E-Financial
UBA Well-Positioned to Benefit from Recovery Trends in 2021- Elumelu

United Bank for Africa (UBA) Plc, pan African financial institution, has assured its teeming shareholders and investors of even greater returns in the coming months, with the bank having established a diversified business model that ensures impressive performance even in periods of uncertainty, across its geographical network.

l-r: Group Managing Director/CEO, Mr. Kennedy Uzoka and Group Chairman, Mr. Tony Elumelu, at the 59th Annual General Meeting of United Bank for Africa(UBA) Plc, held in Lagos on Thursday
Tony O. Elumelu, group chairman, UBA, who gave this assurance to shareholders at the 59th Annual General Meeting at the UBA Head Office, on Thursday April 1, explained that the bank has made strategic decisions that will strengthen its resolve to earn the industry leadership that it has envisioned in Nigeria, Africa and globally.
“We spearheaded strategic investments in our digital banking and technology platforms to further promote self-service banking; we have also focused on enhancing the capabilities of our people through various online capacity development programmes,” Elumelu added, “Our African operations (ex-Nigeria) have contributed approximately 55% of our profits for the year, illustrating that we are truly a pan-African bank.”
He further explained that the bank remains committed to ensuring its viability amid an ever-changing business environment and to continue be a role model for African businesses by showcasing the best of Africa to the world.
“The work we have done in strengthening our governance structures Group-wide and in improving our business and operating models in 2020 positions our bank to benefit from these recovery trends and to achieve significant market share gains across our operations,” he noted.
At the end of the 2020 financial year, UBA’s profits grew remarkably by 27.7 percent to N113.8 billion, compared to N89.1 billion recorded at the end of the 2019 financial year, whilst profit before tax was impressive at N131.9 billion, compared to N111.3 billion at the end of the 2019 financial year.
Gross earnings grew by 10.8 percent to N620.4 billion, compared to N559.8 billion recorded in the same period of 2019 whilst total assets also grew by 5.6 percent to an unprecedented N7.7 trillion for the year under review.
In its usual tradition of rewarding shareholders, the bank proposed a final dividend of N0.35 kobo for every ordinary share of 50 kobo, bringing the total dividend for the year to N0.52 kobo as the bank had paid an interim dividend of N0.17 kobo earlier in the year.
Shareholders at the meeting commended the bank’s decision to plough-back some of its profits into business consolidation, adding that these times call for prudent and effective management of financial resources for all businesses especially those with high shareholding rate such as UBA.
Sir Sunny Nwosu, one of the shareholders, who spoke at the meeting, commended the board and management of the bank company for keeping up with its activities despite the Covid-19 pandemic and its resultant effect on major businesses.
Whilst advising the company to gear up efforts to increase dividends in the next financial year, Nwosu praised UBA’s for ensuring that the African subsidiaries performed well by contributing 55% to the Group’s business.
Nonah Awoh, another shareholder, who agreed with the improvement recorded from the bank’s Ex-Nigeria’s subsidiaries, encouraged the management to boost other subsidiaries with the needed resources to help them perform even better in the current financial year.
Kennedy Uzoka, managing director/chief executive officer, who responded to shareholders’ comments at the meeting spoke on the reduced dividend pay-out this year, explaining that the bank had decided to be conservative to further strengthen the business.
He said, “As an institution that has been in operations for 72 uninterrupted years, UBA wants to continue to perform optimally. In line with this, we have used most of our funds to prepare for unforeseen challenges. Given the trajectory and the resilience of our business, we can assure you that we will meet and surpass the expectation of you our shareholders.”
Continuing, he said, “We have recalibrated our business structure, starting from Lagos and extending to the South-South. We have bolstered them with the necessary leadership to achieve our aim. We believe that with these measures we have put in place, our Nigerian business will give the rest of Africa a good fight,” Uzoka said.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points.
Operating in 20 African countries with presence in the United States of America, the United Kingdom and France, 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.
E-Financial
SEC Working on Stablecoin Regulation Framework

