Economy
UBA Grows Profit ₦804bn, Declares N3:00 Final Dividend
UBA Grows Profit ₦804bn, Declares N3:00 Final Dividend
UBA grows profit ₦804bn, declares N3:00 final dividend. “Our continued investment in our highly diversified global network allows UBA to deliver high quality, consistent earnings,” said UBA’s GMD Oliver Alawuba.
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2024, with all its major indicators witnessing significant improvement.
The 2024 financials, filed with the Nigerian Exchange Limited (NGx) on Monday, showed an impressive rise in the bank’s profit after tax, which went up by 26.14 per cent to close the year at N766.6 billion, up from N607.7 billion recorded at the end of the 2023 fiscal year.
The bank’s gross earnings also grew significantly from N2.08tn recorded at the end of the 2023 financial year to N3.19tn in the period under consideration, representing a 53.6 per cent growth.
Like in the previous years, the banks’ total assets also rose remarkably by 46.8 per cent, from N20.65 trillion in 2023, to close at N30.4 trillion in December 2024; signifying a milestone leap for the bank with the largest spread across the continent.
Despite the highly challenging global economic and business environment, UBA recorded a profit before tax of N803.72 billion representing a 6.1 per cent increase from N757.68 billion recorded at the end of the 2023 financial year.
Consequently, UBA Group Shareholders’ Funds rose from N2.030 trillion as at December 2023 to close the 2024 financial year at N3.419 trillion, achieving an impressive growth of 68.39 per cent.
As a result of the impressive performance and in fulfilment of the promise made by the UBA Group Chairman, Tony Elumelu, to shareholders at the last Annual General Meeting, the bank proposed a final dividend of N3:00 for every ordinary share of 50 kobo, for the financial year ended December 31, 2024. This brings the total dividend in the year to N5:00. The final dividend is subject to the ratification of the shareholders during its upcoming Annual General Meeting (AGM).
UBA House Marina
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who expressed excitement at the results, stated that the 2024 financial performance demonstrates the bank’s continued focus on driving earnings growth, preserving asset quality, expanding business operations and deepening market share.
“Our continued investment in our highly diversified global network allows UBA to deliver high quality, consistent earnings. Our businesses have been able to grow product and service income and expand our deposit base, allowing the Group to increase earnings, while maintaining strong spreads and margins,” Alawuba highlighted.
According to him, “With total deposit increasing by 42.03 per cent from N17.4 trillion in 2023 to N24.7 trillion and total assets hitting N30.4 trillion from N20.7 trillion, the just released results reflect broad-based growth across all core businesses and were achieved despite prevailing macroeconomic challenges, geopolitical uncertainties, and exchange rate volatilities.”
The GMD expressed excitement at the marked improvement recorded in the bank’s core earnings profile, as he explained that the profit is derived from high-quality income streams from funding intermediation, fees and commissions, thus reflecting strong long-term, sustainable revenue generation capacity.
“Our ex-Nigeria (Rest of Africa & International) operations have expanded significantly over the past five years, now contributing 51.7% of Group revenue, up from 31% in 2019, delivering diversification benefits and further boosting long-term shareholder value. This will continue to grow, as UBA grows profit to ₦804 billion, declares N3 final dividend
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2024, with all its major indicators witnessing significant improvement.
The 2024 financials, filed with the Nigerian Exchange Limited (NGx) on Monday, showed an impressive rise in the bank’s profit after tax, which went up by 26.14 per cent to close the year at N766.6 billion, up from N607.7 billion recorded at the end of the 2023 fiscal year.
The bank’s gross earnings also grew significantly from N2.08tn recorded at the end of the 2023 financial year to N3.19tn in the period under consideration, representing a 53.6 per cent growth.
Like in the previous years, the banks’ total assets also rose remarkably by 46.8 per cent, from N20.65 trillion in 2023, to close at N30.4 trillion in December 2024; signifying a milestone leap for the bank with the largest spread across the continent.
Despite the highly challenging global economic and business environment, UBA recorded a profit before tax of N803.72 billion representing a 6.1 per cent increase from N757.68 billion recorded at the end of the 2023 financial year.
Consequently, UBA Group Shareholders’ Funds rose from N2.030 trillion as at December 2023 to close the 2024 financial year at N3.419 trillion, achieving an impressive growth of 68.39 per cent.
