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Towards A Stronger Union – Year 105 in Review

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1 year ago

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Union Bank reports 461% growth in PBT in Q3, 2023

Towards A Stronger Union – Year 105 in Review

 

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2022 was a remarkable year for Union Bank of Nigeria (“Union Bank”). The leading financial institution celebrated its 105th year of serving Nigerians with the announcement of the completion of a landmark transaction that saw the integration of the Bank with Titan Trust bank to form a stronger union. This announcement kicked off several noteworthy events and major milestones and Union Bank is pleased to recapitulate these milestones the Bank recorded in 2022. The noteworthy events in each month are summarised below under the respective headings.

 

 

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January 2022: Union Bank celebrates its 105th year of operations as Titan Trust Bank gets nod from regulators for the official integration. The fusion of both entities created expanded networks, increased operational efficiency and capacity as well as improved service delivery for the customers. The new direction set Union Bank on a path of delivering prosperity and shared growth for its partners and customers all over the African continent.

February 2022: As part of its commitment to push beyond banking to promote innovation and creativity nationwide, Union Bank partnered with AfricaNXT – formerly known as Social Media Week, to host the largest gathering of innovators across Africa. As an organisation focused on accelerating digital innovation, Union Bank showcased some of its ‘Digital Ventures’ products (Kula, Booster and M36) at the event via an interactive booth. The Bank also hosted two insightful sessions – a panel discussion and a masterclass session – targeted at the tech ecosystem.

March 2022: As an organisation committed to leading the charge for inclusion and parity, Union Bank has consistently leveraged International Women’s Day (IWD) to promote impactful discourse and encourage positive action for gender equality 2022 was no different. In in line with the 2022 global theme #BreakTheBias, the Bank hosted an event to celebrate everyday women breaking biases and shattering barriers in their professional and personal lives.

A key highlight of the event was the inauguration of the first executives for Wehub – Union Bank’s Women Empowerment Hub which is an internal network launched in 2016 to motivate, connect and provide support to women within the Bank. The newly elected executives were charged with the task to drive the implementation of impactful initiatives aimed at advancing the Bank as a progressive place to work.

April 2022: As part of its ‘Beyond Banking’ strategy and commitment to innovation and technological advancement in Nigeria, Union Bank launched SpaceNXT a future-forward, purpose designed co-working technological and innovation hub built to promote innovation and encourage collaboration within the tech ecosystem in Nigeria. Located within the Union Bank Head Office in Lagos Nigeria, SpaceNXT provides an enabling environment where tech enthusiasts, visionaries and creators can converge for the propagation of new ideas. It is a launching pad for innovators to collaborate, develop and improve on ideas around digital systems and tech-based solutions.

May 2022: Following the completion of the official integration, and the subsequent receipt of all necessary regulatory approvals, Union Bank posted a formal notice of change in control with TGI Group, parent of TTB, now the majority shareholder and core investor in Union Bank. In addition to this, the Bank also announced the completion of the divestment of the Bank’s entire shareholding interest (direct and indirect) in its subsidiary, Union Bank (UK) Plc (“UBUK”) and the effective appointment of a Chief Executive Officer, Board Chair, and the reconstitution of a new Board of Directors. The new CEO, Mr Mudassir Amray and Board Chair, Farouk Gumel assumed office on the 2nd of June 2022

June 2022: Leading development bank Afrexim Bank backed Titan Trust Bank with the sum of $300,000,000 to support the integration with Union Bank. This is to ensure the Bank is well positioned to deliver value to its customers and shareholders.

July 2022: Following a successful first season, Union Bank announced the return of Save & Win Promo, its flagship campaign aimed at rewarding new and existing customers with cash rewards and other gift items worth over N55,000,000. The second edition of the nationwide campaign coincides with the Bank’s 105th anniversary and will benefit more customers to appreciate them for their support and loyalty over the years.

