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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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Gumi Defends Dialogue As Sole Solution To Nigeria’s Insecurity

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Islamic cleric Sheikh Ahmad Gumi recently defended his past interactions with armed groups, stating he “took the bull by the horns” in 2021 as a necessary step to address Nigeria’s insecurity.

In a post shared on Facebook on Thursday, Gumi said decades of neglect of disadvantaged populations had created deep socio-economic inequalities, leaving many youths vulnerable to manipulation by external forces seeking to destabilise the country.

According to him, the widening gap between the rich and the poor has turned many young people into “ready-made foot soldiers” in cycles of violence that enable the exploitation of Nigeria’s resources.

He also criticised the political class for being largely unresponsive, while noting that the intellectual community is preoccupied with survival struggles.

Reflecting on his past efforts, Gumi said he “took the bull by the horns” in 2021 by attempting to reintegrate violent elements into society rather than allowing them to be further radicalised.

He wrote: “Nigeria for decades has ignored the underprivileged section of its society. There is a significant socio-economic discrepancy, and the society is stratified. This makes our teaming youth ready-made foot soldiers for any foreign interest trying to divide us and rule. To plunder our resources while we are involved in a vicious circle of violence.

”Unfortunately, the political class is unattentive while the intelligentsia is held hostage in the struggle for existence.

“In 2021, I took the bull by the horns in an attempt to bring some of these uncouth elements back to our fold rather than letting them be exploited by the devil.

“I still believe this is the only way out of our predicament. However, it needs the political will and determination to achieve.

“May Allah bring peace back to our nation.”

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COAS Shaibu Hits Jos To Restore Peace, Public Confidence

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The Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, visited Jos, Plateau State, on Thursday, April 2, 2026, to lead a high-powered security assessment following recent security breaches.

The visit was aimed at strengthening public confidence and reinforcing ongoing efforts to stabilize affected communities.

Colonel Appolonia Anele, acting Director, Army Public Relations, said in a statement that the visit forms part of ongoing efforts to restore calm and entrench lasting peace across the state.

According to the statement, upon arrival, the COAS was received by the Executive Governor of Plateau State, Caleb Mutfwang, in a clear demonstration of strong civil-military cooperation and a shared commitment to addressing emerging security challenges.

The statement said the COAS received a comprehensive operational briefing from the General Officer Commanding 3 Division and Commander, Joint Task Force Operation ENDURING PEACE, Major General Folusho Oyinlola, who highlighted ongoing operations and proactive measures being implemented in synergy with other security agencies to contain threats, protect lives and property, and stabilise affected communities.

“As part of his engagements, Lieutenant General Shaibu also interacted with community leaders and residents, reassuring them of the unwavering commitment of the Nigerian Army to safeguarding all law-abiding citizens.

He urged residents to remain calm, vigilant and supportive of security agencies by complying with the curfew and cooperating fully with ongoing operations and investigations, while going about their lawful activities.

The chairman of Jos North Local Government Area, Hon. Dachung Bagos, commended the COAS for the timely visit, noting that the presence of the nation’s top military leadership would boost public confidence and reinforce trust in ongoing security efforts.

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President Tinubu Appoints New PTDF Executive, Reappoints TCN Head

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President Bola Ahmed Tinubu has appointed Professor Shu’aibu Shehu Aliyu as the new Executive Secretary of the Petroleum Technology Development Fund (PTDF) and renewed the tenure of Engineer Sule Ahmed Abdulaziz as the Managing Director/CEO of the Transmission Company of Nigeria (TCN).

Announced by Special Adviser Bayo Onanuga, these appointments are effective immediately.

Aliyu is said to replace Ahmed Galadima Aminu, who recently resigned to participate in the 2027 governorship election in Adamawa State.

In a statement by one of the President’s Spokespersons, Bayo Onanuga, on Thursday, April 02, Tinubu also renewed Engineer Sule Ahmed Abdulaziz’s appointment as the Managing Director/Chief Executive Officer of the Transmission Company of Nigeria (TCN) for a second and final term.

These appointments are said to take effect immediately.

The statement reads: “President Bola Ahmed Tinubu, GCFR, has appointed Professor Shu’aibu Shehu Aliyu as the Executive Secretary of the Petroleum Technology Development Fund (PTDF). He replaces Ahmed Galadima Aminu, who recently resigned to participate in the 2027 governorship election in Adamawa State.

“President Tinubu has also renewed Engineer Sule Ahmed Abdulaziz’s appointment as the Managing Director/Chief Executive Officer of the Transmission Company of Nigeria (TCN) for a second and final term.

“Both appointments take immediate effect.

“Professor Aliyu, the new PTDF helmsman, is a distinguished academic and seasoned administrator with extensive experience in research, education, and institutional leadership. His appointment underscores the President’s commitment to strengthening key institutions in the petroleum sector and advancing capacity development for Nigeria’s energy industry.

“The President expects him to leverage his wealth of experience to reposition the PTDF for greater impact in human capital development, innovation, and strategic support for the oil and gas sector in line with national priorities.

“President Tinubu renewed Engineer Abdulaziz’s appointment following a comprehensive assessment of his performance and leadership of the nation’s transmission network.

“Under his stewardship, TCN has recorded notable improvements in grid stability, transmission capacity expansion, and system modernisation, reinforcing its critical role in Nigeria’s electricity value chain.

“Engr. Abdulaziz brings over three decades of experience in the power sector and has also strengthened regional electricity integration through his leadership in the West African Power Pool (WAPP).

“President Tinubu urges both appointees to discharge their responsibilities with diligence, integrity, and a strong sense of national service, in alignment with the Renewed Hope Agenda.”

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