As a result of the impressive performance and in fulfilment of the promise made by the UBA Group Chairman, Tony Elumelu, to shareholders at the last Annual General Meeting, the bank proposed a final dividend of N3:00 for every ordinary share of 50 kobo, for the financial year ended December 31, 2024. This brings the total dividend in the year to N5:00. The final dividend is subject to the ratification of the shareholders during its upcoming Annual General Meeting (AGM).
UBA grows profit to ₦804 billion, declares N3 final dividend
“Our continued investment in our highly diversified global network allows UBA to deliver high quality, consistent earnings,” said UBA’s GMD Oliver Alawuba.
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2024, with all its major indicators witnessing significant improvement.
UBA Grows Profit
The 2024 financials, filed with the Nigerian Exchange Limited (NGx) on Monday, showed an impressive rise in the bank’s profit after tax, which went up by 26.14 per cent to close the year at N766.6 billion, up from N607.7 billion recorded at the end of the 2023 fiscal year.
The bank’s gross earnings also grew significantly from N2.08tn recorded at the end of the 2023 financial year to N3.19tn in the period under consideration, representing a 53.6 per cent growth.
Like in the previous years, the banks’ total assets also rose remarkably by 46.8 per cent, from N20.65 trillion in 2023, to close at N30.4 trillion in December 2024; signifying a milestone leap for the bank with the largest spread across the continent.
Despite the highly challenging global economic and business environment, UBA recorded a profit before tax of N803.72 billion representing a 6.1 per cent increase from N757.68 billion recorded at the end of the 2023 financial year.
Consequently, UBA Group Shareholders’ Funds rose from N2.030 trillion as at December 2023 to close the 2024 financial year at N3.419 trillion, achieving an impressive growth of 68.39 per cent.
As a result of the impressive performance and in fulfilment of the promise made by the UBA Group Chairman, Tony Elumelu, to shareholders at the last Annual General Meeting, the bank proposed a final dividend of N3:00 for every ordinary share of 50 kobo, for the financial year ended December 31, 2024. This brings the total dividend in the year to N5:00. The final dividend is subject to the ratification of the shareholders during its upcoming Annual General Meeting (AGM).
UBA House Marina
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who expressed excitement at the results, stated that the 2024 financial performance demonstrates the bank’s continued focus on driving earnings growth, preserving asset quality, expanding business operations and deepening market share.
“Our continued investment in our highly diversified global network allows UBA to deliver high quality, consistent earnings. Our businesses have been able to grow product and service income and expand our deposit base, allowing the Group to increase earnings, while maintaining strong spreads and margins,” Alawuba highlighted.
According to him, “With total deposit increasing by 42.03 per cent from N17.4 trillion in 2023 to N24.7 trillion and total assets hitting N30.4 trillion from N20.7 trillion, the just released results reflect broad-based growth across all core businesses and were achieved despite prevailing macroeconomic challenges, geopolitical uncertainties, and exchange rate volatilities.”
The GMD expressed excitement at the marked improvement recorded in the bank’s core earnings profile, as he explained that the profit is derived from high-quality income streams from funding intermediation, fees and commissions, thus reflecting strong long-term, sustainable revenue generation capacity.
“Our ex-Nigeria (Rest of Africa & International) operations have expanded significantly over the past five years, now contributing 51.7% of Group revenue, up from 31% in 2019, delivering diversification benefits and further boosting long-term shareholder value. This will continue to grow, as we further explore strategic markets that align with our overall vision. We are currently upgrading our business scope and authorization in France, and considering other viable markets in the short to medium term,” Alawuba noted.
He pointed out the bank’s resolve to invest continuously in technology, data analytics, product innovation, staff training and development, which, according to him, will collectively enhance our customers’ experience.
On his part, UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the bank recorded triple-digit growth in net interest income, resulting in remarkable improvement in net interest margin from 6.83 per cent in 2023 to 9.02 per cent, while also recording strong double-digit growth in fee and commission income lines of 91.66 per cent.
“UBA Group continues to demonstrate strong capital levels, with shareholders’ funds growth of 68.4% to N3.42 trillion and a solid capital adequacy ratio of 31.0%., and as we defensibly position the portfolio to navigate prevailing global and regional macroeconomic upheavals, asset quality improved, with NPL ratio moderating to 5.58%, with strong provision coverage at 81%”, Nwaghodoh noted.
