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UBA Commits To Creating Superior Value For Customers…Launches Self-Printing Debit Card Machine At Flag Off Of Trade Fair

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Pan African financial institution, United Bank for Africa (UBA) have announced that it is committed to continued investment in cutting edge technology for efficient and improved service delivery to its customers and by extension the business community.

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The Chief Executive Officer, UBA Africa, Victor Osadolor, made the disclosure during a well-attended flag off ceremony of the 2019 Lagos International Trade Fair (LITF), in which UBA is the headline sponsor. The event, which held at the Tafawa Balewa Square, had in attendance distinguished guests, including the Deputy Governor, of Lagos State, Mr. Obafemi Hamzat; President, Lagos Chamber of Commerce and Industry, Babatunde Paul Ruwase; Minister of State for Industry, Trade and Investment, Hajia Mariam Katagum; Commissioner for Commerce, Industry and Cooperatives, Lagos State, Lola Akande amongst others, Special Adviser to Lagos State Governor on Commerce, Industry, and cooperatives, Ajayi Oladele, among others.

Osadolor used the occasion to launch another first of its kind in Nigeria’s financial sector, from UBA, called  self-printing debit card machine, targeted at encouraging increased use of debit cards which also offers more options to pay.

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The new self-printing debit card machine will allow for  seamless business transactions with great value to customers and businesses.

He stated that that there is no gain saying that the world is tilting into a knowledge based economy, adding that businesses that would survive in the 21st century must invest in technology to remain competitive.

He also commended the federal government’s efforts at improving the nation’s investment climate, saying this is the reason the country is currently ranked fifteen place upwards in the global ease of doing business index.

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He also added that the bank would continue to support initiatives aimed at boosting trade in the country.

On delivery of its brand promise, he said, “We are creating superior value for all our customers, because we believe they are key to our everyday operations.”

He further said, the bank’s small and medium scale enterprise banking unit has been actively supporting small businesses with

industry-specific loans that ensure maximum impact.

According to Osadolor, UBA also keys into government intervention funds to expand access to credit facilities at competitive interest rates, while providing services such as advisory and technological infrastructure that help to reduce the cost of doing business.

“Most of our customers have enjoyed free advisory services that have helped them navigate the very difficult business terrain. We also have businesses, latching on to our technological assets to improve their services as well as foster growth”

Osadolor restated UBA’s commitment to continue investing heavily in technology to remain a pillar to millions of businesses that have not only chosen to bank with UBA,  but have also partnered the bank for growth.

“We are consistently supporting our SMES. We have a huge amount of funds allocated to SMEs. UBA is committed to supporting entrepreneurship. We are the major promoter of the Fair. The new self-printing debit card machine will go along way in allowing for  seamless business transactions with attendant value to businesses.

He stated that: “At UBA, we are committed to being  role models for African businesses by creating superior value for all the stakeholders. Therefore we have over the years recorded increased growth”.

Earlier, the Governor of Lagos State, Babajide Sanwo-Olu, represented by the Deputy Governor, Lagos State, Dr. Obafemi Hamzat, said the State’s commitment to promoting and connecting businesses across transnational borders, remains strong and unshaken.

“We shall leave no stone unturned to ensure that Lagos State truly becomes a 21st century economy which actively supports the growth of the local economy through improved ease of doing business initiatives, innovative incentives and interventions as well as quality service delivery to a well-motivated public,” he said.

On his part, the President of LCCI, Mr. Babatunde Ruwase said the theme of this year’s fair underscores the importance of a robust business interaction to generate wealth and create value for the advancement of the Nigerian economy and the welfare of the citizens.

Ruwase said, “Creating a platform to promote trade and bilateral relations is of utmost importance to the LCCI.

“In UBA, we have chosen a suitable partner with extensive reach on the continent with capacity to engineer a seamless financial transaction required for an international trade fair of this magnitude,” he said.

Speaking further on the partnership with UBA, he said: “The LCCI and UBA have partnered to give exciting services to visitors and exhibitors at the fair.

 UBA is a foremost Pan African financial institution operating in 20 African countries, including the United Kingdom, the USA and France, thus offering unique services to the delight of visitors and exhibitors during the fair. This tells you that, we are more than committed to ensuring the business environment is beneficial for all investors.

“As a policy advocacy group, our programmes and activities are geared towards facilitating the realisation of the economic and social objectives of the government and making Nigeria an attractive destination for investment.

