Business

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

Published

2 years ago

October 3, 2024

OCHEFA

549 Views

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. ▪︎

Related Topics:Featured H1 2024 Financial Year Investors Conference UBA financials

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Business

NPA initiate trucks movement code to ease traffic at Lagos ports

The initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Published

24 hours ago

July 30, 2026

OCHEFA

25 Views

The Nigerian Ports Authority (NPA) has introduced a movement code to streamline the movement of empty containers into seaport terminals and reduce traffic congestion caused by container trucks along the Apapa and Tin Can Island port corridors.

The Guardian reported that under the new policy, the movement code will serve as a unique identifier generated by a holding bay for every empty container uploaded to the Electronic Call-Up (ETO) platform.

The code must correspond with the details captured on the ETO system before trucks are granted access to port terminals.

In a notice issued to stakeholders, the NPA said the movement code has become a mandatory requirement for completing the truck-container matching process.

Truck drivers are required to obtain the code from designated holding bays before proceeding to the ports.

According to the authority, the initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Business

Okonjo-Iweala lauds Cardoso for stabilising Nigeria’s monetary environment

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Published

1 day ago

July 30, 2026

OCHEFA

26 Views

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has commended the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, for stabilising Nigeria’s monetary environment.

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Speaking at the forum, Okonjo-Iweala commended Cardoso on the work that he and his team have done on currency and monetary policy stabilisation.

However, she emphasised that Nigeria must sustain broader macroeconomic reforms.

“Nigerians have to feel the dividends of reform in the real economy,” she added.

The forum brought together policymakers, business leaders and development partners to discuss strategies for strengthening Africa’s resilience amid growing global economic uncertainty.

Business

Naira Exchange Rates Thursday, July 30 : Black Market, CBN, Commercial Bank

Sterling Bank publishes both a buy rate and a sell rate for USD, GBP, EUR, and ZAR. The buy rate is what Sterling Bank will pay you when you exchange foreign currency for Naira. The sell rate is what you will pay when buying foreign currency from Sterling Bank at its branches.