Riding on its recently released half-year financials, Africa’s Global Bank – United Bank for Africa (UBA) Plc, has announced its unaudited results for the third quarter ended September 30, 2024, where it recorded strong and impressive growth across all its key indicators.

As in the first two quarters of the current fiscal year, the bank’s gross earnings grew significantly by 83.2 per cent to N2.398 trillion up from N1.308 trillion recorded in September last year, while its net Interest income which stood at N443.0 billion at the end of the third quarter in 2023, rose impressively by 149 per cent to N1.103 trillion in the period under consideration.

The bank’s financial report filed with the Nigerian Exchange Limited on Monday also indicated a 20.2 per cent increase in Profit before Tax (PBT) to close at N603.48 billion compared to N502.09billion recorded at the end of the third quarter of 2023, while profit after tax also rose remarkably by 16.9 per cent from N449.26 billion recorded a year earlier to N525.31 billion in the period under review.

As in the preceding two quarters this year, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N31.801 trillion, representing a 54.0 per cent increase over the N20.653 trillion recorded at the end of December 2023, just as the bank  benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Total Deposits rising to N26.50 trillion, representing a 52.7 per cent rise, up from N17.355 trillion at the end of the last financial year.

UBA shareholders’ funds remained very strong at N3.585 trillion up from N2.030 trillion recorded in December 2023, again reflecting a strong capacity for internal capital generation and growth.

Commenting on the result, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, expressed pleasure that the Group continues to record strong and sustainable growth in its various revenue streams, building on its strong performance earlier in the year.

“The UBA Group achieved a profit before tax of N603.5 billion and our intermediation business continues to show strong growth with net interest income expanding by 149 per cent YoY to N1.10trillion and NIM closing at 8.03 per cent, which is 17.60 per cent above the 2023 position, despite persisting macroeconomic headwinds, geo-political tensions, insecurity, inflationary pressure and exchange rate volatilities across our markets,” Alawuba stated.

According to the GMD, the Bank’s performance has been underpinned by consistent strong growth on all core and sustainable banking income lines, as he added that “our substantial investments in technology are yielding tangible business value. This commitment is instrumental in delivering enhanced customer experiences and optimising operational efficiency.”

The Bank’s Executive Director, Finance & Risk, Ugo Nwaghodoh, said: “I am delighted at the milestone reached in driving operational efficiency, reflected in cost-to-income ratio normalising around the 50 per cent range. Shareholders’ funds recorded a 77 per cent growth from N2 trillion at FYE2023 to N3.59 trillion demonstrating the Group’s significant capacity for future growth.

On plans to consolidate its performance for the rest of the 2024 financial year and beyond, Nwaghodoh said: “We remain on track with various strategies to optimise our cost of funds and operating expenses. Furthermore, the Group has finalised plans to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions.”

On plans to consolidate its performance for the rest of the 2024 financial year and beyond, Nwaghodoh said: “We remain on track with various strategies to optimize our cost of funds and operating expenses. Furthermore, the Group has finalised plans to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions.”

He explained that UBA remains committed to sustainable growth in its core banking revenue lines and maintaining its strong compliance and risk management culture, even as the Group identifies further opportunities to expand.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-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.

As part of its on-going commitment to continually empower the Nigerian media and enable it play the critical watchdog role in the society, Polaris Bank is organising an open workshop for all classes of journalists across the media spectrum as one of its critical CSR interventions meant to positively impact key stakeholders.

The 2024 media workshop with the theme: “Integrating AI tools in Contemporary Media practices for Innovation and Excellence” falls within the Bank’s intervention programs under its Education/Capacity Building Strategic Corporate Social Responsibility (CSR) pillar which deepens media relations, and contribute to the overall development of Nigeria’s media landscape.

Scheduled to hold on Thursday, October 24, 2024, the media workshop aims to equip media practitioners with the latest tools and skills to navigate evolving challenges of modern journalism.

