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Elumelu Calls For National Unity, Heavy Investment in Youths and Women

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By Tayo Oyediji

 

 

 

United Bank for Africa (UBA) Chairman and Founder, Tony Elumelu Foundation, Mr. Tony Elumelu has called for governments and Nigerians at all levels to strive for national unity while investing heavily in youth development and women.

 

Elumelu who spoke at the ongoing 2023 Nigerian Bar Association (NBA) Conference which has its theme as:“Getting it Right, Charting Course of Nigeria’s Nation building’ noted that unity and inclusivity were key elements that will lead Nigeria to greater heights.

 

According to him ‘’We have come together today united. United with one ambition, one duty – nation building. Yes – United, whatever our backgrounds, geographies, religions, experiences, by a single desire – to ensure that our country experiences a true renaissance.

 

“Let us approach the task of nation-building with unwavering determination, guided by the principles of unity, inclusivity, and progress’. Let our pursuit of nation-building be characterized by unwavering determination, empathy, and the commitment to create a legacy of progress, unity, and hope for generations to come”.

 

Elumelu also urged a reawakening of nation-building consciousness amongst Nigerians, pleading with the government at all levels to invest heavily in youth development.

 

He asserted that nation-building entails a fundamental renewal of the social and economic infrastructure of Nigeria, stating that the country needed to invest heavily in youths, women, the power sector, security, social infrastructure and in brand Nigeria.

 

Elumelu also noted that “Nation-building, at its core, is the intricate process of forging a cohesive, harmonious, and united society, out of diverse individuals, culture, and ideologies. It is the art of constructing a shared identity, purpose, and vision that transcends all individual interests

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Elumelu who is also  the Chairman, Heirs Holdings, stated that already, Nigerians have shown their capacity as champions in all spheres of human endeavor and what is needed is our collective will to unite.

 

In his words “In international leadership positions at the WTO, at the UN, at the African Development Bank, at the Afreximbank, in technology, in music and entertainment, in business, in arts and in media, in film, in sports. Indeed, in virtually every human endeavour, Nigerians excel”. In business, the Nigerian private sector is showing globally our capability, our ingenuity, our institutionalisation.

 

“We have global businesses with Nigerian origins: Let me name one – UBA, the United Bank for Africa, the only African Bank that operates in the USA as a deposit taking bank. We are now in Dubai, Paris, and London – and just as importantly 20 other countries in Africa – who would have thought 20 years ago, that Nigeria would be home to Africa’s global bank!”

 

Having achieved these feats, Elumelu said “Transforming Nigeria is a journey that demands our collective dedication, building across political affiliations, ethnic differences, and socioeconomic differences. Great nations start with great people, not just great leaders. Our private sector, our philanthropies, our civil society, all citizens must be brought together and be empowered – as real, valued and executing partners for this national renewal, this nation building. It behoves on us all to collaborate in unity to reset Nigeria.”

 

Elumelu also harped on the supremacy of the rule of law. Urging the NBA to work assiduously towards achieving a country where the rule of law is upheld. He maintained that, “No country – and no entrepreneur, can truly thrive without the rule of law, without peace, without certainty and fairness – for all – for our young, our old, our women and our men, our future generations.”

 

As he is passionate about nation building, Elumelu observed that he was not alone “There is no one in this distinguished gathering, that does not want the best for Nigeria. Whether my learned friends of the Bar or our distinguished leaders present. We know the potential of Nigeria.We know the resources, human and natural, that Nigeria has at her disposal.

 

“It is the art of constructing a shared identity, purpose, and vision that transcends all individual interests. Transforming Nigeria is a journey that demands our collective dedication, building across political affiliations, ethnic differences, and socioeconomic differences. One that is not the responsibility of our government alone.

 

.So, what does this mean? For me this is nothing less than a fundamental renewal of the social and economic infrastructure of Nigeria. The contract between a nation and its people.

Nation building is not a quick fix, it entails sacrifices. We cannot keep doing the same things and expect different outcomes”.

