Connect with us


BIG STORY

UBA To Raise N239.4 Billion Through Rights Issue

Published

on

  • 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.

BIG STORY

How Tokunbo Wahab Has Been Tackling Lagos’ Environmental Challenges — By Babajide Fadoju

Published

on

As the year 2024 winds down, Barrister Tokunbo Wahab, the Lagos State Commissioner for Environment and Water Resources, has cemented his position as one of the State’s most impactful leaders.

At a time when Lagos faces immense challenges ranging from waste management to flooding, Wahab has not only spearheaded transformative policies but has actively driven their implementation with visible results.

His hands-on approach and commitment to sustainability have reshaped the environmental landscape of the bustling megacity, earning him recognition as a leader who prioritizes action over rhetoric.

This year, Lagosians witnessed a determined fight against pollution, a bold restructuring of waste management systems, and an unwavering commitment to enforcing environmental laws. Under Wahab’s stewardship, the Lagos State Ministry of Environment and Water Resources has not only addressed long-standing issues but has also set a foundation for future resilience. This is not mere administration —it is leadership rooted in urgency, creativity, and a deep understanding of the environmental and infrastructural challenges facing the state.

As Lagos grapples with rapid urbanization, climate change, and the pressures of being Nigeria’s economic hub, Wahab’s efforts remind us that sustainable development is achievable when there is political will and a sense of purpose. From innovative waste-to-wealth initiatives to tackling open defecation and protecting Lagos’ green spaces, here’s an in-depth look at what Wahab has accomplished in 2024 and why his leadership matters.

Transforming waste management and sanitation: Waste-to-wealth initiatives and partnerships

This year marked a turning point in Lagos’ approach to waste management. Wahab, as the Man in charge of Environment, introduced waste-to-wealth programs designed to convert the City’s 13,000 tons of daily waste into valuable resources such as compost, energy, and recyclable materials.

Collaborating with private-sector partners, the state signed agreements to establish modern recycling plants and waste conversion facilities, creating a model that not only addresses waste disposal but generates economic opportunities. These initiatives have also provided jobs for informal waste pickers, integrating them into the formal economy.

Single-use plastics ban

In January 2025, Lagos will officially ban single-use plastics—a significant policy shift announced by Wahab this year. To prepare for this transition, his ministry launched an extensive public education campaign targeting businesses and residents, raising awareness about the environmental hazards of plastic waste. The ban, coupled with expanded recycling programs, is expected to significantly reduce plastic pollution, which has long plagued the city’s drainage systems and waterways.

Flood mitigation through better drainage systems

Flooding has been a perennial challenge in Lagos, particularly during the rainy season. Wahab’s leadership saw a proactive response, with major drainage systems cleared across the state.

Notable projects include the restoration of System 6C (Lord Chosen Canal) and work along the Orchid Corridor, areas notorious for heavy flooding.

His ministry also collaborated with local communities, encouraging residents to keep drains free of debris and participate in cleanup efforts. These interventions have brought tangible relief to neighborhoods that previously suffered devastating floods.

Combatting open defecation

Wahab’s ministry intensified its campaign against open defecation this year, enforcing sanitation laws while commissioning public toilet facilities in densely populated areas.

The effort is part of a broader plan to improve public hygiene and prevent the spread of diseases linked to poor sanitation. Advocacy efforts reached schools, markets, and community centers, ensuring that the message of clean and accessible sanitation was widely understood.

Enforcing environmental laws and green standards: Noise and air pollution enforcement

Wahab’s crackdown on noise pollution was a defining moment in 2024. Several establishments, including churches, mosques, and nightclubs, were sealed for violating noise regulations under the Lagos State Environmental Management and Protection Law of 2017.

This enforcement has brought long-needed relief to residents affected by excessive noise and set a precedent for future regulatory compliance.

Combating illegal street trading

Illegal street trading, especially the roadside sale of livestock and sickly puppies, has posed environmental and public health risks.

Wahab ensured strict enforcement of the law this year, deploying Kick Against Indiscipline (KAI) operatives to address the issue. This action not only protected public health but also reinforced the rule of law in Lagos’ marketplaces.

Tackling expired products in markets

In addition to enforcing pollution laws, Wahab targeted the sale of expired products in Lagos markets. The ministry conducted inspections and penalized offenders while urging traders to prioritize consumer safety.

His zero-tolerance approach underscored the government’s commitment to public health.

Promoting sustainable real estate development

At the Lagos Real Estate Marketplace Conference & Exhibition, Wahab emphasized the importance of green standards in Lagos’ booming real estate sector.

