Business
UBA Shareholders To Get 150% Dividends Increase In FY2023 – Alawuba

United Bank for Africa (UBA) Plc says that in line with the Group’s culture of paying both interim and final cash dividends, the Board has approved an interim dividend of 50k per share, which represents over 150 percent increase over the financial year 2022 .
UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, who made this known said, said that the dividends increase is as a result of the exceptional performance recorded by the bank during the first half year ended 2023.
Alawuba said: “The Group recorded strong double-digit growth in revenues and profits from its operations, and this underscored the Group’s commitment to consistently deliver value to its shareholders.”
A look at the bank’s financials showed that it recorded a profit before tax (PBT) of N404 billion for the half year ended June 30, 2023.
The PBT represents an extraordinary increase of 371 per cent, when compared to N85.75 billion recorded in the first half of 2022.
The increment translated to an annualised Return on Average Equity of 57.7 per cent as against 17.1 per cent a year earlier.
Profit After Tax N378.24bn
The results also showed a profit after tax (PAT) of N378.24 billion, representing a leap of 437.8 per cent over H1 2022.
Operating Income grew by 206.6 per cent to N783.96 billion in June 2023; higher than N255.67 billion reported a year earlier.
The Group delivered a 164 per cent growth in its Gross Earnings which rose to N981.78 billion as at June 2023, up from N372.36 billion recorded last year in June 2022.
Equally, the bank’s total assets continued a strong upward trajectory, rising above the N15 trillion mark, as it hits N15.38 trillion, representing a 41.7 per cent leap up from N10.86 trillion recorded at the end of last year.
Customer Deposits also rose by a sharp 42.4 per cent to N11.14 trillion in the period under consideration; as against N7.8 trillion recorded at the end of 2022.
N1.7 Trillion Shareholders Fund
The Group’s shareholders’ funds stood at N1.7 trillion, with a capital adequacy ratio of 36.4%”.
Alawuba added that the Group made progress in digital payments, retail penetration and also benefitted from the effect of revaluation gains, arising from the harmonization of foreign exchange rates at the different access windows in Nigeria.
Harmonization of Currency Exchange Rates
He said that the result also reflects the effect of sizeable revaluation gains, arising from the harmonization of currency exchange rates in Nigeria.
Our reporting currency found a new exchange level at about N756 to $1 as of 30 June 2023, compared to N465 at the beginning of the year.
The results again demonstrate the benefits of our long-held diversification strategy across Africa and globally.
The growth of our international business, most recently in the UAE, only reinforces this earnings quality.
UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, said the half year 2023 financial numbers reflect an excellent performance across key metrics, as the bank diligently executes its strategic priorities.
Our Priorities For The Year
“Our HY2023 financial numbers reflect excellent performance across key metrics, as we diligently execute our priorities for the year.
Annualized return on average equity at 57.7% was bolstered by improved operating income and revaluation gains,” he explained.
Nwaghodoh also pointed out that the Group maintains robust capital buffers to support business growth and loss absorbency.
Business
Tax Reform: I rented secret apartment after death threats –Oyedele
These are not small boys and girls,” he said. “They are big people with deep connections and resources. So naturally, they would resist any effort to block those illegal streams.

Oyedele said that the threats began shortly after he announced a clampdown on more than 60 government agencies illegally collecting taxes and levies across the country.
Chairman of Nigeria’s Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has revealed that he was forced to flee his home and now lives in a secret location under armed police protection after receiving death threats linked to his tax reform efforts.
The Guardian reports that during a live radio interview on Nigeria Info FM, Oyedele said that the threats began shortly after he announced a clampdown on more than 60 government agencies illegally collecting taxes and levies across the country.
“I had to pack out of my house,” he said. “I rented a place in a secret location where I now live. I’m not the kind of person who wants anybody carrying a gun to follow me around, but I had to accept mobile police protection.”
”Oyedele, a former Africa Tax Lead at PwC, has led the drive to simplify and clean up Nigeria’s tax system.
He described the backlash as unexpected but driven by powerful individuals who had turned tax collection into a personal revenue stream.
“These are not small boys and girls,” he said. “They are big people with deep connections and resources. So naturally, they would resist any effort to block those illegal streams.”
Business
Dangote Refinery Planning 1.6m Barrels Fuel Storage Tanks in Namibia
The storage tanks would be used to supply petrol and diesel to Botswana, Namibia, Zambia and Zimbabwe.

Dangote petroleum refinery will construct storage tanks in Namibia to hold at least 1.6 million barrels of petrol and diesel to supply refined fuel to southern Africa.
Reuters reports that the storage tanks would be used to supply petrol and diesel to Botswana, Namibia, Zambia and Zimbabwe.
Dangote was also considering supplying fuel to southern Democratic Republic of Congo, the sources said.
It was not immediately clear how much the project would cost, but the second source said construction of the storage tanks would begin shortly in the port city of Walvis Bay.
The move underscores the refinery’s ambition to dominate fuel supply in Africa and beyond, potentially reshaping energy trade flows in the region and boosting access to refined products for southern African nations.
Business
UBA Announces Strategic Expansion into Key Markets Across Africa

UBA Group senior executives have concluded the Group’s Half Year Business Review, which was held at the global headquarters in Lagos Nigeria.
UBA Group Managing Director/CEO, Oliver Alawuba, brought together executives responsible for UBA’s twenty-four countries of operation.
He said “the gathering was an opportunity to restate the Group’s pan-African strategy, and commitment to further expanding the Group’s coverage across high potential markets across Africa, while also deepening its operations in its existing twenty African presence markets.
“With over 51.7% of Group revenues from ex Nigerian operations, UBA’s journey to being Africa’s most diversified financial services group was clearly in evidence.”
The international strategic intent reinforces with the Group’s intention to deliver innovative financial solutions to its fast-growing global customer base.
The strategy demonstrates UBA’s unique position as Africa’s global bank and ability to leverage growth opportunities in emerging and leading African markets.
The Group commenced its Pan African journey, with its entry into Ghana in 2004, followed by rapid expansion into 18 additional African markets.
Today, as a resilient and future-focused institution, UBA continues to push boundaries by connecting Africa to the world and the world to Africa.
Mr Alawuba highlighted the Group’s expansion plans, disclosing that the Group is excited about the vast opportunities that the new markets present, a testament to UBA Group’s confidence in the African economy, providing world-class banking services that meet the continent’s evolving needs.
He noted that: “UBA’s vision is clear – we are building a truly global institution anchored in Africa, but serving customers across continents”.
“Further strategic expansion positions us to unlock new opportunities, support intra-Africa trade, and deliver world-class banking experiences wherever our clients choose to do business,” Alawuba said.
“In Europe, UBA has operations in the United Kingdom and upgrading its license in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in NY.”
These moves signal a clear message of UBA’s intent to reshape the competitive landscape”, Alawuba further said.
As part of the Group’s plan to expand its global presence, UBA, in January, announced plans to open operations in Saudi Arabia.
Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 45 million customers globally.
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