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UBA Surpasses N1tn Market Capitalisation Mark Amidst Impressive Financials, Recognitions

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  • Market Cap Hits N1.022tn
  • Emerges Best Performing Banking Stock in 2023

Africa’s Global Bank, United Bank for Africa (UBA) Plc, on Monday joined the elite group of companies with market capitalisation of over N1tn just as its share price value hits N29.90 per share.

At the close of trading on Monday, the Bank’s market capitalization hit N1,022,562,698,843, making it the 3rd most capitalized financial institution in Nigeria, a remarkable lift from N283.8bn at the beginning of the 2023.

The Bank has 34,199,421,366 shares in issue.

UBA’s N1tn market capitalisation mark comes amidst the bank’s share being named as the highest performing stock in the banking sector in 2023, which underscores the bank’s robust growth trajectory and unwavering market confidence.

Specifically, between the start of January 2023 and today, the price of UBA shares has appreciated by over 250 per cent from N7.60 per share.

Chairman, UBA Group, Tony Elumelu, said that the bank’s remarkable journey in 2023 culminated with its shares being acclaimed as the highest performing stock within the banking sector, as he pointed out that this not only highlights the bank’s strategic prowess but also reflects its commitment to delivering unparalleled value to shareholders and stakeholders alike.

“As UBA celebrates these significant milestones, we will like all our stakeholders to know that we remain steadfast in our mission to drive sustainable growth, foster innovation, and create value for its diverse clientele across Africa,” Elumelu said.

“We are witnessing the impact of the business transformation drive UBA embarked on years ago and executed well. Naturally, the market has taken note of and is duly rewarding our efforts. To our stakeholders, our promise is that we will continue to work harder, deliver on what we know how to do well and create impacts across geographies where we currently operate.” he further said.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who expressed delight at the bank’s performance in the past few months, said with its unwavering commitment to excellence and execution, the bank continues to set benchmarks in the banking sector, reinforcing its position as Africa’s global bank of choice.

“Market participants have begun to appreciate the latent capacity in UBA’s business model as the bank unlocks enormous potentials in its pan African and international operations. Its unique competitive advantage lies in people, processes, and technology. With Operations and offices in 24 countries and on 4 continents, UBA is the only African bank with deposit-taking license in the USA. The Bank’s fundamentals remain strong with impressive financial results that have continued to deliver sustainable value for its shareholders. At current price, UBA trades at price-to-earning (P/E) and price-to-book (P/B) multiples of 2.27 and 0.59 which are a reflection of the market’s expectations of the Bank’s future growth potentials,” Alawuba said.

UBA is listed on the Premium Board of the Nigerian Stock Exchange in recognition of the Bank’s strong adherence to international best practices on corporate governance and remains committed to creating value for its over 275,000 esteemed shareholders spread across the globe.

The outgone year, 2023, has been a splendid year for United Bank for Africa, becoming the most profitable bank in Nigeria in 2023, with a Shareholders’ Fund that has grown from 992bn as at Full year 2022 to N1.8trn as of September 2023. UBA was also appointed as the Local Arranger and Local Depository Bank for the $3.3bn FX Liquidity support facility for Nigeria in partnership with Africa Export and Import Bank (Afreximbank), providing solutions to economic solutions in Nigeria characterized by shortage of Fx liquidity.

Likewise, in 2023, UBA won the 2023 FMDQ Gold Awards in three Categories including the Best FX Liquidity Provider; Dealing Institution of the Year and Best Money Market Liquidity Provider. This recognition is a testament to UBA’s impressive capital strength.

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

Introducing The Next Owa Obokun Hopeful, Dr. Oriyomi Adewunmi Akerele

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  • Why Ijesas Home And Abroad Are Rooting For The US Based Healthcare Administrator

 

A successful healthcare administrator based in the United States, proud Ijesha prince, historian per excellence, Dr. Oriyomi Adewunmi Akerele was born on August 10th 1974, to a the BILARO ruling house of Ijesaland.

He attended University of Ilorin where he bagged a B.A degree in history and eventually proceeded to the prestigious University of Arlington Texas where he obtained both is Masters and PhD in History. He also holds an MBA healthcare management from Dallas Baptist University.

A successful Prince of the soil, Dr. Akerele presently runs a top healthcare company in the US with a portfolio of over 7 billion USD, and still counting.

According to him, he is ready to take the position of the leadership of his home town where he has a lot of passion and drive to take to the next level considering his exposure in the international environment.

“I am passionate about the development of Ijesaland, I want to take our historical town and its people to a higher level of development through purposeful leadership through cooperation of all Ijesa sons and daughters both at home and abroad.

Adding that his intentions are pure and for the benefit of the sons and daughters of the ijesha land. “I intend to focus on the areas where the Ijesa’s have the comparative cost advantage over other towns in Yorubaland.

