Business
UBA Shareholders To Get 150% Dividends Increase In FY2023 – Alawuba

United Bank for Africa (UBA) Plc says that in line with the Group’s culture of paying both interim and final cash dividends, the Board has approved an interim dividend of 50k per share, which represents over 150 percent increase over the financial year 2022 .
UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, who made this known said, said that the dividends increase is as a result of the exceptional performance recorded by the bank during the first half year ended 2023.
Alawuba said: “The Group recorded strong double-digit growth in revenues and profits from its operations, and this underscored the Group’s commitment to consistently deliver value to its shareholders.”
A look at the bank’s financials showed that it recorded a profit before tax (PBT) of N404 billion for the half year ended June 30, 2023.
The PBT represents an extraordinary increase of 371 per cent, when compared to N85.75 billion recorded in the first half of 2022.
The increment translated to an annualised Return on Average Equity of 57.7 per cent as against 17.1 per cent a year earlier.
Profit After Tax N378.24bn
The results also showed a profit after tax (PAT) of N378.24 billion, representing a leap of 437.8 per cent over H1 2022.
Operating Income grew by 206.6 per cent to N783.96 billion in June 2023; higher than N255.67 billion reported a year earlier.
The Group delivered a 164 per cent growth in its Gross Earnings which rose to N981.78 billion as at June 2023, up from N372.36 billion recorded last year in June 2022.
Equally, the bank’s total assets continued a strong upward trajectory, rising above the N15 trillion mark, as it hits N15.38 trillion, representing a 41.7 per cent leap up from N10.86 trillion recorded at the end of last year.
Customer Deposits also rose by a sharp 42.4 per cent to N11.14 trillion in the period under consideration; as against N7.8 trillion recorded at the end of 2022.
N1.7 Trillion Shareholders Fund
The Group’s shareholders’ funds stood at N1.7 trillion, with a capital adequacy ratio of 36.4%”.
Alawuba added that the Group made progress in digital payments, retail penetration and also benefitted from the effect of revaluation gains, arising from the harmonization of foreign exchange rates at the different access windows in Nigeria.
Harmonization of Currency Exchange Rates
He said that the result also reflects the effect of sizeable revaluation gains, arising from the harmonization of currency exchange rates in Nigeria.
Our reporting currency found a new exchange level at about N756 to $1 as of 30 June 2023, compared to N465 at the beginning of the year.
The results again demonstrate the benefits of our long-held diversification strategy across Africa and globally.
The growth of our international business, most recently in the UAE, only reinforces this earnings quality.
UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, said the half year 2023 financial numbers reflect an excellent performance across key metrics, as the bank diligently executes its strategic priorities.
Our Priorities For The Year
“Our HY2023 financial numbers reflect excellent performance across key metrics, as we diligently execute our priorities for the year.
Annualized return on average equity at 57.7% was bolstered by improved operating income and revaluation gains,” he explained.
Nwaghodoh also pointed out that the Group maintains robust capital buffers to support business growth and loss absorbency.

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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