....Declares N2.30 kobo Final Dividend
....Total Assets Rise by 90.2% to N20.65 trillion
....Shareholders’ Funds Hits N2.0tn, achieving an impressive growth of 120.2%.

In another unprecedented performance, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2023, showing exceptional and impressive performance across all its major indicators.

The 2023 financials, filed by the Bank at Nigerian Exchange Limited (NGx) on Monday, showed an impressive leap in gross earnings, as it grew from N853.2 billion recorded at the end of 2022 to close at N2.08tn; representing a strong 143 percent growth.

The banks’ total assets also rose remarkably by 90.22 percent, doubling the N10 trillion mark, to close at N20.65 trillion in December 2023; up from N10.86 trillion in 2022. This leap remains a very significant achievement and milestone in the history of the financial powerhouse.

Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with an exponential growth of 277 percent, to close the year under review at N758billion, rising from N201 billion recorded at the end of the 2022 financial year; while profit after tax (PAT) grew by 257 percent from N170 billion in 2022, to N608 billion in the year under consideration.

Consequently, UBA Group Shareholders’ Funds rose from N922 billion as at December 2022 to close the 2023 financial year at N2.0tn, achieving an impressive growth of 120.2%, compared to prior year.

In the year under consideration, UBA Group cost-to-income ratio dropped from 59.2%, in 2022, to 37.2 per cent pointing at the Group’s improving efficiency.

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 N2.30 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2023. The final dividend is subject to the ratification of the shareholders during its upcoming annual general meeting (AGM).

Also worthy of note, UBA recorded a 61.3 percent growth in loans to customers, moving up to N5.5 trillion in 2023, whilst customer deposits improved by 90.31 percent to N14.9 trillion, compared to N7.8 trillion recorded in the corresponding period of 2022, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise.

Commenting on the results, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said: “I am very pleased with the unprecedented results achieved by our Group in FY2023. The Group made a profit before tax of N758billion, from N201 billion in the prior year. The balance sheet also grew to N20.7trillion from N10.8trillion in the previous year.

He said, “The Group’s shareholder’s funds crossed N2trillion from N922bn in 2022, whilst total assets crossed the N20 trillion mark (90.2% YoY growth). The Group is well positioned for further business expansion in FY2024 having closed FY2023 with Capital Adequacy Ratio of 32.6%.”

He added that the bank’s diversified business model (Pan-African and International strategy) is justified by the contribution of its Ex-Nigeria business to the Group’s results and reinforces its resolve to expand our market share of customers, funding, digital and transaction banking businesses across Africa.

“Driven by our customer service and execution-led delivery model, we will continue to expand our market share and create value for our shareholders and meet the expectations of our various stakeholders,” the GMD stated.

UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the 2023 full year was a particularly eventful year, with galloping inflation and currency depreciation ravaging key markets, amidst pockets of regional conflicts and security challenges.

“I am delighted however at the strong growth in earnings and profitability recoded in the year. The Group conservatively set up significant impairment reserves against its overall risk assets portfolio considering the latent impact of the macroeconomic headwinds on our credit portfolio. Consequently, Cost of Risk grew to 3.09% from 0.63% in the prior year,” Nwaghodoh noted.

On the expectation for the 2024 financial year, he said, “The Group remains fervently committed to sustainable growth and maintaining its strong compliance and risk management practices culture even as we drive our business through the next phase of growth."

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than thirty-five (35) 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.


Ramon​​​​ Nasir
Head, Media & External Relations
United Bank for Africa Plc
UBA House, 57 Marina, Lagos Island, Lagos , Nigeria
DL: +234-1-2807405 | Ext: 18405
Mobile: +234-7034145044
E‑mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Former Vice President of Nigeria, Atiku Abubakar, has submitted that Nigerian Muslims observed the 2024 Ramadan fast in a season of tough economic conditions.

Atiku made the observation in his Eid-el-fitr greetings, in which he congratulated Muslims on the successful completion of this year’s Ramadan fasting.

 

Despite the tough conditions, he pointed out that the forbearance with which Nigerian Muslims adopted it is a principle that the noble Prophet Muhammed (SAW) enjoins everyone to live by at all times.

He called on those in positions of authority to show compassion to the people.

Atiku also prayed that the supplications of every believing Muslim and everyone else shall be answered by the Almighty Allah and wishes Nigerians a blessed Eid-el-fitr holiday.

The former Vice President, in a press statement by his office on Tuesday, said that lessons of the Ramadan fasting should remain abiding, even when the holy month has passed.

