Business

We Build Fantastic Homes, Sell at Affordable Prices and Generally Care for Clients’ Needs – Ade Adebajo, CEO UT Homes

Published

7 years ago

January 26, 2019

Eric

By Eric Elezuo

The UT Group, in more ways than one has conquered the world of financial services with their their brand UT Financial Services, and testimonies abound. Today, the company, in its grand expansion drive, has diversified into what Nigerians need most – clean, solid affordable houses, and so the emergence of UT HOMES, which in the brief period it has existed has broken new grounds, provided an alternative that has marvelled clients and simplified the business of providing homes.

Sitting atop the enviable organisation is the workaholic and result oriented Chief Executive Officer, Mr. Ade Adebajo, who revealed to The Boss the mouthering delicacies UT HOMES has brought to the table. Excerpts:

What is UT Financial services all about?

As the name implies, UT Financial Services is an organisation reputed for giving glorious financial services to the public, and its service is as regulated by the Central Bank of Nigeria. We are regulated to perform the functions of loans giving, investments, capital raising and anything that concerns finance generally. Just mention it, and UT is basically equipped to handle it.

How long has UT Financial Services been in this great endeavour?

UT has been in existence for as long as 10 prolific years in Nigeria, and has been regulated by the CBN in those years.

In 10 years, what could you readily say are their achievements?

Mr. Ade Adebajo exchanging ideas with the Project Manager, Mr. Michael Olaiya

In the first place, the fact that we are still here and waxing strong indicates that we are doing something great in terms of functioning within the ambit of the law, giving enduring services to the public and helping to build and raise the GDP of Nigeria. It may interest you to know that about two months ago, the CBN revoked the licences of about 148 finance houses and micro finance companies involved in finance and loans but our professional standing stood us out, and we are still here.

Mr Adeabajo explaining a point

Again, in the market place, it has been noted even with the regulators that UT has grown. We have done very well. We have met all our obligations. We have had no complaints whatsover in those 10 years. We have been able to meet the demands of majority of our customers. We have brought in new products. We have also expanded our branches, all within a space of 10 years.

Apart from rendering financial services, what other expansion is associated with UT as a veritable group?

Having looked at the market, we noticed the shortage of housing among Nigerians, especially in Lagos and Ogun state, so we formed a sister company called UT HOMES. This company acquires properties and goes into Joint Venture with like minds (individuals or companies), built houses, rent them out and sell some of them at prices anyone can afford.

With Mr. Abraham Amkpa, the Chief Consultant

Still on UT HOMES, what can you say is its practical mission, vision and objective as the case may be?

At the moment, UT Homes is building nice and affordablre houses. We have targetted the segement of the market where people hardly go to – the low and medium income earners. In our consideration, we realised that somebody just have to cater for this set Nigerians, and we took it upon ourself to get them something also in the neighbourhood of luxury as well. Of course, there is still profit in it. So we build nice houses, gated communities and sell at moderate prices to those in that category. On top of that, if you are not able to pay, we offer you mortgage services and gove you the loan to buy it which is mutually beneficial. As you can see, UT is basically out to bridge the housing gap in the society.

You have spoken like you have the interest of your clients at heart and paramount?

A cross section of UT staff undergoing training

At UT, we have discovered that if your clients are not happy, the business will remain stunted – it wouldn’t grow so at the heart of everything, we put the interest of the clients above all else even at the expence of our profit. We the clients are happand vice versay, we make profit, and that is why we make every of our product affordable. At ut, it is always customers first. Our products are also tailor made. The client can come to us and discuss their terms as regards what they can afford. We are very flexible. We can make it suit your particular purpose. And that is why our concentration is on client satisfaction.

So far, what inroads have you made in this journey of satisfying customers and providing affordable housing at the same time?

So far, UT Homes is currently building a number of houses in Mowe – about 10 units in that particular location. It is a test run for that area, and people are already subscribing. And they like it. Honestly, they are fantastic buildings in a gated community. It is a place someone can acquire as a second home for relaxation at moderate price. At the same time, UT is in JV with another company in GRA, Ikeja to build about 18 – 20 units with swimming pool and other luxuries. These apartments will be rented out, also at affordable prices.

