Business
UBA celebrates Africa Day in style, commits to empowering youths for leadership roles
Africa’s Global bank, United Bank for Africa (UBA) Plc, joined the rest of the world on Friday, to mark this year’s edition of the Africa Day.
The celebration which went on concurrently across all of its subsidiaries in Africa as well as in the United Kingdom, France, United States of America and the United Arab Emirates, had the underlying theme: ‘Education Fit for the 21st Century.’
To mark the event, staff members were dressed in colourful African attire displaying the cultural diversity of the employees of United Bank for Africa.
There were dance troupes in various offices across the continent organised by UBA subsidiaries, where staff, clients and the public were entertained with African drums and cultural dancers as well as choice African fruits and snacks.
A major highlight of the event was the selection of best dressed staff across various categories, representing the diverse African culture. As voted by the staff, Chisom Augustine, emerged the winner of the Best Indigenous concept while Sarah Richter clinched the fan’s choice for Best Indigenous Concept (Rest of the World). Temitayo Abayomi won the jury’s choice as best dressed Nigerian staff. Several other winners also emerged across various cadre.
The bank rewarded each of the winners with various cash prizes at a glamorous closing ceremony which was held at its Head office and replicated across other branches and subsidiaries.
UBA’s Group Head, Human Resources, Modupe Akindele, who addressed staff during the closing ceremony at the UBA Head Office in Lagos, commended staff members for their hard-work over the years, and noted that the annual event had become a lifestyle for the bank.
She said, “We at UBA celebrate Africa Day with the rest of Africa. We are Africa, United by one Bank. Today is a day to remind ourselves that we have all it takes in Africa, be it fashion, talent, and creativity. The message is about being African and being proud of our heritage. We want to showcase who we are and what we have.”
Continuing, she said, “For us at UBA, identifying with Africa and indeed Africa Day is synonymous with who we are as a bank. It presents us the opportunity to remind ourselves, the world and indeed Africa that we owe ourselves the duty of making Africa the continent of our dreams.”
UBA celebrates Africa Day annually in line with the official celebration by African nations, reiterating its long-held belief that the future belongs to the continent. Africa Day is an annual event, commemorating the birth of the African union on May 25, 1963. It is dedicated to celebrating the diversity of the African continent, and to highlight the cultural and economic potential that exists on the continent.
The bank leverages on the occasion to rekindle the African spirit that drives the UBA group’s vision to be a dominant financial services provider on the continent and its emergence as a recognizable economic power.
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 twenty 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.
Access Bank Ghana Plc held its 16th Annual General Meeting (AGM) at its head office, marking a year of exceptional performance and growth. The Board Chairperson of Access Bank (Ghana) Plc, Ms. Ama S. Bawuah, presented the financial statements, highlighting the Bank’s impressive performance despite the challenging macroeconomic environment.
Access Bank Ghana’s total assets grew to 22.3 per cent, from GHS 10.057 billion to GHS 12.30 billion, while operating income increased by 40 per cent from GHS1.150 billion to GHS 1.613 billion. The Bank’s Loans and Advances rose by 42.81 per cent.
Ms. Bawuah said, “In 2023, Ghana’s economy was characterised by macroeconomic instability, escalating inflation, and dwindling investor confidence stemming from both domestic imbalances and external pressures. Against the backdrop of global and national economic uncertainties, I am pleased to share that your bank successfully applied valuable insights and industry best practices to achieve substantial growth across key areas in the past year.”
“These achievements underscore our steadfast dedication to navigating challenges and fostering sustainable growth, reaffirming our pledge to serve you with excellence and integrity,” Bawuah added.
Access Bank’s commitment to expansion, innovation, and customer convenience was also showcased, with the implementation of several digital products and services such as the virtual relationship management (VRM) tool to augment customer service support. The Bank also established priority desks to cater to a specific demographic and facilitate the smooth running of business in those areas. These include the Chinese, German, Lebanese, French, and Turkish desks.
Olumide Olatunji, Managing Director, Access Bank Ghana Plc, reiterated the Bank’s resilience and stability. “Despite the prevailing uncertainties, Access Bank maintained a robust performance across key financial metrics, a testament to our prudent financial management and unwavering dedication to our mission. We observed substantial growth in deposits, surging from GHS7.399 billion to GHS9.130 billion, marking a notable 23 per cent increase.”
He added that the Bank achieved a remarkable turnaround by resuming tax remittances to the government. This reversal from a negative contribution of GHS102 million to an impressive 509 per cent increase to GHS419 million underscores our commitment to fiscal responsibility and sustained growth. Concurrently, shareholders’ funds experienced substantial growth, from GHS1.014 billion to GHS1.403 billion, attributed to the transformative strategies implemented in the Bank’s business management practice.
Olatunji thanked shareholders for their support and emphasised the Bank’s commitment to excellence and customer satisfaction. “We are proud of our achievements and recognise the trust our customers and shareholders have placed in us. We will continue to innovate, expand our reach, and support Ghana’s economic growth,” he noted.
Mr. Sampson Ashong, the General Secretary of the shareholders praised the Bank’s performance and initiatives citing its resilience and growth potential. “I am thoroughly impressed with the bank’s commitment to sustainability initiatives and employee capacity building. The dedication to creating a positive impact on the environment and society, while investing in the growth and development of their staff is truly commendable. This is evidence that Access Bank is not just focused on financial returns, but also on making a positive difference in the world,” he said.
Shareholders approved all resolutions on the agenda, which included among other things, also saw the re-election of the members of the Board of Directors and one retirement.
The event was a celebration of the Bank’s dedication to its stakeholders and its contribution to Ghana’s financial landscape. As Access Bank Ghana continues to grow and expand its operations, it remains committed to promoting financial inclusion and supporting the country’s economic development.
Since 2009, Access Bank Ghana has demonstrated a strong commitment to sustainable business practices driving profitable, sustainable growth that is environmentally responsible and socially relevant. These have contributed to the Bank being recognised with various awards in 2023. These include the 2023 Best Bank by Euromoney Awards, Best Retail Bank by Global Brands Awards, Best Digital Bank in Ghana by Digital Banker Africa Awards; and Best SME Banking and Best Bank for CSR by Euromoney Awards.
The Securities and Exchange Commission has issued its Framework on Banking Sector Capitalisation Programme, 2024.
The framework was released on the commission’s website on Friday.
This comes following the Central Bank of Nigeria March’s announcement of fresh minimum capital requirements for all banks in Nigeria to achieve a $1 trillion economy.
Accordingly, the SEC’s framework serves as a comprehensive guide for Banks/Holding Companies and market participants to navigate the recapitalisation program effectively.
Consequently, the SEC said it would charge banks N1,000,000 million as a penalty for an application returned for being incomplete.
“This framework outlines the guidelines and procedures banks are required to follow to raise capital through rights issuance, private placements, or other approved methods during the 2024-2026 recapitalisation period.Residents bemoan flooding in Benue
“Where an application is returned for being incomplete – a penalty of N1,000,000 and a re-filing fee of N100,000 shall apply. This fee is payable by the Issuing House without recourse to the Issuer or the Issue proceeds”, the statement partly reads.
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