E-Financial
UBA Delivers Impressive RoI, as Shareholders Applaud Bank’s Support in Fight against COVID-19
United Bank for Africa Plc (UBA), leading African financial institution, held its Annual General Meeting virtually by proxy yesterday– a first in UBA’s seventy-one year history.
The meeting, which had in attendance shareholders, management and staff members, together with representatives of relevant regulatory bodies, was held using an Online Meetings Platform, in accordance with Guidelines issued by the Corporate Affairs Commission.
Opening the meeting, Tony O. Elumelu, UBA Group chairman, noted this was a very special meeting, held in extraordinary circumstances.
It was only right at the outset to express the Group’s deep appreciation to all the health workers across Africa, who are at the forefront of fighting the deadly pandemic. The Group Chairman also commended the Federal and State governments in Nigeria and governments across Africa, for their rapid actions against the threat.
He acknowledged the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele for his various initiatives in mobilising the private sector to provide support, medical care and palliatives to reduce the effect of the scourge on citizens.
Mr Elumelu said “Our commitment to improving lives in Africa is a long-term one, which we do not take lightly, as we assist governments in Africa to curb this pandemic and help sustain employment across the continent. I want to also thank the UBA Board of Directors, who have been responsive in this time of crisis, as the Group donates $14m to assist governments to fight the COVID-19 Pandemic in Nigeria and Africa.”
He also thanked executive management and members of staff, as he assured shareholders, that despite the pandemic, UBA had delivered an impressive performance in its just released first quarter results.
He also noted that the Group was well prepared for the crisis, having put in place effective measures to ensure that its operations continue smoothly. Mr Elumelu underlined the fact that the Group’s exposure to the oil and gas sector was well within prudential guidelines.
Shareholders at the meeting commended the Board of Directors and management for the proactive role that the Group has been playing in helping to lessen the negative effects of the coronavirus pandemic across the African continent and its robust financial performance, despite a difficult macroeconomic outlook.
Dr Umar Farouk, UBA shareholder and president of Association for the Advancement of the Rights of Nigeria Shareholders, applauded the Group for the contribution of N5bn (USD14 million) to the fight against Covid19, adding that the move was unprecedented and will substantially support governments, as they work to tame the scourge.
He also hailed the twenty per cent increase in dividends that the Bank proposed to pay to shareholders.
He said, “I am also happy that you fulfilled the promise you made at the AGM last year to pay dividends in Naira and not kobo, by paying N1 per 50 kobo shares to shareholders, in this difficult time. We have seen the first quarter results, and we are particularly happy about the performance of our subsidiaries across Africa.”
Detailing how UBA has reacted effectively during the pandemic, Kennedy Uzoka, GMD said, “As you know, UBA is a learning organisation, we are not a Nigerian bank, but a pan-African Bank operating in 20 African countries and also in the UK, the USA and France.
When we learnt about this pandemic, we immediately activated our business continuity plan. All the investments we have made over the years in the area of technology will begin to yield now, because already we have continued to meet the needs of customers in terms of digital patronage, owing to the growing traffic we have been receiving in the past few weeks. We are well prepared for all situations,” Uzoka assured.
While expressing hope that a vaccine is found for the coronavirus, Uzoka disclosed that UBA will continually do business in a way to ensure that customers do not have to physically be in the bank.
“We are set to take our business to the customers wherever they are and however they want it,” he said. “As our first quarter results indicate, we can produce robust results, despite the challenges. We are buoyed by our significant geographic diversification, our historic investment in efficiency and the dedication of our staff. Our commitment to our loyal shareholders is amply demonstrated in our progressive dividend policy.”
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty million customers, across 1,000 business offices and customer touch points, in 20 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 remittances, trade finance and ancillary banking services.
Central Bank of Nigeria (CBN) has introduced an Electronic Foreign Exchange Matching System (EFEMS) for Foreign Exchange (FX) transactions within the Nigerian Foreign Exchange Market (NFEM).
Yemi Cardoso, Governor, CBN
According to the CBN, the new system will be operational in the Nigerian Foreign Exchange Market by 1 December 2024 after a two-week test run scheduled for November.
In a circular signed by Dr. Omolara Duke, director of the Financial Market Department at the CBN, the apex bank explained that EFEMS is designed to improve governance and transparency in the FX market.
It is also expected to promote a market-driven exchange rate that will be more accessible to the public.
According to the CBN, “the introduction of EFEMS will enhance governance, transparency, and facilitate a market-driven exchange rate accessible to all.”
The system is expected to curb speculative activities, reduce market distortions, and provide the CBN with improved oversight capabilities for regulating the market effectively.
The CBN said it will publish real-time data on prices and buy/sell orders from the EFEMS. Additionally, in collaboration with the Financial Markets Dealers Association (FMDA), the CBN will release the rules for operating the system.
