Business

UBA @75: We Are Dedicated to Building Relationships with Customers, Employees, Regulators, Others – Alawuba

Published

5 months ago

May 21, 2024

Eric

By Eric Elezuo

Africa’s global bank, the United Bank for Africa (UBA) has reiterated that commitment and dedication to building relationships with customers, staff, regulators, relevant stakeholders and the general public, remains its primary objective.

The bank made known this fact through its Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, on Monday, while addressing a global press conference at the corporate headquarters on the Marina, Lagos, on the road to greatness as the bank hits a legendary 75 unbroken years of banking invincibility.

Anchored by Arise News presenter, Boston Omafaye, the gathering was an opportunity to present firsthand the strides the bank has made in the anals of Nigerian banking history as well the spectacles of pan African bank, the Africa’s global bank.

The proceedings kickstarted with a welcome address by the Group Deputy Managing Director, Mr. Muyiwa Akinyemi, who expressed satisfaction and joy at the announcement of the super Diamond jubilee of the bank.

“Today, we gather to announce a remarkable milestone in transmission journey of United Bank of Africa, our 75th Anniversary. This anniversary is very dear to us, here in UBA not only in Math, our legacy signifies our transmission journey from the British and French Bank established in 1949 to becoming the lead financial service institution in Africa in the entire Africa’s global bank. UBA, today operates across four continents; present in 20 African countries, United States of America, United Kingdom, France and United Arab Emirates. Over the past 75 years, we have exemplified stability, reliability and excellence in banking, achieving numerous milestones, some of which will be listed today, impacting positively in the community we serve, our commitment as well as our financial strength and resilience over the years have been key to our success; our robust performance, especially in the last couple of years and commitment to exceptional excellence.

“I am sure, for everyone in this room that you agree that UBA remains an attractive investment as it continues to imbibe exceptional values to our dear holders at UBA, earning sustainable goals per success.

In his address, which followed shortly, the GMD/CEO reminded all and sundry that UBA has a long history of men and women, who have contributed to creating the financial service power house that the bank has become. He, therefore, deemed it right to give appreciative glances to deserving contributors to the high flying status of the bank.

“So it is right for me, first and foremost to acknowledge and appreciate all those that works in UBA in various capacities over the years. I would like to appreciate all Former group board chairman, all former MD/CEOs of UBA, all former members of the board, all former members of the executive management committee of UBA, all former executive committee members and executives all over various countries in Africa where we are present, all those that work as drivers in UBA, all those that work as security men in UBA, all those that worked and retired as dispatch riders, all those that served the customers over the years, I will like to appreciate you and commend you for your contributions in UBA,” the GMD said.

He observed also that while honoring the past leaders of UBA, the present must be commended for holding the forte, while looking forward to future leaders who will continue to raise the bars of banking in Africa globally.

“To this end”, he said, “permit me to also celebrate our current executive and board members that are working tirelessly across the four continents, the board members of UBA, All staffs of UBA, for all your sacrifices, contributions, support and guidance over the years, we would not be where we are today…Our group chairman truly deserves special recognition.

“Without that push in 2005 and the tutelage, I doubt we would be where we are today. For this and more, we say a resounding thank you to you. I will like to also take this opportunity to thank all customers of UBA around the world for your consistent support and patronage over the years. You meet several people all the time and they will tell you that they are the third and fourth generation of UBA customers in their families, that their grandparents and parents were customers of UBA and their children currently carry ATM cards in child banking. This is the strength of UBA. This milestone is not just a celebration of longevity but a testament to the zealous ovation and unwavering commitment to excellence that defines UBA journey over the years.”

Alawuba went on to reel out the initiatives, deliverables and achievements of the bank in the last 75 years and a projection of the future as follows:

“As we reflect on the significance of people making the chart, it is important to note that UBA means different things to different people. To some, UBA is a trusted financial party, for others, UBA is a beckon of stability and reliability in the governmental partner in government community across Africa as well as a catalyst for Africa development.

“Since the inception in 1949, UBA has been grown for a modern beginning in Lagos to a global financial institution with present in 20 African countries and in 4 global financial left centers of the world, in New York, in London, in Paris.

“Today, we have over 25,000 staffs, over 35 million personnels served through multiple channels, over two hundred and fifty terminals, over two thousand ATM cards, one thousand business offices and close to 20 million card customers.