August 2022: As part of its continued commitment to UN SDG5, Union Bank continued its long-standing partnership with Junior Achievement Nigeria (JAN) to impact over 300 girls, in the 21st edition of the Leadership Empowerment Achievement and Development (LEAD) Camp which marked the eighth year of collaboration between JAN and Union Bank. The week-long event was used to provide guidance and improve the skill sets of the girls in areas of financial literacy, entrepreneurship, technology, creative arts, and entertainment. Development sessions in the program included coding, understanding sexual abuse, and personal hygiene, while the participants also received mentorship from respectable and high-ranking women in the country’s private and public sectors.

September 2022: Mr. Farouk Gumel, Chairman, Board of Directors, Union Bank of Nigeria delivered the keynote address that formed part of the theme for the 15th Annual Banking and Finance Conference tagged Repositioning the Financial Services Industry for an Evolving Global Context. In his remarks, Farouk Gumel emphasised how the rapidly expanding agricultural sector in Nigeria has the potential to grow exponentially and contribute not just to the advancement of the Nigerian economy, but also the welfare of the local farmers who form a large percentage of the unbanked.

He highlighted how Union Bank in their 105-year history continues to support the Nigerian farmer and pointed out that the recent integration with the parent TGI group has further opened more opportunities for the Bank to leverage international partnerships to service the rural economy.

In the same month, Union Bank partnered with WACOT Rice Limited – a foremost rice producing company and subsidiary of Tropical General Investment (TGI) Group, to provide banking solutions for 6,000 local farmers including men, women, and young people across 4 Local Government Areas in Kebbi State. This partnership, called the Kebbi Financial Inclusion Drive is in line with Union Bank’s commitment to boost financial inclusion in Nigeria.

October 2022: Union Bank signed a partnership with Mobihealth – a globally recognised, integrated telehealth provider based in the UK, facilitating health solutions for underserved communities in Africa. This first of its kind partnership is part of Union Bank’s commitment to enabling success for its customers. The Bank aims to leverage this partnership to expand access to high-quality and convenient healthcare services for its customers at discounted rates.

In addition, Union Bank also secured a $25 million funding line from Africa Agriculture & Trade Investment Fund (AATIF) to expand its agricultural business footprint in Africa. This funding aims to support the Bank’s agri-expansion and outreach strategy and is expected to further contribute to the growth of the competitive food and agricultural sector in Nigeria that is fully aligned with national priorities – including improving food security, increased agricultural production and local food processing.

November 2022: To expand its footprint in Africa, Union Bank signed an MOU with Attijariwafa Bank – a leading multinational commercial bank and financial services company based in Morroco. Through this partnership both Banks will develop new joint business opportunities for their respective customers that seek to support the trade finance and investment corridors between Nigeria and all the countries where Attijariwafa bank operates.

December 2022: To closeout it’s 105th year anniversary activities, Union Bank launched a brand-new sonic identity tagged ‘The Sound of Union. The launch of the Sound of Union – a 9-track EP, spanning different genres including afrobeats, highlife, jazz, alternative rock and more – is part of the Bank’s strategy to engage with todays and tomorrow’s generations. The goal of the launch is to leverage the universality of music to build better connections with new and existing audiences through this unique sound identity. The Sound of Union EP is now streaming exclusively on Boomplay.

Awards & Recognitions: In 2022, the Bank received several awards and recognitions both locally and globally including the Global Finance award for the Best SME Bank 2023, the Euro Money Euromoney ‘Highly Regarded’ Bank for Corporate Banking, Corporate and Social Responsibility (CSR) and Environmental, Social and Governance and ‘Notable’ Bank for SME Banking and Digital Solutions. We were also awarded the Middle East and Africa Banking Innovation Awards for Best Trade Finance Platform 2022, and Budgit Active Corporate Citizens award for Civic Investments.

Please note that as a summary, this is not a comprehensive listing of the Bank’s events and activities during each stated period. As we look ahead to 2023, Union Bank remains committed to providing simpler and smarter solutions for its customers.