He has so far got the backings of the ijesa indigenes in diaspora to give him all the support in whatever way he might be needing them;

“I have the support and assurance of Ijesa sons and daughters in the diaspora and they are ready to lend their hands and resources for the development of our ancestral land”

“I am ready to leave my comfort zone and answer the call of leadership to the throne of my forefathers, I have the pedigree, exposure, love and compassion to lead Ijeshaland and rewrite the history, culturally, economically and socially” he concluded.

It will be recalled that Ijesha’s are a sub-ethnicity of the Yorubas of West Africa. Ilesha is the largest town and historic cultural capital of the Ijesha people, and is home to a kingdom of the same name, ruled by an Oba locally styled as the Owa Obokun Adimula. The last reigning Owa Obokun was Oba Gabriel Adekunle Aromolaran II, who joined his ancestors around September, 2023.

According to prince Oriyomi, “as Ijeshas, we need to connect our roots and stems to our present.

We (Ijeshas) are battle strong; we are smart business people; pace setters in everything we do. Our excellence should be studied.

What we need is a synergy of our strengths and a strong purpose of our collectivity” If opportune to ascend the throne of my ancestors, I will work with everyone to make Ijeshaland a prosperous land that would beam with pride, success while creating a generation of immaculate community. From our major towns of Iperindo, Ijebu-Ijesha, Osu, Esa Oke, Ikeji Arakeji, Owena, Imesi Ile, Ifewara and other several villages, we will have a land that we would bemoans opportunities and bliss.

Dr. Oriyomi is married to princess Oluwaseun Akerele nee Bakre of the Gbagura clan of Egbaland.

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BIG STORY

Many Injured As CNG Vehicle Explodes In Edo Due To Substandard Conversation Kits, Cylinder

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Tragedy struck in Edo state on Thursday when a compressed natural gas (CNG)-powered vehicle exploded at a NIPCO filling station along Benin-Auchi road, Uhunmwonde Local Government Area.

At least three people were seriously injured in the blast and rushed to the University of Benin Teaching Hospital (UBTH) for treatment.

Those hospitalized include a passenger from another vehicle, a pump attendant, and an additional staff member from the filling station, eyewitnesses confirmed.

According to TheCable, a source at the gas station said that the explosion was caused by “the substandard conversion kits and cylinder used in the installation of the CNG on the Audi 80 salon car.”

“The driver of the car and the technician who installed the CNG kits in the vehicle had driven to the filling station to test the efficacy of the installation when the explosion occurred,” the source added.

“Some people patronise roadside technicians because of the high cost of conversion.”

  • CNG Conversion Drive

The federal government has been persuading Nigerians to convert their gasoline-powered vehicles to CNG after President Bola Tinubu pulled the plug on the petrol subsidy regime in 2023.

The Presidential Compressed Natural Gas Initiative (PCNGI) confirmed the Edo explosion in a statement posted on X.

The PCNGI said the vehicle was “illegally modified” to CNG.

The agency advised that only accredited conversion centres should be used to convert petrol-powered vehicles to CNG.

“A close examination of the cylinder in question in Benin City shows it was welded and modified and not approved for use for CNG,” the statement reads.

“The police, regulatory authorities and management of NIPCO are undertaking a painstaking investigation of the incident and we are coordinating with them.

“This incident reiterates the impetus of the PCNGI and our partners on the soon-to-be-launched Nigeria Gas Vehicle Monitoring System at SON, NMDPRA, NADDC and FRSC to tackle any bad actors in the ecosystem that seeks to make this safer, cheaper, cleaner and more reliable source of fueling risky for all.

“We also call on all stakeholders to cooperate with the new system of regulation and ensure full compliance.

“Only accredited conversion centres must be patronized and safe handling of CNG just like petrol ensures safety for all.”

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BIG STORY

50-Yr-Old Nigerian Woman Welcomes First Child After 28 Years Of Waiting

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A Nigerian woman named Oluwakemi Gbangbalasa has celebrated the birth of her first child after waiting 28 years.

Gbangbalasa, who is believed to be in her 50s, shared the joyful news on social media on Wednesday, along with photos and videos of herself and her newborn daughter.

The entrepreneur expressed that she “waited and prayed” for 28 years before this moment.

“For this child, we waited. For this child, we prayed. For this child, we hoped,” she shared.

“After 28 years of waiting on you my God, you blessed me! Thank you God, I am so grateful. My bundle of joy is here.”

During her daughter’s naming ceremony, Gbangbalasa reiterated her belief that “nothing is impossible for God” and thanked her husband and family members for their unwavering support.

She encouraged others hoping for similar blessings to trust that God would fulfill their dreams at the right time.

“I am so happy, I don’t even know how I feel right now. I put my trust in God because I believed that nothing is impossible,” she said on Instagram.

“I knew that one day I will be happy, and today I am very happy this happened during my life time.

“I thank everyone who has supported me up until now; my husband, my younger siblings, and my husband’s children. They all supported me so well and I love them very much.”

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