With a focus on available and relevant Artificial Intelligence (AI) tools and use, participants will learn how to integrate these technologies into their day-to-day work, streamlining news gathering processes and ensuring accuracy in storytelling.

The workshop will also dive deep into contemporary new media tools and practices, while addressing available opportunities that enhances career development.

Focus will also be shed on key topics such as; data journalism, fact-checking, and solutions journalism—ensuring media professionals are equipped to thrive in the digital era.

Building on the success and feedback from previous workshops, especially that of 2023 edition, where hundreds of Journalists participated, the 2024 workshop promises to offer even greater value.

This year’s event will highlight cutting-edge trends, such as media entrepreneurship and career development strategies in a competitive media landscape.

To deliver an impactful workshop, the Bank has assembled top faculty and distinguished subject experts as facilitators, including Dr. Chike Mgbeadichie, a Senior Lecturer at the School of Media and Communication, Pan-Atlantic University, Lekki, Lagos and Lekan Otufodunrin, Executive Director of the Media Career Development Network.

Their extensive knowledge and experience in media and communication will guide participants in understanding how to stay relevant, adapt to technological advancements, and maintain responsible journalism practices.

This initiative reflects Polaris Bank’s long-standing commitment to capacity building, particularly in empowering media practitioners to address the challenges of the digital age.

By providing access to the latest knowledge and tools, the workshop aims to support the continuous development of the Journalists, and media landscape in Nigeria while fostering sustainable and impactful journalism.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

The Lagos Farm Fair implemented by the British American Tobacco Nigeria Foundation (BATN) in partnership with Stanbic IBTC Holdings, represented yet another significant step forward in establishing a sustainable and thriving agricultural landscape in Lagos.

Held at the Police Grounds on Oba Akinjobi Way, GRA Lagos, the fair attracted a diverse and impressive crowd. Participants ranged from experienced farmers and innovative agricultural startups to key industry stakeholders and interested members of the public.

This year’s farm fair, organised to commemorate World Food Day stood out as a dynamic exhibition as farmers from across the region came together to showcase and sell a wide variety of fresh, locally grown produce. Families and attendees enjoyed a vibrant atmosphere while purchasing high-quality fruits, vegetables, grains, and other farm products at affordable prices.

The fair not only provided a platform for farmers to connect directly with consumers but also highlighted the importance of supporting local agriculture and sustainable farming practices. The event fostered a sense of community, with activities and exhibitions that engaged all ages.

“At Stanbic IBTC Holdings, we are deeply committed to fostering sustainable growth and innovation within Nigeria’s agricultural sector. Our proud partnership of the Lagos Farm Fair alongside the British American Tobacco Nigeria Foundation in collaboration with Lagos State Ministry of Agriculture & Food Systems supports the agricultural landscape’s development and thriving,” stated Eric Fajemisin, Executive Director, Corporate and Investment Banking, Stanbic IBTC Bank.

Eric elaborated that the event represents a crucial step forward, bringing key stakeholders together to share knowledge and forge partnerships to drive the industry forward.

“We believe that by investing in agriculture, we are investing in the future of our nation, creating opportunities for growth, innovation, and sustainability. Stanbic IBTC Holdings is proud to have contributed to the success of the BATNF Lagos Farm Fair. Recognising agriculture’s role in economic development and food security, we are committed to supporting initiatives that drive growth within this vital sector. We understand the transformative potential of events like the Farm Fair to motivate change, stimulate economic development, and enhance food security. Through our support, we aim to encourage the continuous advancement of the agricultural sector, ensuring it remains a cornerstone of sustainable development for Lagos and beyond.”

L-R Board Member, Tosin Eniolorunda Foundation, Oyinlola Eniolorunda; Israel Eniolorunda; and Vice-Chancellor, Obafemi Awolowo University, (OAU), Ile-Ife, Professor Adebayo Bamire at the commissioning of the Tosin Eniolorunda CAD/CAM laboratory at Obafemi Awolowo University, Ile-Ife.