It added that the Nigerian FX Code and revised Market Operating Guidelines will also offer guidance to market participants.
Also, authorized dealers are required to ensure full compliance with the existing guidelines governing the Nigerian foreign exchange market and must complete all necessary documentation, training, and system integrations ahead of the December go-live date.
President Bola Tinubu has transmitted four Fiscal Policy and Tax Reform Bills to the National Assembly for accelerated consideration and passage into law, including Economic Stabilisation Bills, which seeks the repeal of the Federal Inland Revenue Service (FIRS) Act and enactment of the Nigeria Revenue Service Act in its place.
Tinubu also transmitted the Joint Revenue Board (Establishment) Bill, intending to create a tax tribunal and a tax ombudsman for the country.
Others are the Nigeria Tax Bill 2024, which is expected to provide the fiscal framework for taxation in the country, and the Tax Administration Bill, which will provide a clear and concise legal framework for all taxes in the country and reduce disputes.
Tinubu conveyed Bills via a letter addressed to Hon. Abbas Tajudeen, speaker of the House of Representatives , which was read on the floor of the House at plenary on Thursday.
Tinubu stated that the four Bills will help actualise government’s desire for a proper tax and financial regime for Nigeria, and expressed confidence at the usual cooperation of the House of Representatives on such critical matters.
“The proposed tax bills present substantial benefits that align with my government’s objectives and fiscal reform on the economic growth by enhancing taxpayer compliance, strengthening our fiscal institutions and fostering a more effective and transparent fiscal regime,” he said.
The president had in his Independence Day national broadcast said: “To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly.
“These transformative bills will make our business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law.”
Polaris Bank, a money deposit retail bank in Nigeria, has been recognised as the country’s top bank in Micro, Small, and Medium Enterprises (MSME) lending at the inaugural MSME Finance Awards 2024.
The event, organised by Nairametrics and The Economic Forum, took place over the weekend in Lagos. This award highlights Polaris Bank’s dedication to supporting MSMEs through various direct and indirect funding initiatives.
The judges emphasized the bank’s consistent efforts in providing sustainable finance, which has enabled Nigerian entrepreneurs to grow and expand their businesses.
In response to the award, Polaris Bank’s Managing Director, Mr. Kayode Lawal, expressed gratitude and reaffirmed the bank’s commitment to supporting Nigerian MSMEs.
He noted, “We are honoured by this recognition, which underscores our unwavering commitment to empowering micro, small, and medium businesses. These enterprises are essential drivers of economic growth, innovation, and job creation.”
Lawal also praised Nairametrics and The Economic Forum for their recognition, adding, “This award is a testament to our team’s dedication to providing tailored financial solutions. It further motivates us to continue our strategic focus on MSME lending, financial inclusion, and Nigeria’s broader economic development.”
Polaris Bank’s approach to MSME lending aligns with its mission to deliver innovative, customer-centric services that help businesses thrive, further cementing its reputation as a key player in driving Nigeria’s economic progress.
Cybercriminals Using “Joker: Folie à Deux” Release to Scam Fans
New Cloud Service to Minimise Banks’ Exposure To Risks
Nigerian Journalists Recount Experiences @QNET’s 2024 V-Convention
NDPC Extends Deadline for DCPMIS Registration, Warns Against Engaging Unregistered Data Processors
MTN Nigeria Expands Digital Offerings with Audiomack+ Music Subscription
NCAIR Launches ₦100m AI Fund Supported by Google to Empower Local Startups
Breaking…. Fraudsters Steal N6.Bn from Hope PS Bank
SEC Says 50 Crypto Exchanges have Applied for Licenses
BBNaija: The Final Showdown Begins, Explosive Evictions, Toke Spills the Tea, and Kelly Rae Grabs Head of House
Coker Urges Africa to Close Digital Infrastructure Gap for Prosperity
E-Financial3 days agoZenith Bank Assures Customers on Seamless Transactions, Apologizes for Disruptions During Infrastructure Upgrade
E-Business2 days agoCybercriminals Using “Joker: Folie à Deux” Release to Scam Fans
E-Financial3 days agoCBN Introduces EFEMS to Enhance Transparency in Forex Market
E-Business3 days agoKaspersky Reveals Half of Dark Web Exploit Listings Target Zero-day Vulnerabilities
Telecom3 days agoFG Hopeful Thuraya’s Relaunch in Nigeria Will Boost Fight against Insecurity, Others
News3 days agoNigeria Police Charge 4 Journalists with Cybercrimes for Corruption Reporting
E-Financial3 days agoFG to Rename FIRS, Plans Tax Tribunal
E-Business3 days agoSpotify Launches Offline Backup for Premium Users