Business
Half Year 2024: UBA Posts N1.37trn Gross Earnings as Customers Deposits Hit N23.2 trn

▪︎UBA’s GMD, Mr Oliver Alawuba
The United Bank for Africa (UBA) Plc has released its audited financial results for the half year ended June 30, 2024.
Here are the highlights of its financial performances for the half year: “UBA Grows Earnings by 40% to N1.37 trillion, declares interim dividend of N2.00 Per Share.
Total Assets up by 37.2% to N28.3 trillion
Customer Deposits hits N23.2 trillion, climbs 34%. Makes Profit Before Tax of N401.6 billion.”
The audited financials released to the Nigerian Exchange Limited (NGX) on Monday, showed that the bank recorded double-digit growth in its gross earnings and operating incomes.
At the end of the first two quarters of the year, and despite the tough global macroeconomic climate in Nigeria as well as the geo-political environment challenges across major countries in Africa where the bank has subsidiaries, UBA recorded a 39.6 per cent increase in its gross earnings, which rose from N981.77 billion in 2023 to N1.371 trillion in June 2024.
In line with the bank’s culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc has declared an interim dividend of N2.00 per share for every ordinary share of N0.50 each held by its shareholders.
Further, interest income increased by 134.3 per cent to N1.003 trillion up from N428.2 billion recorded in June last year, while total assets went up by 37.2 per cent from N20.6 trillion in December 2023 to close at N28.3 trillion. Customer deposits, also leapt by 33.7 per cent in the same period to close at 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.
However, the banks’ shareholders funds increased by 47 per cent from N2.03 trillion in December 2023, to N2.99 trillion.
In line with the bank’s culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc has declared an interim dividend of N2.00 per share for every ordinary share of N0.50 each held by its shareholders.
This represents a 300 per cent increase compared to the N0.50 declared in the similar period of 2023.
Commenting on the results, UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, said that the results underscored the bank’s commitment to consistently deliver value to its shareholders.
He said, “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.”
The GMD 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”.
Regarding the bank’s other plans for the rest of the year, Alawuba said, “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.”
The Executive Director Finance & Risk, Ugo Nwaghodoh, expressed delight at the milestone achieved by the bank in driving operational efficiency, as reflected in cost-to-income ratio normalizing around the 50% range.
He said: “Our cost optimization 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”
He disclosed that 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 our moderate risk appetite in alignment with our sustainability goals.
“The Group has made significant progress and is on course to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions. that we operate in,” said Nwaghodoh.
35 Million Customers
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than thirty-five million customers, across 1,000 business offices and customer touch points in 20 African countries.
With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.▪︎
Business
PENGASSAN – Dangote Rift: A needless attack on private enterprise

The Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has described the rift between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as unfortunate, and a needless attack on private enterprise.
He noted that the strike had far-reaching implications on residents and businesses, as factories suffered cuts in production schedules, with a hike in transportation fare.
Fielding questions from reporters at MAN House, yesterday, while announcing the association’s coming Annual General Meeting (AGM), he revealed that imported products, which were not suffering disruption, were likely to fill the gap and if the rift rears its head again, it would affect daily workers and people in the logistics value chain that rely on the products made in those factories.
Meanwhile, PENGASSAN has said it decided to suspend its two-day strike to protect the jobs of its members in Dangote Refinery.The President, Festus Osifo, explained that the union was unsatisfied with the posting of about 800 sacked staff to Dangote’s subsidiaries to prevent job loss.
Business
FG Spends $2.86bn on External Debts Servicing – CBN
By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

The Federal Government spent a total of $2.86 billion to service external debt in the first eight months of 2025.
This was disclosed in the international payment data from the Central Bank of Nigeria.
The figure shows that external debts accounted for 69.1 percent of the country’s total foreign payments of $4.14 billion in the period.
In the same eight-month stretch of 2024, debt service stood at $3.06 billion, representing 70.7 percent of total foreign payments of $4.33 billion.
The figures show that while the absolute value of debt service fell by $198m between 2024 and 2025.
The share of debt in overall foreign payments has remained persistently high, with about seven out of every ten dollars leaving the country used to meet debt obligations.
The monthly breakdown highlights the volatility of Nigeria’s repayment schedule:
In January 2025, $540.67m was spent compared with $560.52m in January 2024, a fall of $19.85m or 3.5 per cent.
February 2025 recorded $276.73m, slightly below the $283.22m in February 2024, down by $6.49m or 2.3 per cent.March 2025 surged to $632.36m against $276.17m in March 2024, an increase of $356.19m or 129 per cent.
In April 2025, payments reached $557.79m, which was $342.59m or 159 per cent higher than the $215.20m of April 2024.
May 2025 stood at $230.92m, sharply lower than the $854.37m in May 2024, a drop of $623.45m or 73 per cent.
June 2025 rose to $143.39m compared with $50.82m in June 2024, a rise of $92.57m or 182 per cent.
July 2025 fell to $179.95m, down by $362.55m or 66.8 per cent from $542.5m in July 2024.
By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.
Business
ECOWAS Bank okays $308.63m for Nigeria, Guinea
The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

ECOWAS Bank for Investment and Development (EBID), has approved $308.631 million for the implementation of various projects in Taraba State, Nigeria, and a $40 million credit line for Vista Bank, Guinea, to bolster trade-related activities, including import-export operations and commercial value chains.
The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.
President and Chairman of Board of Directors of the bank, Dr. George Agyekum Donkor, said the newly approved financing would advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout the Economic Community of West African States by strengthening regional integration and fostering economic diversification.
The approved facilities include the $98.18 for a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, , which will augment the supply of reliable, clean electricity to spur inclusive economic development, alleviate energy poverty, and improve environmental sustainability.
Anticipated benefits include direct electricity access for roughly 390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during construction, and approximately 50 permanent operational roles.
The bank noted that an estimated 1,200–1,500 indirect jobs were expected to emerge across supply chains, maintenance services,and small businesses.
Another facility is the $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit also in Taraba State.
Also included is the $91.232 million facility for Taraba State Industrial Park, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern, integrated industrial ecosystem.
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