Connect with us

/home/kenneth/web/nigeriacommunicationsweek.com.ng/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153
">
Warning: Undefined array key 0 in /home/kenneth/web/nigeriacommunicationsweek.com.ng/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153

Warning: Attempt to read property "cat_name" on null in /home/kenneth/web/nigeriacommunicationsweek.com.ng/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153

UBA Posts Impressive Growth, Gross Earnings

Published

on

Kindly share this post

United Bank for Africa Plc has announced impressive growth across key financial parameters, due to improved growth drive, sustained operational efficiency and enhanced productivity.

In the financial results for the 12 months ended December 31, 2013 submitted to the Nigerian Stock Exchange (NSE), UBA recorded a 20.2% increase in Gross Earnings to N264.7bn.

 This was largely driven by a growth of 40.4% in loans and advances as well as a 25% growth in the Bank’s total deposits.

Consequently, the Bank’s loan-to-deposit ratio improved from 38.7% to 44.3%.

The remarkable growth in loans and advances, especially in the last quarter of the year, puts the Bank in a vantage position for continued revenue growth in the coming years.

In addition to achieving this growth, UBA also enhanced its operational efficiency and productivity with the Cost-to-Income ratio improving by 4% from 64.8% to 60.9%.

This improvement was largely through prudent cost management policies, enhanced efficiency of the Bank’s network and the impact of other productivity initiatives.

The Bank’s Profit Before Tax grew by 7.8% to N56.06bn, representing a Return on Equity of 21.8%. 

The Bank ended the year with a total balance sheet size of N2.64 trillion and a total deposit base of N2.22 trillion.

Commenting on the results, Mr. Phillips Oduoza, group managing director/CEO, UBA Plc said “UBA’s Gross Earnings for the year is quite impressive, with positive contributions from all our businesses. Our Bank achieved a good result despite a challenging operating environment, demonstrating the strength and resilience of our people and their dedication to implementing our growth plans in 2013.”

Following the impressive performance, the bank has proposed a dividend of 50k per share which further attests to the bank’s unflinching commitment to a consistent return to shareholders.

UBA is a pan-African Bank with operations in 19 African countries, New York, London and Paris. The Bank adheres to the strictest corporate governance and risk management practices, to ensure the long term profitability and sustainability of its business.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

Warning: Undefined array key 0 in /home/kenneth/web/nigeriacommunicationsweek.com.ng/public_html/wp-content/themes/zox-news/parts/post-single.php on line 493

Warning: Attempt to read property "cat_ID" on null in /home/kenneth/web/nigeriacommunicationsweek.com.ng/public_html/wp-content/themes/zox-news/parts/post-single.php on line 493

General News

WHO Says Ebola Risk Now at Highest Level

Published

on

Kindly share this post

World Health Organisation (WHO), yesterday, said that Ebola outbreak is “very high” but added that the global risk remains “low”.

WHO Says Ebola Risk Now at Highest Level

So far, 82 cases and seven deaths have been confirmed in the Democratic Republic of Congo (DRC), but WHO, said, the real scale of the outbreak is likely far larger, with nearly 750 suspected cases and 177 suspected deaths reported

Tedros Adhanom Ghebreyesus, chief, WHO, said the situation was “deeply worrisome”.

He said there were now nearly 750 suspected cases in the DR Congo and 177 suspected deaths, as health workers scramble to track down contacts of everyone thought to be infected with the virus.

“The Ebola outbreak in the Democratic Republic of the Congo is spreading rapidly,” he told a press conference.

“So far, 82 cases have been confirmed in DRC, with seven confirmed deaths.

“But we know in people who travelled from DRC and one death.

Measures to address the epidemic in DRC are much larger.

There are now almost 750 suspected cases and 177 suspected deaths.”

He said the situation in Uganda was “stable”, with two cases confirmed in Uganda, including “intense contact tracing” and calling off the Martyrs’ Day commemorations, “appear to have been effective in preventing the further spread of the virus”, Tedros added.

While a US national who was working in the DRC has tested positive and been transferred to Germany for care, Tedros said another US national deemed to be a high-risk contact had been transferred to the Czech Republic.

Besides national staff already in the DRC, he said 22 international staff had been deployed to the field, “including some of our most experienced people”.

Tedros said that violence and insecurity were impeding the response to the outbreak in the DRC.

“We are now revising our risk assessment to very high at the national level, high at the regional level, and low at the global level.

“So far, 82 cases have been confirmed in DRC, with seven confirmed deaths.

