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UBA’s Half-year Profit Grows By 33% to N76.2 Billion

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

UBA’s Half-year Profit Grows By 33% to N76.2 Billion

UBA– Africa’s leading financial institution, the United Bank for Africa (UBA) Plc has announced its audited half year financial results for the half year ended June 30, 2021, showing impressive growth across all major income lines and performance indicators.

 

 

UBA’s Half-year Profit Grows By 33% to N76.2 Billion

 

The pan African financial institution delivered a 33.4 per cent appreciation in its profit before tax which rose to N76.2 billion as at June 2021, up from the N57.1 billion recorded in the same period of 2020. This translated to an annualised Return on Average Equity (RoAE) of 17.5 per cent as against 14.4 per cent a year earlier. This feat was recorded despite the challenging business and economic environment that emerged from the slow pace of activities following the global lockdown occasioned by the Covid-19 pandemic.

The results submitted to the Nigerian Exchange Limited, showed that the group’s profit after tax stood at N60.6 billion, representing a significant rise by 36.3 per cent, compared with the N44.4 billion recorded in the half year of 2020.

Similarly, gross earnings grew to N316 billion, which was a five per cent increase, from the N300.6 billion recorded as at June 2020.
According to the results, at June 30, 2021, the group’s total assets crossed the N8 trillion mark as it increased to N8.3 trillion, up from N7.7 trillion at the end of the 2020 financial year. Its customer deposit also crossed the N6 trillion mark, growing by 7.4 per cent to N6.1 trillion in the period under review, compared with N5.7 trillion as at December 2020.
Furthermore, the group’s Shareholders’ Funds remained robust at N752.5 billion, up from N724.1 billion in December 2020, reflecting its strong capacity for internal capital generation.

In line with the bank’s culture of paying both interim and final cash dividend, the Board of Directors of UBA declared an interim dividend of 20 kobo per share for every ordinary share of 50 kobo each, held by its shareholders.
Commenting on the results, UBA’s Group Managing Director/Chief Executive Officer, Mr. Kennedy Uzoka, expressed delight over the bank’s performance in the first half of the year.

He added: “This has been a strong first half for us, as global economic recovery exceeded expectations, creating a positive rub-off on consumer and corporate confidence, savings and investment activities.
“We saw this positively impact our business, as we continued to leverage our key strategic levers – People, Process and Technology, and our Customer first philosophy, to revolutionise customer experience at UBA.”

He added that the bank’s investment in the Rest of Africa (excluding Nigeria) continues to yield good results for the group.
Uzoka added: “The benefits of pan-African business diversification accruing to the Group is once again evident, with gross earnings and interest income growth of 5.1 per cent and 8.3 per cent respectively, despite the low yield environment in our largest market, Nigeria.
“We are making remarkable progress on our strategy that is progressively positioning UBA as the bank of choice on the continent, driven by our emphasis on tech-led innovation and best customer experience.”

Continuing, the GMD pointed out that the bank recognises the far-reaching effects of the pandemic on businesses globally, and remains focused on its promise to always provide our customers with the best banking experiences possible.

“Our first half 2021 (H1 2021) performance reflects our progressive efforts in building on the strong momentum that we started the year with. As a purpose-driven organisation, we remain resolute in our drive for sustained growth in customer acquisition, transaction volumes and balance sheet, as we consolidate our ‘Africa’s Global Bank’ market position in the years ahead, uplifting livelihoods across the continent,” Uzoka explained.
UBA’s Group Chief Financial Officer (GCFO), Ugo Nwaghodoh, on his part, noted that the bank’s goal was to achieve marked improvement in earnings quality whilst maintaining positive operating leverage as well as top-notch asset quality.

“The Group recorded RoAE of 17.5 per cent (from 15.1% in 2020H1) and a Net-Interest-Margin of 5.8 per cent (from 5.4% in H12020) as we played the volatile yield environment diligently for best return on our interest earning assets.

“Capital position remained strong, with a capital adequacy and liquidity ratios of 23.9 per cent (22.4% in 2020H1) and 58.3 per cent (58.2% in 2020H1) respectively. This is robust enough to support our growth ambitions,” he said.
The GCFO pointed out that even while the operating environment remains largely uncertain and volatile, despite marked improvement from Covid-19 induced macroeconomic stress, UBA will continue to build resilience through its geographically diversified business model to support headline earnings growth for the Group.