He explained that as the bank navigates evolving risks, its management remains focused on responsible growth, delivering customer-focused value propositions, whilst ensuring compliance with regulatory requirements in all jurisdictions.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.
Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology. business scope and authorization in France, and considering other viable markets in the short to medium term,” Alawuba noted.
He pointed out the bank’s resolve to invest continuously in technology, data analytics, product innovation, staff training and development, which, according to him, will collectively enhance our customers’ experience.
On his part, UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the bank recorded triple-digit growth in net interest income, resulting in remarkable improvement in net interest margin from 6.83 per cent in 2023 to 9.02 per cent, while also recording strong double-digit growth in fee and commission income lines of 91.66 per cent.
UBA Grows Profit
“UBA Group continues to demonstrate strong capital levels, with shareholders’ funds growth of 68.4% to N3.42 trillion and a solid capital adequacy ratio of 31.0%., and as we defensibly position the portfolio to navigate prevailing global and regional macroeconomic upheavals, asset quality improved, with NPL ratio moderating to 5.58%, with strong provision coverage at 81%”, Nwaghodoh noted.
He explained that as the bank navigates evolving risks, its management remains focused on responsible growth, delivering customer-focused value propositions, whilst ensuring compliance with regulatory requirements in all jurisdictions.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.
Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
Update On Kaduna Primary School Teacher’s Salary With The Economy Hardship
Update on Kaduna primary school teacher’s salary with the economy hardship. It is just the 7 point that explains all about the Primary school teacher’s salary according to the Kaduna State Universal Basic Education Board.
1. Contrary to popular opinion, the Kaduna State Universal Basic Education Board wishes to categorically state that the State Government does not pay Primary School teachers’ salaries;
2. These salaries are being paid by their respective Local Government Councils through the Kaduna State Universal Basic Education Board (SUBEB) after every Joint Accounts Allocation Committee (JAAC) meeting;
3. JAAC meetings are held monthly, once FAAC allocations have been received by each State Government. However, there was a delay in the release of LG funds for the month of February 2025 from the Federal Government, the delay thereby affected payment of salaries for the said month;
4. However, as at 26th March, 2025, ALL LGAs have remitted the FEBRUARY salaries to SUBEB and SUBEB have in turn made disbursements accordingly;
5. For the month of March, so far, 8 LGAs, namely Kaduna South, Soba, Lere, Makarfi, Kaduna North, Zaria, Kajuru and Sanga have REMITTED the salaries to SUBEB. While waiting for the other 15 LGAs to credit SUBEB’s account, the Board has since commenced processing for payment;
Kaduna
6. The Board is particularly aware of the timing and the inconveniences this delay might have caused, especially during this blessed month of Ramadan. Our team are working tirelessly to expedite the payment of March 2025 salaries with a target to complete all disbursements before the Eid Celebrations;
7. While we fully understand and apologize for the inconvenience this may have caused, the Board appreciates the patience and understanding of our dedicated teachers and staff during this period.
Courts Jail 17 Internet Fraudsters In Edo
Courts jail 17 internet fraudsters in Edo. The Benin Zonal Directorate of the Economic and Financial Crimes Commission has secured the conviction and sentence of 17 internet fraudsters before Justices A.N. Erhabor and W. I. Aziegbemhin of Edo State High Courts, sitting in Benin City.
The convicts are: Ekene Ezerioha, Ayeleso Ayodeji Richard, Prince Unity Igbinekaro, Marvelous Adebor, Osayande Oseh, Chukwuebuka James Edozie, Clinton Osayi Okojie, Chinedu Ugwu Kingsley, Emmanuel Ezeala, Isioma Christopher, Adebayo Ayomide, Ubaro Best, Junior Oboh, Chieye Goodluck, Lucky James Isioma, Jeremiah Okwuezuru Nwadiashi, and Destiny Grace.
They were prosecuted on a separate one-count charge bordering on obtaining by false pretence, retention of proceeds of crime and possession of fraudulent documents.
The charge against Ekene Ezerioha reads: “That you Ekene Ezerioha (m) on or about the 14th of March, 2025 within the jurisdiction of this Honourable Court did have in your possession, documents which you knew or ought to have known contained false pretence, thereby committed an offence contrary to Section 6 and 8 (b) of the Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act.”