 

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Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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WEMA BANK ANNOUNCES CALL FOR ENTRIES FOR ITS YOUTH-FOCUSED HACKATHON, HACKAHOLICS 5.0*

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8 hours ago

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April 20, 2024

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*WEMA BANK ANNOUNCES CALL FOR ENTRIES FOR ITS YOUTH-FOCUSED HACKATHON, HACKAHOLICS 5.0*

 

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Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has announced the Call for Entries in the 5th edition of its flagship youth and startup-focused tech competition, Hackaholics. This announcement was made at the Press Conference held at Wema Bank’s Head Office on Thursday, April 18th, 2024, declaring the registration portal for Hackaholics 5.0 officially opened.
Hackaholics is an annual tech and innovation competition birthed by Wema Bank in 2019 to provide a platform for young Nigerians with tech-driven ideas to bring their game-changing ideas to life, scale their ventures or startups and access a wider market for these tech-enabled solutions. Over the past 4 editions, Hackaholics has transformed thousands of Nigerian lives and businesses, helping Youth with interests spread across different areas to build their own Startups, create sustainable sources of income and gain a competitive edge on the global tech and innovation scene. Through Hackaholics, Wema Bank has powered the launch and expansion of a plethora of Startups through Hackaholics, disbursing over N150,000,000 in cash prizes in just 4 editions.

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With the launch of Hackaholics 5.0, Wema Bank is reportedly pulling all the stops to make this edition the grandest ever. Themed “Meta-Idea: DigiTech Solutions for Africa’s Prosperity”, Hackaholics 5.0 will be executed over a six-month period, touring 10 Universities across the country and challenging the Youth to pitch unique, innovative and practical Digi-Tech solutions to positively impact the acceleration of progress, development and prosperity not just in Nigeria but across the African continent.
Encouraging Nigerian Youth to leverage Hackaholics as a launchpad to their success in the digital world, Wema Bank’s Chief Transformation Officer, Babatunde Mumuni, highlighted the bank’s vision for Hackaholics. According to him, “With the birth of ALAT, a few things became clear, one of which is that while we have adopted innovation and digital excellence as our path to greatness, we need talented bright minds to drive this innovation, and this is one of the reasons we launched Hackaholics. With Hackaholics, we are not only empowering these youth to scale but also funding STEM education towards national development. Also, we are strengthening our nation’s capabilities and providing a platform for creative and innovative youth to thrive. We are in search of people who are curious, who are innovative enough to question the status quo, refine the norm and challenge themselves to make things better. If this is you, then Hackaholics 5.0 is the perfect platform to help you thrive”.
Highlighting the career opportunities available in Hackaholics 5.0, Ololade Ogungbenro, the Divisional Head of Brands, People and Culture, said, “Nigeria possesses a vibrant population of young people who are digitally skilled and willing to leverage innovation and technology as a tool to build digital products that are usable, scalable, and sustainable. All they need is an opportunity, a platform, and the right nurturing environment for their talents to thrive. That is one value we hope to harness with Hackaholics 5.0. The pitch sessions across the different universities present a unique opportunity for us to double our impact to not only empower these youth to own their own Startups from as early as their undergraduate years, but further provide them with access to first-rate employment opportunities. Through the career fairs we will host, participants and attendees can interact with us, learn about the bank’s culture, values, and job opportunities, and gain insight into the banking industry and learn about various technology-related roles available in the Bank. They’ll also enjoy Speed mentoring and Networking opportunities, Interview Preparation and a chance to hone their soft skills. So, if you are a young person who is keen on building a thriving career in Tech, then attending, and actively participating in the Hackaholics Career Fair should be a top priority for you”.
Wema Bank’s Head of Innovation, Solomon Ayodele, concluded saying, “This year, you’re going to experience the Coachella of the tech industry at our Hackaholics 5.0 grand finale tech festival, and the journey begins today. We have a cash prize of over N70,000,000 for our winners this year and we are not limiting you to any specific verticals. Any verticals you can think of will be accepted. Our focus for Hackaholics 5.0 is the brilliance of your mind so we leave it to you to discover a problem area that matters and develop an innovative solution that will drive positive impact. Our goal is to birth solutions that address diverse aspects of real-world challenges, and you have the opportunity to be a part of this transformative journey. To submit your entry please visit https://hackaholics.wemabank.com/register”.
Wema Bank has transformed thousands of lives across Nigeria, facilitating the successful creation of hundreds of startups across the country through Hackaholics. With the bank’s impact constantly proliferating especially in the digital space, it is no wonder that Wema Bank is regarded as Nigeria’s foremost innovative bank.

