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UBA Emerges Best Performing Banking Stock in 2023, Surpasses N1tn Market Capitalisation Mark

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, on Monday joined the elite group of companies with market capitalisation of over N1tn just as its share price value hits N29.90 per share.

At the close of trading on Monday, the Bank’s market capitalization hit N1,022,562,698,843, making it the 3rd most capitalized financial institution in Nigeria, a remarkable lift from N283.8bn at the beginning of the 2023.

The Bank has 34,199,421,366 shares in issue,

UBA’s N1tn market capitalisation mark comes amidst the bank’s share being named as the highest performing stock in the banking sector in 2023, which underscores the bank’s robust growth trajectory and unwavering market confidence.

Specifically, between the start of January 2023 and today, the price of UBA shares has appreciated by over 250 per cent from N7.60 per share.

Chairman, UBA Group, Tony Elumelu, said that the bank’s remarkable journey in 2023 culminated with its shares being acclaimed as the highest performing stock within the banking sector, as he pointed out that this not only highlights the bank’s strategic prowess but also reflects its commitment to delivering unparalleled value to shareholders and stakeholders alike.

“As UBA celebrates these significant milestones, we will like all our stakeholders to know that we remain steadfast in our mission to drive sustainable growth, foster innovation, and create value for its diverse clientele across Africa,” Elumelu said.

“We are witnessing the impact of the business transformation drive UBA embarked on years ago and executed well. Naturally, the market has taken note of and is duly rewarding our efforts. To our stakeholders, our promise is that we will continue to work harder, deliver on what we know how to do well and create impacts across geographies where we currently operate.” he further said.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who expressed delight at the bank’s performance in the past few months, said with its unwavering commitment to excellence and execution, the bank continues to set benchmarks in the banking sector, reinforcing its position as Africa’s global bank of choice.

“Market participants have begun to appreciate the latent capacity in UBA’s business model as the bank unlocks enormous potentials in its pan African and international operations. Its unique competitive advantage lies in people, processes, and technology. With Operations and offices in 24 countries and on 4 continents, UBA is the only African bank with deposit-taking license in the USA. The Bank’s fundamentals remain strong with impressive financial results that have continued to deliver sustainable value for its shareholders. At current price, UBA trades at price-to-earning (P/E) and price-to-book (P/B) multiples of 2.27 and 0.59 which are a reflection of the market’s expectations of the Bank’s future growth potentials,” Alawuba said

UBA is listed on the Premium Board of the Nigerian Stock Exchange in recognition of the Bank’s strong adherence to international best practices on corporate governance and remains committed to creating value for its over 275,000 esteemed shareholders spread across the globe.

The outgone year, 2023, has been a splendid year for United Bank for Africa, becoming the most profitable bank in Nigeria in 2023, with a Shareholders’ Fund that has grown from 992bn as at Full year 2022 to N1.8trn as of September 2023. UBA was also appointed as the Local Arranger and Local Depository Bank for the $3.3bn FX Liquidity support facility for Nigeria in partnership with Africa Export and Import Bank (Afreximbank), providing solutions to economic solutions in Nigeria characterized by shortage of Fx liquidity.

Likewise, in 2023, UBA won the 2023 FMDQ Gold Awards in three Categories including the Best FX Liquidity Provider; Dealing Institution of the Year and Best Money Market Liquidity Provider. This recognition is a testament to UBA’s impressive capital strength.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) 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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NNPCL’s Claim of Buying PMS at N898 Misleading, Not True, Says Dangote Refinery

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The rivalry between the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery, took a dramatic turn Sunday when Refinery refuted claims made by the spokesperson of the NNPCL, Olufemi Soneye, that the refinery sold Premium Motor Spirit (PMS) to the company at N898 per litre.

Recall that on Sunday, the NNPCL as the sole buyer, commenced lifting of PMS, also known as petrol, from the 650,000 barrels per day refinery at Ibeju Lekki, Lagos State.

However, the Dangote Refinery, in a statement issued Sunday night by the Group Chief Branding and Communications Officer of Dangote Industries Limited (DIL), Mr.  Anthony Chiejina, described the claim as misleading and an attempt to undermine the significant progress made in addressing Nigeria’s long-standing energy challenges.

Chiejina emphasised that the refinery’s current stock of crude was procured in dollars, adding that sales to the NNPCL were conducted in dollars, resulting in considerable savings compared to the prices of imported fuel.

He also reassured Nigerians that there will soon be adequate petrol supply across the country, reaching the most remote local government areas.

The refinery urged Nigerians to disregard the claims made by NNPCL spokesperson, Mr Olufemi Soneye and await the formal pricing announcement from the Technical Sub-Committee on Naira-based crude sales, appointed by President Bola Ahmed Tinubu.

