Business

UBA Records Strong Double Digit Growth, Declares N0.20k Interim Dividend

Published

3 years ago

September 8, 2022

Eric

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced its audited financial results for the half year ended June 30, 2022, recording double-digit growth across key income lines as well as significant progress in the contribution from its subsidiaries.

At the end of the first two quarters of the year, the Bank was able to deliver a 12.6 per cent appreciation in profit before tax(PBT) to N85.7bn, up from N76.2bn recorded in the same period of 2021.

Despite numerous business, economic as well as geo-political environmental challenges including continued supply-chain interruptions due to Covid, the Russia and Ukraine conflict, and the resultant rise in prices of global commodities, that characterized the first six months of the year, the tier1 lender delivered impressive numbers, with gross earnings hitting N372.4bn, a solid 17.8 percent growth when compared with N316billion that was posted the same period in the prior year.

Operating income also grew by 20.1% to N256bn in the period, while the firm’s profit after tax closed the first half stronger at N70.3 billion, up by 16.1 percent compared to the N60.6 billion same period in 2021.

A further breakdown of the Bank’s half-year result, which was filed with the Nigerian Exchange Group(NGX), in the early hours on Thursday, September 8, showed total assets continued on an upward trajectory, increasing 5.4 percent to about N9 trillion.

The bank also delivered on its core mandate of extending loans to credit-worthy customers for the overall economic development, as loans and advances increased by 4 percent to N3trillion; while deposits rose by 7.9 percent to N7.6 trillion at the end of the period.

Shareholders’ funds however declined marginally by 2 percent to N788.5 billion, owing majorly to the decline in its foreign operations translation reserve as well as fair value losses suffered from the investment securities valuation occasioned by the increasing interest rate regime across the globe.

With the strong double-digit growth in profit after tax (PAT) vis-à-vis the marginal decline in shareholder’s fund, the Group’s return on equity (RoE) closed the period stronger at 17.7%, whilst return on assets (RoA) came to 1.6%, up by 9 basis points.

Reaffirming its commitment to shareholders and the investing public, the Board of Directors of UBA Plc declared an interim dividend of 20kobo per share for every ordinary share of N0.50 each held by its shareholders.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, while commenting on the result, said the stellar performance was in line with management’s expectation, adding that the Bank’s continued focus on its Customer 1st philosophy to pursue the mission of providing superior value to our stakeholders had increased low-cost customer deposits, and boosted the growth of its payment and transaction banking.

“The financial year 2022 showed initial signs of recovery of economies across the globe, despite continued COVID-induced supply-chain disruptions. However, geopolitical challenges including the Russia and Ukraine conflict, resulted in escalation of global commodity prices, particularly grains and crude oil, which have taken a toll on several economies. Notwithstanding these developments, our half-year numbers came out stronger than the prior year, with top and bottom-line reaching new record highs,” Alawuba said.

According to him, The Group’s profitability increased by 12.6% to N85.7 billion, with double-digit growth recorded across key income line. The Bank also recorded a decent 20% growth in net interest income as it continues to moderate cost of funds whilst improving yield on assets, thereby contributing to the strong 20% growth in operating income. “Our investments in state-of-the-art technology continue to yield expected results, evident in the huge boost of our digital banking income, which grew 22.7% year-on-year to N36.3 billion. These gains have enabled us to optimize net earnings amid the accelerating inflationary pressure, the currency devaluation, and increased regulatory-driven cost,” he said.

The GMD also noted that he is delighted at the strides made by the Bank in growing its market share across Africa. In his words, “Our retail business has continued to grow, as we ride on our agency banking network, trusted brand, competitive product offerings and quality service delivery to deepen our retail penetration,”

Alawuba who also commented on his recent appointment as Group Managing Director/Chief Executive Officer, alongside five other Group Executive Directors, assured the investing public of his relentless commitment to the growth of the business. “Together, with our highly motivated workforce, we are poised to usher the business into a new era of growth that will deliver superior values to all stakeholders,” he said.

UBA is a leading pan-African financial institution, offering banking services to more than thirty-seven million customers across 1,000 business offices and customer touch points in 20 African countries.

With presence in New York, London and Paris and now the UAE, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

Business

FirstBank, Subsidiary of FirstHoldCo, Meets ₦500bn Regulatory Capital Requirement

Published

6 days ago

January 6, 2026

Eric

First HoldCo Plc (“FirstHoldCo” or “the Group”) has announced that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of ₦500 billion. This milestone was achieved following the completion of a series of strategic capital initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary.

This successful capitalisation underscores strong market confidence in FirstHoldCo Group’s business model, long-term strategy, and growth prospects. With a fortified capital base, FirstBank is positioned to accelerate its support for the real sector, enhance financial inclusion, and deliver innovative, digitally driven customer experiences.

The recapitalisation strengthens the Group’s overall financial resilience, providing a robust platform for earnings growth through business expansion, technological innovation, and the pursuit of new opportunities.

In March 2024, the CBN directed commercial banks to raise their capital base to a minimum of ₦500 billion within a 24-month period to bolster the Nigerian banking sector’s stability and capacity. FirstBank has now fulfilled this requirement well ahead of the regulatory deadline.