Partnering with agencies like LAWMA, LASEPA, and LASPARK, he ensured that environmental protection remains a core principle in urban development.

Restoring ecosystems and empowering communities: Reviving green spaces and protecting wetlands

In 2024, LASPARK, under Wahab’s supervision, restored several green spaces across Lagos. Parks were renovated, tree-planting campaigns were launched, and wetlands were protected from encroachment. These efforts have not only improved air quality but also provided recreational opportunities for residents.

Public awareness and grassroots engagement

Wahab has been a vocal advocate for environmental stewardship, leading campaigns that emphasize community responsibility.

Through the #CleanerLagos initiative, he has inspired grassroots efforts to promote cleanliness in neighborhoods. His focus on behavioral change has resonated with residents, making environmental conservation a shared responsibility.

Integrated waste management systems

Recognizing the need for long-term solutions, Wahab’s ministry introduced integrated waste management systems that combine recycling, composting, and safe disposal.

This approach has streamlined waste processing and reduced the pressure on Lagos’ landfill sites, offering a sustainable path forward.

Improving access to potable water

The Lagos State Water Corporation, under Wahab’s direction, repaired critical pipelines, including those in Yaba, ensuring access to clean water for thousands of residents.

This achievement reflects the ministry’s broader commitment to infrastructure improvement.

Conclusion: A legacy of action and hope

Wahab’s leadership in 2024 represents a paradigm shift in how Lagos approaches its environmental challenges. His policies and projects demonstrate a clear understanding of the complex interplay between urban growth, environmental sustainability, and public health.

Beyond addressing immediate issues, Wahab has laid the foundation for a more resilient and sustainable Lagos.

His work has shown that leadership is not about lofty promises but about rolling up one’s sleeves and driving change where it matters most.

From combating flooding to enforcing environmental laws, from advocating for waste conversion to restoring green spaces, Wahab’s achievements this year are a testament to what is possible when determination meets vision.

As Lagosians look to 2025, the path forward is clear: building on the successes of 2024, embracing sustainable practices, and fostering a city where everyone plays a role in protecting the environment.

Tokunbo Wahab has not only set the bar high but has also shown us what true environmental stewardship looks like.

Continue Reading

BIG STORY

Federal Government Earmarks N827bn For Education Infrastructure In 2025 Budget

Published

on

Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has announced that the Federal Government has disbursed a total of N34bn in loans to students studying at tertiary institutions across the country through the “Nigeria Education Loan Fund.”

The President made this statement on Wednesday while presenting the N49.7tn 2025 budget estimates to a joint session of the National Assembly. He also highlighted that the government has allocated N826bn for infrastructure development in the education sector for the 2025 fiscal year.

He stated, “Our administration has so far disbursed N34bn to over 300,000 students via the Nigeria Education Loan Fund.”

“In the 2025 budget, we have made provision for N826.90bn for infrastructure development in the educational sector. This provision also includes those for the Universal Basic Education and the nine new higher educational institutions.”

He continued, “We are convinced that Universal Health Coverage initiatives will strengthen primary healthcare systems across Nigeria. In this way, we have allocated N402bn for infrastructure investments in the health sector in the 2025 budget and another N282.65bn for the Basic Health Care Fund.”

“Our hospitals will be revitalised with medication and better resources, ensuring quality care for all Nigerians.”

“This is consistent with the Federal Government’s planned procurement of essential drugs for distribution to public healthcare facilities nationwide, improving healthcare access and reducing medical import dependency.”

Continue Reading

BIG STORY

President Tinubu Targets N1,500 Per Dollar Rate In 2025 Budget Goals

Published

on

Nigeria’s President, Asiwaju Bola Ahmed Tinubu, on Wednesday, stated that the Federal Government aims to stabilise the exchange rate at N1,500 to the dollar to ensure the smooth implementation of the 2025 budget.

This marks a reduction of about N200 from the current rate of N1,700 to a dollar.

President Tinubu made this known while presenting the 2025 Appropriation Bill to a joint session of the 11th National Assembly in Abuja.

“The budget projects that inflation will decline from the current rate of 34.6% to 15% next year, while the exchange rate will improve from approximately N1,700 per dollar to N1,500. The base crude oil production assumption is set at 2.06 million barrels per day”, he said.

“The projections are based on the following observations: reducing the importation of petroleum products, increasing exports of refined petroleum”. He added.

Continue Reading



 

Join Us On Facebook

Most Popular