Business

FirstBank Marches on, Brings the World to a Standstill

Published

6 years ago

March 4, 2019

Eric

Nigeria’s Premier financial institution and iconic banking Brand, First Bank of Nigeria Limited had the world stand still on Friday, 1 March 2019, as it held its symbolic flag hoisting ceremony across Nigeria and other countries where it does business. The celebratory flag hoisting officially flags off the bank’s commemoration of attaining the milestone year of 125.

The event was also to reinforce the Bank’s continuous march to greatness; a march that exemplifies tenacity, doggedness, viability, socio-economic impact and commitment across the length and breadth of Nigeria, Africa’s largest economy.

CEO, FirstBank, Dr. Sola Adeduntan, delivering his Welcome address

The flag hoisting ceremony was held in honour of the Bank’s illustrious journey that started 125 years ago, a journey that encompasses more than half a dozen nations across Africa, Europe and Asia; notably Ghana, DR Congo, Sierra Leone, Senegal, Gambia, Guinea, China, UK and France.

The distinctively designed anniversary flag comprised the Bank’s iconic logo – the elephant head in the yellow gold dynamic shape; the figure 125 written in The Dreamer Font with the number “5” chipped out of an elephant tusk; the weaving needle; the embroidered fabrics from different cultures – Yoruba Adire, Tiv Lishi, Ghana Kente, the Scottish kilt to illustrate the diversity of a brand that transcends beyond borders and across Continents.

Cross section of dignitaries at the event

In the course of the event, the symbolic flag was presented to the Oba of Lagos, his Royal Highness, Oba Rilwan Akiolu, in recognition of his traditional leadership of Lagos, the State where the journey began 125 years ago; the Chief of Naval Staff, represented by Rear Admiral Adebari, in recognition of the movement across the waters by the Bank’s founders from the United Kingdom; the Deputy Governor of the Central Bank, Mr Adebisi Shonubi represented by Director of Banking Operations, Dipo Fatokun as the event is not just about FirstBank but to pride the industry as one that has impacted the Nation through a century and a quarter years and lastly, the Chief Executive Officer, the Nigerian Stock Exchange, Oscar N. Onyema, signifying the Bank as the oldest listed company.

In the welcome address delivered by the Bank’s Chief Executive Officer, Dr Adesola Adeduntan, he noted that the flag symbolises the identity, impact, permanence and reverence of a long-standing institution which predates Nigeria as a unified entity and added that FirstBank is entrenched in the nation’s development; woven into the very fabric of society, with the Bank’s involvement in every stage of national growth and development.
Reinforcing the Bank’s Corporate Responsibility and Sustainability, whilst forging ahead into the future, across its business location, Adeduntan said “Supporting our host communities to promote sustainable development and of course, putting You First, in all our business activities are some of the many secrets of our long existence. We are now building for the next 125 years and beyond; purposefully blazing the trail in our industry and ensuring that we maintain our leadership position.

Chairman, FirstBank, presenting the flag to the Oba of Lagos

Expressing his goodwill message to the Bank, the Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar N. Onyema OON buttressed the Bank’s impact on the Nigerian Stock Exchange. He said “FirstBank is one of the very first companies to be listed on the Exchange and they have become a bellwether for us when you look at the Banking industry.

In addition Onyema identified the leadership role by the Bank in the NSE stating that “They have also produced a number of Presidents of the Council of the Exchange; from Oba Otudeko to Asabia and other captains of industry that FirstBank has offered to the Nigerian Stock Exchange.

GMD, FBNHoldings handing over the anniversary flag to the CEO, NSE, Mr. Oscar Onyema

Also speaking, Mr Adebisi Shonubi, Deputy Governor of the Central Bank of Nigeria, represented by Director of banking operations, Dipo Fatokun lauded the bank for its achievement in the development of the financial sector and Nigeria as a whole.

Shonubi said that the history of the Central Bank of Nigeria cannot be written without the name of the Bank, FirstBank, lettered in gold, as the Bank has impacted the nation at large.

Other eminent personalities and dignitaries at the event include the former Managing Director of FirstBank and former Governor of the Central Bank of Nigeria, Mr Joseph Sanusi; immediate past Managing Director of the Bank, Mr. Bisi Onasanya; Former Nigerian Minister of Industry and former President of the Lagos State Chamber of Commerce and Industry, Mrs. Nike Akande and former Nigeria’s Minister of Communication Technology, Dr Omobola Johnson.

