UBA Recruits 4000 New Staff, Promotes Over 5,000 Staff members; increases Salaries Up to 170%.

Lagos, Nigeria, January 06, 2020: Over 5,000 staff of the United Bank for Africa (UBA) Plc, started the new year with a lot of cheer as the bank yesterday announced its promotion to new grades as well as salary upgrades with immediate effect this January.

Those who are beneficiaries of this exercise will receive up to 170% increase in their salaries and benefits, whilst a good number have been moved to higher grade levels.

In a carefully planned restructuring embarked upon by the bank in the last quarter of 2019, UBA has transformed its grading system and processes to become one of the most competitive within the industry. The bank crashed its grade levels to 12 levels from entry level to the top of the pyramid where previously it had been 16 levels. This means that staff will now find it much easier to attain top leadership management positions at UBA as their careers progress much faster.

In a massive recruitment drive , over 4000 new staff members resumed in the  last week of December 2019 in Nigeria alone at the bank. UBA currently stands as the highest employer of labour amongst Nigerian banks with a staff strength of close to 20,000.

UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who announced the bank’s new staff improvement initiatives to the excited employees , noted that UBA is continually seeking new ways to improve the fortunes of its staff as they are the backbone of the organisation .

Uzoka who spoke to the staff in a bank-wide live broadcast said, “As a leading financial institution, we do not take issues relating to our staff lightly.  We take great pride in being a listening bank that has the ears of our employees as they turn the wheels which make the organisation successful for our customers and shareholders. UBA recruits highly talented staff who perform at the best standards and deserve to be remunerated accordingly’

Continuing, Uzoka said ‘ we have also taken steps to ensure that our bank remains at the top tier as it relates to talent pool. We want to train the best and we have crashed the grade structure to make it easier and faster for our employees to progress along their careers. With this new grade structure, it will be possible for a new graduate employed at UBA to rapidly chart their own careers and become GMD by the age of 36.”

UBA is one of Africa’s leading banks with operations in 20 African countries. The bank also has presence in the global financial centres of London, New York and Paris.  UBA provides banking services to more than 17 million customers globally, through diverse channels.

UBA Delivers 21% Growth in Profit, 21.7% Return on Average Equity; Declares N0.20 Interim Dividend:

Kennedy Uzoka, GMD UBA Group

Tony Elumelu, Group Chairman 

Africa’s leading financial institution, United Bank for Africa Plc has announced its audited half year financial results for the period ended June 2019, showing impressive growth across key performance indices as well as a significant contribution from its African subsidiaries.

In spite of the increasingly unpredictable environment witnessed in some of its countries of operations, the pan African financial institution delivered double digit growth in its profit before tax as it rose by 21 per cent to N70.3bn for the half year to June 2019, up from N58.1bn recorded in the similar period of 2018, just as the Profit after Tax also improved to N56.7 billion, a 29.6 percent growth compared to N43.8 billion achieved in the corresponding period of 2018. The profit for the first half of the year, translated to an annualised return on average equity of 21.7 per cent.

According to its results filed with the Nigerian Stock Exchange, UBA recorded a 14 percent year-on-year rise in top-line, with gross earnings of N293.7 billion, compared to N257.9 billion recorded in the corresponding period of 2018. Analysts say that this result emphasises the capacity of the Group to deliver a strong performance through economic cycles in spite of the overall challenging business environment.

As at 30 June 2019, the Bank’s Total Assets grew by 4.8% crossing the N5 trillion mark to N5.10 trillion. Customer Deposits also rose by 4.8 per cent to N3.51 trillion, compared to N3.35 trillion as at December 2018. This growth trajectory underscores UBA’s market share gain, as it increasingly wins customers through its revitalized customer service culture coupled with innovative digital banking offerings. The bank’s Shareholders’ Funds remained strong at N542.5 billion, reflecting its strong capacity for internal capital generation.

In line with its culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc declared an interim dividend of N0.20 per share for every ordinary share of N0.50 each held by its shareholders.