“For many Nigerians who observed the mandatory Ramadan fasting this year, the reality of the harsh economic environment in the country put many families and individuals under intense pressure.

“But in the face of this daunting challenge, many people pulled through out of seeking piety.

“The completion of Ramadan should cause a reflection on those in positions of authority to show more compassion to the people.

“The requirement of forbearance and compassion between the leaders and the people are the lessons to be learnt about this year’s Ramadan, in accordance with the teachings of noble Prophet Muhammad (SAW,)” Atiku said.

[NaijaNews]

The management of Air Peace Airlines, on Tuesday, has dismissed a viral video purportedly showing that the airlines abandoned its passenger at Gatwick Airport in London because its London-Lagos flight was overbooked on Monday.

 

In a press statement made available to LEADERSHIP, the airlines said the narration was false as the said passenger came late after check-in phase was already concluded and the counter closed.

 

Air Peace further stated that Gatwick Airport operated slot timings allocated to each of the airlines operating out of the airport.

“Our attention has been drawn to a video circulating on social media that Air Peace not only abandoned their passengers at Gatwick Airport, but closed their counter before closing time because the aircraft was overbooked on our London-Lagos flight on Monday, April 8, 2024.

“This video recording was a deliberate and malicious attempt to tarnish the image of Air Peace. In the video, a number of falsehoods were claimed, specifically: Firstly, we closed our counter before time.

“Secondly, we overbooked our flight and our aircraft was full, hence we quickly closed the door and departed for Lagos. Thirdly, take off time was supposed to be 12 noon.

 

“We want to state categorically that the passenger, who the narrator escorted to the airport, came very late after check-in phase was already concluded and the counter had closed.

 

“Gatwick Airport operates by slot timings allocated to each of the airlines operating out of this airport. The check-in operations of airlines are slot-based, and airlines take turns based on their approved times.

“Once your slot timing is up, you must vacate the counters for the next airline’s utilization. The check-in process ends at 09:00am, as advised in the Terms and Conditions section of our e-ticket and website, and the counter was vacated by Air Peace in accordance with our slot allocation at 09:55am.”

The airlines, however, explained that in order for passengers not to miss their flights, messages about flight departure are sent intermittently.

The airlines further stated that it will continue doing its best to meet the needs of all its passengers.

“To ensure passengers do not miss their flights, we send them multiple messages at different times before their flight – 24hrs, 14hrs and 6hrs before flight departure.

“Departure for this flight was scheduled for 11:10am, so all processes needed to adhere to this time.

“It was also claimed that we overbooked our flight. The UK Civil Aviation Authority and the Nigeria Civil Aviation Authority can attest to the number of passengers on our manifest for the said flight. The aircraft left Gatwick with some seats unoccupied, so no overbooking took place.

“Gatwick Airport has CCTV coverage showing the time the passenger arrived at the airport/Air Peace counter and the time the maker of this video got to the airport. The late arriving passenger duly paid the no show fee, was booked to travel on a subsequent flight, and therefore the issue was resolved at the airport. It is disappointing that a different version of what transpired has been circulating.

“Air Peace will continue to do its best to meet the needs of our passengers, but we also require passengers to work with us to ensure they can travel to their destinations by adhering to specified times,” the airlines stated.

[Leadership]

Fire has reportedly gutted the popular Dosunmu Market in Lagos Island.

An X user, who shared a video from the scene, said the fire was due to a generator explosion on Tuesday.

“Just in guys, Eko Idumota (Dosunmu) Market on fire due to generator explosion, and no firefighters in sight yet.

“The fire keeps going up. People are running for safety”.

However, the Nation observed firefighters were not in sight in the recorded video.

Authorities have also not commented on the incident.

Details shortly…

[TheNation]

The Otun Balogun Olubadan of Ibadanland, Oba Abimbola Ajibola, on Tuesday, declared that the Olubadan-designate, Oba Owolabi Olakulehin, is still ill and not physically fit to rule at the moment.

The PUNCH reports that the Olubadan stool became vacant after the demise of the late Olubadan of Ibadanland, Oba Lekan Balogun, who reigned for two years and died at the age of 81.

Oba Ajibola, who addressed newsmen at his Sanyo private residence in Ibadan, the Oyo State capital, said, “What is in need for hurry? Someone (Olakulehin) we have not seen. He has not spoken with us. He has not spoken with Ibadan people.

“I am his second in command, I’m his lieutenant. He has not called me to say, ‘My Otun, I’m back. So, tell your people. And when are you seeing me?’ They are just forcing him because of their own selfish interest.”