Horse guards parade by the Nigeria Police were at the venue to add to the glitz and glamour of the event as well the military band who were on ground to provide music throughout the event, thereby instilling the Bank’s resolve to foster its support to customers, Nigeria and other locations across Continents where the Bank operates.

The anniversary flag and flag of countries where the Bank does business were hoisted at the Bank’s headquarters to represent the nations, peoples and the diversity the Bank represents.

The 125 anniversary celebration will continue all through the month of March and through the year with other activities which include the Bell Ringing at the Nigerian Stock Exchange; a religious thanks-giving to be held in churches and mosques across Continents and locations of its business activities; the Anniversary Lecture; the Anniversary Gala Dinner & Command drama Performance by the famed Bola Austen Peters group among others. Staff and customers of the bank will also have the opportunity to participate in the milestone ceremony with donations and volunteering efforts as part of the bank’s Corporate Responsibility and Sustainability initiative, SPARK (Spreading Acts of Random Kindness)

Business

NNPC Slashes Petrol Price to N935 Per Litre in Abuja

Published

4 weeks ago

April 21, 2025

Eric

The Nigerian National Petroleum Company (NNPC) Limited has reduced its premium motor spirit price in Abuja.

Some motorists in Abuja confirmed the new fuel price adjustment at some NNPC retail outlets.

Reports quoted Abdullahi Hashim, a resident of Kubwa, Abuja, to have said: “I observed the drop in the fuel price to N935 per litre on Saturday morning. It is a welcome development.”

“I think I first saw this new price adjustment in Town, Wuse Zone 4 area, on Friday. NNPC filling station at Kubwa Expressway is just reflecting it,” Bukola Adewole also said.

The development comes after Dangote Refinery announced in its ex-depot petrol price to N835 per litre from N865.

The 650,000 barrels per day refinery had announced that its partners, such as MRS and AP filling stations, are expected to sell petrol between N890 and N920 per litre, depending on the location.

Meanwhile, MRS filling stations in Abuja have not been dispensing petrol since Wednesday, April 16, 2025, when Dangote Refinery announced a slash in ex-depot petrol price.

Business

2025: UBA Charts Path, Focuses on Innovation, Sustainability, Expands Operations to Saudi Arabia, France

Published

2 months ago

March 31, 2025

Eric

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has outlined its roadmap for the 2025 financial year, with a strong focus on innovation, digital transformation, physical and financial strength as well as its global reach.

On the back of its full-year financial performance for the year 2024, which was released to stakeholders on Tuesday, the bank disclosed plans to accelerate growth through strategic investments in technology, enhanced risk management frameworks, and capital efficiency.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who was speaking to its global investors during the Full year 2024 Investors Conference Call, which held at the UBA Head Office on Thursday, explained that the performance reflected broad-based growth across its core businesses, surpassing previous records and reinforcing its status as a leading global financial institution.

At the end of the 2024 full-year, the bank delivered an exceptional financial performance as the results showed an impressive rise in the bank’s profit after tax which went up by 26.14 percent to close the year at N766.6 billion up from N607.7 billion recorded at the end of the 2023 fiscal year.

Its Gross earnings also grew significantly from N2.07tn recorded at the end of the 2023 financial year to N3.187tn in the period under consideration, representing a 53 percent growth.

Despite the highly challenging global economic and business environment, UBA recorded a profit before tax of N803.72 billion representing a 6 percent increase from N757.68 billion recorded at the end of the 2023 financial year.

Consequently, UBA Group Shareholders’ Funds rose from N2.030 trillion as at December 2023 to close the 2024 financial year at N3.419 trillion, achieving an impressive growth of 68.39 percent.

As a result of the impressive performance the bank proposed a final dividend of N3.00 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2024.

Alawuba told the investors at the meeting that the bank is set to further surpass its growth projection through strategic investments in technology, enhanced risk management frameworks, and disciplined capital efficiency.

“We will continue to push the frontiers of innovation and technology adoption to build sustainable value for shareholders by making strategic investments in technology. Our team of committed and motivated workforce will continue to work assiduously to sustain our performance and propel the bank in delivering high-impact, customer-centric product offerings,” Alawuba stated.

He disclosed that the bank is on course to sustain the momentum that it has achieved in the past years, adding that “We shall remain focused on best-in-class risk management strategies in navigating emerging market uncertainties while ensuring financial strength, full regulatory compliance, and long-term sustainability.”

This performance underscores UBA’s ability to generate sustainable revenue growth through core operations, including increased loan book growth, deposit mobilization, and transaction banking.

