Connect with us

E-Financial

UBA Records N76.2Bn Profit, Declares 20k/Share Interim Dividend

Published

on

Kennedy Uzoka, group managing director/chief executive officer, UBA
Kindly share this post

United Bank for Africa (UBA) Plc, has announced its audited half year financial results for the half year ended June 30, 2021, showing impressive growth across all major income lines and performance indicators.

UBA Records N76.2Bn Profit, Declares 20k/Share Interim Dividend

The pan African financial institution delivered a 33.4 per cent appreciation in its profit before tax which rose to N76.2 billion as at June 2021, up from N57.1bn recorded in the same period of 2020, translating to an annualised Return on Average Equity of 17.5 per cent as against 15.1 per cent a year earlier.

This feat was recorded despite the challenging business and economic environment that emerged from the slow pace of activities following the global lockdown occasioned by the Covid-19 pandemic.

The results filed with the Nigerian Exchange, showed that the Group’s profit after tax stood at N60.6bn representing a significant rise by 36.3 per cent compared to N44.4 billion recorded in the half year of 2020, while gross earnings grew to N316 billion from N300.6 billion as at June 2020; a five per cent growth.

As at June 30, 2021, the group’s Total Assets crossed the N8 trillion mark as it soared to N8.3 trillion up from N7.7 trillion at the end of the 2020 financial year.

Customer Deposits also crossed the N6 trillion mark growing by 7.4 per cent to N6.1trillion in the period under consideration, compared to N5.7 trillion as at December 2020.

The group’s shareholders’ funds remained robust at N752.5bn up from N724.1 billion in December 2020, reflecting its strong capacity for internal capital generation.

In line with the bank’s culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc has declared an interim dividend of 20kobo per share for every ordinary share of 50kobo each, held by its shareholders.

Mr. Kennedy Uzoka, group managing director/chief executive officer, UBA, expressed delight over the bank’s performance in the first half of the year, adding,

“This has been a strong first half for us, as global economic recovery exceeded expectations, creating a positive rub-off on consumer and corporate confidence, savings and investment activities. We saw this positively impact our business, as we continued to leverage our key strategic levers – People, Process and Technology, and our Customer 1st Philosophy, to revolutionise customer experience at UBA.”

He added that the bank’s investment in the Rest of Africa (excluding Nigeria) continues to yield good results for the group. In his words; “The benefits of pan-African business diversification accruing to the Group is once again evident, with gross earnings and interest income growth of 5.1 per cent and 8.2 per cent respectively, despite the low yield environment in our largest market, Nigeria.

We are making remarkable progress on our strategy that is progressively positioning UBA as the bank of choice on the continent, driven by our emphasis on tech-led innovation and best customer experience.”

Continuing, the GMD pointed out that the bank recognises the far[1]reaching effects of the pandemic on businesses globally, and remains focused on its promise to always provide our customers with the best banking experiences possible.


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.

E-Financial

Moniepoint: More Customers Lament after Police Exposed Scammers Who Stole over N400m

Published

on

Kindly share this post

Nigerian customers of Moniepoint, a fintech bank, have expressed widespread frustration and discontent with the company’s operations, citing numerous difficulties and challenges, according to PM News.

Moniepoint: More Customers Lament after Police Exposed Scammers Who Stole over N400m

These complaints are coming on the heels of a recent revelation by the Nigerian Police Force, which exposed a scam involving two Nigerians who stole over N400 million using Moniepoint profiles

One such customer, Suleiman Abubakar Audu, shared his ordeal with the medium, revealing that his account, containing N522,000, had been inexplicably closed for over ten weeks.

Audu noted that despite providing all necessary documentation and repeatedly reaching out to the bank, his account remains inaccessible.

He further lamented that the situation has left him under significant financial stress.

Audu said: “Moniepoint blocked my account for over 10 weeks. I have provided all the necessary information but till now they didn’t release my account.”

He claimed that the bank also failed to provide any meaningful update.

Audu further lamented, saying: “I messaged them via all the handle begging for their reply and they keep telling me issues have been prioritised. I call them via phone call almost each and every day. They are just promising that it will be resolved and update will be provided via mail and till now no any update in the mail. They are just playing me around and I don’t even know the dimension of the issue.”

However, Audu’s experience is not an isolated incident as further investigations by PM News uncovered multiple customers facing similar challenges with Moniepoint.

Busayo Busayo, another disgruntled customer, reported that N50,000 had been deducted from her account since October 2024, with no refund forthcoming.

“Moniepoint na ole (are thieves). Since Oct, my 50k still dey with no refunds. Every time I chat them, different story,” she exclaimed.

Kelvin Doris, a student, also shared her frustrating experience, stating that a refund from Moniepoint to his UBA account had been delayed, leaving him without funds for his school fees.

