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ECOMOF 2024: UBA Affirms Pledge to Stimulate African Economic Expansion through Strategic Supports for Mining and Oil Sectors

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ECOMOF 2024: UBA Affirms Pledge to Stimulate African Economic Expansion through Strategic Supports for Mining and Oil Sectors

 

 

 

Africa’s Global Bank, United Bank for Africa (UBA) Plc has reaffirmed its unwavering commitment to spearhead economic growth across the continent through targeted policies aimed at maximizing the benefits derived from the mining and oil sectors.

 

 

I became Chairman of UBA, Transcorp without wealthy parents – Tony Elumelu

To this end, the bank is poised to collaborate with the Economic Community of West Africa States (ECOWAS) towards implementing strategic initiatives that will not only attract investment but also foster sustainable development into the mining and oil sectors.

The Chief Executive Officer, UBA Africa, Abiola Bawuah, who spoke at the just concluded 4th ECOWAS Mining and Petroleum Forum (ECOMOF 2024) which was held at the Palais des Congrès in Cotonou, Benin Republic, said the bank recognises the pivotal role of the mining and oil sectors in shaping the economic landscape of African nations, and is strategically positioning itself to be at the forefront of this transformation.

“At UBA, we recognize the pivotal role that the mining and oil sectors play in shaping the economic landscape of ECOWAS member states and so, this ECOMOF 2024 Conference has provided us with a strategic platform to reaffirm our commitment to fostering economic growth in the region,” she noted.

According to her, by formulating and advocating investor-friendly policies by the sovereigns and financial intermediation and supports provided by UBA, the mining sector would be catalysed and transformed into robust economic pillars contributing substantially to the country’s Gross Domestic Products.

“We believe that through collaborative efforts and sound financial strategies, we can propel the mining and oil industries towards sustainable development, unlocking their full potential for the benefit of the entire region,” she added.

The ECOMOF 2024 conference with the theme “Geo-extractive Resources and Technologies: Pooling Strategies to Create Added Value in West Africa,” saw a large gathering of key players and stakeholders in the mining and petroleum sectors who gathered to brainstorm on the need to transform the mining and oil sectors into economic pillars by formulating attractive policies for investors, essential for the sectors’ substantial contribution to the development of ECOWAS member states.

As a leading African financial institution with presence in 20 African countries, UBA has consistently played a crucial role in driving such discourse around economic growth and supporting major continental development projects.

The Head of Corporate and Energy Bank at UBA, Ebele Ogbue, who was also a panelist during the session, highlighted the pivotal role of National Oil and Gas Companies in advancing the development of the oil and gas industry’s value chain.

He emphasised the significance of good corporate governance in ensuring the sustainable growth of National Oil and Gas Companies and underscored the need for robust collaborations among ECOWAS countries, just as he highlighted the importance of fostering strong regional ties to drive collective prosperity in the oil and gas sector.

He also emphasised how the UBA Group remains dedicated to providing strategic financial solutions that empower National Oil and Gas Companies to navigate the complexities of the industry and drive sustainable development.

With active involvement in major continental development projects and a strong presence across Africa, UBA is positioned as the financial institution of choice for the event. The bank’s commitment to the growth of the mining and petroleum industry in the sub-region is not only evident in its support for ECOMOF but also reflects its dedication to overall African economic development.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 35 million customers globally.

Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

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Zenith Bank Leads List Of 8 Nigerian Banks With Highest Customer Deposits In 2024

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zenith Bank Leads List Of 8 Nigerian Banks With Highest Customer Deposits In 2024

Eight Nigerian banks experienced an increase in customer deposits, which rose to N85.58 trillion in the third quarter of 2024.

– The increase represents a 12.2% increase, which shows customers confidence in the banking sector

– Zenith Bank led the pack with the highest customer deposits in the review period, with N21.57 trillion.

Customer deposits in eight commercial banks hit N85.58 trillion in the third quarter of 2024, representing a 12.2% increase from the N76.26 trillion recorded in the corresponding period in 2023.

The information is contained in the banks’ unaudited interim financials for the period ended September 30, which they filed with the Nigerian Exchange Limited (NGX).

Breakdown of the banks’ customer deposits

Customer deposit is the money a customer pays into a bank to secure goods or services or to make an advance payment on an order or project.

Zenith Bank recorded the highest customer de-posits at N21.57 trillion in the review period, from the N13.38 trillion recorded in Q3 2023.

The figure is a 61% increase driven by demand deposits, which rose from N7 trillion to N8 trillion.

