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

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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
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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.

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

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.

 

 

 

 

 


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E-Financial

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

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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.


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CBN Orders Bank Directors with Insider Bad Loans to Resign

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Olayemi Cardoso, Governor, Central Bank of Nigeria
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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.

 

 

 

 

 

 


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

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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.


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