The Central Bank of Nigeria (CBN), on Monday, announced the revocation of the operating licence of Heritage Bank Plc with immediate effect.

In a statement issued by CBN acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank said the move was in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 (1l of the Banks and Other Financial Act (BOFIA) 2020.

This followed a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.

Sidi Ali said, “Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.”

The Naira has recorded its biggest gain in a couple of weeks against the American dollar to trade at N1, 339/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

At the end of trading on Monday, the Naira gained N143 against the dollar compared to the previous exchange rate of N1,482/$1 on Friday, May 24, 2024.

The intra-day high and low recorded during the day were N1,501/$1 and N1,310/$1 respectively, representing a lean spread of N191/$1.

However, the Naira slumped against the dollar at the parallel section of the market, to trade at N1,520/$1 representing a loss of N10 compared to the N1,510/$1 it traded the previous trading day

Similarly, the Naira slumped against the British Pound to trade at N1,920/£1 as against the previous trading price of N1,900/£1 representing a loss of N20 for the local currency,

The Canadian dollar closed flat against the Naira to trade at N1,200/CA$1, same as the previous trading day rate of N1,200/CA$1.

The Naira also slumped against the Euro to trade at N1,600/€1 as against the rate of N1,580/€1 the previous trading rate, representing a loss of N20 in the local currency.

By Eric Elezuo

Africa’s global bank, the United Bank for Africa (UBA) has reiterated that commitment and dedication to building relationships with customers, staff, regulators, relevant stakeholders and the general public, remains its primary objective.

The bank made known this fact through its Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, on Monday, while addressing a global press conference at the corporate headquarters on the Marina, Lagos, on the road to greatness as the bank hits a legendary 75 unbroken years of banking invincibility.

Anchored by Arise News presenter, Boston Omafaye, the gathering was an opportunity to present firsthand the strides the bank has made in the anals of Nigerian banking history as well the spectacles of pan African bank, the Africa’s global bank.

The proceedings kickstarted with a welcome address by the Group Deputy Managing Director, Mr. Muyiwa Akinyemi, who expressed satisfaction and joy at the announcement of the super Diamond jubilee of the bank.

“Today, we gather to announce a remarkable milestone in transmission journey of United Bank of Africa, our 75th Anniversary. This anniversary is very dear to us, here in UBA not only in Math, our legacy signifies our transmission journey from the British and French Bank established in 1949 to becoming the lead financial service institution in Africa in the entire Africa’s global bank. UBA, today operates across four continents; present in 20 African countries, United States of America, United Kingdom, France and United Arab Emirates. Over the past 75 years, we have exemplified stability, reliability and excellence in banking, achieving numerous milestones, some of which will be listed today, impacting positively in the community we serve, our commitment as well as our financial strength and resilience over the years have been key to our success; our robust performance, especially in the last couple of years and commitment to exceptional excellence.

“I am sure, for everyone in this room that you agree that UBA remains an attractive investment as it continues to imbibe exceptional values to our dear holders at UBA, earning sustainable goals per success.

In his address, which followed shortly, the GMD/CEO reminded all and sundry that UBA has a long history of men and women, who have contributed to creating the financial service power house that the bank has become. He, therefore, deemed it right to give appreciative glances to deserving contributors to the high flying status of the bank.

“So it is right for me, first and foremost to acknowledge and appreciate all those that works in UBA in various capacities over the years. I would like to appreciate all Former group board chairman, all former MD/CEOs of UBA, all former members of the board, all former members of the executive management committee of UBA, all former executive committee members and executives all over various countries in Africa where we are present, all those that work as drivers in UBA, all those that work as security men in UBA, all those that worked and retired as dispatch riders, all those that served the customers over the years, I will like to appreciate you and commend you for your contributions in UBA,” the GMD said.

He observed also that while honoring the past leaders of UBA, the present must be commended for holding the forte, while looking forward to future leaders who will continue to raise the bars of banking in Africa globally.

“To this end”, he said, “permit me to also celebrate our current executive and board members that are working tirelessly across the four continents, the board members of UBA, All staffs of UBA, for all your sacrifices, contributions, support and guidance over the years, we would not be where we are today…Our group chairman truly deserves special recognition.