 

“Let us lead our nation building, by laying those important foundations for our nation – let us renew our infrastructure. Investment in our youth – we need to renew our commitment to our youth, provide them with the means to succeed in Nigeria – not beyond Nigeria. This means not just investment in our education system, but in our entrepreneurial culture”.

 

“Nigeria is a nation of entrepreneurs – you know me as an investor and champion of entrepreneurs. Let us create a joined-up government task force to champion at the highest level, our young and our entrepreneurs. When entrepreneurs succeed, we succeed as a nation. If they don’t, we all fail.

 

“The nurturing of entrepreneurship is not merely an economic endeavour, but a social responsibility. By empowering our youth, supporting start-ups and SMEs, the private sector contributes to equitable wealth distribution, job creation, and social advancement. It paves the way for economic empowerment that uplifts communities and contributes to a more inclusive society. We all owe this to our people, even for our own enlightened self-interest”.

 

He also called for women to be duly supported to thrive “Nations that prioritise their young go far, Let us invest in our women. When a woman succeeds, families and communities are lifted out of poverty. Let us invest in our power sector, And let us invest in our social infrastructure, in our civil society, our courts of law and our administrators of justice, Let us invest in security, Let us invest in brand Nigeria, Let us invest in Nigeria”

 

 

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Claims of Landing Fuel Cheaper Than Ours Means Importing Substandard Products, Dangote Replies IPMAN, PETROAN

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In response to allegations by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) about high fuel prices from the refinery, and importing cheaper fuel, Dangote Refinery has said that its ex-depot price of petrol ia pegged at N990 per litre for sale into trucks, and N960 for ships.

While defending pricing strategy, the refinery insisted that its rates are competitive and in line with international standards.

The refinery, in a statement signed by the company’s Group Chief Branding and Communications Officer, Anthony Chiejina, claimed that the assertions made by IPMAN and PETROAN that they can land cheaper petroleum products meant that they were importing substandard products into the country.

“We had lately refrained from engaging in media fights, but we are constrained to respond to the recent misinformation being circulated by IPMAN, PETROAN, and other associations.

“Both organisations claim that they can import PMS at lower prices than what is being sold by the Dangote Refinery. We benchmark our prices against international prices, and we believe our prices are competitive relative to the price of imports. If anyone claims they can land PMS at a price cheaper than what we are selling, then they are importing substandard products and conniving with international traders to dump low quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles.

Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect substandard products when imported into the country.

“Post deregulation, NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks. This set the benchmark for our pricing, and we have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks.

“In good faith, and in the interest of the country, we commenced sales at these prices without clarity on the exchange rate that we will use to pay for the crude purchased.

“At the same time, an international trading company has recently hired a depot facility next to the Dangote Refinery, with the objective of using it to blend substandard products that will be dumped into the market to compete with Dangote Refinery’s higher quality production.

“This is detrimental to the growth of domestic refining in Nigeria. We should point out that it is not unusual for countries to protect their domestic industries in order to provide jobs and grow the economy. For example, the US and Europe have had to impose high tariffs on EVs and microchips in order to protect their domestic industries.

“While we continue with our determination to provide affordable, good quality, domestically refined petroleum product in Nigeria, we call on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty” he stated.

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Glo Rewards MoneyMaster Customers with 10% Bonus on Data

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Customers of MoneyMaster Payment Service Bank (MMPSB), Nigeria’s top payment service bank, will now enjoy an attractive 10 percent data bonus offer.

The bank’s commitment to enabling Nigerians to manage their finances through effective offers that make every naira matter is clearly demonstrated through this project, which aims to reward devoted clients and attract new ones.

Glo customers can access the promotion using a number of banking channels, including as the MoneyMaster PSB app, MoneyMaster PSB Web banking, and the USSD banking code *995#.

Customers that reload N1,000 or more will instantly receive a 10 percent data incentive. The data bonus to clients is said to rank among the best in the nation.

Unused data can be rolled over to the next subscription, and the data purchases have a 30-day validity period.