Access Holdings followed next with N22.28 trillion in customer deposits compared to N15.32 trillion in Q3 2023, representing a 46% yearly increase.

The bank’s demand deposits stood at N9.36 trillion from N6,83 trillion in 2023.

First Bank increased to N16.72 trillion in the review period from N10.66 trillion in the same period in 2023, showing a 57% increase.

The bank’s demand deposits rose to N3.87 trillion, savings deposits reached N4.12 trillion, and term deposits spiked to N8.72 trillion.

Guaranty Trust Bank reported an N10.68 trillion increase in customer deposits under review from N7.41 trillion in the same period in 2023.

Term deposits of the bank rose from N846.09 billion to N1.46 trillion, while savings deposits rose from N3.29 trillion to N4.21 trillion.

Fidelity Bank recorded N6.08 trillion in customer deposits in the review period, relative to N4.01 trillion recorded in Q3 2023, representing a 52% increase, while term deposits rose from N75.99 billion to N309.80 billion.

Sterling Bank recorded customer deposits of N2.46 trillion in the period under review, up from the N1.84 trillion it recorded in the corresponding period in 2023.

The bank’s savings deposits rose from N1.10 trillion to N1.50 trillion, and term deposits stood at N1.23 trillion from N742.12 billion.

Its savings deposits rose from N1.10 trillion to N1.50 trillion, and term deposits increased from N742.12 to N1.23 trillion.

Stanbic IBTC’s deposits swelled to N2.46 trillion from N1.84 trillion in 2023, representing a 34% increase.

The growth was driven by current accounts, which spiked from N1.04 trillion to N1.33 trillion, and savings accounts rose from N337.25 billion to N478.22 billion.

Wema Bank experienced a 23% yearly increase in customer deposits, from N1.86 trillion in 2023 to N2.29 trillion in 2023.

Nigerian banks’ customer deposits explode in 2024

Punch reports that the value of customers’ bank deposits rose to N136 trillion as of March 2024.

Total bank deposits rose by 63%, from N70.5 trillion in 2022 to N115 trillion in 2023, hitting N136 trillion in March 2024, an 18.26% increase in three months.

CBN clarifies position on converting foreign currency

Legit.ng earlier reported that the Central Bank of Nigeria (CBN) had issued new rules clarifying that commercial, merchant, and non-interest banks (CMNIBs) should let holders convert their internationally tradable foreign currency (ITTC) balances in designated domiciliary accounts into the local currency, the naira, at any time, using the prevailing exchange rate.

The bank disclosed that all conversions must be fully disclosed and reported as part of the bank’s exchange rate requirements.

Legit.ng reported that in February 2024, the apex bank reaffirmed that it would not coerce domiciliary account holders to convert their holdings into naira.

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FirstBank Hosts Inaugural China-Africa Interbank Association Forum; reiterates its commitment to promoting trade, financial cooperation and Economic Development.

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FirstBank Hosts Inaugural China-Africa Interbank Association Forum; reiterates its commitment to promoting trade, financial cooperation and Economic Development.

 

FirstBank, the premier West African financial institution and financial inclusion service provider has announced its hosting of the first-ever China-Africa Interbank Association (CAIBA) Forum to strengthen economic ties and investments between China and Africa. The forum, themed “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialization and Economic Diversification,” will take place on November 27, 2024, at the Fraiser Suites Abuja.

Established in 2018, CAIBA marked a significant milestone in fostering financial cooperation between China and Africa, comprising 16 African banks, including FirstBank, and China Development Bank (CDB) as well as ABSA Bank, West African Development Bank, Central African States Development Bank, Eastern and Southern African Trade and Development Bank, Development Bank of South Africa, Ecobank, United Bank for Africa, RawBank with the aim to enhance partnerships in various spheres, such as infrastructure interconnection, international cooperation, and cultural exchange. This initiative was driven by the need to address the funding gap in Africa for industrialization, infrastructure, and poverty alleviation.

The CAIBA Forum which will be co-hosted by China Development Bank offers a unique opportunity for knowledge sharing, networking and deal making, for the purpose of fostering a win-win cooperation and promote joint development among member-banks. Formerly convened only in Beijing, the Forum will now provide a unique platform to spotlight Nigeria’s pivotal role in the growing China-Africa economic relationship as the host country.

Intrinsically woven into the fabric of the society and with its extensive network across Sub-Saharan Africa, UK, and China, FirstBank provides unparalleled access to markets, to facilitate trade and investment flows between China and Africa.

Additionally, FirstBank’s expertise in financial inclusion, trade finance, corporate and investment banking positions it as an ideal partner with China Development Bank with key strengths in inclusive and sustainable financial solutions in driving this important initiative to support Chinese and African businesses.

