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UBA Announces Bawuah As First Female CEO

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The Board of Directors of the United Bank for Africa Plc, Africa’s Global Bank, has announced the appointment of Mrs. Abiola Bawuah, as Chief Executive Officer (CEO) of UBA Africa. Bawuah will also join the Group Board as an Executive Director, overseeing the Group’s operations across the African continent, outside Nigeria.

UBA operates in 19 African countries beyond Nigeria, in addition to global operations in New York, London, Paris and the UAE.

Bawuah, a Ghanaian national, is the first female CEO of UBA Africa.  Her appointment further demonstrates UBA’s commitment to diversity. The UBA Group Board now includes eight female Directors.

Prior to her appointment, Bawuah was Regional CEO, West Africa, supervising the Group’s operations in nine subsidiaries, including Benin, Burkina Faso, Cote d’Ivoire, Ghana, Guinea, Liberia, Mali, Senegal, and Sierra Leone. She previously held the role of CEO, UBA Ghana.

Speaking on the new appointment, the Group Board Chairman, Mr Tony O. Elumelu, said, “Abiola has contributed significantly to the growth of UBA Africa for close to a decade. She brings a wealth of experience in commercial banking, and stakeholder engagement.  It also gives me great pleasure that with her appointment, the UBA Group Board has now become a majority female board.”

The UBA Group also announced the following executive roles:

Chris Ofikulu becomes the Regional CEO, UBA West Africa.  Ofikulu, who has over two decades of banking experience spanning corporate, commercial, and retail banking.

Uzoechina Molokwu will take on the role as Deputy Managing Director (DMD) of UBA Ghana, subject to local regulatory approvals.  He was previously the Executive Director, Business Development – UBA Côte d’Ivoire and has over 23 years banking experience.

Ayokunle Olajubu will be the Managing Director/CEO UBA Liberia, subject to local regulatory approvals. He currently drives compliance across Africa subsidiaries andcomes with 30 years banking experience in Nigeria and other African countries,includingSierra Leone, Cote D’Ivoire and the Gambia.

Theresa Henshaw has been appointed as CEO of UBA UK, subject to local regulatory approvals. She was previously the DMD, Business Development, UBA America and joined the Group as ED, Business Development at UBA UK.

Usman Isiaka, currently CEO, UBA Sierra Leone, will be the Deputy CEO in UBA America, subject to local regulatory approvals.

Adeyemi Adeleke, the former CEO of UBA, UK is now the Group Treasurer.  Adeleke will be working to unlock the immense value in the Group’s multi-jurisdictional balance sheet, leveraging on its presence in 24 countries within and beyond Africa.

In addition to the executive appointments, UBA has announced the retirement of High Chief Samuel Oni, an independent non-executive Director, from the Board following the expiration of his tenure.  He joined the UBA Group in January 2015 and served on the Board of the Group for eight years.

The Group Chairman, Mr Elumelu expressed his appreciation to High Chief Oni, for his commitment, leadership and extensive contributions to the UBA Group and on behalf of the Board, wishes him the very best in all his future endeavours.

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CBN Releases 16 Banking Transactions Not Affected by Cybersecurity Levy

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Following the Central Bank of Nigeria’s directive that all banks should commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country, below are 16 banking transactions that are exempted from the CBN’s new cybersecurity levy:

  1. Loan disbursements and repayments
  2. Salary payments
  3. Intra-account transfers within the same bank or between different banks for the same customer
  4. Intra-bank transfers between customers of the same bank
  5. Other Financial Institutions instructions to their correspondent banks
  6. Interbank placements,
  7. Banks’ transfers to CBN and vice-versa
  8. Inter-branch transfers within a bank
  9. Cheque clearing and settlements
  10. Letters of Credits
  11. Banks’ recapitalisation-related funding – only bulk funds movement from collection accounts
  12. Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers.
  13. Government Social Welfare Programmes transactions e.g. Pension payments
  14. Non-profit and charitable transactions, including donations to registered non-profit organisations or charities
  15. Educational institutions’ transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions
  16. Transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.

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CBN Directs Banks to Charge 0.5% Cybersecurity Levy on Electronic Transfer

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The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to implement a 0.5 percent cybersecurity levy on electronic transfers.

This is contained in a circular signed by Chibuzor Efobi, Director of Payments System Management and Haruna Mustafa, Director of Financial Policy and Regulation on Monday.

The directive was issued to commercial, merchant, non-interest and payment service banks, as well as mobile money operators.

CBN said the policy would take effect in two weeks and charges would be described as ‘Cybersecurity Levy’.

According to the apex bank, the deduction and collection of the cybersecurity levy is a sequel to the enactment of the Cybercrime (prohibition, prevention etc) Amendment Act of 2024.

“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and under the provision of Section 44 (2)(a) of the Act, “a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the second schedule of the Act, is to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA),” CBN said.

CBN said the charges would be remitted to the national cyber security fund, which would be administered by the office of the NSA.

“Deductions shall commence within two (2) weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the 5th business day of every subsequent month.”

CBN said failure to remit the levy is an offence which attracts a fine of not less than 2 percent of the annual turnover of the defaulting business, amongst others.

“Finally, all institutions under the regulatory purview of the CBN are hereby directed to note and comply with the provisions of the Act and this circular.”

Meanwhile, earlier, banks announced the reintroduction of 2 percent charge on deposits above N500,000.

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Naira Slumps to N1,399/$1 in Official Window, N1,430/$1 in Parallel Market

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The Naira continued its slump against the American dollar for the seventh consecutive day on Friday, in both the official and parallel windows.

The domestic currency traded at N1,399.23/$1 and N1,430/$1 respectively.

This is according to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

At the end of trading on Friday, the Naira lost N89.35 against the dollar when compared to the previous exchange rate of N1,309.88/$1 on Thursday, April 26, 2024.

The intra-day high and low recorded during the day were N1,410/$1 and N1,05/$1 respectively, representing a wide spread of N359/$1.

Similarly, the Naira slumped against the dollar at the parallel section of the market for the seventh consecutive day to trade at N1,430/$1 representing a loss of N10 when compared to the N1,420/$1 it traded the previous day.

However, the Naira gained against the pound. The domestic currency appreciated by N50 against the British Pound to trade at N1,650/£1 as against the previous trading price of N1,700/£1 representing a gain of N50 for the local currency,

The Canadian dollar however closed flat against the Naira to trade at N1,000/CA$1 same as the previous trading day rate.

The Euro also slumped against the Naira to trade at N1,450/€1 as against the rate of N1,500/€1 the previous trading rate indicating a gain of N50 for the Nigerian currency.

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