Connect with us

E-Financial

Investing in People: Amid Economic Recession, UBA Promotes 3,000 Staff

Published

on

Kindly share this post

United Bank for Africa (UBA), Africa’s Global Bank operating in 19 African countries, has announced the promotion of 3,000 staff members, reinforcing its commitment to human capital investment and career progression, at the current challenging operating circumstances.  Promotions were made across UBA’s global network.

In a letter written on Monday, April 3 2017 to Group staff by Kennedy Uzoka, CEO, “Since my recent appointment as GMD/CEO, one of my priorities has been to address the needs of our people.  I strongly believe that if we take care of our people, our people will take care of our customers – our ultimate employers.”

“Investment in our human capital is critical to our success.  It is a product of our ability to invest for the long term and create an institution that is built to last.  It is the bedrock of our determination to be Africa’s leading customer focused bank”.

In addition to the Group-wide promotion, Mr Uzoka unveiled a new Workforce Model and an extension of the existing Group car loan benefit, to 1000 previously ineligible staff. 

These policies are in direct response to staff feedback from the Employee Engagement Survey, which the CEO says has helped define current and future human capital investment.

The revised Workforce Model democratizes access to leadership roles and opportunities at the bank. All staff – regardless of track – can now aspire to leadership roles, if objective requirements are met. 

Reforming the Leadership and Service Tracks disparity, which had been a source of frustration for some staff who had to convert tracks to advance professionally, illustrates again UBA’s commitment to creating an environment where talent and merit are rewarded.

Tony Elumelu, group chairman, congratulated UBA’s executive management, as he noted the current challenging business environment. 

He encouraged the industry to follow UBA’s lead, in putting its workers first.

“Promoting at this scale and creating career opportunities for staff at a time like this is an indication of industry leadership and worthy of emulation.  It is no accident that this is occurring after the announcement of our strong 2016 results and as our shareholders receive dividends later this week.  We want all our key stakeholders to share our success.”

The Chairman continued in praise of the bank’s equitable policy, “I commend the bank for creating robust and meritocratic career opportunities for all staff at a time when some in our industry are downsizing or casualizing staff.  This is truly remarkable.”

UBA recently announced N384 billion earnings for 2016, an impressive 22% growth over performance in 2015 and also grew profit before tax by 32% to N91 billion. 

The strong performance also reflects the imbedded culture of customer service, driven by high employee engagement and satisfaction.

UBA’s commitment to its broader Pan-African network was reflected in a series of awards, including five ‘Bank of The Year’ awards for Gabon, Congo-Brazzaville, Senegal, Cameroon and Chad at the annual Bankers Award in London and the 2016 EMEA Finance Banking Awards by leading financial publication EMEA Finance Magazine.

Mr. Uzoka, ended his letter on an uplifting note, urging UBA employees – Lions and Lionesses – to “continue to embody UBA core values daily – in our endless quest for Excellent Service…Delivered!” 

This advice is timely as staff enter the final stages of preparation for the Group Chairman’s Forum which commences on Wednesday April 5th and features a series of events, including the Group AGM and the highly-anticipated annual UBA CEO Awards. 

During the Forum, the Bank’s senior executives will share and learn from best practices across UBA’s 18 African subsidiaries and its operations in New York, Paris, and London, reflect on Group performance in the past year, and identify ways to enhance growth in the short, medium and long terms.

 


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

E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

Published

on

Kindly share this post

“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


Kindly share this post
Continue Reading

E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

Published

on

Kindly share this post

Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


Kindly share this post
Continue Reading

Trending