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UBA Board Meets to Propose Final Dividend, Consider Results

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By Dipo Olowookere

A meeting of the board of directors of United Bank for Africa (UBA) Plc has been scheduled for two weeks’ time.

During the meeting, which precisely holds on Monday, January 29, 2018 in Lagos, the board will propose a final dividend to be paid to shareholders of the lender.

UBA is one of the top five banks operating in Nigeria and its performances lately have proven to shareholders that they will always get good returns for their investments.

A statement issued by the firm disclosed that at the board meeting for the end of this month, the financial statements for the year ended December 31, 2017 would also be considered.

“The board of directors of United Bank for Africa (UBA) Plc is scheduled to meet in Lagos at 10am on Monday, January 29, 2018 to consider the financial statements for the year ended December 31, 2017 and proposal for final dividend,” the statement signed by the lender’s secretary, Bili Odum said.

As a result of the scheduled meeting, UBA has announced its closed period, which makes it impossible for key members of the company to trade in the shares of the bank on the floor of the Nigerian Stock Exchange (NSE) until the lender releases its books.

“In compliance with the NSE Rule Book and the Amendments to the Listing Rules, the closed period for trading in the bank’s shares will be from January 12, 2018 until 24 hours after the announcement of the results.

“Consequently, no director, person discharging managerial responsibility, employees with sensitve information, advisers and consultants of the bank and their connected persons may directly or indirectly deal in the securities (shares and bonds) of the bank during the closed period,” the bank said.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Banking

Sterling Bank Plans $400m Capital for Expansion

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Sterling Bank

By Adedapo Adesanya

Sterling Financial Holdings Company is taking steps to raise $400 million in phases through multiple instruments and currencies as part of its expansion plans.

The move is also part of its broader strategy to expand operations and meet new regulatory requirements set by the Central Bank of Nigeria (CBN).

According to Bloomberg, the chief executive of Sterling Bank, Mr Abubakar Suleiman, confirmed the development in a phone interview on Wednesday.

The financial institution will use the proceeds for “long-term ambition to strengthen capital, deepen market presence and support sustainable growth,” Mr Suleiman said.

The capital raise will involve multiple currencies and be executed in stages, adding that separately, the bank is preparing to launch a public share offer within the current quarter to raise N100 billion.

Mr Suleiman described this as the final leg of its recapitalisation programme.

So far, Sterling Bank has secured N89.75 billion from earlier rights issues and private placements. With a remaining gap of N2.2 billion, the bank is intensifying efforts to close the shortfall by the end of the year.

Recall that Nigerian banks have less than a year to meet new capital requirements introduced by the CBN under the governorship of Mr Yemi Cardoso, part of a wider push to make Nigeria a $1 trillion economy by 2030.

The directive, which set a March 2026 deadline, mandates banks to bolster their capital bases in response to prolonged macroeconomic instability, including high inflation, weak economic growth, and repeated currency devaluations.

Bloomberg said while Mr Suleiman did not provide specifics, he disclosed that Sterling Bank plans to diversify beyond its two banking subsidiaries.

The company recently increased the capital base of its non-interest arm, The Alternative Bank, to meet the N20 billion regulatory requirement for standalone banks.

The company’s expansion plans, which align with its holding company structure adopted in recent years, mark another strategic response to an evolving regulatory landscape reshaping Nigeria’s financial services sector.

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Africa-China Trade: Stanbic IBTC Bank Gets CNY800m Loan for Nigerian Firms

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By Modupe Gbadeyanka

A CNY800 million term loan agreement has been secured by Stanbic IBTC Bank Limited from China Development Bank to provide enhanced financing solutions to Nigerian corporates and institutions engaged in Africa-China trade and investment flows.

A statement from the Nigerian lender disclosed that the partnership between the two organisations is expected to play a vital role in supporting Nigerian businesses, facilitating trade transactions, and encouraging foreign direct investment.

It also represents a significant step in Stanbic IBTC’s broader Africa-China strategy, which seeks to position the bank as the partner of choice for businesses seeking to participate in the growing economic corridor between Africa and China.

Also, the three-year loan, executed under the strategic collaboration framework between Standard Bank Group (SBG) and CDB, marks a significant milestone in deepening financial cooperation between Africa and China, underscoring Stanbic IBTC Bank’s direct access to Chinese Renminbi (CNY) liquidity from the Chinese market.

“We are delighted to announce this landmark agreement with China Development Bank, which reflects the strength of our strategic partnership and our collective commitment to Africa’s economic development.

“This facility provides us with direct access to much-needed Renminbi liquidity, enabling us to better serve our clients involved in Africa-China trade and investment.

“It is a significant step in advancing our Africa-China strategy, which is focused on unlocking growth opportunities, promoting cross-border trade, and driving sustainable development for Nigerian businesses,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.

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Ecobank Unveils Innovative Financial Solutions for Sustainable Education Ecosystem

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Ecobank Innovative Financial Solutions

By Modupe Gbadeyanka

A comprehensive suite of innovative financial solutions tailored for all key stakeholders within the education ecosystem has been introduced by Ecobank Nigeria Limted.

According to the affiliate of the leading pan-African banking group, Ecobank Group, these offerings will drive financial inclusion, operational efficiency, and sustainable growth across the sector.

At the unveiling of the solutions in Lagos, the Executive Director for Commercial and Consumer Banking at Ecobank Nigeria, Mr Kola Adeleke, disclosed that the products would address real-world challenges, enabling all participants, from institutions and educators to families and partners, to thrive.

For school owners and educational leaders, Ecobank offers cash-backed loans to support both operational and capital expenditures.

These are complemented by treasury management tools that enhance financial oversight, along with digital collection platforms that ensure seamless and efficient school fee processing.

Teachers and non-teaching staff also stand to benefit significantly, as the lender provides salary access tools that enable timely and flexible income management, career development programs to support continuous professional growth, and financial wellness plans designed to promote long-term financial stability.

As for suppliers and partners within the education value chain, they will benefit from tailored financial solutions such as invoice factoring for improved cash flow, inventory financing to maintain operational continuity, and marketplace visibility to expand their reach and business opportunities within the sector.

“Our integrated financial and non-financial propositions form part of a broader strategy to strengthen our leadership in the education financing space, while contributing meaningfully to national and continental goals around access, equity, and excellence in learning.

“We have designed these solutions to meet the diverse needs of school proprietors, teaching and non-teaching staff, students, and parents. Ecobank is committed to empowering the education sector through seamless collections, access to credit, and a suite of sustainability-focused offerings.

“Education is a pillar of national development, and we recognize the sector as an integrated system of needs and opportunities. Our goal is to support this system not just with financing but also with digital tools, career development programs, and sustainability initiatives,” Mr Adeleke said.

Also, the Head of Education, Faith, and Social Services at Ecobank Nigeria, Ms Adebukola Ademiluyi, noted that by integrating smart financing with sustainability, digital infrastructure, and inclusive participation, Ecobank is pioneering a full-service banking model tailored to the realities of Africa’s education sector.

“More than just funding, we are enabling seamless school management systems through API partnerships that digitize operations such as student registration, staff payroll, inventory management, and parental communication.

“We also place strong emphasis on supporting parents and guardians, providing financial planning tools, access to student loans, merit-based scholarships, and child progress monitoring systems. These innovations are designed to ease financial burdens and deepen parental involvement in their children’s academic journeys,” she said.

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