“Our economic and investment policies must be friendly to make Nigeria a major investment hub in Africa. ”

He said Nigeria needs the right policies as well as a strong commitment to infrastructure development that will help revive investors’ confidence in its economy.

 l-r: President, Lagos Chamber of Commerce and Industry, Babatunde Paul Ruwase; Minister of State for Industry, Trade and Investment, Hajia Mariam Katagum; Deputy Governor of Lagos State, Obafemi Hamzat; Chief Executive Officer, UBA Africa, Victor Osadolor and Commissioner for Commerce, Industry and Cooperatives, Lagos State, Lola Akande,  during the opening ceremony of the 2019 Lagos International Trade Fair which UBA is headline partner, held at Tafawa Balewa Square (TBS) in Lagos,  yesterday. 
: l-r: Deputy Governor of Lagos State, Obafemi Hamzat; Chief Executive Officer, UBA Africa, Victor Osadolor Minister of State for Industry, Trade and Investment, Hajia Mariam Katagum; President, Lagos Chamber of Commerce & Industry and Babatunde Paul Ruwase during the opening ceremony of the 2019 Lagos International Trade Fair which UBA is headline partner, held at Tafawa Balewa Square (TBS) in Lagos,  yesterday

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NNPC cautions motorists, others against panic buying

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NNPC cautions motorists, others against panic buying

NNPC cautions motorists, others against panic buying

 

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The Nigerian National Petroleum Corporation (NNPC) Limited has warned motorists and the public against panic buying of Premium Motor Spirit (PMS), commonly referred to as petrol.

In a statement signed by the Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, on Tuesday, he said the corporation emphasised that the supply and distribution of petrol across the nation have witnessed significant improvements.

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According to Soneye, NNPC officials have conducted thorough monitoring of filling stations in various states, including Lagos and the Federal Capital Territory (FCT), where the queues have notably decreased.

He reassured the public that this positive trend will continue to expand to other states in the coming days.

 

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The statement reads, “The Company wishes to state that at the moment, it has over 1.5 billion litres stock of PMS, which is equivalent to over 30 days sufficiency.

 

 

The NNPC Ltd. is also collaborating with relevant downstream agencies, such as the Nigeran Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labour unions in the sector and security operatives, to address hoarding and other unwholesome practices.”

The move, according to Soneye, underscores NNPC’s commitment to ensuring a steady supply of petrol across the country and mitigating any potential disruptions in the fuel distribution chain.

 

 

Earlier, NNPCL said it has addressed concerns that surround the current scarcity of Premium Motor Spirit.

It added that the scarcity in certain regions of the country stems from logistical challenges, which have since been resolved.

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Integrated System and Devices Limited Achieves IMS Certification

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Integrated System and Devices Limited Achieves IMS Certification

Integrated System and Devices Limited Achieves IMS Certification

 

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Integrated System and Devices Limited (ISDL), a major provider of electronic security solutions, is delighted to announce the successful attainment of ISO 14001:2015 and ISO 45001:2018 certifications following a rigorous audit process conducted by Bureau Veritas Certification Holdings SAS-UK Branch.

 

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In 2021, ISDL bagged the Quality management systems ISO 9001:2015, and now in 2024, with unwavering dedication to customer satisfaction, the occupational Health and Safety system ISO 45001:2018 and the Environmental management system ISO 14001:2015 have been consolidated to form an Integrated Management System.

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Integrated System and Devices Limited Achieves IMS Certification

 

These certifications, covering ISDL’s headquarters and branches, signify the company’s unwavering commitment to upholding the highest standards of quality management across all facets of its operations. According to Engr. Oluseun Mabogunje, the Managing Director of ISDL, the scope of the certifications encompasses the design, procurement, supply, installation, integration, maintenance, and after-sales support of various electronic security and Extra Low Voltage (ELV) equipment.

Engr. Mabogunje expressed his elation at receiving the IMS certifications, emphasizing ISDL’s dedication to delivering exceptional quality and service to its clientele. He emphasized that this achievement underscores the company’s ongoing pursuit of continuous improvement and customer satisfaction.

ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 are internationally recognized standards for Quality, Occupational Health & Safety and Environmental management systems, emphasizing a process-based approach to meeting customer requirements and enhancing satisfaction, protecting the environment and also providing safe and healthy working conditions to prevent work-related injuries and illnesses among our employees, contractors and visitors. ISDL’s certification demonstrates its ability to consistently provide products and services that not only meet regulatory requirements but also exceed customer expectations.