Interested participants are encouraged to submit their registrations for Hackaholics 5.0 at https://hackaholics.wemabank.com/register.

WEMA BANK ANNOUNCES CALL FOR ENTRIES FOR ITS YOUTH-FOCUSED HACKATHON, HACKAHOLICS 5.0
Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has announced the Call for Entries in the 5th edition of its flagship youth and startup-focused tech competition, Hackaholics. This announcement was made at the Press Conference held at Wema Bank’s Head Office on Thursday, April 18th, 2024, declaring the registration portal for Hackaholics 5.0 officially opened.
Hackaholics is an annual tech and innovation competition birthed by Wema Bank in 2019 to provide a platform for young Nigerians with tech-driven ideas to bring their game-changing ideas to life, scale their ventures or startups and access a wider market for these tech-enabled solutions. Over the past 4 editions, Hackaholics has transformed thousands of Nigerian lives and businesses, helping Youth with interests spread across different areas to build their own Startups, create sustainable sources of income and gain a competitive edge on the global tech and innovation scene. Through Hackaholics, Wema Bank has powered the launch and expansion of a plethora of Startups through Hackaholics, disbursing over N150,000,000 in cash prizes in just 4 editions.
With the launch of Hackaholics 5.0, Wema Bank is reportedly pulling all the stops to make this edition the grandest ever. Themed “Meta-Idea: DigiTech Solutions for Africa’s Prosperity”, Hackaholics 5.0 will be executed over a six-month period, touring 10 Universities across the country and challenging the Youth to pitch unique, innovative and practical Digi-Tech solutions to positively impact the acceleration of progress, development and prosperity not just in Nigeria but across the African continent.
Encouraging Nigerian Youth to leverage Hackaholics as a launchpad to their success in the digital world, Wema Bank’s Chief Transformation Officer, Babatunde Mumuni, highlighted the bank’s vision for Hackaholics. According to him, “With the birth of ALAT, a few things became clear, one of which is that while we have adopted innovation and digital excellence as our path to greatness, we need talented bright minds to drive this innovation, and this is one of the reasons we launched Hackaholics. With Hackaholics, we are not only empowering these youth to scale but also funding STEM education towards national development. Also, we are strengthening our nation’s capabilities and providing a platform for creative and innovative youth to thrive. We are in search of people who are curious, who are innovative enough to question the status quo, refine the norm and challenge themselves to make things better. If this is you, then Hackaholics 5.0 is the perfect platform to help you thrive”.
Highlighting the career opportunities available in Hackaholics 5.0, Ololade Ogungbenro, the Divisional Head of Brands, People and Culture, said, “Nigeria possesses a vibrant population of young people who are digitally skilled and willing to leverage innovation and technology as a tool to build digital products that are usable, scalable, and sustainable. All they need is an opportunity, a platform, and the right nurturing environment for their talents to thrive. That is one value we hope to harness with Hackaholics 5.0. The pitch sessions across the different universities present a unique opportunity for us to double our impact to not only empower these youth to own their own Startups from as early as their undergraduate years, but further provide them with access to first-rate employment opportunities. Through the career fairs we will host, participants and attendees can interact with us, learn about the bank’s culture, values, and job opportunities, and gain insight into the banking industry and learn about various technology-related roles available in the Bank. They’ll also enjoy Speed mentoring and Networking opportunities, Interview Preparation and a chance to hone their soft skills. So, if you are a young person who is keen on building a thriving career in Tech, then attending, and actively participating in the Hackaholics Career Fair should be a top priority for you”.
Wema Bank’s Head of Innovation, Solomon Ayodele, concluded saying, “This year, you’re going to experience the Coachella of the tech industry at our Hackaholics 5.0 grand finale tech festival, and the journey begins today. We have a cash prize of over N70,000,000 for our winners this year and we are not limiting you to any specific verticals. Any verticals you can think of will be accepted. Our focus for Hackaholics 5.0 is the brilliance of your mind so we leave it to you to discover a problem area that matters and develop an innovative solution that will drive positive impact. Our goal is to birth solutions that address diverse aspects of real-world challenges, and you have the opportunity to be a part of this transformative journey. To submit your entry please visit https://hackaholics.wemabank.com/register”.
Wema Bank has transformed thousands of lives across Nigeria, facilitating the successful creation of hundreds of startups across the country through Hackaholics. With the bank’s impact constantly proliferating especially in the digital space, it is no wonder that Wema Bank is regarded as Nigeria’s foremost innovative bank.

