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Union Bank Declares 25 Kobo Dividend For 2020 On Strong Business Fundamentals Despite Impact Of Covid-19

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Union Bank has released its audited financial statements for the year ended 31st December 2020. The bank’s results for the period show sustained growth in key income lines and significantly improved fundamentals, notwithstanding a constrained operating environment largely due to the impact of the Covid-19 pandemic.

Union Bank’s investments in technology and building a progressive work culture over the past eight years enabled a swift response to the pandemic that allowed our workforce to transition to remote working while maintaining the productivity required to deliver this strong set of results in 2020.

Commenting on the results, Emeka Emuwa, CEO said: “The Bank has delivered a strong set of results notwithstanding the impact of COVID-19 on our operations and the wider economy, enabling the Board of Directors to continue to return value to shareholders with a proposed dividend payment for the second year in a row.
This demonstrates the strong foundations we have built, as we continue to deliver against our target of becoming a leading financial institution in Nigeria.

For the full year, we grew across key income lines. Net income after impairments grew 8.3% from ₦95.5bn to ₦103.4bn and translated into 2.8% growth in Profit Before Tax to ₦25.4bn from ₦24.7bn.

The core of this performance is driven by the growth in our loan book, with a 23.8% increase in gross loans, to ₦736.7bn from ₦595.3bn in 2019.

The pandemic accelerated trends in customer behaviour and we have seen a rapid increase in digital adoption with a 38% YOY increase in active users on our UnionMobile channel with total active users now at 2.9 million. Our UnionOne and Union360 platforms for businesses grew by 11% from 25,000 users to 27,700 users. 94% of transactions in the Bank are now done digitally, up from 89% in 2019.

We also aggressively grew UnionDirect (our agent network) by 6x from 3,100 to 18,100 in line with our focus on our retail business. With our investments yielding positive results, we are well-positioned as a strong leader in the retail and digital space.

In 2021, the Bank will focus on enhancing revenues and shareholder value by revving up customer acquisition, engagement, and transactions through seamless customer journeys and an optimized service delivery platform.

As I retire following eight years of rebuilding and repositioning this storied institution, I am convinced that with the excellent management team and a clear strategy in place, Union Bank is well-positioned to continue to compete and deliver value to its shareholders.

Speaking on the FY 2020 numbers, Chief Financial Officer, Joe Mbulu said:

“We are pleased with both our top and bottom-line performance in 2020, in light of the impact of the pandemic and economic challenges. Significant inflationary pressures and the translation of currency depreciation drove growth in our cost base, however, we maintained strong control, limiting operating expense increase to 10% (₦77.9bn from ₦70.8bn), well below the rate of inflation. Consequently, we saw a marginal increase in our cost to income ratio to 75.4% from 74.1%.

Our customer deposits hit a milestone during the year, crossing the ₦1tr mark to ₦1,131.1bn from ₦886.3bn in FY 2019, an increase of 27.1%. Low-cost deposits were up by 17%, constituting 68% of total deposits helping to push the cost of funds down by 1.4%.

We continued to proactively manage our growing risk asset portfolio and recorded better asset quality, with our NPL ratio improving from 5.8% to 4.0%. This achievement, combined with solid capital adequacy at 17.5% and continued top-line growth, provides the platform for strong growth going forward.

We will continue to grow our loan portfolio in 2021, which we expect to be a significant driver of growth, combined with our value chain synergies across our business which will drive customer and transaction growth during the year and beyond.

Our UBUK subsidiary remains classified as “Available for Sale” as the sale process continues albeit delayed due to the pandemic-induced lockdowns”

BIG STORY

RedGecko PR Emerges 2023 Outstanding PR Agency At MOPA Awards

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Red Gecko Limited, a leading public relations Consultancy Firm has emerged the 2023 Outstanding PR Agency at the Momentous Outstanding Personality Awards (MOPA).

The MOPA Awards is renowned for celebrating organizations and individuals who have demonstrated exceptional achievements and made significant contributions across various sectors. Red Gecko Limited stood out among its peers, showcasing a commitment to excellence, creativity, and a relentless pursuit of success in public relations.

Speaking at the award ceremony, the CEO of Momentous Magazine, Pastor Sesan Awobiye, noted that “The event is organized to recognize excellence in organizations and individuals that has done exceptionally well in terms of improved service delivery in every facet of the society. Red Gecko has consistently delivered top-notch PR services and this award is a well-deserved recognition for the agency.” He stated.

Expressing his gratitude for the award recognition, Cornelius Onuoha, the Managing Director, RedGecko PR Limited noted that “This achievement reflects the hard work, passion, and creativity of our team. We appreciate the trust our clients place in us and we are proud of the impactful campaigns we have executed.