Commenting on the results, the Group Managing Director/CEO, United Bank for Africa Plc (UBA), Mr. Kennedy Uzoka said: “I am pleased with the half performance of the Group, having delivered 14% growth in gross earnings and 21% growth in profit before tax. Despite the subdued yield environment in some of our large markets, we achieved a 9% growth in interest income and defended the net interest margin. We also achieved a 39% growth in our electronic banking revenues, as we broaden and deepened our digital banking play across Africa. Revenues from our remittance and funds transfer businesses grew 69% and 53% respectively. All these factors attest to the efficacy of our strategies and the resilience of our business model.”

He further stated “I am very optimistic that the ongoing Group-wide transformation program, will in the quarters ahead, enable the Bank deliver substantial operational efficiencies and best-in-class customer service, which will ultimately boost earnings. We sustained our asset quality with the NPL ratio down to 5.62%, from 6.45% as at 2018FY. We will continue to adopt best practice standards to grow and manage the portfolio in the quarters ahead.”

Also speaking on UBA’s results, the Group CFO, Ugo Nwaghodoh said; “We had a strong start in the year given the prevailing macroeconomic environment across our various markets.  There is better diversification in profit contribution as our banking subsidiaries across Africa contributed 38% of the profit before tax, whilst our recently repositioned UK business contributed 4%. We expect this dispersion to continue, as the subsidiaries consolidate on their share of the various markets.”

“I am particularly delighted that the key ratios are trending in the right direction. The net interest margin is trending upwards and will continue to improve as we responsibly grow the risk asset portfolio and realign the funding mix to lower our cost of funds. The cost-to-income ratio trended down to 60% with our focus on balance sheet and operational efficiencies which should enable us deliver our medium term CIR target. Capital adequacy ratio increased to 28% from 23.6% in December 2018, providing  a very strong buffer for asset growth,” he stated.

United Bank for Africa, Africa’s global bank, was founded 70 years ago in Nigeria and today, operates in 20 African countries and in the United Kingdom, the USA and with presence in France. UBA serves over 17 million customers across the globe with more than 1000 branches and touch points. In 2018, the bank received the award of Africa’s Best Digital Bank by the Banker’s magazine.

UBA’s Leo launched on WhatsApp

Pan-African Financial Institution, United Bank for Africa (UBA) has announced the commencement of its chat bank ‘Leo’ on the WhatsApp platform.

With Leo on WhatsApp, customers who are users and lovers of the app can now can perform basic banking services including checking their balances on the go, transferring funds, paying bills, among other services.

The Group Managing Director/Chief Executive Officer, UBA, Mr. Kennedy Uzoka, who expressed excitement about the development remarked that the bank is continuously working in line with customers’ demand to ensure that banking services are made convenient and without stress.

He said, “This only goes to show that our resolve in continuing to deploy innovative solutions that place customers first, using cutting edge technology for their collective satisfaction and excellent banking experience is important to us. This recognition will further spur us to do more in meeting the needs of our customers with unrivalled services.”

“Our recent launch of Leo in 13 other African countries is evidence that UBA has on its agenda, the objective of digital creativity especially in service for our trusted customer base across the African continent.”

Also speaking on the new service, the Group Head of UBA’s Online Banking, Mr Austine Abolusoro, stated “United Bank for Africa is a technology-driven institution with vast knowledge in the business that we do and Leo, being a tested dependable and intelligent personality, will replicate on WhatsApp, the success it has experienced on the Facebook Messenger platform.  It is a solution that is from the customer’s standpoint, easy to use by anyone regardless of your demography.” “Leo is ready and waiting to help with any form of banking services,” continued Abolusoro.

WhatsApp has been in existence for over 9 years, reaching more than 1.5 billion people in over 180 countries. The premium private chat platform has assured that there will be no spam messages as the development is to enable businesses serve their customers with useful and helpful information.

LEO is already present in over 14 African subsidiaries, including Nigeria, available in  three languages, and has now been rolled out to customers on WhatsApp. To use this service on WhatsApp, customers must add the LEO Whatsapp number: +234 903 000 2455 to their phone contacts, then search for UBA ChatBanking on WhatsApp to start enjoying the added convenience and ease of transacting with Leo on WhatsApp.

