonnes of municipal solid waste daily, making it one of the busiest waste disposal facilities in Africa and underscoring the importance of maintaining uninterrupted access to the site.

He explained that while the Lagos State Government remained committed to decommissioning the Olusosun disposal facility, the exercise would be implemented as a carefully managed process to avoid disrupting waste management services across the state.

Gbadegesin stressed that the facility could only be fully decommissioned after adequate alternative infrastructure had been put in place to accommodate the enormous volume of waste generated daily, noting that shutting it down without viable alternatives would create serious operational challenges.

He identified the construction of two modern transfer loading stations by Zoomlion at Olusosun and Solous III as one of the major alternatives being developed to support the transition.

He explained that each of the new facilities would process “2,500 metric tonnes of waste daily, representing about twenty times the capacity of the existing Simpson Transfer Loading Station, and would significantly improve the efficiency of waste transportation across the State.”

The LAWMA boss added that the agency was also creating additional dumping platforms within the Olusosun disposal facility to improve traffic flow, minimise waiting time for compactor trucks and further enhance operational efficiency pending the completion of the new transfer loading stations.

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Gunmen Kidnap 60-Year-Old Oyo Headmaster, Demand N30m Ransom

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Gunmen have allegedly kidnapped the 60-year-old headmaster of Nomadic Basic School, Igbojaye, Budo Aare, in Itesiwaju Local Government Area of Oyo State, Kolawale Mathew Owoade, popularly known as Onaiye, and demanded a ransom of N30m for his release.

Investigations by our correspondent revealed that the incident occurred on Saturday evening, July 11, 2026, between 5 pm and 6 pm.

The victim’s son, Abiola Owoade, said, “The incident happened when my father was returning from his farm at Budo Aare within this local government area.

“Shortly after the abduction, the kidnappers contacted the family using the victim’s mobile phone and demanded a ransom of N30 million for his release.

“However, at about 8:20 a.m. on Sunday, July 12, 2026, a search team recovered his motorcycle abandoned in the bush,” he said.

Abiola Owoade called on the “Nigerian Army, the Nigeria Police Force, the Department of State Services, the Nigeria Security and Civil Defence Corps, the Western Nigeria Security Network, codenamed Amotekun, hunters, vigilantes and other security agencies to intervene and rescue his father.”

The victim’s colleagues and members of the education community in the local government also expressed sadness over the incident.

When contacted, the Oyo State Police Public Relations Officer, Olayinka Ayanlade, confirmed the incident on Monday.

The police spokesperson said, “I can confirm to you that a farmer, Mathew Owoade, was kidnapped at his farm in Budo Aare, and efforts are on to rescue the man unharmed and arrest the perpetrators.”

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