In a move aimed at advancing STEM education and fostering technological innovation in Nigeria, the Mechanical Engineering Department of Obafemi Awolowo University (OAU), Ile-Ife received a substantial investment as the Tosin Eniolorunda Computer-Aided Design (CAD) and Computer-Aided Manufacturing (CAM) laboratory was unveiled at the University’s campus.

The gesture which is in alignment with Moniepoint’s corporate social responsibility ethos is designed to significantly contribute to efforts aimed at bolstering Nigeria’s foundation in the very important area of science and technology while making subjects such as prototyping, design and engineering in general easier, participatory and enjoyable for students.

With the recent rise in the global tech industry, stakeholders aver that investment in STEM education will drive the socio-economic development of Africa and Nigeria, particularly. However, with a burgeoning population where over 60% of Africa’s population are still under 25, a recent survey shows that less than 25% of African students in secondary and tertiary institutions pursue STEM-related career fields.

At a ceremony to commission the facility, the Vice-Chancellor, Professor Adebayo Bamire expressed his profound gratitude over the philanthropic donation by Moniepoint and Tosin Eniolorunda, co-founder of Moniepoint, who’s an alumnus of OAU’s Mechanical Engineering Department. He noted that many tertiary institutions across the country suffered from paucity of funds which in turn has led to infrastructural challenges, while encouraging other alumni to not only emulate this culture of giving back but also join hands to support worthy causes within the university.

“We are really very grateful for this laboratory considering that we are almost phasing out some of these things as a result of paucity of funds. This has to do with the yearnings which will also improve the livelihoods of our people, especially the students. So, when we have an organisation that has come in to meet our needs, we can only say thank you. This laboratory will help improve and enhance a lot of things within the University for students and staff and also drive collaboration between the academia and industry,” he said.

Tosin Eniolorunda, commenting on the donation, stated, “this newly revamped lab represents more than just an upgrade, it stands as part of a personal commitment to foster a generation of engineers and innovators who are not only skilled, but also inspired to think critically and creatively about real-world problems. A catalyst for innovation for the next generation of engineers and technologists who will drive Nigeria’s economic growth and advancement. By investing in STEM education and providing access to platforms like this lab, we’re laying the critical rails for the emergence of leaders, innovators, and changemakers that Nigeria needs.”

Furthermore, he thanked the University community for its continued dedication to the pursuit of knowledge and innovation for learning and culture while adding that the future of engineering and technology in Nigeria is bright because of the young talents within the ivory tower.

The upgrade includes renovation of the existing laboratory space with cutting-edge facilities that include the provision of high-performance desktop computers and laptops, electronic board for interactive learning, laboratory furniture, supply and installation of sustainable power solutions and advanced cooling systems.

These state-of-the-art resources will provide students with hands-on experience in the latest CAD/CAM technologies, bridging the gap between theoretical knowledge and practical application in the field of mechanical engineering.

Dean, Faculty of Technology, Prof. Lasisi Umoru noted that the revamped facility will increase research capabilities and output in CAD/CAM technologies, improve graduates’ employability in the global job market, and serve as a model for STEM education facilities across Nigeria.

The commissioning ceremony which attracted dignitaries from within and outside the University included Deputy Vice Chancellor, Academics, Prof. M. Babalola, DVC, Administration – Prof. Adaramola, DVC Research, Innovation and Development, Prof. Akinyemi, Chairman, Committee of  Deans, Prof Adesina, Chairman, Ceremonials Committee, Prof Adekola, Head of Department, Mechanical Engineering, Prof. Obayopo, Retired Prof of Mechanical Engineering, Prof. Adekoya, Chairman Nigerian Institute of Public Relations, Osun state chapter, Ademola Adesoji and Special Assistant to the Osun state governor on ICT, Sola Isola, Oyinlola Eniolorunda and Israel Eniolorunda as well as Head of Partnerships, Moniepoint Inc, Efemena Ogie, Employee Branding Lead, Gbemi Adekanmbi amongst others.

