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UBA Rakes N560bn in 2019, Proposes 80 Kobo Dividend

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UBA Dividend

By Dipo Olowookere

In its tradition of rewarding shareholders, United Bank for Africa (UBA) Plc, has proposed a final dividend of 80 kobo for every ordinary share of 50 kobo held by its shareholders.

This cash reward is for the financial year ended December 31, 2019. The final dividend, which is subject to the affirmation of the shareholders at its Annual General Meeting (AGM), will bring the total dividend for the year to N1, as the bank had paid an interim dividend of 20 kobo earlier in the year.

Yesterday, the pan-African financial institution announced its audited results for the 2019 full-year, recording impressive growth across top and bottom lines.

According to the 2019 financials, the bank’s gross earnings grew by 13.3 percent to N559.8 billion from N494.0 billion in the prior year, while the total assets also grew significantly by 15.1 percent to an unprecedented N5.6 trillion for the year under review. This is the first time the bank’s gross earnings and assets will respectively cross the N500 billion and N5 trillion marks.

Notwithstanding the challenging business environment in Nigeria, the bank’s profit before tax was impressive at N111.3 billion, compared with N106.8 billion at the end of the 2018 financial year.

Furthermore, the profit after tax rose by 13.3 percent to N89.1 billion from N78.6 billion recorded in 2018, while on the cost side, operating expenses grew by 10.1 percent to N217.2 billion, as against N197.3 billion in 2018, well below average inflation rate within the period, a reflection of cost efficiency gains.

These results depict UBA’s deepening of its pan-African business strategy, given the growth in the contribution of its 19 African subsidiaries to the group’s net earnings and total assets. Ex-Nigeria operations’ contributed 46 percent to the pre-tax profit in the year under review.

In addition, lender has been deploying innovative lifestyle products to expand its market share across sub-Saharan Africa, leveraging its presence in the United Kingdom, United States of America and France, to build a true Africa’s Global Bank, facilitating trade and capital flows between Africa and the rest of the world.

UBA recorded a remarkable 20.2 percent growth (to N2.1 trillion) in loans to customers, whilst customer deposits increased by 14.4 percent to N3.8 trillion compared with N3.3 trillion recorded in the corresponding period of 2018.

This reflects increased customer confidence, enhanced customer experience, early wins from the ongoing business transformation programme and the deepening of its retail banking franchise.

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 dipo.olowookere@businesspost.ng

Banking

Defunct Diamond Bank Founder Pascal Dozie Dies Day to 86th Birthday

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By Modupe Gbadeyanka

A veteran bank and founder of the defunct Diamond Bank Plc, Mr Pascal Gabriel Dozie, has died at the age of 85.

The former chairman of MTN Nigeria, a leading telecommunications firm, died in the early hours of Tuesday, April 8, 2025, just a day to his 86th birthday.

The Nigerian entrepreneur and businessman chairman of Pan-Atlantic University established Diamond Bank in 1990. The company later became one of Nigeria’s most respected financial institutions.

The current Governor of Abia State, Mr Alex Otti, once headed the lender before handing over to the founder’s son, Mr Uzoma Dozie, when he veered into politics.

Diamond Bank merged with Access Bank in 2019.

Mr Pascal Dozie, who was once the President of the Nigerian Exchange Limited, then known as the Nigerian Stock Exchange (NSE), was born on April 9, 1939, in Egbu, Owerri, Imo State, and began his career as an economist at the National Economic Development Office in the United Kingdom.

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FCT Communities Get Food Packs from Fidelity Bank

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By Modupe Gbadeyanka

Some food packs have been distributed to residents of the Federal Capital Territory (FCT) Abuja recently by Fidelity Bank Plc as part of i​ts Corporate Social Responsibility (CSR) initiatives under the Fidelity Food Bank.

This is one of the key pillars of the bank’s CSR strategy, focusing on health and social welfare. As a nationwide project, the initiative seeks to provide food relief to underserved communities across Nigeria, with a particular focus on supporting women and children.

Officials of the financial institutions distributed the food items to seven communities in the Mabushi district of the FCT.

One of the beneficiaries, Mr Mukhtar Mohamed, expressed his gratitude to the bank, acknowledging the significant impact of food distribution.

Similarly, the District Head of Mabushi Community, Mr Hassan Danagna, commended Fidelity Bank for its generosity and its impact on the community.

“Fidelity Bank’s support to our community is unprecedented, and we are deeply grateful for this initiative, which provides relief to vulnerable households and less privileged families.

“Given the current economic challenges, this support is timely, particularly as we approach the holy month of Ramadan,” Mr Danagna stated.

Speaking at the distribution event, the Executive Director for North at Fidelity Bank Plc, Mr Sufiyanu Garba, emphasized the lender’s commitment to community development and its alignment with Sustainable Development Goal 2, which seeks to eradicate hunger.

“This initiative stems from our deep-seated responsibility to support underserved communities and contribute to the fight against hunger in Nigeria.

“At Fidelity Bank, we firmly believe that by addressing the root causes of poverty and hunger, we can make a meaningful impact on the lives of those in need.

“While we may not be able to solve all societal challenges, our contributions are making a difference, as evidenced by the positive feedback we continue to receive,” Mr Garba said.

“We recognize the importance of fostering growth and prosperity within the communities where we operate. By investing in their well-being, we contribute to the creation of a more sustainable and equitable society,” he added.

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Over 100 Exhibitors for 2025 Oja Oge by Ecobank

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Oja Oge by Ecobank

By Modupe Gbadeyanka

The second edition of Oja Oge by Ecobank Nigeria Limited will attract more than 100 exhibitors, who will showcase their products to potential customers.

The 3-day fashion, beauty, wellness, and lifestyle exhibition will take place at the state-of-the-art Ecobank Pan African Centre (EPAC) in Lagos from April 18 to 20, 2025, at 10 am.

The financial institution is organising the 2024 edition following on the immense success of its first edition last year.

This programme will have exhibitors displaying a wide range of fashion, beauty, wellness, and lifestyle products, as well as entertainment offerings.

Oja Oge by Ecobank provides a dynamic platform for businesses to engage with a diverse audience of shoppers and entrepreneurs.

Already, Ecobank Nigeria has partnered with leading corporates in the telecoms, payments, airline and FMCG space – Airtel Nigeria, Flutterwave, Qatar Airways and Maltina respectively to deliver this second edition of its premier fashion pop up event Oja Oge over the Easter weekend.

Oja Oge by Ecobank offer premium entertainment and provide a platform for local vendors to showcase and sell their products to a wider audience.

Participants will also have the chance to network and build relationships, gaining access to new markets. For us, as a Pan African bank, supporting small businesses in this way is a core part of our mission,” the Head of SME, Partnerships, and Collaborations at Ecobank, Ms Omoboye Odu, stated.

“Participation is free, and we invite everyone to come along with family and friends to enjoy the fair. It’s not just about buying and selling; it’s an opportunity to experience the creativity and luxury of current fashion and lifestyle trends, alongside a variety of music, food, and entertainment,” she added.

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