Mr. Adebajo explaining a vital point to a customer

Again, we are discussing with another company in the Aja area of Lagos for another set of apartments. We build, beat the cost down for the customer as it suits the environment.

What are the enabling environments as regards government policy, staff welfare and prolific builders that have propelled your firm to this height?

There are particularly no great challenge as God in the first place is involved in all our activities. The enabling environments are very positive. Lagos state for a start; it has been smooth sailing. In Ogun State, there was a bit of challenge and delay, but everything worked out in the end. The secret is have your paper work in good stead and there will be no problem. In terms of workforce, we have the best hand both in the field and in the office. Our builders are reputed and the equipment used are superb. Again, land is readily available as there are a lot of people who have seen our worth and what we can do and are willing to go into joint venture with us.

The symbol of UT Homes

Let’s put it succintly; why would I choose UT Homes among the plethora of home providers scattered everywhere?

The secret lies in this simple expression – we care. Let me surprise you – you can call us after you have bought and concluded transaction with us, in fact at anytime. UT Homes will sell to you a solid property made with the best of materials at the best of prices as well. We don’t just present ourselves to you as UT Homes; we present ourselves to you as your partner in growth, and monitor you every step of the way, resolving problems and challenges as they arise. It is that caring syndrome which most companies in the business don’t have. Over the the last 10 years, our client will testify that we actually do care.

Do we take it for granted that by ‘we care’, you mean you also offer after sales services?

Of course, we really do after sell services. More especially, once you are a UT customer, you have definitely become a family member and we go with you all the way. Take this scenario: a customer comes for loan from us, use it to start up his business and eventually pays up will still receive our assistance when they run into problems. There are more a handful of such cases. We don’t say because you have repaid our loan so we should leave you to stew in your own juice – no. We go with you all the way, and that is the meaning of we care. Once you have come into the fold, we see you as a client forever. Note that most of these challenges are not even UT’ s problems, but we will always listen. We direct them to the right places, help them correct basic presentations and all what nots. And that’s the basic difference – We care.

Now, let’s break down the ‘we care’ policy

By we care, we mean we care. We make our rent affordable. We care to train our staff on friendliness towards the customer. We care to consider your business even after you are through with us. We also care enough to help you navigate your business. This is beyond the scope of our business. Our rates are above all, fantastic.

In five years, where do you see UT Homes?

In five years, I see UT Homes spread all over Lagos. We are already giving good returns on investment, delivering quality products, which, as they are adding up, people continue to notice. And when they do, they come looking for us, and that’s how the spread will multiply. However, the ultimate is catching the attention of the Lagos State government towards replicating what we do on a greater level. That’s where I see us going.

Any possibility of spreading beyond Lagos State and across Nigeria?

Well. we are already in Ogun State and will soon be in Port Harcourt and other places. We already have a strong presence in Ghana and we are moving on.

What would you say to those aspiring customers out there looking for you?

Come let us discuss, and you will be happy you did. Come to 1437 Sanusi Fafunwa, Street, Victoria Island or 3/5 Regina Omolara Street, off Opebi Road, Ikeja.

Thank you very much Mr. Adebajo

Thank you

Business

UBA Unveils Diaspora Platform to Connect Global Africans with Investment Opportunities

Published

2 weeks ago

February 15, 2026

Eric

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has unveiled a diaspora banking and investment platform designed to serve Africans living and working across the world and within the continent.

The platform, launched in collaboration with leading ecosystem partners including United Capital, Africa Prudential, UBA Pensions, Afriland Properties, Heirs Insurance Group, and Avon Healthcare Limited — represents a major step in redefining diaspora banking beyond remittances toward structured wealth creation and long-term investment.

At the unveiling, which took place at UBA’s global headquarters in Lagos under the theme: “Beyond Banking: Powering the Global African Lifestyle, all the company representatives were on hand to showcase a seamless platform that goes beyond remittances, wealth creation, protection, and long-term prosperity.

Speaking at the event, UBA’s Head of Diaspora Banking, Anant Rao, described the initiative as a strategic shift in how Africa engages its global citizens.

“For decades, Africa’s engagement with its diaspora has focused largely on remittances. Today, we are moving beyond that. This platform represents a transition from simple money transfers to a financial ecosystem where Africans globally can bank, make payments, invest, protect their families, and build long-term wealth seamlessly,” he said.