In a related development, FirstHoldCo have expressed its desire to raise fresh funding and inject additional capital into the Group’s existing subsidiaries and new business adjacencies in 2026. This forward-looking commitment is aimed at further enhancing service offerings and facilitating strategic expansion.

Commenting on the achievement, Mr. Femi Otedola, CON, Chairman of First HoldCo Plc, said: “On behalf of the Board, I extend our profound gratitude to our shareholders for their trust and unwavering support throughout this capitalisation programme. From the oversubscribed Rights Issue to the seamless Private Placement, investors have demonstrated resounding confidence in our strategic direction. Securing FirstBank’s capital base ahead of schedule is a testament to our collective commitment and positions us firmly for our next growth phase. We also appreciate the professional guidance of the CBN and SEC throughout this process.”

Mr. Wale Oyedeji, Group Managing Director of First HoldCo Plc, added: “This successful capital raise is a pivotal milestone for FirstHoldCo. It provides us with the financial strength to execute our core strategic priorities: driving innovation, delivering superior customer value, and enhancing sustainable profitability. With this solid foundation, we are focused on accelerating performance, improving competitive returns, and delivering lasting value to all our stakeholders.”

Business

Heirs Energies Executes $750m Afreximbank Financing to Drive Long-Term Growth

Published

3 weeks ago

December 22, 2025

Eric

Heirs Energies Limited, Nigeria’s leading indigenous integrated energy company, has executed a USD 750 million financing with the African Export–Import Bank (Afreximbank).

The transaction was concluded at a signing ceremony in Abuja on Saturday 20th December 2025, attended by Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, and Dr. George Elombi, President and Chairman of Afreximbank.

The transaction represents one of the largest financings secured by an indigenous African energy company and demonstrates lender confidence in Heirs Energies’ operating performance, governance standards, proprietary brownfield excellence capability, and long-term growth trajectory.

Since assuming operatorship of OML 17, Heirs Energies has delivered a disciplined transformation programme, focused on restoring production, strengthening asset integrity, and improving operational efficiency. Through targeted brownfield interventions and infrastructure optimisation, the Company has successfully transitioned from acquisition-led financing to a capital structure aligned with the long-term development profile of its reserves.

Oil and gas production has doubled, from an acquisition production level of 25,000 barrels of oil per day (bopd) and 50 million standard cubic feet of gas per day (mmscf/d). Today, OML-17 produces over 50,000 bopd and 120 mmscf/d. All the gas production goes into the Nigerian domestic gas market and has been catalytic for power generation in Nigeria. Community relations have been transformed and the highest standards of health and safety implemented.

The Afreximbank facility will accelerate field development, optimise production, and allow Heirs Energies to pursue value-accretive growth opportunities, while maintaining disciplined capital management.

Speaking at the signing, Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, said:

“This transaction is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital. It reflects the successful journey Heirs Energies has taken – from turnaround to growth – and reinforces our belief in African capital working for African businesses. This is Africa financing Africa’s future.”

Dr. George Elombi, President and Chairman of Afreximbank, stated:

“Afreximbank is proud to support Heirs Energies at this pivotal stage of its growth. This financing reflects our confidence in the Company’s leadership, governance, and asset base, and aligns with our mandate to support African champions that are driving sustainable economic transformation across the continent.”

The transaction further reinforces Afreximbank’s role in enabling indigenous operators with the scale and capability to deliver sustainable energy development, energy security, and long-term economic value across Africa.

With this milestone achieved, Heirs Energies is firmly positioned to advance into its next phase of growth, focused on operational excellence, responsible resource development, and enduring value creation for stakeholders.

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs, while aligning with global sustainability goals.  Having a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contribute to a more prosperous Africa.

The African Export-Import Bank is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. The Bank plays a critical role in supporting Africa’s industrialisation, trade expansion, and economic transformation.

Picture: Chairman, Heirs Energies, Mr. Tony O. Elumelu CFR and President and Chairman of the African Export-Import Bank (Afreximbank), Dr. George Elombi, during the signing ceremony to mark the execution of a USD 750 million Financing Transaction between Heirs Energies and the Afreximbank in Abuja on Saturday

Business

NNPCL Slashes Fuel Price by N80

Published

3 weeks ago

December 19, 2025

Eric

The Nigerian National Petroleum Company Limited (NNPCL) has effected another reduction in the pump price of petrol, marking the third cut this December.

A survey of filling stations in Abuja on Thursday showed that the state-owned oil company lowered the price to N835 per litre from N915, reflecting a N80 reduction.

The latest adjustment follows similar moves by independent marketers, including MRS, BOVAS and AA Rano, which recently reviewed their pump prices to between N739 and N865 per litre across the Federal Capital Territory.

Findings indicate that the downward review by NNPCL and other marketers was triggered by a drop in ex-depot prices, after Dangote Refinery and depot owners reduced rates to between N699 and N800 per litre.

NNPCL and several filling stations had earlier reduced fuel prices on December 4 and December 10, 2025, as competition and supply dynamics continued to influence pricing in the downstream sector.