While speaking on the meeting held at the private residence of Chief Bode Amoo at Agodi Government Reserved Area in Ibadan, the Oyo State capital, on Monday, Oba Ajibola said, “They said we called a meeting and we have endorsed him (Olakulehin). I’m not part of that. I’ve told them my mind that I won’t be part of that illegality. We know Baba Olakulehin is the next Olubadan, but let us allow him to get well.

“Has anybody seen him since last Friday? Those who went there after Friday were unable to see him. They are forcing this man. We should allow him to get well.”

Details later…

[Punch]

A Muslim religious leader, Maulana Khalid Rashid Firangi Mahli, has announced that due to the non-sighting of the moon on Tuesday, Eid ul-Fitr will be celebrated in India on April 11 (Thursday).

 

The Markazi Chand Committee Eidgah Lucknow, a prominent Islamic body, also issued a statement confirming that the moon for Eid was not sighted today (Tuesday).

 

According to reports, it is now expected to be seen on Wednesday, April 10.

 

Eid-ul-Fitr marks the end of the holy month of Ramadan. It’s to thank Allah for strength, resilience, and peace during the month of Ramzan and is therefore celebrated with great fervour and enthusiasm.

 

Eid-ul-Fitr is a significant celebration in Islam, marked by congregational Eid prayers and the sharing of delicious feasts among family, friends, and loved ones.

President Bola Tinubu has called on Nigerians to unite and rededicate themselves to the duty of building the country.

In his Eid-el-Fitr message, Tinubu congratulated Muslims in the country for completing the Ramadan fasting.

In a statement on Tuesday, Ajuri Ngelale, presidential spokesperson, said Tinubu prayed that the blessings of the festival remain with the country.

“The president greets the Muslim faithful in Nigeria and all around the world, praying that their supplications and sacrifices this season and even after will receive the fitting rewards from Almighty Allah,” the statement reads.

 

“As he emphasised during an iftar with Nigeria’s leaders of thought and conscience, President Tinubu appeals to all citizens to come together and rededicate themselves to the noble duty of building the nation, stating: “We are the sculptor, and Nigeria is the clay; we build it the way we desire”.

The Eid-el-Fidr celebration will take place on Wednesday.

On Tuesday, the federal government extended the Eid-el-Fitr public holidays to Thursday in addition to Tuesday and Wednesday earlier declared on April 7 for the festivity.

[TheCable]

•12.5kg rises 38% to N14, 150

 

THE price of Liquefied Petroleum Gas, LPG, otherwise known as cooking gas has risen to N14,150 for 12.5kg cyclinder, about 38 per cent Year-on-Year, YoY, against N10, 323.33 it sold in April 2023 last year.
This is even as the price of aviation fuel also rose to between N1, 300 and N1, 500 per litre in the domestic market, from about N1, 000 during the period, indicating an increase of 33 per cent.

However, checks by Energy Vanguard also indicated that the price of 5kg of the gas increased by 37 per cent to N5, 700 from N4, 642.27 during the period.

In an interview with Energy Vanguard, the President, Nigerian Association of Liquefied Petroleum Gas Marketers, NALPGM, Mr. Oladapo Olatunbosun, said the prices of cooking gas would continue to leap as the domestic market continues to be impacted by foreign exchange crisis.

He said: “It is expected that when the foreign exchange increases, the price of LPG will follow suit because it still priced and determined by the flow of foreign exchange.”

On his part, the Minister of Petroleum (Gas), Ekperikpe Ekpo, said: “Despite the declaration of the decade of gas and the government’s push to make gas a transition fuel, low production and rising prices have continued to push Nigerians away from the use of cooking gas.

“You have seen the demonstration by the federal government by withdrawing all taxes and levies from importation of gas related equipment. It is a big incentive on the issue.

“We are interacting with the critical stakeholders to ensure that there is no exportation of cooking gas. All cooking gas produced within the country will have to be domesticated and when this is done, the volume will increase and of course, the price will automatically crash.

“I am in contact with the regulator, NMDPRA (Nigerian Midstream and Downstream Petroleum Regulatory Authority), we have meetings almost on a daily basis, and the producers of the gas like Mobil, Chevron and Shell. So, there is hope that things will turn around.

“It is not going to reflect that way. We are dealing with human beings. The policy has been put in place and the investors want to maximise the profits that they are going to get from it all. At the end of the day we have to come in. That is why you have the regulator and we are interfacing with them to make sure they crash the price.”