Speaking about the forum, the CEO of FirstBank Group, Mr. Olusegun Alebiosu, said, “We are honoured to host this pivotal event that fosters dialogue and collaboration between Chinese and African financial institutions. This forum reinforces our commitment to bridging the gap between Africa and China, catalyzing economic growth and development. The selection of FirstBank as the host is a testament to our rich legacy, deep expertise in African markets, and an impressive 130-year history of empowering businesses and communities to thrive. We are proud to support the continent’s economic transformation and growth and remain dedicated to exploring the partnership opportunities this forum will bring for the mutual benefit of China and Africa.”

Participants will have the chance to engage with government officials, business leaders, and financial experts from both regions. Expected guest speakers include His Excellency, the Vice President of Federal Republic of Nigeria, the Governor of the Central Bank of Nigeria, Minister of Trade, Industry & Investment, MD of China Development Bank, Federal Capital Territory (FCT) Minister, Governors of Lagos, Kano and Anambra States; Ambassadors from countries of CAIBA members, President and Chairman of the Board of Directors of the African Export–Import Bank, Representatives from the China-Africa Development Fund, and many industry leaders, policymakers, and experts to explore opportunities for cooperation and mutual growth.

In addition, the CAIBA Forum will feature a plenary session which include Dr. Abiodun Adedipe – Founder & Chief Consultant BAA Consult, David Ofosu-Dorte – Senior Partner, AB & David Africa, A Pan-African Law Firm, Ugo (UgoDre) Obi-Chukwu – Publisher Nairametrics, Wole Adeniyi- CEO, Stanbic IBTC, Bamidele Abu- CEO, ABSA Nigeria Capital Markets, Mrs Kouassigan Dovi Eliane Khady – Head Financial Institutions West African Development Bank (BOAD). Other exciting line-ups include a trade exhibition, keynote speeches, and networking events that will explore the latest trends and opportunities in China-Africa cooperation.

The establishment of CAIBA is a positive development that has the potential to significantly impact the economic landscape, actively shaping economic future and fostering partnerships that drive sustainable growth and prosperity of both China and Africa.

 

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UBA, Mastercard Introduce 75th Anniversary Card with Exclusive Benefits, Discounts

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UBA, Mastercard Introduce 75th Anniversary Card with Exclusive Benefits, Discounts

 

As part of activities to mark its 75th anniversary, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has teamed up with Mastercard to introduce a special commemorative Debit Card.

 

This exclusive card offers UBA customers exciting deals and attractive discounts across multiple platforms, enhancing their banking experience in a memorable way.

 

The commemorative card which was unveiled at the bank’s corporate head office in Marina, Lagos, on Wednesday, is a custom-built card created with the intention of appreciating customers and other users for their loyalty throughout the seven and half decades of impactful journey.

 

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who spoke at the unveiling, emphasised that the card, comes loaded with irresistible benefits aimed at impressing customers, including 25% off purchases on Jumia and $75 cashback on transactions made through AliExpress.

 

This according to him, symbolizes the shared vision between UBA and Mastercard towards empowering Africans by enhancing customer experience through secure and convenient transactions.

 

He said, “This new card represents the deepening of our relationship and our shared mission to empower millions of Nigerians and Africans, providing them with access to secure transactions and new opportunities across the continent.

 

The GMD also disclosed the bank’s plans to unveil similar products across all its subsidiaries, adding, “We are proud of this collaboration, and we are confident that Mastercard’s role in Africa will only grow stronger in the coming years.”

 

The President, Africa, Mastercard, Mark Elliot, who expressed gratitude to the management of the bank on the partnership, emphasised the importance and potential of the partnership with UBA.

 

“We are thrilled to be partnering with UBA, which we know is one of the best banks in Africa. For us, it is a privilege to work with a partner that shares our commitment towards digitizing the continent and enhancing customer experience through secure and convenient transactions.”

 

Elliot who noted the immense opportunities in the African payment ecosystem, said the organisation looks forward to exploring them with UBA. “Africa is currently one of the most attractive payment markets worldwide, and it’s clear that by 2030, the continent will likely become the fastest-growing equity market,” he said.

 

“Meeting the UBA management is always inspiring, as we always come up with bold and strategic ideas, and today is no exception. We are excited to match our shared ambitions,” Elliot stated.

United Bank for Africa Plc is a leadi

ng Pan-African financial institution, offering banking services to more than thirty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

 

UBA, Mastercard Introduce 75th Anniversary Card with Exclusive Benefits, Discounts

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