UBA is one of Africa’s leading banks with operations in 20 African countries and in London and New York, with  presence in Paris. Adjudged to be at the forefront of innovation and convenient banking, UBA is one of the first financial services institutions on the continent to deploy Finacle 10x, a new information technology platform that boosts its services and electronic banking channels. Today, UBA provides banking services to more than 15 million customers globally, through thousands of touch points and diverse channels.

KENNEDY UZOKA AND HIS LOVE FOR SUPER Machines. SO AWESOME ARE HIS COLLECTION THAT SOME MISTAKE HIM FOR A AUTO DEALER!

Fine boy Group MD/CeO of UBA Plc, Kennedy UZOKA 

Kennedy and Lotanna Uzoka

If a man works very hard, especially if he excels very well at what he does with panache and effortless ease and the people around, both near and far can see the results of the hardwork and sleepless nights, then he is most assuredly allowed some excesses of life, especially if that person can afford those little pleasures of life that separates the minions, the ordinary from the Duke of the Manor.

So like it is said all hard work and no commensurate play makes Jack, in this case Kennedy Uzoka, the Group/MD CeO of UBA Plc one of Africa's premier banking institutions, a dull boy.

So in order not to be a dull boy, the man known as a consummate banker of many years of repute, Kennedy Uzoka works hard and therefore also indulges himself also very well in what he loves so much--in that he collects extraordinary machines on wheels or better still some of the best cars that money can afford. And according to our findings, his garage is littered with these humongous wonders on wheels that many tag as luxury cars, that would make many do a triple take not even a double take for their sheer opulence!

Name any of those cars worth their salt or value--Mercedes G Wagon and other makes of the brand, Rolls Royce etc and its most likely already beautifying the humongous garage of this quiet and super hardworking banker, sitting pretty like many super impressive chariots of fire.

K.U's garage is said to be so intimidating that many even mistake him for a automobile dealer of the super 1st class type.

The Group CEO/MD of UBA Plc, Africa's premier banking institution has come a long way from his days at Uniben many years back, where he bagged a BSc degree, before going on later to bag his MBA, finance from the famous University of Lagos. He has been on the board of UBA Plc for 8 years running now. He became the Head honcho of the Bank after Phillips Oduoza retired in 2016. He is also currently a director of the CSCS Plc. He was Deputy MD/CeO of UBA from 2011 till 2016 (that's for 5 straight years) and before then he was an Executive Director from 2010 till 2011 when he was later elevated to the DMD level.

For many that might not readily know or understand, to become an ED of a bank not to talk of becoming the CEO/MD not to talk of a Group MD/CEO at that is not a little thing. Once a person attains the position of a GM and most especially an ED that one is actually made for life! Just imagine the kind of unbelievable salaries and bonus that comes with the position, not to talk of the kind of gifts that comes one way too. Never ever forget that nearly everything that the MD, EDs immediate family members enjoys are free! Best home, best schools, best travelling options, best salaries etc just name it!

UBA Plc established in 1949 has grown massively into one of the largest financial institutions in Africa with a massive presence in 20 African countries and even presence in 3 global financial centers-London, Paris and New York. The global Bank has 1000 plus business offices with over 14 million customers!

According to our findings, once a bank is doing well like UBA Plc is, the sky is just the beginning for the MD, the EDs and even the GMs of that bank. There is a certain percentage of the annual profit that is shared. By this we mean all in very good positions in that bank or institution are on a supreme roller-coaster, that's because the largesse trickles down from the top downwards.

In fact, a bank MD/CeO can take home, apart from his annual salary which already runs into hundreds of millions, 1% of the declared profit of that bank for the year. So just imagine that 1% of the profit after tax for a year of 70 plus billion naira comes to a staggering 700 hundred million Naira for just one person alone! So why wouldn't that one be on a buying spree like one is on a magical Aladdin's carpet gliding in the skies?

Now you can understand why certain people in the banking world, likes of the Group Chairman of UBA Plc, Tony Elumelu, likes of Chairman of Zenith Bank Plc, Mr Jim Ovia and many others a verified billionaires!!!