Engr. Mabogunje extended profound gratitude to the workforce for their contribution to this achievement, attributing it to their team spirit and unwavering dedication to hard work, resilience and excellence. He urged the staff to continue offering top-notch services to their clients.

About Integrated System and Devices Limited (ISDL):
Integrated System & Devices Limited (ISDL), incorporated in 1988, is a leading provider of Electronic Low Voltage(ELV) and Security systems, that provides a total turnkey service for the design, supply, installation and continued effectiveness of security systems for medium and high-risk locations. ISDL has over 30 years’ history in the delivery of professional electronic security services in integration, maintenance and after sales support of various electronic security and related equipment. ISDL has her head Office in Lagos, and two branch offices in Abuja and Port Harcourt, Nigeria.

For more information about ISDL, please visit www.isdlnig.com

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ZENITH BANK SHOWS CONTINUED MARKET LEADERSHIP WITH 189% GROWTH IN Q1 EARNINGS

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ZENITH BANK SHOWS CONTINUED MARKET LEADERSHIP WITH 189% GROWTH IN Q1 EARNINGS

ZENITH BANK SHOWS CONTINUED MARKET LEADERSHIP WITH 189% GROWTH IN Q1 EARNINGS

 

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Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2024, with an impressive triple-digit growth of 189% in Gross Earnings, from ₦270 billion reported in Q1 2023 to ₦781 billion in Q1 2024. This is despite the challenging operating environment and tightening monetary policy stance.

 

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From the unaudited statement of account submitted to the Nigerian Exchange (NGX) on Friday, 3rd May 2024, this impressive growth in the topline also enhanced the bottom line, as profit before tax (PBT) rose to ₦320 billion in Q1 2024, representing an increase of 270% from the ₦87 billion reported in Q1 2023. Profit after tax (PAT) equally grew significantly by 291% from the ₦66 billion reported in Q1 2023 to ₦258 billion in the current period.

 

 

 

Interest and non-interest income contributed significantly to the growth in gross earnings. Interest income grew by 155% from the ₦192 billion reported in the quarter ended March 2023 to ₦489 billion in the period to 31 March 2024. The growth in interest income is due to the repricing of risk assets, owing to the increase in the central bank’s Monetary Policy Rate (MPR), which currently stands at 24.75%. The growth in net interest income is primarily due to the increase in fees and commissions as well as trading grains.

The Group reported an impairment charge of ₦56 billion for Q1 2024, up from ₦8 billion recorded in Q1 2023. This is attributable to significant growth in risk assets, primarily driven by the revaluation of its USD loans, which necessitated additional impairment on the bank’s foreign currency-denominated loans.

The cost of funds grew by 48% from 2.7% in Q1 2023 to 4% in Q1 2024 due to the high-interest rate environment, while interest expense increased by 157% from ₦71 billion reported in Q1 2023 to ₦182 billion in the period to March 2024. Notwithstanding the year-on-year (YoY) increase in interest expense, net interest margin (NIM) grew by 20% from 6.9% in the 3 months ended March 2023 to 8.3% in the current period ending 31 March 2024. Return on Average Equity (ROAE) and Return on Average Assets (ROAA) increased year-on-year (YoY) by 114% and 119%, respectively, due to improved profitability.

Gross loans, which are largely funded by customer deposits, grew by 30% from ₦7.1 trillion in December 2023 to ₦9.2 trillion in March 2024. Customer deposits also grew by 11% from ₦15.2 trillion in December 2023 to ₦16.8 trillion in March 2024, underpinning continued customer confidence in the Zenith brand. Total assets increased by 19% to ₦24 trillion within the same period.

The Group has consistently maintained all prudential ratios well above the minimum regulatory requirement. At the end of Q1 2024, Capital Adequacy Ratio (CAR) and Liquidity Ratio stood at 20% and 67%, respectively, demonstrating the Group’s ability to maintain a strong and liquid balance sheet.

The Group is making progress on the planned capital raise to support future growth and is very optimistic about meeting the new minimum capital requirements in line with the CBN’s recapitalisation directive. As the Group accelerates migration to its new technology architecture and also transitions into a holding company, it remains poised to maximise value for all stakeholders.

 

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