Securities and Exchange Commission (SEC) is working with developers to establish a regulatory framework for stablecoins, according to Dr. Emomotimi Agama, director-general, SEC.
Agama made this announcement during his keynote speech at the 2025 Decentralized Finance (DeFi) Conference.
Agama said the SEC’s commitment is to foster a responsible decentralized finance environment.
“The commission believes responsible DeFi can thrive in a regulated environment,” he said, highlighting the SEC’s efforts to enhance investor education through its “Crypto Smart, Nigeria Strong” initiative.
The program aims to educate young investors across schools, universities, and social media on blockchain basics, scam detection, and long-term investing benefits.
The SEC is also focusing on regulatory evolution, with plans to streamline its licensing regime.
“We are enhancing our licensing architecture to make it more efficient, more transparent, and more risk-based,” Agama noted.
The commission is exploring a framework for naira-pegged stablecoins, backed by verifiable reserves and audited by independent custodians, to facilitate cross-border trade and programmable finance.
It is also reviewing pathways for digital asset Exchange Traded Funds (ETFs), custodial wallets for pension funds, and tokenized securities for institutional investors.
E-Financial
CBN Issues Transitional Guidance, Says Banks are Healthy

Central Bank of Nigeria (CBN) has introduced time-bound measures for a small number of banks still completing their transition from the temporary regulatory support provided.
The CBN stated yesterday that this step is a response to the economic impact of the COVID-19 pandemic.
This step, the CBN said, is part of its broader, sequenced strategy to implement the recapitalisation programme announced in 2023.
CBN disclosed that the programme, which aligns with Nigeria’s long-term growth ambitions, has already led to significant capital inflows and balance sheet strengthening across the sector.
It said most banks have either completed or are on track to meet the new capital requirements well before the final implementation deadline of March 31, 2026.
It added that the measures announced apply only to a limited number of banks saying that these include temporary restrictions on capital distributions, such as dividends and bonuses, to support the retention of internally generated funds and bolster capital adequacy.
A statement by Mrs Hakama Sidi Ali, acting director, Corporate Communication of the apex bank, explained that all the affected banks have been formally notified and remain under close supervisory engagement.
“To support a smooth transition, the CBN has allowed limited, time-bound flexibility within the capital framework, consistent with international regulatory norms. Nigeria generally maintains Risk-Based Capital requirements that are significantly more stringent than the global Basel III minimums.
“These adjustments reflect a well-established supervisory process consistent with global norms. Regulators in the U.S., Europe, and other major markets have implemented similar transitional measures as part of post-crisis reform efforts,” the bank stated.
It further added that it remains fully committed to continuous engagement with stakeholders throughout this period via the Bankers’ Committee, the Body of Bank CEOs, and other industry forums.
The goal is to ensure a transparent, predictable, and collaborative regulatory environment.
It assured that Nigeria’s banking sector remains fundamentally strong, explaining that the new measures are neither unusual nor cause for concern; they are a continuation of the orderly and deliberate implementation of reforms already underway.
E-Financial
Loan Defaulters Risk Denial of Passport Renewal, Others- CREDICORP

Uzoma Nwagba, managing director, Nigeria Consumer Credit Corporation (CREDICORP), has announced that failure to repay loans may soon affect citizens’ access to essential services such as passport renewal, driver’s licence issuance, and even renting a home.
Nwagba disclosed this on Tuesday during a ‘Meet the Press’ session organised by the Presidential Media Team at the State House in Abuja.
According to the CREDICORP boss, the Federal Government was working to link individual credit scores directly to the National Identification Number (NIN), as part of efforts to build a centralised and reliable credit system across the country.
He said all loan providers, whether commercial banks, FinTechs, or microfinance institutions, will be mandated to report loan performance, ensuring every Nigerian has an accurate and traceable credit score.
“Maybe you want to renew your passport, but if something shows that you owe money somewhere, you may not be able to proceed,” he said.
“The same applies to renewing your driver’s license or renting a house. There is no hiding place.”
He clarified that the new policy will not be predatory but will impose subtle and structured consequences on defaulters.
“Whether your money is in a commercial bank, FinTech, or microfinance institution, loans taken and not repaid will be tracked and recoverable,” he added.
Nwagba explained that the goal was to ensure that every Nigerian is scored, using a structural algorithm that considers both financial and non-financial data.
CREDICORP’s mandate, he said, includes improving quality of life, reducing corruption driven by financial desperation, and strengthening local industries by enabling Nigerians to access consumer credit to buy locally made goods.
“The President has made it clear that improving lives is a top priority. If people can access credit responsibly, it reduces the pressure that pushes them into corruption or financial missteps. At the same time, it drives demand for Nigerian products and helps create jobs,” he stated.
The CREDICORP boss also revealed plans to roll out a nationwide consumer credit programme targeting 400,000 young Nigerians, beginning with National Youth Service Corps (NYSC) members under the YouthCred scheme.
According to him, the programme’s systems and platforms are fully set up, for imminent official launch.
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