One of those enjoying her husband's good fortune none other than the very beautiful and quiet wife, Lotanna who you can most often see riding in one or the other of her husband's several machines.

UBA Innovates with another first ‘UBA Learn’ targeted at empowering students

The pan-African Financial Institution, United Bank for Africa(UBA) has introduced a unique and innovative product, called ‘UBA Learn’ targeted at helping students achieve all round academic success.

The Product, an online Learning Platform for students powered by Roducate, was launched yesterday, May 17, 2018 with particular emphasis on helping students within the age range of 5-16years and 17-24 attain academic excellence, while ensuring that the parents and teachers keep track and monitor their ward’s educational developments and performance.

UBA Learn is accessible online, through a downloadable mobile app and  USSD (*919*33#) and is open to both existing customers and non-customers.  Intending customers can have account numbers automatically generated once they enrol on the platform. The platform features academic curricula (e.g. WAEC), NECO, Continuous assessments and tests, financial education, learning/fun games, etc.

Speaking at the launch of the Product, Group Managing Director, Kennedy Uzoka said: “United Bank for Africa is a technology-driven company with enormous capability in business. Because education is key to us and is a fundamental human right, we felt a need to extend our capability to education, by revolutionising access to education through technology. “

That’s the main reason we are here today- to bring knowledge to the doorstep of everyone across Africa and other parts of the world, through this Unique innovation, called UBA learn”.

Uzoka continued: “The app is a distinctive and well-tailored product loaded with all the needed learning tools and required subjects put together in a robust manner that is guaranteed to grow with the student early on to when he or she becomes a young adult.

“UBA Learn was carefully conceptualised to suit a niche focus of our customers who are mostly students; because more than anything, we are a bank that is particularly passionate about the growth and development of youths especially as it concerns their academic growth as is evidenced in the plethora of campaigns and Corporate Social Responsibility Initiatives (CSR) targeted at helping them find their paths in life, e.g.  Read Africa Initiative, Campus Ambassadors, National Essay Competition among others”. said Anant Rao, Group Executive, Digital & Consumer Banking.

Rao further explained: “UBA Learn is unique in the banking industry because it is a product that suits a special need. The app which empowers student through their mobile device  and available in Google play store and app store is a concept where the bank is taking on a mentorship role intended to equip and guide students into a bright future, life of prosperity.” Anant explained.

“That is why there is a conscious effort aimed at helping them grow, because we understand, that the future is only secure when they are empowered”. “The UBA Learn platform is designed to appeal to the young and aspiring youth who is looking to actualise his or her dream likewise get to the exalted height only education can guarantee. UBA is more than aware that there is an urgent need to effectively guide them to actualising success and more, that is why we introduced UBA Learn”.

He further said, the benefits of enrolling and using ‘UBA Learn’ are enormous. Apart from preparing them academically it also aids them to becoming financially independent. At this stage, account holders will enjoy exclusive invitations to job and career fairs as well as entrepreneurship workshops.”

Also speaking, Dr. Brai Malik, appreciated the bank for picking International School UNILAG, out of many to officially launch the one of a kind, product. He  also noted that UBA learn is a great initiative deserving of commendation. According to Malik, “UBA as a financial institution and innovator of the wonderful product deserve applause for demystifying learning with this application”.

Malik also stated that, ISL is a school with  good taste that recognises quality and  in line with its foresight for the future the school will encourage teachers to join the train and also take advantage of the innovation in their classroom activities."

Account holders will also have access to 24 hour online banking services on UBA’s highly acclaimed internet banking platform, particularly Leo the Virtual banker which is now a hit with students besides other privileges like specially branded debit card, interest bearing savings accounts, career advisory, scholarships, work place experience schemes with the UBA Group, entrepreneurial skills development workshops and social media engagements.

UBA was incorporated in Nigeria as a limited liability company after taking over the assets of the British and French Bank Limited who had been operating in Nigeria since 1949.

UBA Holds 2018 Chairman’s Forum, Seeks Strengthening of Corporate Governance across Board

Pan- African financial Institution, United Bank for Africa Plc, last thursday,  ended its annual Group Chairman’s Forum, a platform for group integration, re-strategising and knowledge sharing with the overall aim of puting the bank on firm standing to actualize its goals and targets for the financial year.

