Banking
UBA Remains Financially Strong—Elumelu
**Shareholders Laud Management, Seek Better Results
By Modupe Gbadeyanka
Chairman of United Bank for Africa (UBA) Plc, Mr Tony Elumelu, says the pan-African financial institution remains financially strong despite the harsh operating environment.
Mr Elumelu, who once served as the Group Managing Director of the lender, made this disclosure on Monday at the bank’s 56th Annual General Meeting (AGM) held in Lagos.
The chairman said he was impressed with the strong growth and performance recorded by the lender last year, which saw improvements in both the top and bottom lines.
According to him, “Overall, our bank grew profit before tax by 16.1 percent to N105.3 billion.
“More importantly, the bank remains financially strong, our balance sheet is well protected and our commitment to exceeding regulatory requirements remains.”
He informed the shareholders that the bank recently “opened for operations in Mali, because that economy is a viable one and would contribute to our bottom-line.”
He said operations in “Mali will benefit from UBA’s presence there while UBA will also benefit from Mali.”
On his part, the GMD of UBA, Mr Kennedy Uzoka, assured shareholders of the management’s commitment to building a stronger brand.
According to him, “UBA has built a great brand that is recognised all over the world, and because of this, we have decided to be outside-focused rather than inside-focused.”
“Being outside focused means we are concentrating on putting our customers first in all we do by making sure that we do things from the customers’ standpoint,” he further said.
Meanwhile, shareholders of the financial institution have commended the staff, management and the board for putting up an impressive performance in 2017, which led to a better dividend payout.
Chairman of Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, said at the AGM that, “I want to especially commend the management of UBA, especially the Chairman, Tony Elumelu, and GMD/CEO, Kennedy Uzoka, who have been managing activities of this great institution for the past two years.
“We the shareholders are impressed at results that you have recorded so far and the achievements that the bank has recorded under your leadership, especially the sterling contributions of our subsidiaries in Africa.
“We are especially impressed about what the bank has been doing in Africa. It has gone a long way to show that good things can come from Africa.
“UBA has showcased a high level of ingenuity in the banking space, and we are glad for how this is translating into gains for our business.
“And so, we the shareholders urge you to continue to do more and would advise Uzoka and his management team not to rest on their oars but to work harder in ensuring that this momentum is sustained and even surpassed in the coming year.”
Business Post reports that the board of UBA proposed the payment of total dividend per share of 85 kobo comprising of N0.20 interim dividend which was already paid by mid-2017 and a final dividend of 65 kobo which was ratified by shareholders during yesterday’s meeting.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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