Business

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

Published

2 years ago

May 7, 2024

608 Views

……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.

Business

Naira Exchange Rates Friday, 3 July 2026

Published

21 hours ago

July 3, 2026

OCHEFA

24 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370.15

GREAT BRITISH POUND (GBP) ₦1,832.17

EURO (EUR) ₦1,568.28

SWISS FRANC (CHF) ₦1,1705.44

JAPANESE YEN (JPN) ₦8. 51

CHINESE YUAN (CNY) ₦201. 80

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98

SAUDI RIYAL (SAR) ₦364.91

SOUTH AFRICAN RAND (ZAR) ₦84. 32

Business

Issue: Cloning Nigerian Investment Promotion Commission (NIPC)

Published

2 days ago

July 2, 2026

OCHEFA

48 Views

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.

The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.

The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.

The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.

The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.

Current status

The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.

As the case is pending before the court, the allegations remain subject to judicial determination.