“Without that push in 2005 and the tutelage, I doubt we would be where we are today. For this and more, we say a resounding thank you to you. I will like to also take this opportunity to thank all customers of UBA around the world for your consistent support and patronage over the years. You meet several people all the time and they will tell you that they are the third and fourth generation of UBA customers in their families, that their grandparents and parents were customers of UBA and their children currently carry ATM cards in child banking. This is the strength of UBA. This milestone is not just a celebration of longevity but a testament to the zealous ovation and unwavering commitment to excellence that defines UBA journey over the years.”

Alawuba went on to reel out the initiatives, deliverables and achievements of the bank in the last 75 years and a projection of the future as follows:

“As we reflect on the significance of people making the chart, it is important to note that UBA means different things to different people. To some, UBA is a trusted financial party, for others, UBA is a beckon of stability and reliability in the governmental partner in government community across Africa as well as a catalyst for Africa development.

“Since the inception in 1949, UBA has been grown for a modern beginning in Lagos to a global financial institution with present in 20 African countries and in 4 global financial left centers of the world, in New York, in London, in Paris.

“Today, we have over 25,000 staffs, over 35 million personnels served through multiple channels, over two hundred and fifty terminals, over two thousand ATM cards, one thousand business offices and close to 20 million card customers.

“The past 75 years have been marked by stability and excellence. UBA is the first bank in Nigeria to offer initial public offering in 1970. UBA is the first bank in the banking system of Nigeria to be listed on the Nigeria stock exchange. UBA is the only bank in Sub Saharan Africa that has a deposit taken licence in the United States of America. UBA is the first bank in Nigeria to install an ATM. Because of our commitment to the youths, UBA is the first bank to open a campus branch in the university. UBA is the first bank in Nigeria to move beyond the shores of Nigeria to open a subsidiary in Africa and that is UBA Ghana in 2005.

“UBA is the first bank to have the first female chairperson in Nigeria. Mobile banking was first introduced in Nigeria by UBA. And recently, we launched the first multilingual chart war banking in Nigeria.There are too much of these that time will not permit me to list. Amidst economic challenges and marketers, UBA has demonstrated remarkable financial strength and resilience. Our straining performance especially within the last one year is a testament to our robust fundamentals and strategic decisions that we have taken. As we navigate through the other chaining landscape, we remain committed to creating a value for our stake chair holders and paparazzi on mining opportunities in the market.

“Innovation and digital transformation are the key act of UBA strategy for future growth and competitiveness. We will continue to invest in innovating products, services on social platforms that enhance customer experience and drive proportional efficiency.

“Our commitment to corporate social responsibility is strong with initiatives focused on education, healthcare, entrepreneurship thus making a concrete impact on communities across Africa.

“Looking at this, our vision is clear; to be a role model for African businesses. UBA is one bank uniting Africa and connecting Africans to the world and the world to Africa. Our primary focus is to be the permanent bank for capital growth, trade and investment between Africa and the rest of the world. We are committed to expanding our presence, ceasing opportunities as a value to all stakeholders. Collaborations and partnerships are exemplified by the recently signed agreement that we had with African continental Secretariat where UBA is putting forward $6 billion for SME funding for Africans.

“We are dedicated to building relationships with customers, employees, regulators and other stakeholders for mutual benefits and long term success.

“As I round up, I will like to reiterate UBA’s commitment to personal philosophy which is our primary business strategy; The customer is our employer, and the sole reason we come to work. Our key pillars of service; people, technology and process are all geared towards the delivery of excellence customer experience which is our promise.

“As we embark on the next phase of our journey, I urge all stakeholders to continue their support and collaboration with UBA. Together, we will ride the next chapter of success for United Bank of Africa plc.

“In conclusion, I will like to leave you with the words of philosopher and social critic, Soren Gilbert and I quote, ” honour the past, celebrate the present, embrace the future, life can only be understood backwards but it must be lived forward.”

The 75 year anniversary is a stretched celebration that will culminate in a gala nite in November 2024.