United Bank for Africa Plc (UBA) has recorded a 110% increase in its gross earnings for its financial results for the first quarter ended March 31st, 2024.

The results showed a strong growth across key performance measures.

The Group’s results, which were released to the Nigerian Exchange Limited (NGX) on Friday May 3rd, 2024, saw outstanding year-on-year increases: Gross Earnings rose by 110%, from N271.1billion to N570.2 billion; Interest Income grew by 130%, to N440.7 billion. Operating Income increased by 115%, from N175.7 billion in 2023, to N378.59 billion.

Further consolidating the record performance delivered in the Group’s 2023 Full Year Audited Financials, UBA again saw Profit Before Tax rising significantly by 155% from N61.7 billion in Q1 2023, to N156.34 billion in Q1 2024; while Profit After Tax jumped from N53.5 billion to N142.5 billion, representing an impressive rise of 165% year-on-year.
Commenting on the results, UBA’s Group Managing Director, Oliver Alawuba, said the Group delivered strong first quarter performance, building on the solid momentum of 2023, as well as the ongoing execution of its long-held strategy of customer focus, geographic diversification and effective risk management and governance.

He said, “Our record Q1 profit before tax was delivered with triple digit gross earnings growth, supported by very strong interest and non-interest income. Fees and Commissions rose by 118% year-on-year on the back of improved efficiencies and continued digital adoption. This has helped drive improvement in efficiency and customer satisfaction, with the Group’s cost-to-income ratio held at 57.8%.”

“The Group’s balance sheet grew steadily with Total Assets increasing by 23% to N25.4 trillion. Customer deposits closed at N18.4 trillion, recording a 23% increase year-on-year, largely attributed to growth in current accounts and savings accounts.”

“Our unwavering commitment to sound governance, robust risk management, and financial strength positions us for continued growth, while we contribute meaningfully to inclusive economic development across our network.”

Also speaking on the performance, UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, said the Group’s operating results for the quarter showed the actions taken to enhance the Group’s performance continued to deliver.

He said, “Our first quarter results highlight our relentless customer focus and the strength of UBA’s geographic and product diversification, with good performance across all our regions. We continue to differentiate ourselves across all key financial metrics, with a keen focus on high-quality risk adjusted revenues and cost discipline, while maintaining very sound asset quality.“
“We remain committed to reducing both interest expense and operating expenses and expect to make steady progress as we move through the year toward our stated profitability targets,” Nwaghodoh stated.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has pledged the country’s commitment to break all entry barriers for would-be investors.

The Commission Chief Executive, NUPRC, Mr Gbenga Komolafe gave the assurance during the opening of the Nigerian Pavilion at the Offshore Technology Conference (OTC) on Monday in Houston, U.S.

Komolafe said this was as it is committed to giving robust incentives to new entrants, following the beginning of the 2024 oil bid licensing round.

He added that in line with the mandate of President Bola Tinubu, investors wishing to bid for assets in the 2024 licensing round were assured of seamless entry and had nothing to worry about barriers.

According to him, it is heartwarming to note that Nigeria’s licensing round is coming at the same time Guyana is holding same.

Komolafe said that the offer by Nigeria as an investment destination of choice creates an opportunity for them to make the right choice.

He said that there were 12 oil blocks up for grabs in the 2024 oil bid licensing round.

He noted that the aim of the 2024 oil licensing round is to grow the country’s depleting oil production numbers and oil reserves.

He stressed that the oil bid round would further support the Federal Government’s effort targeted at boosting Foreign Direct Investment(FDI).

According to him, another gain associated with the bid round is an opportunity for the country to grow its local content capacity.

The NUPRC boss said the 2024 OTC is an opportunity for the country to market its oil and gas potential to the global community.

Earlier in his remarks, the Minister of State for Petroleum Resources, Mr Heineken Lokpobiri, assured investors that oil would remain relevant for a long time.

He disagreed that oil could remain irrelevant, urging investors to take advantage of the oil bid round to make investment.

“Historically, no source of energy goes away. So do not be deceived that fossil fuel will go away.

“Talks at the recent global conferences have further proved that fossil fuel will continue to remain, the quicker we extract our oil, the better for us as a country,” Lokpobiri said.

He reaffirmed that the quickest way towards economic recovery for Nigeria was through oil and gas investment.

The minister said the country’s huge oil and gas deposits would mean nothing if they remained on the ground and were not explored.

In his remarks, Chairman, Petroleum Technology Association Nigeria (PETAN), Mr Wole Ogunsanya, said the OTC continued to discuss building a sustainable oil and gas industry across Africa in light of the energy transition.

Ogunsanya commended the minister for honouring the association in declaring the Nigerian pavilion opened.

He also lauded the support of NUPRC and other stakeholders towards supporting Nigerian companies at the 2024 OTC exhibition ground.

He said, “The fact is that Africa requires sustainable energy sources to meet the growing needs of all sectors of its economy and the energy transition is a crucial enabler of sustainable development.”

Recall that about 25 Nigerian companies are participating at the PETAN oil and gas exhibition at the ongoing 2024 OTC.

…To develop 1,000 homes in three years

Aerofield Homes Limited, a leading property company, has partnered with Oodua Investment to develop Ikeja Luxury Apartments, a high-end housing project in Ikeja GRA, Lagos State.

The groundbreaking ceremony marked the beginning of construction, which is expected to be completed in record time. Armstrong Akintunde, CEO of Aerofield Homes, praised the partnership, saying it aligns with the company’s mission to provide decent and qualitative housing for Nigerians.

He commended Otunba Bimbo Ashiru, Chairman of Oodua Investment, for his leadership and vision. Akintunde assured that Aerofield Homes is committed to delivering the project promptly, citing the company’s track record of excellent service delivery and customer satisfaction.

Delivering his speech at the event, the Group Chairman, Oodua Investment, Otunba Bimbo Ashiru appealed to Nigerians to invest in the company’s real estate developments and explore various opportunities across its different business interests saying that his leadership and commitment to deliver sustainable returns and manage risks effectively remains as solid as ever.

Oodua Investment and Aerofield Homes have also partnered to develop over 1,000 homes in various locations across Nigeria within the next 2-3 years.

Otunba Bimbo Ashiru, expressed confidence in the leadership and collaborative efforts of the partners. Adetilewa Adetomiwa, Executive Director of Aerofield Homes, emphasised the company’s dedication to providing decent housing for Nigerians, shaping dreams into reality, and creating vibrant communities.

The partnership is expected to deliver quality homes, upgrade existing assets, and drive socio-economic prosperity in the country.