Rao noted that African diaspora remittance flows exceed $100 billion annually, making them one of the most resilient and consistent sources of capital into the continent.

“Diaspora capital is not just a flow of funds — it is a strategic growth partner for Africa.
Our role is to provide a trusted platform that converts capital into structured investment and shared prosperity across the continent.”

The objective is to provide a platform that brings together offerings across the numerous needs of the Global African, including Banking and payments, Investments, securities services, asset management, Insurance, Pensions, real estate and Pensions.

Through this coordinated ecosystem, diaspora customers can access financial solutions across multiple sectors through a single trusted platform, enabling them to manage their financial lives and family commitments across borders with ease and transparency.

UBA’s Group Head, Marketing and Corporate Communications, Alero Ladipo, emphasised the importance of collaboration in delivering a seamless diaspora experience.

“The modern African is a global citizen — mobile, ambitious, and deeply connected to home. Whether living in Africa, Europe, the Americas, or the Middle East, there must be a structured and secure financial connection back home. This platform ensures that Africans everywhere can remain economically connected to the continent with confidence and transparency.”

Partners within the ecosystem highlighted growing demand among diaspora Africans for structured investment opportunities, secure property ownership, insurance protection, and long-term financial planning.

United Capital showcased globally accessible investment products designed to deliver professionally managed and transparent wealth creation opportunities.

Afriland Properties emphasised structured and well-governed real estate investment pathways for diaspora clients.

Heirs Insurance highlighted protection solutions for life, and assets, while Avon Healthcare Limited demonstrated healthcare access and insurance solutions for families across borders.

Africa Prudential and UBA Pension reinforced digital investment management and long-term pension savings solutions designed to support diaspora participation in African capital markets.

Together, the partners underscored a shared commitment to providing diaspora Africans with credible, transparent, and professionally managed financial pathways.

Rao also reiterated the guiding philosophy of Africapitalism, championed by UBA’s Founder and Chairman, Mr. Tony O. Elumelu, CFR.

He explained that Africapitalism is the belief that Africa’s private sector must play a leading role in the continent’s development by making long-term investments that generate both economic returns and social impact.

As Africa continues to position itself as one of the world’s most dynamic growth frontiers, UBA believes mobilising diaspora capital through trusted financial institutions will be central to shaping the continent’s next phase of development.

“Africa will increasingly be financed by Africans themselves, including Africans abroad.

“Our responsibility is to build the trusted financial infrastructure that makes this possible.

“When Africa’s global citizens invest back into Africa, growth becomes inevitable,” he concluded.

Business

Dangote Refinery’s Crude Distillation Unit and Motor Spirit Block Hit 650,000bpd Capacity

Published

2 weeks ago

February 12, 2026

Eric

Dangote Refinery’s Crude Distillation Unit and Motor Spirit (MS) Block Hit 650,000 bpd Capacity
…First Refinery In The World to Attain This Feat

The Dangote Petroleum Refinery has achieved a major operational milestone with the full restoration and optimisation of its Crude Distillation Unit (CDU) and Motor Spirit (MS) production block. Both units are now running at optimal performance, further strengthening the steady state operations of Africa’s largest oil refining facility.

Following a scheduled maintenance exercise on the CDU and MS Block, the refinery has commenced an intensive 72 hour series of performance test runs in collaboration with licensor UOP. These tests are designed to validate operational efficiency and confirm that all critical parameters meet global standards.

Chief Executive Officer, David Bird, noted that the seamless integration and strong performance of the units demonstrate the refinery’s advanced engineering and robust operational capabilities.

“Our teams have demonstrated exceptional precision and expertise in stabilising both the CDU and MS Block, and we are pleased to see them functioning at optimal efficiency. This performance testing phase enables us to validate the entire plant under real operating conditions. We are confident that the refinery remains firmly on track to deliver consistent, world class output.

This milestone underscores the strength, reliability, and engineering quality that define our operations. We remain committed to producing high quality refined products that will transform Nigeria’s energy landscape, eliminate import dependence, and position the nation as a net exporter of petroleum products.”

