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UBA PLC ANNOUNCES FOUR TOP APPOINTMENTS

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–Oliver Alawuba appointed CEO, UBA Africa;
-Abdoul-Aziz Dia, Executive Director, Treasury and International Banking;
-Chukwuma Nweke, Executive Director, Retail and Payments;

-Chiugo Ndubisi, Executive Director & Group Chief Operating Officer.

United Bank for Africa Plc (UBA) today, announced that Oliver Alawuba has been appointed as CEO of UBA Africa, overseeing the bank’s 20 African country operations, ex-Nigeria.

He succeeds Victor Osadolor, who retires from the Group Board, after 9 years of service working at UBA.

UBA Africa serves over 19 million customers across the African continent, providing retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge products including the first ever banking chat bot in Africa, LEO.

Mr. Alawuba has close to three decades of banking industry experience. He was once the CEO of UBA Ghana and rose to become Regional CEO, UBA Africa before returning to Nigeria to run UBA’s East Bank. Under his leadership, UBA’s Nigerian East Bank division became the fastest growing regional bank in the Group.

The Board further appointed Senegalese national, Abdoul-Aziz Dia as Executive Director for Treasury and International Banking, subject to the approval of the Central Bank of Nigeria. Aziz becomes the first non-Nigerian Group Executive Director of the Bank, bringing a wealth of multi geographical experience to the Group. Mr Dia will be responsible for UBA’s global network of operations in New York, London and Paris, together with Group Treasury, where UBA offers a sophisticated suite of products to multinationals, international institutions and African clients.

Chukwuma Nweke, currently the Executive Director Operations, was confirmed by the Board as the Group Executive Director, Retail and Payments, demonstrating the Group’s commitment to its retail offering. Chuks has close to three decades of banking experience spanning Banking Operations, Finance, Technology, Audit and Strategy.

The Board also announced the appointment of Chiugo Ndubisi as Group Executive Director and the Group Chief Operating Officer, subject to the approval of the Central Bank of Nigeria. Chiugo is a professional with almost three decades of banking experience that includes the role of Chief Finance Officer(CFO) and Executive Director on the board of a financial institution. His in-depth understanding of banking and finance industry dynamics will bring a lot of value to the Group Board of UBA.

Speaking on the appointments, Group Chairman Tony O. Elumelu said “These appointments emphasise the Group’s commitment to our pan-African and global network, our huge retail client base and our operational infrastructure. We are focused on improving our efficiency and further strengthening our pan-African mission, using the extraordinary pool of talent and experience available in the Group.”

Elumelu thanked both the outgoing Deputy Managing Director/CEO, UBA Africa, Mr. Victor Osadolor, and the former Regional CEO for UBA in East and Southern Africa, Emeke Iweriebor, who just retired from the board, for their contributions to the Bank. “Victor and Emeke were key players during the merger of Standard Trust Bank and UBA and have been valuable contributors to the growth of the Bank. We wish them well”.

The Board appointments underline UBA’s broader commitment to investing in the highest quality human capital. The Bank recently reformed its grade structure and technology teams, having reduced its grade structure from 16 to 12 levels, at the end of 2019. The Bank welcomed 3,000 new staff members in 2019 and promoted over 5,000 employees. UBA is the largest employer in the Nigerian banking sector, with a staff strength of close to 20,000 employees group wide.

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Plateau Govt Confirms 22 Dead, 132 hospitalised In Jos School Building Collapse

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The Plateau State Government has confirmed 22 dead and 132 persons injured in the Jos collapsed school building.

Musa Ashoms, the Commissioner for Information, said six of the injured were in critical condition.

Ashoms said that those injured were receiving treatment in various tertiary health facilities in the state, while the bodies of the deceased had been deposited in the mortuaries.

NAN reports that a two-storey building of Saints Academy, a secondary and primary school located in Busa-Buji community of Jos North Local Area, had collapsed, trapping students, teachers and others.

The incident occurred at about 8:30 am on Friday when the students were writing their third term examination.

Meanwhile, Governor Caleb Mutfwang of Plateau State has described the incident as a tragic and monumental loss to the state.