All the defendants pleaded “guilty” to their charge when they were read to them, prompting the prosecution counsel, F.A Jirbo, K Y. Bello, Isa K. Agwai, Faisal Ibrahim, Al-Amin Ibrahim Abdul, Bala-Ribah and Salihu Ahmed to pray the court to convict and sentence them accordingly, while counsel to the defendants pleaded with the court to temper justice with mercy, stating that they have become remorseful for their actions.
Courts Jail 17 Internet Fraudsters
Justice Erhabor convicted and sentenced Igbinekaro, Adebor, Oseh, Edozie, Okojie, Christopher, Best, Nwadiashi, and Grace to two years imprisonment, each or to pay N200, 000 (Two Hundred Thousand Naira) fine respectively, while he sentenced Richard, Kingsley, Ezeala, Goodluck and Isioma to three years imprisonment, each or to pay N200, 000 (Two Hundred Thousand Naira) fine respectively.
On his part, Justice W.I. Aziegbemhin convicted and sentenced Oboh, Ayomide and Ezerioha to two years imprisonment each or to pay N400, 000 (Four Hundred Thousand Naira) fine, respectively.
In addition to their sentences, all the convicts forfeited their phones, computers and money in their respective bank accounts to the federal government and undertook in writing to be of good behaviour henceforth.
The convicts’ journey to the correctional centre began with their arrest in a sting operation by operatives of the Benin Zonal Directorate of the EFCC following intelligence that linked them to fraudulent internet activities.
Wike Faulted NBA For Declaring That State Of Emergency In Rivers By Mr. President Was Illegal
Wike faulted NBA for declaring that state of emergency in Rivers by mr. President was illegal. The minister called on the Body of Benchers to call the NBA to order over the association’s unnecessary criticism of the judiciary.
Minister of the Federal Capital Territory, Nyesom Wike has faulted the Nigeria Bar Association’s stand that the declaration of state of emergency in Rivers State by President Bola Tinubu was unconstitutional and illegal.
Mr Wike alleged that the NBA discredited Mr Tinubu’s decision because the Rivers State Government promised to host their annual general conference.
The minister stated this when officials of the Body of Benchers, led by its Chairman, Adegboyega Awomolo (SAN), visited him in Abuja on Friday.
He added that the association did not support the declaration of the state of emergency because there would be no money to give to the NBA for the conference.
“What kind of hypocrisy is this?” he queried.
The minister called on the Body of Benchers to call the NBA to order over the association’s unnecessary criticism of the judiciary.
He said that the body should not sit and watch, while the NBA and its members destroy the legal profession.
He said that some of the members of NBA, often, without reading a judgement, go on national television to condemn the judgment and criticise the judges.
He noted that such actions have continued with no sanction.
He added, “If you don’t discipline somebody, nobody will learn any lesson. We shall no longer allow our profession to be pulled down. I cannot believe, as a lawyer, that you make a contribution to help the legal profession, and you will be criticised by your fellow lawyers. Sir, time has come that we need to say look, enough is enough.
We cannot continue to discourage our judges and justices. It is not done anywhere. I have never seen where members of a profession are the ones bent on bringing the profession down.’’
The minister also accused the NBA of describing any support rendered by the executive arm of government to the judicial arm as a bribe.
Mr Wike recalled that when NBA was building its national secretariat, the leadership wrote to the executive for support, adding that nobody saw that as a bribe.
He added, “I was the only one who contributed to the NBA to build the national secretariat. The NBA didn’t see it as a bribe.
Nyesom Wike
When you contribute to the Body of Benchers, it is a bribe, but when you contribute to the NBA it is not a bribe, they will take it. The same NBA will rely on state governments to sponsor their activities, but when the state government supports the judiciary it is bribery.’’
Mr Wike said that the constant taunting of judges and justices had made them avoid attending social gatherings or going to church or mosque for fear of molestation.
He added that judges could no longer shake people’s hands freely because lawyers would accuse them of collecting bribes.
He said, “It has gotten to the stage that our judges are so scared of going to a mosque or church or even greeting somebody they know because of fear of bribery.
They run away from shaking people’s hands because they will start accusing them of collecting brides. This must stop.’’
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