However, further checks indicated that many households, especially in the outskirts of cities and rural areas have taken to increased utilisation of firewood, thereby encouraging deforestation in the nation.

The Lagos State Special Offences Court in Ikeja, on Monday, sent back the immediate-past Governor of the Central Bank of Nigeria, Godwin Emefiele, to the custody of the Economic and Financial Crimes Commission.

Justice Rahman Oshodi made the remand order shortly after the anti-graft agency arraigned Emefiele on 23 counts bordering on “abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained, and conferring corrupt advantage.”

In the substance of the charges, the EFCC alleged that abused his office while he was CBN Governor through allegation allocations of $4.5bn and N2.8bn.

He was arraigned alongside Henry Isioma-Omoile, whom the EFCC accused of accepting gifts from agents.

Both defendants pleaded not guilty to the charges.

While Justice Oshodi ordered that Emefiele should be remanded in EFCC custody, he ordered that Isioma-Omoile be remanded at the Ikoyi Correctional Centre, where he was already being held.

The judge made the remand orders while adjourning till Thursday, April 11, 2024, to hear their bail applications.


With Monday’s order, Emefiele returns to the EFCC custody about four and a half months after he left the custody of the anti-graft agency in November 2023, following his initial 151 days in both the custody of the EFCC and the Department of State Services.

At the Monday proceedings, his lawyer, Mr Abdulakeem Labi-Lawal, told hinted that the ex-CBN governor would be up for a fresh arraignment between April 25 and 26.

It will be the fourth criminal case filed against him by the Federal Government following his removal from office last June by President Bola Tinubu.

The DSS first arraigned before the Federal High Court in Lagos for illegal possession of firearms. The case was later withdrawn.

He was subsequently arraigned by the EFCC in November before Justice Hamza Muazu of the Federal Territory High Court on charges bordering on procurement fraud and forgery of the signature of ex-President Muhammadu Buhari.

His Monday arraignment before Justice Oshodi in Lagos was the third.

At the Monday trial in Lagos, the EFCC prosecutor, Mr Rotimi Oyedepo (SAN), told the court that Emefiele allegedly abused the authority of his office as CBN governor by allocating foreign exchange in the aggregate sum of $2.2bn without bids, the act which was prejudiced to the rights of Nigerians.


Oyedepo also told the court that the ex-CBN governor corruptly accepted the aggregate sum of $26.5m through Donatone Ltd on account of the allocation of foreign exchange by the CBN.

The commission further accused Emefiele of receiving the sum of $400,000 from Source Computer Ltd on account of the approval of a “contract” in favour of the said company by the CBN, the institution wherein he served as the governor.

The anti-graft agency alleged that Emefiele used his position as the governor of the CBN to confer a corrupt advance on his associate, Limelight Multidimensional Services Ltd, by allegedly approving the payment of the aggregate sum of N900m to the said company.

Emefiele was also alleged to have used his position as the CBN governor to confer a corrupt advantage on Comec Support Services Ltd by approving the sum of N149m to the company.

The EFCC also alleged that the former CBN governor used his position to confer a corrupt advantage on Andswin Resources and Solutions Ltd by approving payment of the sum of N398m to the company.

The prosecutor said Emefiele, between January 20 and June 2, 2023, in Lagos corruptly, received $7,720,000 on account of foreign exchange.

He was also accused of receiving $850,000, sometime in March 2023, on account of foreign exchange in favour of his employer the CBN, the institution of government where Emefiele governed.


Oyedepo told the court that Emefiele’s co-defendant, Henry Osioma-Omoile, on November 17, 2020, while acting as an agent received the sum of $110,000 through Monday Osazuwa, as a gift for Emefiele as a reward for allocating foreign currencies by CBN.

The commission also accused Isioma-Omoile of receiving the sum of $100,000, in two tranches on behalf of Emefiele as a gift reward for the allocation of foreign currency.

The prosecution said both defendants acted contrary to the provisions of sections 8, 10, and 19 of the Corrupt Practices And Other Related Offences

Act 2000; as well as sections 65, 73, and 328 of the Criminal Laws of Lagos State 2011.

The two defendants, however, pleaded not guilty, following which the prosecutor urged the judge to fix a date for trial.

But the defendants’ counsel, Mr Abdulakeem Labi-Lawal, in two separate bail applications, urged the court to grant the defendants bail on liberal terms, pending the determination of the case.

Specifically, he said that the court should grant Emefiele bail on self -recognizance or release him to his counsel as he was not a flight risk.

He said Emefiele had served Nigeria as the number one banker for nine years and was also still standing trial in Abuja court and would always be available to attend court.