Mutfwang stated this in a statement issued by Mr Gyang Bere, his Director of Press and Public Affairs, on Friday in Jos.

The governor, who sympathised with the families of the affected victims, further described the incident as heartbreaking and unfortunate.

“This is tragic, unfortunate, heart-wrenching and a gloomy situation. We appreciate the timely intervention of the search-and-rescue team, as well as members of the public, who rushed to the school premises to assist in evacuating some of the surviving students and staff,” he said.

 

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Tinubu Renames National Theatre After Wole Soyinka

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President Bola Tinubu has renamed the National Theatre in Lagos after Nobel Laureate Wole Soyinka.

JomogNews reports that President Bola Tinubu has renamed the National Arts Theatre in Iganmu, Lagos, after Nobel Laureate, Prof Wole Soyinka.

This online news platform learnt that Tinubu announced this in a tribute he wrote to celebrate Soyinka in commemoration of his 90th birthday.

The tribute dated “Professor Wole Soyinka at 90: Tribute to a national treasure and global icon,” was personally signed by the President and made available to journalists on Friday.

Tinubu expressed his delight to join admirers around the world in celebrating Soyinka, adding that July 13 would be the climax of the series of local and international activities held in his honour.

Tinubu wrote, “Professor Soyinka, the first African to win the Nobel Literature Prize in 1986, deserves all the accolades as he marks the milestone of 90 years on earth. Having beaten prostate cancer, this milestone is a fitting testament to his ruggedness as a person and the significance of his work.

“It is also fitting we celebrate this national treasure while he is still with us. I am, accordingly, delighted to announce the decision of the Federal Government to rename the National Theatre in Iganmu, Surulere, as the Wole Soyinka Centre for Culture and the Creative Arts.”

Tinubu stated that Nigeria not only celebrates Soyinka’s remarkable literary achievements, but also his unwavering dedication to the values of human dignity and justice.

“When he turned 80, I struggled to find words to encapsulate his achievements because they were simply too vast. Since then, he has added to his corpus with his series of Interventions, which have been published in many volumes.

“Professor Soyinka is a colossus, a true renaissance person blessed with innumerable talents. He is a playwright, actor, poet, human rights and political activist, composer, and singer.

“He is a giant best riding not just the literary world but our nation, Africa, and the world,” he averred.

According to the President, Soyinka is one Nigerian whose influence transcends the Nigerian space and who inspires people around the world, explaining that since his youth, he has been a vocal critic of oppression and injustice wherever it exists, from apartheid in South Africa to racism in the United States.

“Beginning from his 20s, he took personal risks for the sake of our nation. His courage was evident when he attempted to broker peace at the start of the civil war in 1967. Detained for two years for his bravery, he narrated his experience in his prison memoir, ‘The Man Died.’

“Despite deprivation and solitary confinement, his resolve to speak truth to power and fight for the marginalised was further strengthened.

“Our paths crossed during our struggle for the enthronement of democracy in Nigeria following the annulment of the June 12, 1993 presidential election,” Tinubu stated.

 

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FG Reaches New Agreement With IOCs On Crude Supply To Dangote, Local Refineries

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JomogNews Nigeria reports that the Federal Government and crude oil producers in Nigeria have committed to working towards a sustainable supply of crude oil to local refineries under a market-determined pricing system.

This Nigeria news platform understands that both parties said the commitment aimed to ensure that while the operators (crude oil producers) do business optimally, the refineries are not starved of feedstock.

Accordingly, the industry regulator, the Nigeria Upstream Petroleum Regulatory Commission has directed oil refiners in the country to provide monthly price quote on crude supply.

This came as the $20bn Dangote Petroleum Refinery is reportedly ramping up the importation of crude from the United States, Bloomberg reported on Thursday.

In a statement issued in Abuja on Thursday, Nigeria’s upstream regulator stated that oil producers under the umbrella of the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry, at a meeting called by NUPRC, agreed to concede to a framework that would be mutually beneficial with the aim of ensuring that local refineries are not strangulated due to off-the-curve prices.

