Banking
How We Plan to Improve Profitability, Deliver Value to Shareholders—Union Bank
By Modupe Gbadeyanka
Chairman of Union Bank of Nigeria Plc, Mr Cyril Odu, has assured shareholders that the company will make efforts to improve its performance in the 2019 business year.
Mr Odu gave this assurance at the Annual General Meeting (AGM) of the financial institution held in Lagos on Tuesday.
According to him, in order to improve profitability and value to shareholders, the lender will execute its 2019-2021 strategic objectives, which focus on “Sweating our Assets, Digitising our Bank, and Positioning for the Future.”
The Chairman said the decline in the Non-Performing Loan (NPL) ratio of the bank to 8.1 percent in December 2018 from 20.8 percent in December 2017 was a clear indication of efforts to make things better at the company.
He said in addition, the improvement in the bank’s Return on Tangible Equity (ROTE) to 9.6 percent from 6.2 percent in 2017 was another indication that Union Bank can deliver long-term value to shareholders.
“We have positioned Union Bank to take advantage of the emerging opportunities in the economy and remain optimistic about the future of the Bank.
“We will execute our 2019-2021 strategic objectives – Sweating our Assets, Digitising our Bank, and Positioning for the Future; towards being Nigeria’s most reliable and trusted banking partner.
“We will focus on embedding disciplined cost management as well as mining synergies across business segments and functions to improve the profitability of our business and deliver value to all our stakeholders; shareholders, customers, business partners’ and employees,” Mr Odu said.
The Chairman highlighted some major achievements in 2018 to include: strengthening retail and transaction banking offerings, and the launch of the first Local Letter of Credit to support local trade. There was also the launch of the inaugural N13.5 billion Bond issue, and the adoption of the Robotic Process Automation (RPA) technology – the first bank to do so in Nigeria.
According to him, highlights of the group’s financial performance in 2018 showed that profit before tax grew by 33 percent to N18.5 billion from N13.9 billion in 2017.
Customer deposits also went up by 7 percent to N857.6 billion from N802.4 billion in 2017, continuing its upward trajectory since 2016; an indication of consumers’ growing confidence in the brand.
Also addressing shareholders at the AGM, Managing Director of Union Bank, Mr Emeka Emuwa, stated that, “Our priorities in 2018 were three pronged; enhancing our productivity across board; tightening up our loan portfolio (especially resolving key large exposures, which drove NPLs up significantly at the end of 2017); and optimising the Bank’s capital and funding base.”
He said the bank made significant strides in each focus area notwithstanding a depressed economic environment and a challenging operating landscape, adding that its efforts to optimise productivity delivered results.
“In 2019, we will double-down on our productivity efforts to deliver our financial targets. We are harnessing synergies across our business segments to ensure we maximise opportunities across entire value chains, while centralising key business and operational functions for better efficiency, and prioritising customer experience across all our touch points.
“Following the successful execution of the Bank’s debut local currency bond issue to raise N13.5b and the tightening up of its loan portfolio, Union Bank is well positioned to continue executing key business priorities in 2019 and beyond,” he added.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
