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At UBA’s 2017 CEO Awards ceremony held in Lagos this past weekend: Governor of Bauchi State, His Excellency, Mohammed Abdullahi Abubakar ; Deputy Senate President, Sen. Ike Ekweremadu; GMD/CEO, UBA Plc, Mr. Kennedy Uzoka; UBA CEO awardee, Mr. Ibrahim Ogbonago; Group Chairman, UBA Plc, Mr. Tony Elumelu; Governor of Adamawa State, His Excellency Bindow Jibrilla ; Directors, UBA Plc, Mrs. Onari Duke and Alhaji Ja’afaru Paki, during the presentation of UBA CEO Awards for Excellence to Mr. Ogbonago, a UBA Security Guard who returned a lost and found amount of $,10,000 belonging to a customer

The United Bank for Africa Plc (UBA) once again demonstrated its commitment to excellence in customer service, by celebrating staff who have strived to implement the Bank’s core values of Enterprise, Excellence and Execution.

At the event held at the Eko Hotel Expo Centre, Lagos, Nigeria, UBA gathered customers, captains of industry, dignitaries from politics and diplomacy, staff and Board members from its 19 African country network, to witness the 2017 UBA CEO Awards.

The prestigious annual event was first established in 2008 to celebrate outstanding performance within the UBA Pan-African family, showcasing excellence, significant innovation and service in key areas of the Group’s business.

UBA’s industry-leading recent promotion of 3000 staff members illustrated the Bank’s appreciation of their contributions and their service delivery to customers. Amongst a distinguished audience, the Bank and senior management on Saturday night again celebrated its staff at the CEO Awards Ceremony, in UBA’s inimitable style – bringing together Lions and Lionesses from across Nigeria and Africa.

Over 10 Awards were given. Of each award category, the GMD, Kennedy Uzoka said “We recognise and appreciate that there are so many staff members who have demonstrated aspects of each of our core values, but we have had to single out the very best. We celebrate our Lions and Lionesses who used their ingenuity and creativity, as well as their industry experience and passion, to work tirelessly to deliver excellent service to our customers and to continue to achieve exceptional results within the Group’.

There were winners who had excelled in innovation and execution across Africa. There were also those who were rewarded for their entrepreneurial abilities. The CEO of UBA Ghana, Mrs Abiola Bawuah was chosen in the special award category of “Business Leader who defied all odds and opened up new opportunities for the Bank”. Mrs Bawuah was described by the GMD as ‘a relentless CEO who breaks barriers, extends the horizon and motivates, inspires and encourages others.’

The Award which stole the show went to Ibrahim Ogbanagbo, the UBA security staff at the UBA Oba Akran branch in Lagos, who found $10,000 cash belonging to a customer and returned it to the customer. Ogbanagbo talked about how the $10,000 could have changed his life and how he could have taken it, but how his upbringing, as well as UBA’s value and focus on Integrity would never have allowed him to do so. He was given the Excellence Award for his display of honesty and integrity.
The Group Chairman, Tony Elumelu went on stage to congratulate Ogbonagbo personally. Elumelu said that Ogbanagbo exemplified someone who is committed to the hallmarks of Excellence in the execution of his duties.
“This is an example to us all. How anyone, no matter their position in our Group can distinguish themselves and set an example. Today, we stand here to celebrate a junior UBA staff member, who returned money that was misplaced and who through this action, gained much more than he could ever have imagined. As a leading pan-African bank, this is what we stand for and we commend Ibrahim Ogbonagbo for living the principle of integrity.”

Mr Ogbonagbo was not only recognized and awarded the 2017 CEO Excellence Award, but he warmed the hearts and minds of many. He received a standing ovation, as well as rewards from dignitaries in the audience who came on stage to acknowledge him. The Governor of Adamawa State in Nigeria, Alhaji Bindo Jibralla pledged the sum of $5,000 and he also received a personal commitment of $10,000 from the Governor of Bauchi state, Alhaji Mohammed Abdullahi Abubakar. The Deputy Senate president, present at the event, Senator Ekweremadu said that Ogbanagbo’s name will be announced at the floor of the Senate (on Tuesday) during plenary and will be given the sum of N5,000,000 by the Senate.

The theme for the night was “the Journey of UBA”, brought to life by an African entertainment concept, crisscrossing the length and breadth of Africa and highlighting UBA’S Pan-African vision, starting with its oldest region, West Africa and showcasing East and Southern Africa, as well as the significant presence of an African Bank in New York, London and Paris. There was dance and prose, rhythm and theatre . There were also loved artistes including Dare Art-Alade who opened the show with a terrific rendition of the Nigerian National Anthem, Adekunle Gold, Dr. Sid, Flavor N’abania, P-Square, Awilo Longomba from the Congo and the undisputed King of Juju music, King Sunny Ade. Guests and dignitaries, management and staff of UBA found themselves letting their hair down and throwing protocol to the wind.

The Bank was honoured by the presence of their Excellencies, the Governors of Adamawa and Taraba States, Deputy Senate President, Senator Ekweremadu, Governor Donald Duke, Alhaji Abdul- Samad Rabiu and many others. The ceremony also witnessed the presence of key industry players, diplomats, ministers and key influencers in Nigeria, as well as the CEOs and Board Chairmen of the 19 African countries in which UBA operates, democratising banking for over 14 million customers.

In all it was a night to remember, an evening of reward and celebration, and perhaps most poignantly, the story of how the integrity and honesty of a UBA security staff could become the role model of an African group of over 25,000 people and a symbol of the paramount commitment of UBA to its customers.