“The past 75 years have been marked by stability and excellence. UBA is the first bank in Nigeria to offer initial public offering in 1970. UBA is the first bank in the banking system of Nigeria to be listed on the Nigeria stock exchange. UBA is the only bank in Sub Saharan Africa that has a deposit taken licence in the United States of America. UBA is the first bank in Nigeria to install an ATM. Because of our commitment to the youths, UBA is the first bank to open a campus branch in the university. UBA is the first bank in Nigeria to move beyond the shores of Nigeria to open a subsidiary in Africa and that is UBA Ghana in 2005.

“UBA is the first bank to have the first female chairperson in Nigeria. Mobile banking was first introduced in Nigeria by UBA. And recently, we launched the first multilingual chart war banking in Nigeria.There are too much of these that time will not permit me to list. Amidst economic challenges and marketers, UBA has demonstrated remarkable financial strength and resilience. Our straining performance especially within the last one year is a testament to our robust fundamentals and strategic decisions that we have taken. As we navigate through the other chaining landscape, we remain committed to creating a value for our stake chair holders and paparazzi on mining opportunities in the market.

“Innovation and digital transformation are the key act of UBA strategy for future growth and competitiveness. We will continue to invest in innovating products, services on social platforms that enhance customer experience and drive proportional efficiency.

“Our commitment to corporate social responsibility is strong with initiatives focused on education, healthcare, entrepreneurship thus making a concrete impact on communities across Africa.

“Looking at this, our vision is clear; to be a role model for African businesses. UBA is one bank uniting Africa and connecting Africans to the world and the world to Africa. Our primary focus is to be the permanent bank for capital growth, trade and investment between Africa and the rest of the world. We are committed to expanding our presence, ceasing opportunities as a value to all stakeholders. Collaborations and partnerships are exemplified by the recently signed agreement that we had with African continental Secretariat where UBA is putting forward $6 billion for SME funding for Africans.

“We are dedicated to building relationships with customers, employees, regulators and other stakeholders for mutual benefits and long term success.

“As I round up, I will like to reiterate UBA’s commitment to personal philosophy which is our primary business strategy; The customer is our employer, and the sole reason we come to work. Our key pillars of service; people, technology and process are all geared towards the delivery of excellence customer experience which is our promise.

“As we embark on the next phase of our journey, I urge all stakeholders to continue their support and collaboration with UBA. Together, we will ride the next chapter of success for United Bank of Africa plc.

“In conclusion, I will like to leave you with the words of philosopher and social critic, Soren Gilbert and I quote, ” honour the past, celebrate the present, embrace the future, life can only be understood backwards but it must be lived forward.”

The 75 year anniversary is a stretched celebration that will culminate in a gala nite in November 2024.

Business

FG Approves Dangote Refinery As Sole Supplier of Aviation Fuel to Airline Operators

Published

4 days ago

October 8, 2024

Eric

The Federal Government has declared that Dangote Refinery is now authorised to serve as the only provider of jet fuel, or Jet A1, to aircraft companies operating in Nigeria.

The Minister of Aviation, Festus Keyamo, disclosed this on Tuesday when he featured on Channels TV programme.

According to Keyamo, the airline operators consented to let the 650,000 bpd refinery serve as their sole supplier of jet fuel, with his approval and cooperation.

“The airline operators just met recently. With my blessing, it’s a decision from the airline operators in Nigeria that they should only buy from Dangote refinery Jet A1.

“You can see that yesterday we started a naira-for-crude purchase with Dangote. It’s all Naira, no Dollar component,” Keyamo said.

He clarified that the timing is perfect because Dangote and the federal government recently put the naira-for-crude agreement into effect.

He made it clear that this arrangement would lessen the strain on foreign currency.

“The price will no longer be subjected to the varying factors of the international market, nor the headwinds of oil price in the international market. It will be in local currency so we can be clear as to the cost of it. We will buy in naira. I’m sure we are going to have access to cheaper Jet A1 fuel,” Keyamo said.

Business

It’s Time to Stop Subsidy on Petrol, Dangote Cautions FG

Published

3 weeks ago

September 24, 2024

Eric

Aliko Dangote, Founder of Dangote Petroleum Refinery, has said that the right time has come for the Federal Government to stop petrol subsidy.

Dangote spoke during an interview with Bloomberg TV on Monday.

“I think it is the right time to (take away subsidy) because all countries have gotten rid of subsidy,” he said.

He said subsidy is a sensitive issue, adding that once a country subsidises the product, people would increase the price.

Dangote said it would lead to the government “paying what they are not supposed to be paying”.

Dangote added that the petrol sold locally by his refinery will be tracked to ensure the consumption rate is accounted for.

“But this refinery will bring quite a lot of issues out there. It would show the real consumption of Nigeria because nobody can tell. Some people say it is 60 million litres per day, some say it is less,” the billionaire said.