“I did a refund on Monday from my Moniepoint to UBA, but I have not seen the money,” Doris stated.

Adeboye, another customer, alleged that Moniepoint had allowed someone to use his phone number to open an account in his name, raising concerns about the bank’s security measures.

He said: “Someone is using my number and account for moniepoint, OTP was sent to me twice when I didn’t request for it. I just ignored because I know it’s a work of scammers. next I see is congratulations your password was reset, and I was told that the account has been upgraded to merchant level.”

Orimisan Olakolegan, a Facebook user, also shared his experience, stating that his money had been stuck in Moniepoint since February 4, 2025, without any resolution.

“My money have stuck in moniepoint and their client since 4th February 2025 without any review,” Orimisan alleged.

In light of these allegations, customers urged the Federal Government of Nigeria and the Central Bank of Nigeria to investigate Moniepoint’s operations and address the numerous challenges faced by its customers.

The affected individuals also called for prompt action to rectify the situation and prevent further hardship.


Kindly share this post
Continue Reading

E-Financial

CBN Orders Bank Directors with Insider Bad Loans to Resign

Published

on

Olayemi Cardoso, Governor, Central Bank of Nigeria
Kindly share this post

Central Bank of Nigeria (CBN) has ordered bank directors with non-performing insider-related loans to step down immediately, as part of efforts to strengthen corporate governance and enhance risk management in the banking sector.

Olayemi Cardoso, Governor, Central Bank of Nigeria

 

The directive was issued in a circular signed by Adetona Adedeji, acting director of Banking Supervision.

Insider loans are the credit facilities granted by the bank to its executives, directors, employees, major shareholders, or other related parties.

The apex bank also directed banks to recover outstanding debts by enforcing collateral recovery and seizing shareholdings of affected directors.

Furthermore, banks must regularise all insider-related facilities within 180 days, particularly those that exceed limits prescribed in Section 19 (5) of the Banking and Other Financial Institutions Act (BOFIA), 2020, and were previously approved without specific timelines.

The CBN stated: “Directors with non-performing insider-related facilities are required to step down immediately from the board, while the bank should commence immediate remediation of the loans through the recovery of the collaterals, including the shareholdings of the affected directors.”

It also stressed the importance of compliance with Section 19 of BOFIA 2020, which limits insider-related loans:

“Banks are required to regularise within 180 days, all insider-related facilities above the limits prescribed in Section 19 (5) of BOFIA, 2020.

“Individual director-related facilities must be brought within the 5 per cent paid-up capital limit, while the aggregate insider facilities for the bank must not exceed 10 per cent of its paid-up capital.”

The CBN emphasized that compliance with these directives is effective immediately to uphold regulatory standards and corporate governance best practices.

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

CBN Orders Banks to Publish Details of Dormant Accounts, Unclaimed Balances

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has directed commercial banks and other financial institutions to publish the name of the account, the type of account, the name of the bank, and the branch where the dormant account is domiciled on their official websites.

CBN Orders Banks to Publish Details of Dormant Accounts, Unclaimed Balances

According to CBN, a dormant account refers to a bank account that has remained inactive for at least one year.

This is disclosed in a circular entitled, ‘Guidelines On Management Of Dormant Accounts, Unclaimed Balances And Other Financial Assets In Banks And Other Financial Institutions in Nigeria’ and signed by MichaeL C. Akuka, for: director, financial policy and regulation department, CBN.

As part of the new regulations, financial institutions are required to display key details such as the names of individuals authorized to operate the accounts, the type of account, and the branch where it is domiciled.

This information must be made available on their official websites.

For other financial institutions (OFIs) that do not have dedicated websites, CBN has mandated that the information be published on the website of their respective industry associations.

“In furtherance thereof, and in response to enquiries from stakeholders regarding the possible breach of the Nigeria Data Protection Act, 2023 (NDPA), banks and other financial institutions are required to note the following,” CBN stated.

“1. Section 25 (b) of the NDPA permits justifiable deviations from the general principles of the Act. Also, Section 72.

“ (ii) of the Banks and Other Financial Institutions Act mandates the Central Bank of Nigeria to issue Guidelines on the administration of unclaimed funds in banks and other financial institutions.

“2. Information to be published on banks’ websites as well as the association’s website (where applicable) shall include the name of the account, the type of account, the name of the bank, and the branch where the account is domiciled ONLY.

“Information to be published annually in at least two national daily newspapers or the premises of State and Unit microfinance banks, shall also convey the details as listed in (2) above.”

This directive follows an earlier order issued by CBN on July 19, 2024, requiring banks and financial institutions to transfer unclaimed balances and dormant account funds to the apex bank’s designated accounts.


Kindly share this post
Continue Reading

Trending