While disclosing the Bank’s finalisation of its planned expansions to France and Saudi Arabia, he said that the Bank’s ex-Nigeria (Rest of Africa & International) operations have expanded significantly over the past five years, now contributing 51.7% of Group revenue, up from 31% in 2019, “delivering diversification benefits and further boosting long-term shareholder value. This will continue to grow, as we further explore strategic markets that align with our overall vision.”

UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the bank recorded triple digit growth in net interest income, resulting in remarkable improvement in net interest margin from 6.83 percent in 2023 to 9.14 percent, while also recording strong double-digit growth in fee and commission income lines of 91.66 percent.

He explained that as the bank navigates evolving risks, its management remains focused on responsible growth, delivering customer-focused value propositions, whilst ensuring compliance with regulatory requirements in all jurisdictions.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

Business

2024: UBA Grows Profit to ₦804bn, Declares N3.00 As Final Dividend

Published

2 months ago

March 25, 2025

Eric

Solid core earnings drive growth in profitability and returns…

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2024, with all its major indicators witnessing significant improvement.

The 2024 financials, filed with the Nigerian Exchange Limited (NGx) on Monday, showed an impressive rise in the bank’s profit after tax which went up by 26.14 percent to close the year at N766.6 billion, up from N607.7 billion recorded at the end of the 2023 fiscal year.

The Bank’s gross earnings also grew significantly from N2.08tn recorded at the end of the 2023 financial year to N3.19tn in the period under consideration, representing a 53.6 percent growth.

Like in the previous years, the banks’ total assets also rose remarkably by 46.8 percent, from N20.65 trillion in 2023, to close at N30.4 trillion in December 2024; signifying a milestone leap for the bank with the largest spread across the continent.

Despite the highly challenging global economic and business environment, UBA recorded a profit before tax of N803.72 billion representing a 6.1 percent increase from N757.68 billion recorded at the end of the 2023 financial year.

Consequently, UBA Group Shareholders’ Funds rose from N2.030 trillion as at December 2023 to close the 2024 financial year at N3.419 trillion, achieving an impressive growth of 68.39 percent.

As a result of the impressive performance and in fulfilment of the promise made by the UBA Group Chairman, Tony Elumelu, to shareholders at the last Annual General Meeting, the Bank proposed a final dividend of N3.00 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2024. This brings the total dividend in the year to N5.00. The final dividend is subject to the ratification of the shareholders during its upcoming Annual General Meeting (AGM).

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who expressed excitement at the results, stated that the 2024 financial performance demonstrates the bank’s continued focus on driving earnings growth, preserving asset quality, expanding business operations and deepening market share.

“Our continued investment in our highly diversified global network allows UBA to deliver high quality, consistent earnings. Our businesses have been able to grow product and service income and expand our deposit base, allowing the Group to increase earnings, while maintaining strong spreads and margins,” Alawuba highlighted.

According to him, “With total deposit increasing by 42.03 percent from N17.4 trillion in 2023 to N24.7 trillion and total assets hitting N30.4 trillion from N20.7 trillion, the just released results reflect broad-based growth across all core businesses and were achieved despite prevailing macroeconomic challenges, geopolitical uncertainties, and exchange rate volatilities.”

The GMD expressed excitement at the marked improvement recorded in the bank’s core earnings profile, as he explained that the profit is derived from high-quality income streams from funding intermediation, fees and commissions, thus reflecting strong long-term, sustainable revenues generation capacity.

“Our ex-Nigeria (Rest of Africa & International) operations have expanded significantly over the past five years, now contributing 51.7% of Group revenue, up from 31% in 2019, delivering diversification benefits and further boosting long-term shareholder value. This will continue to grow, as we further explore strategic markets that align with our overall vision. We are currently upgrading our business scope and authorization in France, and considering other viable markets in the short to medium term,” Alawuba noted.

He pointed out the bank’s resolve to invest continuously in technology, data analytics, product innovation, staff training and development, which, according to him, will collectively enhance our customers’ experience.

On his part, UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the bank recorded triple digit growth in net interest income, resulting in remarkable improvement in net interest margin from 6.83 percent in 2023 to 9.02 percent, while also recording strong double-digit growth in fee and commission income lines of 91.66 percent.

“UBA Group continues to demonstrate strong capital levels, with shareholders’ funds growth of 68.4% to N3.42 trillion and a solid capital adequacy ratio of 31.0%., and as we defensibly position the portfolio to navigate prevailing global and regional macroeconomic upheavals, asset quality improved, with NPL ratio moderating to 5.58%, with strong provision coverage at 81%”, Nwaghodoh noted.