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UBA Celebrates 2013 MVPs

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United Bank for Africa (UBA) Plc at the weekend held the third edition of the Most Valuable Performer (MVP) recognition award ceremony designed to motivate and encourage individual staff performances toward the attainment of the bank’s corporate goals and business targets.

This is as an institution committed to creating best-in-class work environment for employees

A total of 120 best performing staff that will henceforth be known and recognized as Most Valuable Performers (MVPs) were honored at the decoration ceremony which took place simultaneously at the bank’s Head Office in Lagos and across different locations in Nigeria and UBA Country Subsidiaries.

Mr. Philips Oduoza, group managing director/CEO, UBA Plc, said the UBA MVP programme is one of the career management initiatives of the bank geared towards achieving talent attraction, development and retention. He described MVPs as employees that create extraordinary value for the organization by consistently exceeding expectations.

“We are honouring today’s MVPs for their exceptional performance and in appreciation of what they have contributed to the growth of the bank. They are top performers and have met the minimum criteria in terms of performance and adherence to the Bank’s core values,” he said.

 Oduoza congratulated the MVPs and urged them to wear the special lapel pins with pride even as they enjoy the associated privileges which include, accelerated career development, unrestricted access to company events, cash reward, leadership exchange programs, cross country postings as well as the much-coveted UBA citizenship membership.

“The MVPs that are being celebrated today simultaneously across different locations in Nigeria and UBA Country Subsidiaries were chosen based on their performance. Out of the 120 MVPs being celebrated, 13 are repeat MVPs meaning that they were able to retain their MVP status awarded in previous year,” he added.

Worthy of note is the fact that 2 of the 13 repeat MVPs are triple MVPs i.e. they have been MVPs for 3 consecutive years.

The remaining 11 repeat MVPs are double MVPs having maintained peak performance levels for two years running.

 According to Obi Ibekwe, executive director, Human Resources and Customer Service, UBA staff are the most valued assets while the MVP award was instituted to reward excellence among the staff. 

The UBA MVPs are as diverse as the organisation they work in, and do not necessarily share a similarity in skills as some are great marketers, tellers, auditors among others. 

UBA MVPs must have and exhibit the UBA DNA which include; Value Creation; Intrinsic Motivation; Drive to Succeed; People Development; Team Play; Commitment and Reputation Management as well as Brand building.

The MVP programme runs for a period of 12 months during which outstanding staff members are rewarded, recognized and exposed to career development initiatives geared towards motivation, performance improvement and retention.

United Bank for Africa Plc is one of Africa’s leading financial institutions, offering banking services to more than 7 million customers across over 700 branches in 19 African countries.

With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross border payments and trade finance.


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Nigerian Manufacturing Sector Contracts for 5th Consecutive Month – CBN

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The Manufacturing Purchasing Managers’ Index (PMI) in September stood at 46.9 index points, indicating a contraction in the Nigerian manufacturing sector for the fifth month.

This was disclosed by the Central Bank of Nigeria (CBN) in its September PMI report released last week.

According to the report, four out of the 14 sub-sectors surveyed reported expansion (above the 50 per cent threshold) in September.

It listed the expansion order as electrical equipment; transportation equipment; cement and nonmetallic mineral products.

It said the remaining sub-sectors reported contractions in the following order: petroleum & coal products; primary metal; furniture & related products; printing & related support activities; food, beverage & tobacco products; textile, apparel, leather & footwear; chemical & pharmaceutical products; fabricated metal products and plastics & rubber products; while the paper product sub-sector was stable.

Production

At 47.3 points, the production level index for the manufacturing sector indicated contraction in September for the fifth consecutive month.

Of the 14 sub-sectors surveyed, five recorded increased production level, one reported same level of production, while eight recorded declines in production.

New Orders

At 46.4 points, the new orders index also contracted in September for the fifth consecutive month. Six sub-sectors reported expansion in new orders, while the remaining eight recorded contraction in the month.

Supplier Delivery Time

The manufacturing supplier delivery time index stood at 53.5 points in the month, indicating a faster supplier delivery time for the fifth time.

Six of the 14 sub-sectors recorded improved suppliers’ delivery time, five reported same level, while three recorded slower delivery time

Employment Level

The employment level index stood at 44.1 points, indicating contraction in employment level for the sixth consecutive month.

Of the 14 sub-sectors, two recorded growth in employment, three recorded same level of employment, while the remaining nine recorded lower employment level in the review month.

Raw material Inventories

The manufacturing sector inventories index also contracted for the sixth consecutive time in September to 43.0 points. Four of the 14 sub-sectors recorded growth in inventories, while the remaining 10 recorded lower raw material inventories.


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FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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