Julius Arhebun, Head of Agency Banking at MoneyMaster, said on the bonus data offer: “We are dedicated to providing our customers with products that improve their lifestyle and assist them in managing their finances.” With this deal, both new and current customers can take advantage of prolonged access to high-quality internet services, whether they want to browse popular websites, stream their favorite content, or keep up with the latest trends on their preferred social networking apps”.

Arhebun further added that: “To enjoy the benefit, existing customers can simply buy a data bundle of N1000 or above from their mobile wallets, savings account or individual current account via our USSD banking code *995#, mobile app or web banking. New customers can enjoy the offer by opening accounts via the USSD banking platform or downloading the mobile application.”

MoneyMaster PSB is a leading provider of innovative digital financial products and services that transform lives and contribute to sustainable living. With a mission to deepen financial inclusion, MoneyMaster has been instrumental in providing financial technology services to bridge the gaps between the banked, underbanked and unbanked population.

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Q3 2024: UBA Grows Net Interest Income by 149%, PBT up by 20% to N603bn

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Riding on its recently released half-year financials, Africa’s Global Bank – United Bank for Africa (UBA) Plc, has announced its unaudited results for the third quarter ended September 30, 2024, where it recorded strong and impressive growth across all its key indicators.

As in the first two quarters of the current fiscal year, the bank’s gross earnings grew significantly by 83.2 per cent to N2.398 trillion up from N1.308 trillion recorded in September last year, while its net Interest income which stood at N443.0 billion at the end of the third quarter in 2023, rose impressively by 149 per cent to N1.103 trillion in the period under consideration.

The bank’s financial report filed with the Nigerian Exchange Limited on Monday also indicated a 20.2 per cent increase in Profit before Tax (PBT) to close at N603.48 billion compared to N502.09billion recorded at the end of the third quarter of 2023, while profit after tax also rose remarkably by 16.9 per cent from N449.26 billion recorded a year earlier to N525.31 billion in the period under review.

As in the preceding two quarters this year, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N31.801 trillion, representing a 54.0 per cent increase over the N20.653 trillion recorded at the end of December 2023, just as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Total Deposits rising to N26.50 trillion, representing a 52.7 per cent rise, up from N17.355 trillion at the end of the last financial year.

UBA shareholders’ funds remained very strong at N3.585 trillion up from N2.030 trillion recorded in December 2023, again reflecting a strong capacity for internal capital generation and growth.

Commenting on the result, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, expressed pleasure that the Group continues to record strong and sustainable growth in its various revenue streams, building on its strong performance earlier in the year.

“The UBA Group achieved a profit before tax of N603.5 billion and our intermediation business continues to show strong growth with net interest income expanding by 149 per cent YoY to N1.10trillion and NIM closing at 8.03 per cent, which is 17.60 per cent above the 2023 position, despite persisting macroeconomic headwinds, geopolitical tensions, insecurity, inflationary pressure and exchange rate volatilities across our markets,” Alawuba stated.

According to the GMD, the Bank’s performance has been underpinned by consistent strong growth on all core and sustainable banking income lines, as he added that “Our substantial investments in technology are yielding tangible business value. This commitment is instrumental in delivering enhanced customer experiences and optimizing operational efficiency.”

The Bank’s Executive Director, Finance & Risk, Ugo Nwaghodoh, said, “I am delighted at the milestone reached in driving operational efficiency, reflected in cost-to-income ratio normalizing around the 50 per cent range. Shareholders’ funds recorded a 77 per cent growth from N2 trillion at FYE2023 to N3.59 trillion demonstrating the Group’s significant capacity for future growth.

On plans to consolidate its performance for the rest of the 2024 financial year and beyond, Nwaghodoh said, “We remain on track with various strategies to optimize our cost of funds and operating expenses. Furthermore, the Group has finalized plans to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions.”

On plans to consolidate its performance for the rest of the 2024 financial year and beyond, Nwaghodoh said, “We remain on track with various strategies to optimize our cost of funds and operating expenses. Furthermore, the Group has finalized plans to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions.”

He explained that UBA remains committed to sustainable growth in its core banking revenue lines and maintaining its strong compliance and risk management culture, even as the Group identifies further opportunities to expand.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, 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.

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