“We remain committed to our 18 per cent and 15 per cent respective RoAE and deposit growth guidance for FY 2021, as we continue to invest in growth opportunities across our geographies of operation, whilst managing capital and balance sheet prudently,” Nwaghodoh stated.
UBA offers banking services to more than twenty five million customers, across over 1,000 business offices and customer touch points, in 20 African countries.
With presence in the United States of America, the United Kingdom and France, 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.

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Adron Homes at 14: From Shimawa to Over 60 Livable Communities, Building Cities Beyond Estates

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Adron Homes at 14: From Shimawa to Over 60 Livable Communities, Building Cities Beyond Estates

 

 

Fourteen years ago, what began as a visionary real estate development effort in Shimawa, Ogun State, has evolved into one of Nigeria’s most recognizable housing success stories. Today, Adron Homes & Properties stands as a major force in structured urban development, with over 60 livable communities and estate dwellings spread across key regions of the country. Its journey reflects a deliberate mission that is not just to sell land, but to build functional cities where Nigerians can live with dignity, security, and a strong sense of community.

 

At a time when Nigeria faces rapid urbanization and an ever-growing housing deficit, Adron Homes has embraced an approach rooted in planning and affordability. From its earliest developments, the company adopted a city-building model that integrates structured layouts, accessible infrastructure, and community-focused design. Roads, drainage systems, green areas, and designated social spaces are incorporated into estate planning, transforming empty land into organized residential hubs.

 

The story of Adron’s growth mirrors Nigeria’s evolving urban landscape. Beginning in Shimawa, the company strategically expanded into major growth corridors, including Lagos, Ogun, Oyo, Osun, Ekiti, Abuja, Nasarawa, Niger, and beyond. Its estates have not only provided shelter but have also influenced the emergence of new residential districts, encouraging organized expansion and helping to reduce the challenges associated with unplanned settlements.

 

Central to the company’s success is its commitment to affordability. Through flexible payment structures and innovative housing initiatives, Adron Homes has opened the door to homeownership for thousands of Nigerians who previously considered property ownership out of reach. This democratization of housing has empowered families, strengthened communities, and supported economic growth through increased property investment and local business opportunities within estates.

 

Beyond physical structures, Adron Homes prioritizes community building. Estates are designed as living ecosystems where families interact, children grow in secure environments, and entrepreneurs find opportunities to thrive. The emphasis on social cohesion has helped transform residential spaces into vibrant neighborhoods, reinforcing the idea that housing development should nurture human connection as much as physical infrastructure.

 

As Nigeria continues to urbanize, Adron Homes’ model demonstrates that real estate development can be both commercially viable and socially impactful. Its projects serve as reference points for emerging residential corridors, attracting further investment and setting standards for organized development across multiple regions.

 

Celebrating fourteen years of growth and innovation, Adron Homes remains committed to shaping Nigeria’s urban future through sustainable planning, inclusive housing solutions, and community-driven development. From its humble beginnings in Shimawa to a nationwide network of livable communities, the company’s journey stands as a testament to the power of vision, resilience, and a steadfast belief that cities are built not just with structures, but with people at their heart.

 

Adron Homes at 14: From Shimawa to Over 60 Livable Communities, Building Cities Beyond Estates

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14 Years of Democratizing Landownership: How Adron Homes Is Redefining Mass Housing in Nigeria

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14 Years of Democratizing Landownership: How Adron Homes Is Redefining Mass Housing in Nigeria

 

 

For decades, homeownership in Nigeria remained an elusive dream for millions, restricted by rising rents, unstable housing markets, and mortgage systems beyond the reach of the average citizen. Fourteen years ago, Adron Homes and Properties Limited set out to challenge this reality with a bold and disruptive vision: to make land and homeownership affordable, accessible, and achievable for everyday Nigerians.

 

Founded on the principle that housing should be a right and not a privilege, Adron Homes has steadily emerged as one of Nigeria’s most influential mass housing developers. At the heart of its success is an affordability-driven model that prioritizes inclusion without compromising quality. Through flexible payment plans, low initial deposits, and extended installment options, the company has broken long-standing financial barriers that once excluded civil servants, young professionals, artisans, traders, and Nigerians in the diaspora from owning property.

