Banking
UBA Flies High at The Banker Awards 2017, Emerges African Bank of The Year
By Modupe Gbadeyanka
United Bank for Africa (UBA) Plc has once again proven its leadership on the continent as the financial institution to beat.
Over the weekend, the Banker Magazine, which organises The Banker Awards, described as the Oscars of the Financial Industry, crowned UBA as the ‘African Bank of the Year 2017’, making it the best lender in Africa.
This Banker Award is premier for Nigeria, as it marks the first time a Nigerian-headquartered bank will be wining the prestigious and highly coveted regional award.
To further demonstrate the group’s strength and dominance in the financial sector on the continent, four of UBA Group’s operations in Africa also led contenders in their respective countries to emerge the Best Bank of the Year 2017 in their respective markets.
At the event, UBA Congo, UBA Tchad, UBA Gabon and UBA Senegal emerged the Best Bank of the Year in Congo, Tchad, Gabon and Senegal, reinforcing the strong franchise of the Group across its chosen markets in Africa.
Notably, UBA Gabon and UBA Senegal won the same awards in 2016, as both subsidiaries of UBA Group remain the Banks to beat in Gabon and Senegal.
A publication of the Financial Times Newspaper, The Banker Magazine is a global financial intelligence magazine that provides global bank ratings/analysis and it is the definitive reference in international banking for high level decision makers globally.
According to the magazine, the aim of the award “is to highlight industry wide excellence within the global banking community. The winner is selected from participating banks in each of the 120 countries from which entries are received for the competition.”
Explaining the rationale behind UBA carting multiple categories in its December issue, the Banker’s Magazine noted that Africa’s economic landscape has been unpredictable in recent times which resulted in recession in some of Africa’s best performing economies, while the region as a whole only expanded by about 1.3 percent in 2016.
“In these conditions only the most diversified and innovative of regional banks can prosper. And this is precisely why the United Bank for Africa (UBA) has scooped the 2017 regional winner award. For one, the lender registered impressive top- and bottom-line growth over the review period,” it noted.
The magazine went further to enumerate the various achievements recorded by UBA group during the period, noting that earnings for the year reached N384 billion ($1.07 billion) signalling 22 percent growth from its 2015 performance while profit before tax also grew, by 32 percent, to reach N91 billion.
According to the organisers, “Equally impressive is UBA’s capital adequacy ratio which, at the end of 2016, stood at 20 percent, while its non-performing loan ratio was a healthy 3.9 percent. Operating across 19 markets in Africa, the bank serves more than 14 million customers.”
It added that the Pan-African bank’s foray into various ventures in Africa also helped to clinch its activities in the year under consideration, stating, “Beyond the numbers, the bank has won and acted on a number of headline deals.
“These include the financing a new stadium in Douala, Cameroon, for the 2019 Africa Cup of Nations for $285 million.
“In Senegal, more than $250 million of trade finance was provided to the state oil company, while the lender acted as arranger and bank agent in the raising of $160 million to finance road infrastructure. The bank’s digital tax collection solutions are also helping regional governments in Senegal and Burkina Faso.”
The organisers noted that UBA is making impressive strides in the digital space, adding that in terms of internet banking, the organisation processed 7 million transactions valued at more than N600 billion in 2016.
Mobile banking processed transactions valued at N70 billion over the same period. UBA has also launched eMailMoni, a service that lets customers transfer funds via e-mail, while Chat Banking allows clients to perform basic transactions through social media platforms.
“For these reasons, and others, UBA is the winner of our 2017 African Bank of the Year award,” the Magazine stated.
Group Managing Director/Chief Executive Officer, UBA Plc, Mr Kennedy Uzoka, who was delighted by the recognition from The Bankers, stated that, “These awards mark another milestone for UBA Group and is a testament of the diligent execution of the bank’s strategic initiatives on customer service.
“Being recognized as Africa’s best bank complements positive feedback from customers and is a recognition of our improving efficiencies, service quality and innovation.
“I therefore dedicate it to our growing loyal corporate and retail customers, who are our essence. Given our heritage commitment to Africa’s development, we continue to impact lives through our service as well as funding to individuals, businesses and government.”
Mr Uzoka added that, “The bank remains focused on its goal of democratizing banking in Africa, leveraging on new technologies and our rich pool of talent. It is satisfying that our efforts towards leadership are yielding great results.”
“We continue to gain market share across our chosen markets, as we deepen financial inclusion, meeting basic and complex financial service needs of the growing African population. We are Africans and determined to change the narrative of financial services in Africa and this is just the beginning,” he noted.
On his part, Mr Emeke Iweriebor, Regional CEO, UBA Francophone Africa, described the awards as exciting, stating that the bank’s great work in Africa is increasingly being recognized.