Interested participants are encouraged to submit their registrations for Hackaholics 5.0 at https://hackaholics.wemabank.com/register.

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Access Holdings’ Shareholders Unanimously Back Capital Raising Plan, Hail Aig-Imoukhuede’s Return as Chairman

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10 hours ago

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April 20, 2024

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Access Holdings' Shareholders Unanimously Back Capital Raising Plan, Hail Aig-Imoukhuede's Return as Chairman

Access Holdings’ Shareholders Unanimously Back Capital Raising Plan, Hail Aig-Imoukhuede’s Return as Chairman
…Re-elect Olusegun Ogbonnewo, Ojinika Olaghere as a Non-Executive Directors

The shareholders of Access Holdings Plc (“Access Holdings” or “the Group”) at the 2nd Annual General Meeting (AGM) held on Friday, April 19, 2024, unanimously backed the Group’s plan to establish a capital raising programme of up to US$1.5 billion as well as the subset initiative to raise up to N365 billion, specifically, through a Rights Issue of ordinary shares to its shareholders.
The proceeds of the Rights Issue would be used to support on-going working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.
The shareholders also ratified the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as Non-Executive Directors.
The appointment of Aig-Imoukhuede as the Chairman of Access Holdings was praised by the shareholders, who pointed to his rich history of success with the institution, having transformed it into Nigeria’s biggest lender by market value alongside Herbert Wigwe.
Aigboje’s leadership was instrumental in driving the institution’s growth during the 2004 recapitalisation of the banking industry led by the Central Bank of Nigeria (CBN) under the leadership of its former Governor, Prof. Charles Soludo.
“We are thrilled with Aigboje Aig-Imoukhuede’s return to the role of Chairman. His proven track record, experience, and strategic insights position him as the ideal leader to steer Access Holdings towards meeting its lofty targets. During his tenure as CEO, particularly during the recapitalisation directive by the CBN, he steered Access Bank to raise an impressive $2 billion in capital, and this demonstrates his capacity to, once again, lead Access Holdings towards successfully achieving the objectives of our planned Capital Raise and Rights Issue targets,” said Chief Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN).
Access Holdings' Shareholders Unanimously Back Capital Raising Plan, Hail Aig-Imoukhuede's Return as Chairman
In line with the Group’s strong financial performance, the payment of a final dividend of N1.80 kobo per every N0.50 Kobo ordinary share for the 2023 financial year was approved, marking a 28 per cent improvement from the corresponding period in 2022.
The Group’s full-year results for the period ending December 31, 2023, showcased an impressive 335 per cent increase in pre-tax profit to N729 billion from N167.68 billion in 2022. The Group also experienced an 87 per cent surge in gross earnings to N2.59 trillion from N1.39 trillion in 2022 and reported a remarkable 306 per cent growth in profit after tax to N619.32 billion, from N152.20 billion in 2022.
Commencing in the second half of 2024, Access Holdings’ global expansion strategy will enter the consolidation and efficiency phase, aligning with its five-year plan to accelerate the attainment of its 2027 strategic objectives. The Group remains focused on driving sustainable growth, and delivering value to its shareholders even as it continues to build a globally connected community and ecosystem, inspired by Africa, for the world.

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Dangote crashes Diesel price to N1,000 per litre

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4 days ago

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April 16, 2024

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Dangote reacts to EFCC’s visit to its Headquarters

Dangote crashes Diesel price to N1,000 per litre

 

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In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to 1,000 naira per litre.

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While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.

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This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.

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