Bird added that the CDU and MS Block, which comprise the naphtha hydrotreater, isomerisation unit, and reformer unit, are now operating steadily at the full nameplate capacity of 650,000 barrels per day. He further confirmed that all remaining processing units will begin their respective performance test runs in Phase 2, scheduled to commence next week.

During the recent festive period, the refinery supplied between 45–50 million litres of Premium Motor Spirit (PMS) daily. With the CDU and MS Block now fully restored, the refinery is positioned to comfortably deliver up to 75 million litres of PMS to the domestic market as required.
Expressing appreciation to customers and Nigerians across the country, Bird reaffirmed the refinery’s unwavering commitment to enhancing Nigeria’s energy security while supporting industrial development, job creation, and economic diversification.

Business

FirstHoldCo Grows Gross Earning to N3.4trn for Unaudited Full Year 2025

Published

4 weeks ago

February 1, 2026

Eric

First HoldCo Plc has announced its unaudited financial results for the year ended 31 December 2025, reflecting a year of deliberate strategic actions aimed at strengthening its balance sheet, improving asset quality, and positioning the business for more resilient and sustainable growth amidst successful capital raise activities.

As stated in the unaudited Group financial statement, FirstHoldCo recorded a 4.8% year-on-year (y-o-y) increase in its Gross earnings to N3.4 trillion, supported by a 36.3% y-o-y growth in net interest income of N1.9 trillion on the back of enhanced earnings yield and margins of 17.11% and 11.0%, respectively. Similarly, net fees and commissions improved by 18.7% y-o-y to N290.7 billion. These are clear indications of the strength of the revenue generating capacity of the core business which continues to be solid. Earnings for the year were, however, lower than the prior year, primarily due to higher impairment charges in the commercial banking segment. This is in line with a deliberate strategic decision to accelerate balance sheet clean-up and adopt more aggressive provisioning standards. Management views this as a prudent step that enhances transparency, strengthens investor confidence, and aligns fully with evolving regulatory expectations.

Additionally, increased regulatory costs affected profitability. These charges, while weighing on the results, underscore the Group’s compliance with Nigeria’s financial system stability framework and its commitment to ensuring systemic confidence. Despite these pressures, underlying performance of the Group remains strong.

Deposit liabilities grew by 10.0% y-o-y, driven by sustained deposit mobilisation and continued investment in digital banking platforms. This growth reflects strong customer confidence and deepening engagement across key segments. The deposit mix also showed a deliberate reduction in foreign currency deposits, resulting from the repayment of expensive funding and the impact of naira appreciation. This shift supports improved funding efficiency and reduces foreign exchange risk.

Gross loans and advances declined marginally, reflecting a disciplined approach to credit growth, strengthened risk management, loan repayments, write-offs, and the translation impact of a stronger naira on foreign currency facilities. The Group intensified its commitment to ensuring a high-quality, cleaner asset base, aiming to optimise the portfolio and enhance future earnings potential.

Furthermore, performance in earnings was impacted by a decline in non-interest income, mainly due to lower fair value gains on financial instruments following the naira appreciation in 2025. However, this was partially offset by stronger foreign exchange (FX) trading income and reduced FX revaluation losses. Net fees and commission income also grew, supported by higher electronic banking fees, letters of credit commissions, custodian fees, and account maintenance income, reflecting the continued success of the Group’s digital-innovation strategy.

While impairment charges increased following the end of regulatory forbearance, management has intensified recovery initiatives and reinforced credit oversight. Excluding impairment and fair value gains, pre-provision operating profit grew by 23.9% y-o-y to N973.3 billion demonstrating robust performance of the core business.

Apart from the commercial banking impairments, performance across the rest of the Group remained resilient, supported by steady customer activity and disciplined execution.

Looking ahead, the Group will continue to prioritise disciplined execution of its strategic objectives, with emphasises on enhancing efficiency and profitability, continuing to build on the Group’s digital and data capabilities, while sustaining a robust balance sheet to support increased value creation and returns for shareholders. Alongside this, the Group will pursue selective growth initiatives, including new revenue streams, additional business verticals, and deeper participation in targeted African markets, in line with our strategy and risk appetite.

Further details and insights are to be provided when the audited full-year results are published and during the subsequent investor and analyst earnings call.