United Bank for Africa Plc is a leading pan-African financial services group, with presence in 19 African countries, as well as the United Kingdom, the United States of America and France.

UBA was incorporated in Nigeria as a limited liability company after taking over the assets of the British and French Bank Limited who had been operating in Nigeria since 1949. The United Bank for Africa merged with Standard Trust Bank in 2005 and from a single country operation founded in 1949 in Nigeria – Africa’s largest economy – UBA has become one of the leading providers of banking and other financial services on the African continent. The Bank provides services to over14 million customers globally, through one of the most diverse service channels in sub-Saharan Africa, with over 1,000 branches and customer touch points and robust online and mobile banking platforms.

UBA was the first Nigerian bank to make an Initial Public Offering, following its listing on the NSE in1970. It was also the first Nigerian bank to issue Global Depository Receipts. The shares of UBA are publicly traded on the Nigerian Stock Exchange and the Bank has a well-diversified shareholder base, which includes foreign and local institutional investors, as well as individual shareholders.

BIG STORY

BREAKING: Nigeria’s Inflation Rate Drops To 23.18%

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The National Bureau of Statistics (NBS) has reported a decrease in Nigeria’s inflation rate, which fell to 23.18% in February from 24.48% in January.

The announcement was made in the February 2025 Consumer Price Index (CPI) released by the NBS on Monday.

According to the bureau, the headline inflation rate in February increased slightly by “1.30% points when compared to the January 2025 headline inflation rate.”

The NBS stated:

“In February 2025, the Headline inflation rate eased to 23.18% relative to the January 2025 headline inflation rate of 24.48%.”

“Looking at the movement, the February 2025 Headline inflation rate showed a decrease of 1.30% compared to the January 2025 Headline inflation rate.”

On a year-on-year basis, the headline inflation rate was 8.52% lower than the 31.70% recorded in February 2024.

The NBS further noted:

“This shows that the Headline inflation rate (year-on-year basis) decreased in February 2025 compared to the same month in the preceding year (i.e., February 2024), though with a different base year, November 2009 = 100.”

Additionally, the month-on-month inflation rate for February 2025 was recorded at 2.04%.

 

More to come…

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BIG STORY

PMS Prices Could Decrease Further As Crude Prices Decline

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The cost of Premium Motor Spirit (petrol) could experience a further decline if crude oil prices continue to drop.

This trend will be reinforced if the naira maintains its stability against the dollar in the foreign exchange market.

Oil prices dropped by approximately two percent, reaching a 12-week low this week, following reports that OPEC+ plans to proceed with a scheduled oil output increase in April.

Brent futures decreased by $1.19, or 1.6 percent, settling at $71.62 a barrel, while the United States West Texas Intermediate crude fell by $1.39, or two percent, to settle at $68.37.

Reuters reported that these were the lowest closing prices for Brent since December 6, and for WTI since December 9.

It was also reported that the Organisation of the Petroleum Exporting Countries and its allies, such as Russia, known as OPEC+, decided to continue with the planned oil output increase in April.

Experts in the Nigerian downstream oil sector have stated that the cost of refined petroleum products is primarily determined by crude oil prices and the exchange rate.

Last week, Dangote refinery reduced its ex-depot PMS price from N890 per litre to N825.

The Nigerian National Petroleum Company Limited (NNPCL) followed Dangote’s move, reducing its price to match, leading to what many are calling a price war.

Economist Paul Alaje believes that the petrol price reduction is sustainable and should fall below N700 per litre based on current market conditions.

While the price reduction is feasible, Alaje noted that the main risk is if crude oil prices increase due to a global crisis.

“It is sustainable to reduce petrol prices to N700 based on today’s reality of the exchange rate. The challenge we may have is a global crisis that makes the price of crude oil go up. If that happens, we are going to see the difference. But for now, we are seeing relative stability,” Alaje said on Channels Television.

He added, “As of today, our computation reveals that PMS should be around N795 to N820 per litre.”

Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, has insisted that petrol prices will continue to fluctuate based on changes in the foreign exchange rates and global crude oil prices.

Nonetheless, the drop in crude oil prices is benefiting average Nigerians by making fuel more affordable. The current price is below the $74 per barrel projected by the Federal Government in the 2025 budget.

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BIG STORY

NNPC Reduces Petrol Price To N880 Per Litre In Abuja, N860 Per Litre In Lagos

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The Nigerian National Petroleum Company (NNPC) Limited has lowered the retail price of premium motor spirit (PMS), commonly known as petrol, to N880 per litre at its filling stations in Abuja.

Previously, NNPC sold petrol at N965 per litre in Abuja before the reduction.

According to TheCable, it was observed that the price decreased by N85 per litre at the Federal Housing, Kubwa NNPC retail outlet.

A pump attendant at the Kubwa station confirmed to TheCable that the price cut took effect on Monday afternoon.

Similarly, the NNPC retail branch at Irawo, Ransco bus stop, Ikorodu Road displayed a price of N860 per litre, while the Idimu Road outlet also sold petrol at N860 per litre.

On February 13, NNPC had earlier reduced the pump price only in Lagos, from N960 per litre to N945 per litre.

The latest price reduction follows less than a week after Dangote Petroleum Refinery cut its ex-depot price to N825 — marking the second reduction in February.

Earlier in February, Dangote refinery had slashed petrol prices from N950 per litre to N890 per litre.

With the new adjustment, the refinery has cut the ex-depot price by N125 from N950 per litre recorded in January.

The price drop was also observed at MRS filling stations, selling at N860 per litre, and Heyden stations, offering petrol at N865 per litre in Lagos.

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