Ecobank Nigeria is set to host its inaugural Design & Build Expo, aimed at highlighting the latest trends, innovations, and sustainable practices in architecture, construction, building materials, household appliances, engineering, and interior design.

This carefully curated five-day event tagged “Building Nigeria Together” will take place from November 27 to December 1, 2024, at the Ecobank Pan African Centre (EPAC) on Victoria Island, Lagos, starting daily at 10:00 am.

Approximately 60 exhibitors have already signed up to present their products and innovations at this significant fair.

During the event announcement in Lagos, Omoboye Odu, Head of SMEs, Partnerships, and Collaborations at Ecobank Nigeria, emphasised that the expo is part of the bank’s broader initiative to support the country’s economic development.

The expo aims to provide a platform for professionals in the design and building sectors to showcase and sell their offerings to a larger audience, while also facilitating valuable networking opportunities for entrepreneurs, consumers, and stakeholders in the economy.

The expo will focus on businesses that include real estate development, kitchen fittings, tiling and flooring, interior design, lighting, woodwork, electronics, and construction tools and equipment.

“As a Pan-African bank, this expo aligns with our mission to contribute to the economic growth of the countries we operate in. It’s a unique opportunity for industry players to showcase their products, network, and promote the adoption of sustainable practices, emphasising renewable materials and energy-efficient technologies,” Odu stated.

Odu also highlighted that exhibitors would gain significant exposure to key decision-makers, influencers, and potential clients, allowing them to showcase their offerings and engage in interactive sessions, workshops, and live demonstrations.

This will enhance their brand visibility, provide valuable market insights, and help them explore emerging industry trends. She concluded with an open invitation to stakeholders and enthusiasts in the real estate sector – asking that they join us at this novel exhibition and collectively let us combine forces in Building Nigeria Together.

In addition to the expo, Ecobank Nigeria has launched various initiatives to support SMEs and boost the economy, including the successful Adire Lagos Experience, +234 Art Fair, Ecobank National Schools Team Chess Championship, and Oja Oge 2024.

The bank is also conducting its monthly MySME Growth Series, aimed at training and empowering over 1 million SME operators nationwide by the end of the year.

Polaris Bank, in a robust display of its commitment to environmental sustainability, has expanded its nationwide tree-planting initiative in collaboration with the Nigerian Conservation Foundation (NCF).

The latest exercise took place at Government Secondary School, Gwagwalada, in the Federal Capital Territory (FCT) on October 14, 2024, following a similar event at Chukwuemeka Odumegwu Ojukwu University in Anambra State just days earlier and Professor K.K. Nwozor commended the Bank for its conservation efforts.

The initiative is part of a broader strategy by Polaris Bank to align its operations with the United Nations Decade on Ecosystem Restoration (2021–2030), which stresses the urgent need for land restoration and resilience against desertification and drought.

The theme resonates with the 2024 World Environment Day, underscoring the bank’s proactive stance in promoting sustainable practices aimed at restoring degraded lands and enhancing biodiversity across Nigeria.

Osazuwa Igbinoba, Directorate Head for Abuja, articulated the bank’s ethos, stating, “Sustainability is embedded in our business strategy and actions at Polaris Bank.” He noted that the tree-planting efforts not only aim to restore natural ecosystems but also focus on planting economic trees to ensure a sustainable environment for future generations.

Chiwetalu Nwatu, Directorate Head for the South East, echoed this sentiment by emphasizing that sustainability is at the heart of the Bank’s operations, encompassing more than just financial services. He noted that Polaris Bank’s approach integrates responsible banking with societal empowerment and environmental responsibility, all grounded in Environmental, Social, and Governance (ESG) principles.

The significance of tree planting as a countermeasure against climate change cannot be overstated. Thus, the initiative addresses critical issues such as soil erosion, air quality improvement, and climate regulation through carbon dioxide absorption.

The bank’s efforts are not isolated; they form part of a nationwide campaign that has seen similar initiatives executed at various educational institutions and community reserves across Nigeria.