 

Fourteen years on, this vision has translated into tangible impact across over 60 estates nationwide, strategically located in major and emerging growth corridors including Ibeju-Lekki, Lekki–Epe, Badagry, Shimawa, Papalanto, Sagamu, Abeokuta, Ibadan, Osun, Ekiti, Abuja, Nasarawa, and Niger State. Each estate represents more than infrastructure, it reflects Adron Homes’ commitment to decentralizing development and expanding access to property ownership beyond traditional urban centers.

 

Through this mass housing initiative, thousands of Nigerians have successfully transitioned from tenants to landlords, many achieving property ownership for the first time. Unlike conventional real estate models that emphasize exclusivity and luxury, Adron Homes has consistently aligned its offerings with the real income realities of the Nigerian population, ensuring that housing solutions remain practical, inclusive, and sustainable.

 

Beyond affordability, trust has remained a defining pillar of the Adron Homes brand. The company places strong emphasis on secure land titles, transparent documentation, and regulatory compliance, protecting subscribers from land disputes and fraudulent transactions. This focus on integrity has strengthened customer confidence and positioned Adron Homes as a dependable gateway to long-term wealth creation through real estate.

 

As Adron Homes marks its 14th anniversary, its mass housing journey stands as more than a corporate achievement but a national intervention. By restoring dignity, promoting financial security, and transforming thousands of property ownership dreams into reality, Adron Homes continues to play a vital role in shaping Nigeria’s housing landscape and building a future where more citizens can truly call a place their own.

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Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing

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Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing

By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com

“Shift or Structural Demand? A Declaration of Civic Duty in a Nation at a Fiscal Crossroads.”

In the unfolding narrative of national development and economic reform, few instruments are as defining as tax compliance. For Nigeria, a nation perpetually grappling with revenue shortfalls, structural dependency on a single export commodity, and entrenched informal economic behaviour, the Federal Government’s recent clarification on tax return deadlines is not mere bureaucratic noise. It is a deliberate and inescapable declaration: the social contract between citizen and state must be honoured through transparent, lawful and timely tax reporting.

At its core, the government’s pronouncement is stark in its simplicity and radical in its implications. Federal authorities, speaking through the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, have made it unequivocally clear that every Nigerian, whether employer or individual taxpayer, must file annual tax returns under the law. This encompasses self-assessment filings by individuals that too many assumed ended once employers deducted pay-as-you-earn taxes from their salaries.

This is not an optional civic suggestion, it is mandatory, backed by statute, and tied to a broader vision of national fiscal responsibility. Citizens can no longer hide behind ignorance, apathy, or false assumptions. “Many people assume that if their employer deducts tax from their salaries, their obligations end there. That is wrong,” Oyedele warned, emphasizing that the obligation to file remains with the individual under both existing and newly reformed tax laws.

The Deadlines and the Reality They Reveal.
Across the federation, state and federal revenue authorities have reaffirmed statutory deadlines in pursuit of compliance. The Lagos State Internal Revenue Service, for instance, moved to extend its filing date for employer returns by a narrow window, reflecting the reality that compliance often lags behind legal timelines. The extension was intended not as leniency, but as a pragmatic effort to allow accurate and complete submissions, underscoring that true compliance rises above mere mechanical ticking of a box.

At the federal level, Oyedele’s intervention was even more fundamental. He reminded Nigerians that annual tax returns for the preceding year must be filed in good faith, with integrity and in respect of the law. This applies regardless of income level including low-income earners who have historically believed that they are outside the tax net. “All of us must file our returns, including those earning low income,” he stated.

Herein lies one of the most challenging truths of contemporary Nigerian governance: widespread tax non-compliance is not just a technical breach of law, it is a deep cultural and structural issue that reflects decades of mistrust between citizens and the state.

The Root of the Problem: Non-Compliance as a Symptom.
Nigeria’s tax culture has long been under scrutiny. Public discourse and economic analysis consistently show that a significant majority of eligible taxpayers do not file annual returns. Oyedele highlighted that even in states widely regarded as tax administration leaders, compliance remains strikingly low, often below five percent.