The theme of this year's forum was focused on three main areas:  ‘Efficient and effective communication across the group; Entrenchment of enduring corporate culture and corporate governance.

The meeting which was chaired by the Chairman, UBA Group, Mr. Tony Elumelu, had in attendance all the group chair persons from across Africa, Group board executive and non-executive directors and CEOs of each of the 20 subsidiaries of the bank’s group. The top executive echelon in the bank, including heads of units were also present to put heads together to develop key strategies aimed at building the bank’s brand and satisfying its customers.

Elumelu, whilst addressing participants during the forum, reminded them that putting the customers at the forefront and tailoring the activities of the bank in line with their demands remains the focal point of the bank, adding that imbibing the corporate governance culture is key to building an enduring financial institution.

A strong and institutionalized corporate governance, laden with excellence in customer service, according to Elumelu will drive more investment to the bank and thus allow it to contribute meaningfully to the development of the African economy.

He said, “As long term investors and Africa enthusiasts, we are committed to the markets in which we operate and to the wider African economy.  We will continue to work with credible partners and governments across Africa to identify and develop those critical growth poles required for the sustainable development of all African economies'.

“In line with this, we must inculcate a culture that enforces corporate governance, individual and corporate accountability, a high sense of urgency and a customer first orientation in getting things done. Responsiveness and accountability are key attributes of High Performing Organizations. We know that the culture of corporate governance is key and we intend to focus on this to ensure that our goals for the financial year are duly met,” Elumelu said

Also speaking at the 3rd Chairman’s Forum, the Group Managing Director, Mr. Kennedy Uzoka, who emphasized the bank’s goals of Excellence, Enterprise and Execution, said that the business had to be more customer-focused than ever before, adding that the elements of effective and efficient communication could not be toyed with as they represent an embodiment of what the bank stands for at all times.

Participants at the Group Board Forum resolved to do all in their power to continue to position the bank as the leading Pan-African Bank across all key indices – brand equity, human capital, customer service and profitability, whilst also inculcating a culture of responsiveness at UBA, with zero tolerance for any regulatory infraction across all operations.

Speakers at the Forum included Director of Marketing Corporate Communication,  Bola Atta, Director of Human Capital Management, Patricia Aderibigbe; Head of Risk, Uche Ike and the Managing Partner of Angela Aneke Associates. The newly appointed Regional CEOs, Emeke Iweriebor, Amie Sow, Abiola Bawuah and Martin Che also presented on how they intend to achieve their strong objectives for this financial year. The forum ended on a very strong and positive note which witnessed all participants in an up beat mood

WHEN AFRICA'S TOP FINANCIAL INSTITUTION UBA PREMIERED "BLACK PANTHER"!

GMD Kennedy Uzoka

Tony & Dr Awele Vivian Elumelu

Tony Elumelu & Omoni Oboli

So it's not only individuals that have been mesmerised by the magic of probably the highest grossing movie ever "Black Panther", even institutions are falling over themselves to identify with the film! One of such institutions is none other than one of Africa's biggest financial institutions, the UBA Group, where Heirs Holdings boss, the incomparable Tony Elumelu is the Executive Chairman.

The bank sponsored a premiere of the soar away movie very recently at the IMAX cinemas Lekki phase 1, where they did a total take over of all the cinemas for the day and it had all the happening crowd in attendance, who did their best to look their Africa's best in their outfits, following the theme of Kings and Queens.

Some of those in attendance at the premiere were the likes of Tony Elumelu and his gorgeous medical doctor wife, Dr. Awele Vivian Elumelu and their daughters, also there was the Group MD of UBA, Kennedy Udoka and his wife Lotanna, also there expectedly was the EbonyLife TV founder Mo Abudu, actress and film maker Omoni Oboli, Ebuka Obi Uchendu who was the night's host, Noble Igwe, Lala Akindoju, DMD UBA Group, Victor Osadolor, Eyinna Nwigwe, Ruth Osime, OC Ukeje, Michelle Dede and very many others.

More pictures after the break.