The Bank’s nationwide Tree planting exercises were held recently at Tai Solarin University, Ijebu Ode in Ogun State on July 1st; Ajingi Community Reserve, Kunkurawa in Kano State on August 30th; and University of Ibadan, Oyo State on October 3rd.These events illustrate Polaris Bank’s commitment to sustainable development and environmental restoration.

This project not only enhances local ecosystems but also serves as a public call to action on the importance of environmental preservation. Through collaborative efforts like these, Polaris Bank seeks to inspire individuals, communities and organisations to engage in environmental restoration and contribute to a sustainable future for all.

Polaris Bank, in collaboration with the NCF, remains steadfast in its commitment to environmental stewardship, community well-being and corporate responsibility, as demonstrated through these impactful tree-planting activities.

Through this project, the Bank aims to inspire individuals, communities and organizations to foster a culture of sustainability throughout Nigeria.

In a move designed to enhance financial literacy and strengthen online business security for women entrepreneurs and People Living with Disabilities (PLWDs), Africa’s fastest growing financial institution according to the Financial Times, Moniepoint Inc in collaboration with ACIOE Associates and Tech4Dev recently hosted a two-day intensive workshop in Abuja.

With over 100 participants, the initiative which targeted small and micro-enterprise owners, aimed to address the growing need for financial education and digital security in an increasingly online business environment with these business owners gaining valuable insights into financial planning, budgeting, cybersecurity, and safe online payment practices through a series of practical sessions and interactive activities.

The workshop also placed special emphasis on advancing gender inclusion, highlighting the need for financial literacy and cyber hygiene as tools to empower vulnerable groups, particularly women.

According to organisers, the initiative is crucial in addressing the low levels of financial literacy that persist in many parts of the world, especially Nigeria, which can hinder economic growth and financial inclusion.

Studies have shown that financial literacy is linked to improved access to basic financial services, formal savings, and overall economic development. The workshop’s organisers also maintained that improving women’s financial literacy will enable them to make informed decisions, access financial services, and build wealth, ultimately contributing to gender equality and economic empowerment.

“Businesses are vital cogs in the wheels of economic growth, development and job creation. Financial literacy is key to achieving social and economic inclusion, particularly for women seeing that when women understand financial concepts, they are better equipped to manage their finances, access financial services, and build wealth. This in turn gives them the impetus to pursue their entrepreneurial aspirations and contribute more significantly to the economy,” said Tosin Eniolorunda, Group CEO, Moniepoint Inc.

He added that ”against the backdrop of our recently launched Informal Economy Report, there is a need to provide a platform for ensuring that many businesses can survive and thrive beyond the five-year mark considering that eighty percent of businesses especially those in the informal sector have been operating for less than five years. Also, the link between financial literacy and financial inclusion has become an international policy concern, this is our own way of contributing to the conversation, powering the dreams of this vulnerable group and doing what needs to be done to support Nigeria’s socio-economic aspirations.”

Innocent Isichei, Managing Partner, ACIOE Associates, an advisory services firm providing a rich suite of solutions across various sectors noted that “businesswomen and PWLDs are especially vulnerable to online threats. By building a secure digital ‘fortress,’ women can confidently navigate the online environment, safeguard their businesses, and leverage technology for growth. Beyond online safety, achieving economic empowerment for women requires addressing significant financial literacy and access challenges.”

Furthermore, he said that “these challenges include limited financial knowledge, restricted access to credit, societal barriers, and gender-based discrimination within the financial sector. ACIOE Associates recognises these critical needs and that’s why we have partnered with Moniepoint and Tech4Dev to offer this comprehensive two-day workshop.”

Via a series of practical sessions, participants learned essential skills in budgeting, saving, and investment strategies tailored to small business needs. The program also covered vital cyber hygiene practices to protect businesses from data breaches, phishing scams, and malware attacks while learning how to leverage technology for business expansion while maintaining a secure online presence.

The participants lauded the organisers for their demonstrated commitment to supporting the economic empowerment of women and PLWDs, by equipping them with the skills needed to succeed in an increasingly digital and complex economy.