Mr Iweriebor who dedicated the awards to the bank’s esteemed customers, said, “Our pioneering innovations in the African banking sector are undoubtedly critical to the growth and development of the continent. Africa’s banking sector has come a long way but we still have a lot to do. We at UBA Group are dedicated to being a critical part of this transformation.”
He added that the bank will continue to leverage its local knowledge, global exposure as well as presence to drive positive change in Africa, working actively with the government, local businesses, regulators and other stakeholders in deepening financial services.
The Banker Award’s “Bank of the Year Awards” are widely regarded as the Oscars of the Banking Industry.
For 90 years, The Banker has been the world’s leading monthly journal of record for the banking industry. The organisers note that the aim of the awards programme is to highlight industry wide excellence within the global banking community.
The Banker selects one winning bank for each of the 120 countries that are covered. Over 1,000 applications are entered and judges select winning banks based on the ones that have made most progress over the past 12 months.
UBA was incorporated in Nigeria as a limited liability company after taking over the assets of the British and French Bank Limited who had been operating in Nigeria since 1949. The United Bank for Africa (UBA) Plc merged with Standard Trust Bank in 2005 and from a single country operation founded in 1949 in Nigeria – Africa’s largest economy – UBA has become one of the leading providers of banking and other financial services on the African continent. The Bank provides services to over 14 million customers globally, through one of the most diverse service channels in sub-Saharan Africa, with over 1,000 branches and customer touch points and robust online and mobile banking platforms.
UBA was the first Nigerian bank to make an Initial Public Offering, following its listing on the NSE in1970. It was also the first Nigerian bank to issue Global Depository Receipts. The shares of UBA are publicly traded on the Nigerian Stock Exchange and the Bank has a well-diversified shareholder base, which includes foreign and local institutional investors, as well as individual shareholders.
By Adedapo Adesanya
The Senate has demanded detailed explanation from the Central Bank of Nigeria (CBN) over the alleged non-remittance of N1.44 trillion in operating surplus.
The Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Mr Tokunbo Abiru, opened its statutory briefing with a firm call for transparency at the apex bank, noting that the Auditor-General’s query on the unremitted funds required a full, clear and documented response, insisting that public trust in monetary governance depended on strict accountability.
While acknowledging the CBN’s achievements in stabilising the foreign exchange market and reducing inflation, Mr Abiru underscored that such progress must be accompanied by institutional responsibility.
He stated the Senate expected the CBN to explain the circumstances surrounding the query, outline corrective steps taken and reveal safeguards against future lapses.
This came as the Governor of the central bank, Mr Yemi Cardoso, appeared before the senate committee and offered an extensive review of economic conditions, asserting that Nigeria was experiencing renewed macroeconomic stability across major indicators.
Mr Cardoso attributed the progress to bold monetary reforms, foreign-exchange liberalisation and disciplined liquidity management implemented since mid-2025.
According to him, headline inflation had declined for seven consecutive months, from 34.6 per cent in November 2024 to 16.05 per cent in October 2025, marking the steepest and longest disinflation trend in over a decade.
Food inflation accruing to him also slowed to 13.12 per cent, supported by improved supply conditions and exchange-rate predictability.
The CBN governor described the foreign-exchange market as fundamentally transformed, adding that speculative attacks and arbitrage opportunities had largely disappeared.
According to him, the premium between the official and parallel markets had fallen to below two per cent, compared to over 60 per cent a year earlier. As of November 26, the naira traded at N1,442.92 per dollar at the Nigerian Foreign Exchange Market, stronger than the N1,551 average recorded in the first half of 2025.
He also announced a sharp rise in external reserves to $46.7 billion, the highest in nearly seven years and sufficient to cover over ten months of imports.
Diaspora remittances, he noted, had tripled to about $600 million monthly, while foreign capital inflows reached $20.98 billion in the first ten months of 2025, 70 per cent higher than in 2024 and more than four times the 2023 figure.
Cardoso further confirmed that the CBN had fully cleared the $7 billion verified FX backlog, restoring investor confidence and strengthening Nigeria’s balance-of-payments position.
On banking-sector stability, he reported that recapitalisation efforts were progressing smoothly. Twenty-seven banks had already raised new capital, with sixteen meeting or surpassing the new regulatory thresholds ahead of the March 31, 2026 deadline, highlighting improvements in ATM cash availability, digital-payments oversight and cybersecurity compliance.
Despite the positive indicators, the Senate sought clarity on several policy decisions.
Mr Abiru pressed for explanations on the sustained 45 per cent Cash Reserve Ratio (CRR), the 75 per cent CRR applied to non-Treasury Single Account public-sector deposits, FX forward settlements, mutilated naira notes in circulation, excessive bank charges, failed electronic transactions and the compliance of CBN subsidiaries with parliamentary oversight.
He also requested an update on the activities of the Financial Services Regulatory Coordinating Committee, arguing that stronger inter-agency cooperation was necessary to maintain public confidence.
The session later moved into a closed-door 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.”
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