The refinery reiterated its commitment to ensuring the availability of quality petroleum products and ending fuel scarcity in Nigeria.

The statement reads, ”Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPCL.

”This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedevilled the economy in the past 50 years.

”We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars.

”It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature.

”We assure Nigerians of availability of quality petroleum product and putting an end to the endemic fuel scarcity in the country.”

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First Million Naira Winner Emerges in Glo Jolly Win Promo

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Olieh Somtochukwu, an employee of a real estate firm in Anambra State, has become the first person to win N1 million in the Glo Jolly Win promotion. The promotion is being run in partnership with Tetragrammaton, NCC-licensed Nitroswitch, an aggregator company, and Tetragrammaton, a value-added service provider.

Somtochukwu staked just N100 to participate in the promo, and he won the first million Naira prize money in a promo draw conducted in accordance with the protocols of the National Lottery Regulatory Commission (NLRC).

He was presented with the money at a brief ceremony on Wednesday in Lagos. Before the event was concluded, Somtochukwu, who had travelled from Onitsha, Anambra State, all the way to Lagos to collect his reward, received a credit alert of N1 million on his phone. He was ecstatic and could not contain his joy. He revealed that he forgot about the lotto game after playing it and was surprised to receive a call informing him that he had won N1 million. He was skeptical of the information at first, believing it only after arriving at Globacom’s office and realizing he was the centre of attention.

Said Somtochukwu: “I was very much surprised. Even up to now, I’m still shocked. I am short of words to express how I feel today. I thought it was a scam when I was called, I thought it was one of those random calls you get, but on coming here, I can say I am happy with what has happened here. I’ve received the alert for the N1 million”. Somtochukwu affirmed that the money came in at a time that he needed help to take care of challenges with his health.

According to Mojeed Aluko of Globacom’s Value Added Services Department, “the Glo Jolly Win is a lottery service where subscribers can win loads of airtime and cash prizes for as low as N100 daily, with no need for downloads or any storage usage on phones. Users can answer trivia questions or spin a wheel to win.” With the chance to become millionaires like Somtochukwu, subscribers can choose their favorite services from Jolly Trivia, Wheel, Win & Life, and enjoy the thrill and excitement of playing the lotto.

Customers have the choice of setting it up for auto renewal or for a one-time daily bundle. In addition, customers can choose between a one-time weekly subscription and an auto renewal package, as well as a one-time monthly package with auto renewal feature. To play the lottery, users can dial *20152#. They can also text JWD, JWW, or JWM to 20152, depending on their preference.

The CEO of Nitroswitch, Mr. Chidi Nnadozie, expressed his company’s pride in collaborating with the Glo network to offer thrills and great rewards to Glo subscribers through the lottery. He assured Glo customers that taking advantage of the different lottery deals on the Glo network would bring them even more enjoyment and incredible rewards.

Nitroswitch holds a license to incorporate content providers’ video, animation, gaming, infotainment, and lottery services to Nigerian mobile network operators.

Tetragrammaton, another Value-Added Service provider approved by the NCC, provides lottery, entertainment, video, and gaming services to mobile customers. Along with other fascinating value-added services on the Globacom network, the company owns the lottery services known as Jolly Suite.

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Reps Caucus Condemns Increase in Petrol Price, Demands Reversal

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The Minority Caucus of the House of Representatives has condemned the recent increase in the price of petrol by the Nigerian National Petroleum Corporation (NNPC).

The leader of the minority caucus in the House, Hon. Kingsley Chinda, conveyed the condemnation through a statement on Thursday in Abuja.

He argued that the development is not only ill-timed but also grossly insensitive to the harsh economic conditions currently being experienced by Nigerians across the country.

Chinda said that the hike is coming at a time when the nation is grappling with unprecedented economic challenges.

He added that a further increase in the price of gasoline would not only exacerbate the suffering of the average Nigerian.

The lawmaker said that the ripple effects of such an increase were far-reaching, impacting the cost of transportation, food, and other essential goods and services.

He said that this would ultimately erode the already fragile purchasing power of millions of citizens, pushing more families into poverty.

According to him, the Minority caucus is deeply concerned that this decision by the NNPC appears to have been made without adequate consultation with relevant stakeholders.

This, he said, includes the National Assembly, which represents the interests of the people.

He argued that the unilateral action disregarded the principles of transparency, accountability, and fairness, which should guide decisions affecting the lives of the citizenry.

“We, therefore, call on the Federal government to urgently intervene and reverse this unwarranted increase in petrol prices.

“We also urge the government to explore and implement more sustainable measures to stabilise the economy without placing an additional burden on the people.

This, according to him, includes prioritising the rehabilitation and upgrading of our local refineries and curbing corruption within the petroleum sector.

He urged the Federal government to ensure that subsidies genuinely benefitted the masses rather than a few privileged individuals.

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