Onuoha further noted that “this award motivates us to continue pushing boundaries and setting new standards in the field of public relations. We are incredibly honored to receive the Outstanding PR Agency of the Year award and we are grateful to the organizers for the recognition.” He stated.

“As Red Gecko Limited continues to push boundaries and redefine the PR landscape, this prestigious award serves as both a recognition of past achievements and an inspiration for future endeavors”, he added.

The maiden edition of the MOPA Awards ceremony attracted industry leaders, influencers, and professionals from diverse sectors to honor and celebrate dedication to the pursuit of excellence.

  • About Red Gecko Limited:

Red Gecko Limited is a leading public relations agency committed to delivering strategic and innovative communication solutions. With a team of dedicated professionals, Red Gecko Limited specializes in creating impactful campaigns that resonate with audiences and drive results. The agency’s commitment to excellence and client success has earned it recognition as the Outstanding PR Agency of the Year at the Momentous Outstanding Personality Awards (MOPA Award 2023).

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BIG STORY

UBA Assures Loyal Customers Of Grand Super Savers Draw, Says More Millionaires To Emerge

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Africa’s Global Bank, United Bank for Africa (UBA) Plc is excited to announce its upcoming Super Savers Draw, which promises to bring even more excitement and opportunities to its valued customers.

In line with its commitment to rewarding loyalty and promoting a culture of savings, UBA will be giving the opportunity for more of its customers to become millionaires through its Super Savers Draw, billed to hold at the UBA Head Office, Lagos this December.

As usual the draw is open to both new and existing UBA account holders in Nigeria, with various mouth-watering prizes to be won by customers.

In this edition, more than 100 lucky customers will qualify to win any of the following prizes; a grand prize of N10 Million Jackpot for one lucky winner; while another winner will go home with the Star Prize of N5m. Also, another lucky customer will win N1.8m rent allowance for one year.

Other prices up for grabs include: Shopping allowance of N500k; a Cash Prize of N100,000 each for 35 winners and N10,000 for the top 50 transacting Customers.

10 Current account or  savings accounts holders (CASA) will quality to win N1million each in the draws and 20 customers who open accounts via any of the bank’s digital channels will be rewarded with N10,000 every month (For how many months?). Also, 15 kids with a UBA Kiddies Account will each win N200,000 scholarship reward while 10 Next gen account holders will go home with N180,000.00 cash prize each.

UBA’s Head, Retail Products and Sales, Prince Ayewoh, who spoke ahead of the draws said that the unique Super Savers draw has something big for everyone and is organised by the bank to appreciate its customers who have cultivated a savings culture and stayed loyal to the bank over the years.

He said that it will also offer fresh opportunities to new customers to join the growing number of UBA millionaires and lucky winners who have, in the past, benefitted from various promos held by the bank.

He pointed out that UBA remains passionate about actualising the dreams of its customers as the bank is relentless in helping them grow by making more and more of its customers millionaires.

He said, “As always, UBA has decided to lift the burdens of customers at a time when the nation is going through a challenging time due to the removal of fuel subsidy and the unification of the exchange rate which seems to have taken a hefty toll on Nigerians and has put in place quite a lot to make it happen. 

“UBA always walks the talk and never relents in helping its customers succeed. Our customers are special to us, and this is another opportunity to prove just that,” he explained.

Also speaking about this draw, UBA’s Group Head, Marketing & Corporate Communications, Alero Ladipo, noted with excitement that this edition of the upcoming Super Savers draw will transform the lives of an increased number of people who will benefit from UBA’s reward of loyalty especially at this time where the nation’s economy is going through a phase.

She added that no matter how hard the economy is or how expensive things have become, UBA always thinks of how to make life easier for its customers.  “Once again, i encourage people who do not yet have a UBA account to take advantage of this opportunity to open their accounts quickly, so they can fully participate in these draws,” she noted.

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BIG STORY

28-Yr-Old Lagos Man Arrested For Masterminding Dangote-Cement-Price-Slash Scam

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The Lagos State Police Command has apprehended one Benjamin Ezeukwe, 28, for masterminding and defrauding hundreds of unsuspecting Nigerians in an ingenious cement price-cut scam.

Benjamin was apprehended on October 19, 2023 at Rumuolumeni, Obio/Akpor local government area, Rivers State, after weeks of extensive investigation by police from the State Command’s Area A Command. He had one Tecno phone, one IPhone, three SIM cards, one of which was 08039691980, which he utilised for the scam, and a Toyota Avalon, which was discovered to be a proceeds of his crime.

The suspect had in September, 2023 created a bogus but convincing online advert purportedly by Dangote Cement, claiming a massive price slash. Numerous unsuspecting customers fell prey to the scam, losing millions of Naira to the suspect.

Investigation has so far revealed that the suspect had perpetrated several other similar scams. Suspect has since been arraigned.

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