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UBA Recorded N1.37trn Gross Earnings In H1 2024

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The United Bank for Africa (UBA) says it recorded a 39.6 percent growth in gross earnings for the first half (H1) of 2024.

In a statement on Monday addressing its audited financial results for the half year ended June 30, 2024, UBA said gross earnings increased from N981.77 billion in 2023 to N1.37 trillion by June 2024.

The bank said this was achieved despite the tough macroeconomic climate in Nigeria and the geopolitical environment challenges where it operates.

According to Ramon​​​​ Nasir, UBA’s head of media and external relations, the audited financials released to the Nigerian Exchange Limited (NGX), showed that the bank recorded double-digit growth in its operating incomes.

He said interest income rose by 134.3 percent, reaching N1 trillion compared to N428.2 billion recorded in June last year while total assets grew by 37.2 percent, increasing from N20.6 trillion in December 2023 to N28.3 trillion.

Nasir said customer deposits increased by 33.7 percent during the same period, reaching N23.2 trillion, up from N17.3 trillion recorded at the end of 2023.

“The results filed showed that profit before tax (PBT) which stood at N403 billion in June 2023, closed the half year at N402 billion, while profit after tax (PAT) dropped slightly from N378 billion to N316 billion in the year under consideration,” he said.

“However, the banks’ shareholders funds increased by 47 percent from N2.03 trillion in December 2023, to N2.99 trillion.”

Also, Nasir said UBA’s board of directors declared an interim dividend of N2 per share for each ordinary share of N0.50 kobo, marking a 300 percent increase compared to the N0.50 kobo declared during the same period in 2023.

He said it is in line with the bank’s culture of paying both interim and final cash dividends.

Commenting on the results, Oliver Alawuba, UBA’s group managing director (MD) and chief executive officer (CEO), underscored the bank’s commitment to consistently deliver value to its shareholders.

“UBA Group has continued to deliver strong double-digit growth in high quality and sustainable banking revenue streams, driven by a focused growth in balance sheet, transaction and digital banking businesses across geographies in line with our strategic goals,” Alawuba said.

“The Group’s performance has been buoyed by consistent strong growth in all core and sustainable banking income lines. Our intermediation business showed strong growth with net interest income expanding by 143% YoY to N675billion.

“As the Group intensifies its customer acquisition drive, we are making significant investments in technology, data analytics, product research and innovation to enhance our value proposition and customer experience.”

On his part, Ugo Nwaghodoh, UBA’s executive director on finance and risk, expressed delight at the milestone achieved by the bank in driving operational efficiency.

“Our cost optimisation provides scope for further moderation, as we explore options towards a drastic reduction of our foreign currency denominated cost components, robotizing and automation of processes and application of artificial intelligence to our operations,” Nwaghodoh said.

‘WE’LL FOCUS ON MANAGING CREDIT, INFORMATION SECURITY RISKS’

Nwaghodoh said the group will focus on effectively managing the heightened credit, operational, cyber and information security risks, as it continues to conduct its business within the tenets of UBA’s moderate risk appetite in alignment with the company’s sustainability goals.

The executive director said the group is on track to strengthen its share capital to support its medium to long-term goals while complying with recent regulatory requirements in Nigeria and other regions where it operates.

 

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Court Sets Feb 25 For El-Rufai’s Arraignment In DSS Cybercrime Case

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The Department of State Services (DSS) will arraign former Governnor of Kaduna state, Nasir El-Rufai, on February 25 over alleged cybercrime and breach of national security.

Justice Joyce Abdulmalik of the Federal High Court has fixed the date for the arraignment of the former Governor on a three-count criminal charge filed by the Department of State Services (DSS) after the Chief Judge, Justice John Tsoho assigned the case to her.

NAN earlier reported that the DSS, on Monday, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.

The charge, instituted by the Nigerian secret police, is marked FHC/ABJ/CR/99/2026.

The service accused El-Rufai of breaching the Cybercrimes Prohibition Act (2024) and the Nigerian Communications Act (2003.)

In court, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.

The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.

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Maureen Badejo To Appear Before Federal High Court Tomorrow On Defamation, Cybercrime Charges

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Maureen Omorinola Badejo is scheduled to appear before the Federal High Court sitting in Ikoyi, Lagos, on February 20, 2026, following charges filed by the Inspector-General of Police over allegations bordering on defamation, cyberstalking, and related offences.

 

 

The charges arise from online publications made in November 2021, in which Ms. Badejo allegedly transmitted statements and videos on YouTube and Facebook concerning Apostle Johnson Suleman and his associate Dickson Omodiale Osajie.

 

 

According to the charge sheet, the prosecution alleges that:

 

Ms. Badejo conspired with others to publish defamatory content against Apostle Suleman.

 

She allegedly portrayed him as a cultist, rapist, assassin, ritualist, and other criminal labels, knowing the claims to be false.

 

She is accused of sending false messages via computer networks intended to cause annoyance, hatred, intimidation, and injury to reputation.

 

Additional allegations state that defamatory statements were also made against Mr. Dickson Osajie, claiming involvement in crimes such as rape and ritual killing.

 

Authorities further allege that the publications caused fear for safety and threatened bodily harm to the complainants.

The offences cited fall under provisions of the Criminal Code Act (Cap C38, Laws of the Federation of Nigeria, 2004) and the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015.

 

The case follows a formal petition submitted to the Nigeria Police Force by Mr. Osajie, who alleged persistent cyberstalking, harassment, invasion of privacy, threats to life, and dissemination of false information affecting himself, Apostle Suleman, and their families.

Statement from Maureen Badejo

Ms. Badejo maintains her readiness to face the court and present her defense, expressing confidence in the Nigerian judicial system to ensure fairness and justice.

 

 

“I will appear in court as required and trust that the truth will prevail through due legal process,” she stated.

 

 

However Ms. Badejo is expected to be formally arraigned before the Federal High Court in Ikoyi, where the charges will be read and she will enter her plea.

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Rivers Assembly Suspends Impeachment Move Against Fubara After Tinubu’s Intervention

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The Rivers State House of Assembly has officially suspended impeachment proceedings against Governor Siminalayi Fubara and his deputy, Ngozi Odu, following President Bola Tinubu’s intervention.

The House moved the motion to halt the impeachment process on Thursday at its resumed sitting in Port Harcourt, the state capital.

JomogNews had reported that during its first sitting of 2026, the House had begun impeachment proceedings against the governor and his deputy over allegations of gross misconduct, including the demolition of the State Assembly complex and alleged spending without legislative approval, among other claims.

More details later….

 

 

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