Business
Recapitalisation: Alawuba Wets Investors Appetite Ahead of UBA’s Capital Raising

By Ichaburu Ochefa
Oliver Alawuba, Group Managing Director/CEO of UBA Group, says towards meeting the Central Bank of Nigeria’s (CBN) new minimum capital requirement of N500 billion, the bank will soon roll out its rights issue and public offers for the recapitalisation.
Alawuba gave this hint during the presentation of the bank’s H1 2024 Financial Year Investors’ Conference.
“We are at advanced stage with our recapitalization process. Our application has been submitted to the Securities and Exchange Commission (SEC) and we expect their approval in the next couple of weeks following which the market will be advised,” said Alawuba.
He told the existing and prospective investors that inspite of the difficulties of operating challenges internally and externally, UBA closed the H1 2024 strong across its financials.
“We enter the second half of 2024 from a position of strength. Our proven resilience, strong capital position, and market-leading capabilities position us to continue our growth trajectory. “EXECUTION” will remain our driving force as we focus on market leadership and delivering excellent customer experiences at every touchpoint,” he said.
FINANCIAL HIGHLIGHTS
In H1 2024, UBA Group delivered strong double-digit growth across high-quality and sustainable revenue streams. This performance reflects our disciplined execution of strategic goals, focusing on balance sheet expansion, transaction banking, and digital banking businesses across our markets.
• Profit before Tax: We achieved a robust Profit Before Tax of N401.6 billion, reflecting our ability to manage risks effectively amidst macroeconomic volatility.
• Customer Deposits: Our deposits grew by 34%, from N17.4 trillion at year-end 2023 to N23.2 trillion in H1 2024, demonstrating the trust and loyalty of our customers.
• Total Assets: We saw a 37% growth in total assets, reaching N28.3 trillion, up from N20.7 trillion at FYE 2023. This growth was driven by strong customer relationships and our ability to capitalize on opportunities across geographies.
• Net Interest Income: Our intermediation business posted impressive growth, with net interest income expanding by 143% year-on-year to N675 billion, further underlining the strength of our core banking operations.
• Digital Banking & Payments: Digital Banking income surged by 107.8% YoY to N106 billion, while funds transfer and remittance fees rose 188.7% and 228%, respectively. We continue to lead in digital banking and payment solutions, helping drive financial inclusion across Africa.
• Trade Facilitation: Income from trade transactions grew 83% to N18 billion as we strengthened our role in facilitating intra-regional and international trade.
Our strategy of investing in technology, innovation, and data analytics continues to yield significant returns, positioning us as a leader in digital transformation. ▪︎
Business
Lagos Attracts $200m Investment from Abu Dhabi -Ambrose-Medebem
The investment is also aimed at boosting ICT innovation and healthcare facilities.

Lagos State Government said it has attracted over $200 million in partnership deal with the Abu Dhabi Ports aimed at developing critical infrastructure and logistics within the Lekki corridor.
The investment is also aimed at boosting ICT innovation and healthcare facilities.
The State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, said this during the ongoing ministerial press briefing to mark the 2nd year in office of the second term of the State Governor, Mr Babajide Sanwo-Olu at Alausa, Ikeja.
The State government recently held a roundtable investment forum as part of measures to boost its economy.
The Commissioner revealed that, “As a result of the Lagos Investment Roundtable, numerous Expressions of Interest from local and foreign investors are under active discussion.”
Business
Nigeria First Policy: Customs Championing Made-in-Nigeria Vehicles Procurements
In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”

The Comptroller-General of Customs (CGC), Adewale Adeniyi has assured members of the Nigeria Automotive Manufacturers Association (NAMA) that the Service would champion the procurements of locally assembled vehicles from the auto manufacturers inline with the government’s Nigeria First Policy Directive.
CGC Adeniyi gave the assurance when he inspected vehicles produced by members of the Nigeria Automotive Manufacturers Association (NAMA) at the Service’s headquarters, Maitama, Abuja.
After the inspection, the CGC commended the association for turning up in full strength and expressed satisfaction with the quality of the vehicles.
He remarked, “In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”
“What gives me joy is that in all the vehicles I have seen today, there is an imprint of Nigeria, which shows that they are fully assembled here. It gives me joy that Mr President’s policy is on the right course,” he added.
He further praised President Bola Tinubu’s Renewed Hope Nigeria First policy initiative in the automobile industry.
He pledged that the Nigeria Customs Service would continue to patronise and support the sector for the growth and well-being of the nation’s industrial economy.
In response, Ilekuba Anslem Chairman, Chief Executive Officer of Cedric Masters Group, commended the CGC for his unwavering support for the automobile industry.
Also, Oluwatobi Ajayi, Chairman and Chief Executive Officer of Nord Automobile Limited, praised the CGC.
“Even before this policy was announced, you had been championing made-in-Nigeria vehicles.
With Mr President’s announcement, we are confident that you will be the first CEO of a government parastatal to fully champion this policy,” he said.
He assured the CGC that the company would not abandon its vehicles after sales.Similarly, Jonas Ojukwu, a Director at Innoson Vehicle Manufacturing Company Limited (IVM), assured the Nigeria Customs Service of the company’s commitment to delivering the best to the Service.
Other stakeholders who spoke at the event included representatives from Mikano Motors Nigeria and Stallion Motors Nigeria.
Business
Lagos Marks 39 Building in Lekki Axis for Demolition
Commissioner for the Environment and Water Resources, Tokunbo Wahab, explained that government swung into action following a series of petitions on encroachment of the Ikota River.

Lagos State government has marked no fewer than 39 buildings located in two highbrow estates for demolition for building on the Right of Way, RoW, of Ikota River, at Eti-Osa Local Government Area. Ikota is part of the Maroko Okun Alfa Ward in the Lekki axis.
This is coming as the state government issued indefinite quit notices to affected occupants to enable them move their properties and families before the demolition exercise commences.
The affected buildings, located at Oral Extension Estate, Westend and Megamound Estate, Eti-Osa, LGA, include 20 buildings to be totally removed, eight marked for partial removal, while 13 buildings are to go down at Westend Estate.
Commissioner for the Environment and Water Resources, Tokunbo Wahab, explained that government swung into action following a series of petitions on encroachment of the Ikota River.
Wahab said: “We had several complaints. We have been on this for a while now, and we found out at the ministry level that while we are engaging to find a win-win solution that will mitigate the negative impact on the environment and they don’t affect the people so much. Some developments were also going on to further push back the RoW, and the alignment of the Ikota River.
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