“But we know the epidemic in DRC is much larger. There are now almost 750 suspected cases and 177 suspected deaths.

“The situation in Uganda is stable, with two cases confirmed in people who travelled from DRC, with one death.”

Tedros said that violence and insecurity were impeding the response to the outbreak.

 

 


Kindly share this post
Continue Reading

Telecom

Airtel Africa Launches $110m Share Buyback Programme for Capital Efficiency

Published

on

Kindly share this post

Airtel Africa Plc has announced a strategic initiative in partnership with Barclays Capital Securities Limited to execute on-market share purchases totaling up to $110 million.

Airtel Africa Launches $110m Share Buyback Programme for Capital Efficiency

This initiative will be divided into non-discretionary and discretionary segments, marking a proactive step in optimizing the company’s capital structure and enhancing shareholder value.

In a statement released on the Nigerian Exchange and signed by Simon O’Hara, group company secretary, Airtel Africa described this share buyback program as a key component of its broader strategy to return cash to shareholders.

It noted that the program aims to repurchase up to one percent of the company’s issued share capital as of the date of this announcement.

“This decision by the Board reflects the organization’s strong financial position and its commitment to maintaining flexibility while continuing to invest for growth across its markets.

“The initial phase of the program will see Airtel Africa collaborating with Barclays Capital Securities to facilitate the purchase of its ordinary shares,” the statement noted.

According to Airtel Africa, the agreement features two key components operating concurrently: a non-discretionary segment allowing Barclays to purchase up to $60 million of ordinary shares independently of the company, and a discretionary segment where Airtel Africa can guide Barclays in purchasing an additional $50 million, adhering to the regulations set forth by the Market Abuse Regulation (EU) No 596/2014.

“The program is set to commence today and is expected to conclude by November 27, 2026, unless terminated earlier under the agreement’s terms. Airtel Africa has signaled that as the initiative progresses, further tranches may be announced to achieve its objective of repurchasing up to one percent of its issued share capital.

“The primary aim of this buyback program is to streamline the company’s capital. Accordingly, all shares purchased will be cancelled, contributing to a more efficient capital structure. Any transactions will be performed in alignment with pre-defined parameters outlined in the agreement with Barclays and comply with the authority granted by shareholders for share repurchases.”

At the annual general meeting on July 9, 2025, shareholders authorized the company to buy back a maximum of 366.073 million ordinary shares.

Following the previous buyback program, the remaining authority now stands at a maximum of 357.042 million ordinary shares, demonstrating ongoing support from shareholders for these initiatives.


Kindly share this post
Continue Reading

Telecom

NCC Drafts New Rules for Virtual Mobile Operators

Published

on

Kindly share this post

Nigerian Communications Commission (NCC), Nigeria’s telecom regulator has released draft rules for mobile virtual network operators (MVNOs) as authorities seek to organize a market that is still at an early stage.

NCC Drafts New Rules for Virtual Mobile Operators

The NCC published the proposed “Business Rules for Mobile Virtual Network Operations in Nigeria” and opened a consultation process for industry stakeholders.

Comments can be submitted until June 29, while a public consultation is scheduled for July 9.

According to the NCC, the proposed rules define the obligations and responsibilities of both MVNOs and host network operators (HNOs).

The framework also sets conditions for licensing, compliance, interconnection, numbering resources, SIM and eSIM management, and network hosting agreements.

Regulators also seek to guarantee fair access to telecom infrastructure and reduce delays tied to the integration of MVNOs into existing mobile networks.

The text further includes provisions related to service quality, customer protection, network reliability, and data security.

Violations could lead to administrative sanctions or corrective measures under existing telecom laws.

Nigeria officially opened the MVNO market in 2023. That year, the NCC awarded licenses to 25 operators for a combined 5.9 billion naira, or about $4.3 million. Since then, around 40 licenses have been issued, with operators such as Vitel and Visafone already launching services.

Authorities see MVNOs as a way to improve competition in the telecom sector while helping extend services to underserved and unserved populations.

As of March 2026, Nigeria counted 185.7 million mobile subscribers and 153.8 million internet subscribers, according to NCC data.

Despite the size of the market, digital access remains uneven across the country.

Government estimates show that nearly 20 million Nigerians still remain outside the digital ecosystem.

The GSMA estimated that about 120 million Nigerians did not use mobile internet in 2023.

High service costs and inconsistent service quality also remain major concerns in the telecom sector.


Kindly share this post
Continue Reading

Trending