Labi-Lawal added that the charges filed against Emefiele were bailable offences and not capital ones.

“Though the first defendant was granted administrative bail by the prosecuting authorities, he is seeking bail based on self-recognizance and he is ready to attend trial.

“The court should also take into consideration, the status of the first defendant as he was the former CBN governor of the country,” the defence counsel said.

The defence counsel further told the court that Emefiele would likely be arraigned on another charge in Abuja between April 25 and 26, 2024.

“It is for this reason we are asking that this court grant the defendants bail, on self-recognizance or release them to their counsel so that they can attend the court in Abuja,” Labi-Lawal said.

Labi-Lawal also told Justice Oshodi that second defendant, Osioma-Omoile, was previously arraigned on Friday and was granted bail Justice O. Sule- Hazmat of the state high court in Yaba.


He urged Justice Oshodi to allow Osioma-Omoile to continue on Friday bail.

The prosecutor, Oyedepo, did not oppose the bail applications but urged the court to exercise its discretion judiciously in granting bail to the defendants.

Oyedepo also informed the court that the prosecution would like to ask for a closed section for some of their witnesses who were willing to come to court to testify but were scared for their lives.

After listening to the submissions of both counsel, Justice Oshodi ordered that Emefiele should be remanded at the EFCC’s custody, while the second defendant should be returned to the Ikoyi Correctional Centre where he was brought to the court.

The judge adjourned the case till April 11, to rule on the bail applications and to commence trial.

Former director-general of Voice of Nigeria (VON), Mr Osita Okechukwu, has opposed the move to institutionalise State Police, saying it would hurt the Nigeria’s democracy.
Okechukwu, a foundation member of the ruling All Progressives Congress (APC), disclosed this on over the weekend, shortly after the burial of late Chief Bona Udeh, erstwhile Chairman of Udi Local Government Area in Enugu State.

 

The APC chieftain said that his lack of support for the establishment of State Police was due to his elementary study of the antics of dictatorship.

 

He stated that the study made him shiver each time he thought of what would happen to democracy if governors, who had since inception of the fourth republic in 1999 acted like emperors, are empowered absolutely to kill democracy.

“What salvation do we earn, when careful consideration gazetted that the majority of our dear governors are more or less akin to emperors, who are constantly in the breach of fine democratic tenets and civil liberties?” he asked.

The APC chieftain also said the governors had thwarted the local councils since the system had blatantly mangled state judiciary and state legislatures into rubber stamps.

“My dear countrymen, do we in all intents and purposes make altruistic sense to further empower emperors?

 

Emperors hated alternative views, abhorred popular participation and rule of law throughout the history of man.

 

“Our dear governors in similar manner abhorred the rule of law and popular participation; this is why they had, in the same bipartisan manner, opposed local government autonomy, independence of state judiciary and state legislatures,” he said.

Proffering security solution, Okechukwu said as a matter of urgent national importance, at this trying period, the country needed well-trained and well-equipped Special Constabulary Police in line with the Nigeria Police Act 2020.

The APC chieftain said Special Constabulary Police should be equipped with sophisticated arsenal to contain kidnappers, terrorists and insurgents at the grassroots, without authoritarian antics.

He said the Special Constabulary Police he was advocating would be funded by Federal and State Governments, jointly recruited from indigenes of the given state in collaboration with the governors, albeit local community, based on “tiny federal strings”, for necessary moderation.

“I appeal for understanding for Special Constabulary Police as the federal and state governments will better fund the outfit, rather than authorising state governors to transfer the burden of funding to our citizenry, majority of who are trapped in multidimensional poverty.

He said although one understood the metastasis of grief, helplessness, despair, despondency and the sordid scenario of a country overwhelmed by insecurity, it would be less strategic in the midst of confusion to over tax the citizenry.

The Director-General of the Nigeria Governors’ Forum, Mr Asishana Okauru, reported that 16 state governors had earlier supported the establishment of State Police.

They supported floating of the outfit as a panacea for the insecurity ravaging the different parts of the country.

Also, the Senior Special Assistant to the Vice-President on Media and Communication, Mr Stanley Nwakocha, had earlier disclosed in a statement that discussions were held at 140th meeting of the National Economic Council on the matter.

 

Nwakocha noted that 16 out of the 36 states had already submitted reports on the State Policing initiative and that the remaining 20 governors were already in the process of submitting theirs

“The official position of the forum is in favour of state police. I don’t know of any state that is not in support of state police,” he said.

(NAN)