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UBA Recorded N1.37trn Gross Earnings In H1 2024
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.
A new video has emerged showing two men reportedly kidnapped by Boko Haram insurgents in Borno State, pleading for assistance to secure their release.
One of the captives, former Biu Local Government Area Chairman Hassan Biu Miringa, revealed that their abductors are demanding a $300,000 ransom.
Miringa said he and another individual were taken in December 2025 and have remained in the custody of the militants.
In the video shared by Zagazola Makama, Miringa introduced himself, saying: “I am Hassan Biu Miringa, former Chairman of Biu Local Government from 2020 to 2022. Four years after my tenure, we were kidnapped by the soldiers of Khilafa about two weeks ago. Alhamdulillah, we are still alive, but we urgently need help to save our lives.”
He added that negotiations with the kidnappers had been underway, with some preliminary agreements reportedly reached.
“We have engaged them on four separate occasions and reached an understanding. We appeal to our leaders, especially Borno State Deputy Governor Alhaji Usman Umar Kadafur, the National Assembly representative for Biu, Kwaya, and Shani Hon. Betera Aliyu, as well as our community leaders, to temper justice with mercy and assist us. We are their children and have been working together,” Miringa said.
He confirmed the ransom demand, explaining that each captive is expected to pay $150,000, totaling $300,000 for their freedom, and pleaded for urgent intervention to reunite with their families.
The video highlights ongoing concerns over kidnappings and insecurity in southern Borno State, which have persisted despite government efforts to curb insurgent activity in the region.
The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.
Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.
The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.
Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.
In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.
Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.
The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.
The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.
This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.
According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).
The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.
“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.
The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.
Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.
The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.
“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.
The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”
It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.
JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.
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