“The focus of the meeting held at the instance of the Commission Chief Executive, Gbenga Komolafe, was on the status review of the Framework for Seamless Operationalisation of Domestic Crude Oil Supply Obligation Template.

“It was part of efforts to effectively implement key sections of the Petroleum Industry Act (PIA) 2021, especially the issue of pricing and crude supply to the domestic refineries,” the commission stated.

In the statement, Komolafe said President Bola Tinubu is fully committed to providing a level playing ground for producers and refiners to do business in the industry.

He expressed the need for a rule of engagement to ensure that the pricing model from the oil producers does not hinder the domestic refineries.

He directed producers and refiners to provide the NUPRC with cargo price quotes on crude supply and delivery for effective monitoring and regulation of transactions among parties. “We need to have the price quotes monthly,” he directed.

The NUPRC boss pointed out a convergence between the Domestic Crude Oil Supply Obligation and the nation’s energy security, indicating that his team is re-engineering its regulatory processes to address the challenges.

“We allow all our processes to be transparent. While the Federal Government targets the implementation of the regulation, all parties must submit to the rules of engagement as a guide for operation,” Komolafe stated.

He said NUPRC is committed to driving the willing buyer/willing seller provision.

“We have to discuss pricing, especially as parties have committed to respecting their domestic crude oil obligation. As the regulator, we don’t want the upstream sector to be operated sub-optimally through cost under-recovery.

“So, the regulator is very alive to that. In crude pricing we will never allow price strangulation to disincentivise our domestic refining capacity optimisation. The regulator does not support cost under-recovery in the upstream sector, and we will continue to work to ensure that crude supply profiteering as a negative factor that can strangulate our domestic refining capacity optimisation is disallowed,” Komolafe declared.

Dangote raises alarm

Last month, the Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, had accused International Oil Companies in Nigeria of plans to frustrate the survival of the new Dangote Petroleum Refinery.

Edwin had said the IOCs were deliberately and willfully frustrating the refinery’s efforts to buy local crude by hiking the cost above the market price, thereby forcing the refinery to import crude from countries as far as the United States, with its attendant high costs.

“Recall that the NUPRC recently met with crude oil producers as well as refineries’ owners in Nigeria, in a bid to ensure full adherence to Domestic Crude Oil Supply Obligations as enunciated under section 109(2) of the Petroleum Industry Act. It seems that the IOCs’ objective is to ensure that our petroleum refinery fails. It is either they are deliberately asking for a ridiculous/humongous premium or they simply state that crude is not available.

“At some point, we paid $6 over and above the market price. This has forced us to reduce our output as well as import crude from countries as far as the US, increasing our cost of production. It appears that the objective of the IOCs is to ensure that Nigeria remains a country which exports crude oil and imports refined petroleum products.

“They (IOCs) are keen on exporting the raw materials to their home countries, creating employment and wealth for their countries, adding to their Gross Domestic Product, and dumping the expensive refined products into Nigeria – thus making us to be dependent on imported products. It is the same strategy the multinationals have been adopting in every commodity, making Nigeria and Sub-Saharan Africa to be facing unemployment and poverty, while they create wealth for themselves at our expense,” Edwin had stated.

But on Thursday NUPRC emphasised the imperative for appropriate pricing to drive willing buyer willing seller referencing guided Fiscal Oil Price published by the commission in line with the provisions of the PIA.

“NUPRC is committed to attracting the needed investments to boost upstream development and optimisation of our hydrocarbon resources just as we want sustainability of domestic energy supply in the midstream and downstream sector.”

Crude importation

Also on Thursday Bloomberg reported that Nigeria’s Dangote mega-refinery was ramping up the importation of crude oil from the United States, stating that the Lagos-based refinery had created a new flow of long-haul crude from the US, as inflows of American feedstock could be about to rise further.

The report stated that the Dangote mega-refinery was lapping up ever more US crude, bringing the barrels thousands of miles across the Atlantic Ocean.

It stated that Dangote bought more than 16 million barrels of West Texas Intermediate crude oil so far this year, according to data compiled by Bloomberg.

In August and September, the proportion it will take from the US — as opposed to Nigerian barrels — may be set to rise, based on tenders for new supply seen by Bloomberg.

 

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