“But right now, by us producing, everything can be counted and accounted for. Most of the trucks or ships that will load from us, we will put a tracker on them to be sure they are going to take the oil within Nigeria and that can help the government to save a lot of money.

“For example, Saudis, the citizens believe that oil is our god-given gift and should not charge us for it. Government was selling it at a very low price. But today, as we speak, gasoline is about 40 percent cheaper in Nigeria than in Saudi Arabia, which I think does not make sense.”

‘FG CAN’T AFFORD SUBSIDY’

Noting that petrol subsidy is not sustainable, Dangote informed that government cannot afford to keep subsidising.

“Our price of gasoline is about 60 percent the price of our neighbouring countrries and we have porous borders, so it is not sustainable. Government cannot afford the amount of subsidies we are paying,” he said.

Speaking further on the viability of petrol subsidy, Dangote said it is the government’s decision to either continue with or halt the payments.

“We have a choice of exporting when we produce and we sell locally. We are a private company and it is true we have to make a profit,” he said.

“We built something worth $20 billion, and definitely we have to make money.

“The removal of subsidy is totally dependent on the government, not on us.

“We cannot change the price but I think the government would have to give up something for something.”

Dangote said eventually, the subsidy would have to go.

Eecall that on May 29, 2023, President Bola Tinubu said the petrol subsidy regime was over as part of his inauguration speech. However, recent events have continued to prove that the subsidy regime is still very much in vogue.

Business

NOVA Bank Appoints Isiavwe, Iloghalu As New Executive Directors

Published

3 weeks ago

September 22, 2024

Eric

NOVA Bank has announced the appointment of David Isiavwe as Executive Director, Operations and Information Technology, and Chinwe Iloghalu as Executive Director, Institutional and Commercial Banking.

These appointments are part of NOVA Bank’s plan to strengthen its leadership team as the Bank continues its innovative journey, following its recent transition to a national commercial bank.

Dr. Isiavwe has over 30 years of banking experience in domestic and international banks. With a Ph.D. in Accounting, Dr. Isiavwe is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and Fellow Compliance Institute of Nigeria (FCIN) in addition to other professional certifications such as Certified Information Systems Security Professional (CISSP), Certified Information Security Manager (CISM), Certified Governance of Enterprise IT (CGEIT), Certified Information System Auditor (CISA), Certified Data Privacy Solutions Engineer (CDPSE) amongst others. David has attended leadership programs in some major global institutions such as Harvard Business School, MIT and Oxford University. He currently serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), and holds a position on the Governing Council of the Fintech Association of Nigeria. Additionally, he chairs the Statutory Audit Committee of Nigeria Inter-Bank Settlement System Plc (NIBSS). His appointment underscores NOVA’s focus on digital transformation, with his vast experience playing a crucial role in advancing the Bank’s technology-driven phygital model.

Mrs. Chinwe Iloghalu, with close to 30 years of experience in the banking industry, joins as Executive Director for Corporate and Commercial Banking, the key business and relationship management engine of the bank. Throughout her distinguished career, she has made significant contributions in business and corporate banking, with expertise spanning sectors such as energy, corporate, commercial and digital banking, where she has consistently created sustainable value and returns for key stakeholders. Holding an MSc in Media and Communications, along with an MBA, Chinwe is a Fellow of the Institute of Credit Administration (FICA). She has attended leadership and executive programs in key institutions such as Said Business School Oxford, Harvard Business School, Wharton amongst others. Her role will be central to enhancing NOVA’s commercial banking rollout across all key business development segments.

Phillips Oduoza, Chairman of NOVA Bank, commented on the appointments: “The addition of Dr. Isiavwe and Mrs. Iloghalu marks a critical point in constituting the management team that will lead NOVA into its next phase of growth. David’s expertise in technology will be key in enhancing our phygital model, while Chinwe’s strong business drive and relationship management coupled with the retail and product engine of the bank will be instrumental in driving the Bank’s strategic intent to become a formidable player in the banking industry. Their deep understanding of digital and electronic banking will significantly contribute to our trademarked phygital experience, which seamlessly combines the best of in-person service and bespoke digital solutions to serve our customers. Both leaders bring valuable experience that aligns perfectly with NOVA’s vision to be Africa’s preferred financial solutions provider.”

These two appointments will further diversify the board and bring about inclusiveness, noted Mr. Oduoza.

As NOVA Bank continues its expansion and transformation into a national commercial bank, these leadership appointments highlight its commitment to delivering innovative financial services. The Bank’s phygital model, combining cutting-edge technology with a physical presence, is redefining customer experiences and setting the stage for future advancements in the Nigerian banking landscape.