This widespread non-compliance stems from multiple sources:

A long history of weak tax administration systems, where enforcement was inconsistent and penalties were rarely applied.

A perception that public services do not reflect the taxes collected, eroding the citizenry’s belief in reciprocity.

An informal economy where income often goes unrecorded, making filing seem irrelevant or impossible to many.

Lack of awareness, with many Nigerians genuinely believing that tax liability ends with employer deductions.

The government’s renewed push for compliance directly challenges these perceptions. It signals a shift from voluntary or lax compliance to structured accountability, a stance that aligns with best practices in modern public finance.

Why This Matters: Beyond Deadlines.
At its most profound level, the insistence on tax return filings is about nation-building and shared responsibility.

Scholars of public finance universally agree that a robust tax system is the backbone of sustainable development. As the eminent economist Dr. Joseph E. Stiglitz has observed, “A society that cannot mobilize its own resources through fair taxation undermines both its government’s legitimacy and its capacity to provide for its people.” Filing tax returns is not a mere administrative task, it is a declaration of participation in the collective project of national advancement.

In Nigeria’s context, this declaration carries weight. With the enactment of comprehensive tax reforms in recent years (including unified frameworks for tax administration and enforcement) authorities now possess broader statutory tools to ensure compliance and accountability. These measures, which include electronic filing platforms and stronger enforcement powers, have been framed as fair and equitable, targeting efficiency rather than arbitrariness.

Yet the success of these reforms depends heavily on citizens embracing their civic duties with sincerity. And this depends on mutual trust, the belief that paying taxes yields tangible benefits in infrastructure, education, healthcare, security and social services.

Voices From Experts: Fiscal Responsibility as a Public Ethic.
Tax law experts and economists, reflecting on the compliance push, have underscored a universal theme: taxation without transparency is inequity, but taxation with accountability is empowerment. When managed with fairness, a functional tax system can reduce dependency on volatile revenue sources, stabilise national budgets, and support long-term investment in human capital.

Professor Aisha Bello, a respected authority in fiscal policy, notes that “Tax compliance is not a burden; it is the foundation upon which social contracts are built. A citizen who honours tax obligations affirms the legitimacy of governance and demands better performance in return.”

Similarly, a leading tax scholar, Dr. Emeka Okon, argues that “The era when Nigerians could evade broader tax responsibilities simply because automatic deductions occur at source must end. For a modern economy, every eligible citizen must be part of the formal tax fold not as victims, but as stakeholders.”

These authoritative voices point to an unassailable truth: filing tax returns is both a legal requirement and a moral responsibility, an expression of citizenship in its fullest sense.

Challenges on the Ground: Compliance and Capacity.
While the rhetoric of compliance is compelling, the reality on the ground demands nuanced understanding. Many taxpayers (especially in the informal sector) lack meaningful access to digital platforms and resources for filing returns. For others, the fear of bureaucratic complexity and perceived punitive enforcement deters participation.

The government, for its part, has responded by promoting online systems and pledging greater taxpayer support. Tax authorities are increasingly engaging stakeholders to demystify filing processes, explain requirements and offer assistance. This mix of enforcement and facilitation is essential. As one seasoned revenue specialist observed: “The state cannot compel compliance through force alone; it must earn it through education, simplicity and fairness.”

The Broader Implication: A New Social Compact.
Ultimately, Nigeria’s renewed emphasis on tax return filing transcends administrative deadlines. It is an unequivocal declaration that national development is a shared responsibility, that citizens and state must engage in a transparent, accountable, and reciprocal relationship.

Tax compliance, therefore, becomes far more than a legal act; it becomes a moral claim on the nation’s future.

When citizens file their returns honestly, they affirm their stake in the nation’s destiny. When the government collects taxes transparently and deploys them effectively, it strengthens not only public services but civic trust itself.

In this sense, the deadlines proclaimed by Nigeria’s fiscal authorities mark not an end but a beginning; the beginning of a civic epoch in which accountability replaces apathy, participation replaces indifference and national purpose triumphs over fragmentation.

The road ahead will not be easy. But in demanding compliance, Nigeria is demanding more than tax returns. It is demanding commitment and that, ultimately, is the foundation on which nations are built.

 

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