Connect with us

Business

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

Published

on

147 Views

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.

Business

UPDATE: Dangote Refinery Cuts Fuel Prices, Updates Petrol Supply

Published

on

25 Views

Dangote Refinery has announced a nationwide petrol price cut, ahead of the launch of its direct fuel distribution initiative now set for Monday, September 15, 2025.

Originally scheduled for August 15, the initiative will see the $20 billion, 650,000 bpd refinery deliver petrol and diesel directly to consumers using 4,000 CNG trucks, with zero logistics cost.

Despite an ongoing dispute with NUPENG, Dangote Group released a fresh price template on its X account, confirming its gantry price remains N820 per litre.

Retail prices have dropped to N841 per litre in Lagos and the South-West (from N860), and N851 per litre in Abuja, South-South, and North Central states (from N885)—a reduction of N19 to N34 per litre, depending on the location.

The new prices apply only to MRS and Dangote’s official distribution partners, as independent marketers are not bound by the template.

Meanwhile, NUPENG has threatened a fresh strike, accusing Dangote of reneging on earlier agreements—a claim the company denies, affirming workers’ right to union membership.

Continue Reading

Business

Dangote Refinery Mgt Says Workers Union Membership is Personal Choices

It urged NUPENG to focus on resolving its internal dispute with the Petrol Tanker Drivers unit rather than “embroiling the refinery in its conflicts.

Published

on

By

37 Views

Dangote Petroleum Refinery has said membership of trade unions by its employees remains voluntary and not compulsory, in line with the Nigerian Constitution and International Labour Organisation conventions.

In a statement made available to Ohibaba.com, the company accused what it described as “distortions of facts” by the Nigeria Union of Petroleum and Natural Gas Workers concerning its trade relations with workers.

The refinery stressed that it does not interfere with or restrict employees’ right to freely join legally recognised unions.

“It is therefore misplaced to attribute responsibility to Dangote Petroleum Refinery for the personal choices made by drivers regarding union affiliation,” the company stated.

Dangote dismissed allegations that it forced drivers to sign contracts barring union membership, describing the claim as unfounded.

It urged NUPENG to focus on resolving its internal dispute with the Petrol Tanker Drivers unit rather than “embroiling the refinery in its conflicts.

”The company added that accusations of union suppression formed part of a broader attempt to undermine private sector progress.

Continue Reading

Business

NUPENG Dangote Union Memberships Agreement Collapses: What Happened Again?

Akporeha alleged that within 48 hours, Dantata ordered drivers to strip NUPENG stickers from their vehicles and forcefully enter the refinery in violation of union loading procedures.

Published

on

By

30 Views

The agreement between the Nigerian Union of Petroleum and Natural Gas Workers and the Dangote Petroleum Refinery has collapsed, and here’s why.

The confrontation follows allegations by NUPENG that the Dangote Group reneged on a Memorandum of Understanding signed earlier this week, under which the refinery agreed to allow tanker drivers and other workers to freely unionise.

On Thursday, NUPENG’s National President, Williams Akporeha, accused Sayyu Aliu Dantata, a cousin of Aliko Dangote and key player in the refinery’s trucking operations, of defying the resolution reached on September 9 at the Department of State Services headquarters in Abuja.

The meeting, mediated by the Minister of Labour and Employment, Muhammadu Dingyadi, affirmed the rights of Petroleum Tanker Drivers under NUPENG to unionise. Representatives of the Nigeria Labour Congress, Trade Union Congress, DSS, and other agencies witnessed the signing of the MoU.

But Akporeha alleged that within 48 hours, Dantata ordered drivers to strip NUPENG stickers from their vehicles and forcefully enter the refinery in violation of union loading procedures.

“Alhaji Sayyu Aliu Dantata flew over them several times with his helicopter and then called the navy of the Federal Republic to come over ostensibly to crush the union officials. Our members are waiting for him and his agents to run them over,” Akporeha said in a statement.

The union condemned what it described as Dantata’s “impunity” and warned the Federal Government not to allow security agencies funded by taxpayers to be used against workers.

Continue Reading

Trending