Business
UBA releases financial results for the first quarter ended March 31st, 2024

……Solid Start to 2024, UBA Consolidates Gains as Gross Earnings Rise by 110%, Profit for [Quarter] Hits N156bn – delivering a YoY growth of 165%
United Bank for Africa Plc (UBA) has once again demonstrated its strong performance with remarkable growth across key financial indicators in the first quarter of 2024. Compared to the same period in 2023, UBA’s financial results for Q1 2024 showed substantial increases in gross earnings, interest income, operating income, profit before tax, and profit after tax.
Gross Earnings surged by an impressive 110%, reaching N570.2 billion, while Interest Income grew by 130% to N440.7 billion. Operating Income also increased significantly by 115% to N378.59 billion. These figures underscore UBA’s robust growth trajectory and its ability to generate substantial revenues.

Profit Before Tax saw a remarkable rise of 155%, from N61.7 billion in Q1 2023 to N156.34 billion in Q1 2024. Similarly, Profit After Tax experienced a substantial increase of 165%, soaring from N53.5 billion to N142.5 billion year-on-year. These outstanding profit figures reflect UBA’s effective execution of its strategic initiatives and its commitment to delivering value to shareholders.
According to Oliver Alawuba, UBA’s Group Managing Director, the strong performance in Q1 2024 builds on the momentum of the previous year and is a testament to the Group’s customer-centric approach, geographic diversification, and robust risk management practices.
The growth in gross earnings was supported by strong interest and non-interest income, with fees and commissions rising by 118% year-on-year. Alawuba emphasized the importance of digital adoption and improved efficiencies in driving customer satisfaction and operational excellence, maintaining the Group’s cost-to-income ratio at 57.8%.
Ugo Nwaghodoh, UBA’s Executive Director, Finance and Risk, highlighted the Group’s relentless focus on customer satisfaction and its successful geographic and product diversification strategies. He stressed the importance of maintaining high-quality risk-adjusted revenues and cost discipline while improving asset quality.
UBA’s balance sheet showed steady growth, with total assets increasing by 23% to N25.4 trillion, and customer deposits reaching N18.4 trillion, a 23% increase year-on-year. This growth was largely driven by increases in current and savings accounts, reflecting the Group’s continued ability to attract and retain customers.
With a presence in over 20 African countries and across 4 continents, UBA is well-positioned to continue its growth trajectory and contribute meaningfully to inclusive economic development across its network. Through its retail, commercial, and corporate banking services, as well as innovative cross-border payments and trade finance solutions, UBA remains committed to connecting people and businesses across Africa and beyond.

The Dangote Petroleum Refinery and Petrochemicals has appointed David Bird, the former head of Oman’s Duqm Refinery, as its new Chief Executive Officer.
A report by S&P global on Friday said, Bird heads the refinery’s petroleum and petrochemicals division in a strategic move to overcome production challenges and advance its next wave of expansion.
Effective from July 2025, the former Shell head of operations at its Balau Pokom refinery stepped in as CEO of the Dangote Group’s fuels and petrochemicals business, which commissioned the world’s largest single-train refinery last year.
The CEO participated at the just concluded Dangote Leadership Development Program Graduation Ceremony.
Business
Trump Imposes 15% tariff on Nigerian Imports
Under the revised tariff schedule:15% tariffs now apply to Nigeria, Angola, Ghana, South Korea, Turkey, Japan, Israel, Norway, and several others.10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.

US President Donald Trump has approved a 15 percent import tariff on Nigeria and dozens of other countries.
The White House announced the implementation of the new reciprocal tariff rates on Thursday.
In April, Trump imposed a 14% tariff on Nigerian imports, citing the need for fairer trade terms.
That move was followed by a 90 – day grace period to allow time for bilateral trade negotiations, pushing the final decision deadline to August 1.
However, the majority of talks failed to result in new trade agreements.
As a result, the new tariff rates are now being implemented, with Nigeria among dozens of countries facing increased duties under the revised plan.
African countries, including Nigeria, were unable to secure individual trade deals with the United States despite urgent efforts from both sides.
During the negotiation window, Trump also reintroduced travel restrictions targeting several African nations. Though Nigeria was initially exempt, it was later added to the list as the policy evolved.
Under the revised tariff schedule:15% tariffs now apply to Nigeria, Angola, Ghana, South Korea, Turkey, Japan, Israel, Norway, and several others.10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.
Tariffs climb to 18% for Nicaragua, 19% for countries like Indonesia and Pakistan, and 20% for countries like Indonesia and Pakistan, and 20% for Bangladesh, Vietnam, and others.
10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.Tariffs climb to 18% for Nicaragua, 19% for countries like Indonesia and Pakistan, and 20% for Bangladesh, Vietnam, and others.
More severe penalties include 25–41% tariffs for countries like India, South Africa, Iraq, and Syria.
Switzerland faces a steep 39% duty, while Laos and Myanmar are hit with 40%.Syria tops the list at 41%.
Meanwhile, negotiations are still ongoing with China, Washington’s main trade rival.
Canada is facing a 35% tariff, while Mexico was hit with a trio of levies, including a 50% duty on metals. Brazil, previously under a 10% tariff, was slapped with an additional 40% charge on Thursday, bringing its total to 50%.
Business
EU accuses online giant Temu of selling ‘illegal’ products
EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users.

The European Union accused Chinese-founded online shopping giant Temu on Monday of breaking the bloc’s digital rules by not “properly” assessing the risks of illegal products.
AFP reports that TEMU, wildly popular in the European Union despite only having entered the continent’s market in 2023, Temu has 93.7 million average monthly active users in the 27- country bloc.
EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users.
Evidence showed that there is a high risk for consumers in the EU to encounter illegal products on the platform,” the European Commission said in its preliminary finding.
It pointed to a mystery shopping exercise that found consumers were “very likely to find non-compliant products among the offer, such as baby toys and small electronics.”
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