Latest news with #UnitedBankforAfrica
Zawya
11-07-2025
- Business
- Zawya
Nigeria: NGX market caps rise to $51.4bln as GTCO lists new shares
The Nigerian stock market maintained its bullish run to close trading session on a positive note on Thursday, amidst despite recording mixed outcomes in key performance indicators. The Nigerian Exchange (NGX) market capitalization increased by N1.76 trillion, representing a 2.28 percent increase to settle at N78.73 trillion following Guaranty Trust Holding Company's (GTCO) new listing. The All Share Index (ASI) surged by 2.01 percent, adding 2,457.13 basis points to close at a new all-time high of 124,446.80 basis points. Hence, the market index and the market capitalization diverged, as Nigerian Exchange lists GTCO Plc's public offer of 2,288,250,000 ordinary shares of 50 kobo each at N70.00 per share on the exchange on Thursday. Investor sentiment remained largely positive, as reflected in the market breadth, with the local bourse recording its seventh consecutive session of gains. With the booming trade, the market breadth closed largely positive, recording 70 gainers and 10 losers. In addition, the market sectoral performance was positive. FTN Cocoa Processor, Haldane Mccall Holdings, United Bank for Africa, UACN Property Development Company, Caverton Offshore Support Group and Consolidated Hallmark Holdings topped the advancers' chart for today with a price appreciation of 10.00 percent each. Other gainers include Redstar Express, ABC Transport Services, CAP, Ellah Lakes, AIICO Insurance and fifty-nine others. Ten stocks depreciated, according to trading details obtained from the Nigerian market. Conversely, Neimeth International Pharmaceuticals was the top loser, with a price depreciation of -9.91 percent. Other decliners include Legend Internet Services, Cadbury Nigeria, Livestock, VFD Group and Dangote Sugar. The sustained rally was primarily driven by strong buying interest across all the major market sectors. All five major market sectors were up, led by the insurance sector, which grew by +3.96 percent, followed by the banking sector, up by +3.86 percent, and the consumer goods sector, which gained +1.15 percent. Also, the industrial sector rose by +0.25 percent, and the oil & gas sector saw a moderate uptick of +0.04 percent. On Thursday, trading activities improved as the total volume and total value of trades increased by 44.05 percent and 77.62 percent respectively. Approximately 1,280.16 million units valued at N27,726.76 million were transacted across 27,875 deals. In terms of volume, Access Holdings led the activity chart, accounting for 13.62 percent of the total volume of trades, followed by AIICO Insurance, Japaul Gold Ventures, United Bank for Africa and First City Monument Bank (FCMB Group), rounding out the top five. Access Holdings also emerged as the most traded stock in value terms, accounting for 14.38 percent of the total value of all stock transactions conducted on the exchange. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Business Insider
05-07-2025
- Business
- Business Insider
Nigerian banks resume international naira card transactions amid FX market confidence
After nearly three years of suspension, Nigerian banks have reactivated international transactions on their naira-denominated debit cards. Nigerian banks have resumed international transactions with naira-denominated debit cards after a three-year suspension. This decision reflects increased confidence in Nigeria's foreign exchange market and recent monetary policy reforms. The move is expected to relieve Nigerians relying on these cards for global payments and encourage similar actions by other banks. This significant reversal reflects growing confidence in Nigeria's foreign exchange market, the impact of monetary policy reforms, and renewed activity by Nigerian banks and bank cards in facilitating cross-border transactions. In a separate communique to customers this week, both banks confirmed the resumption of international use of their naira Mastercard and Visa cards, a move that could provide relief to millions of Nigerians who rely on these cards for global payments, subscriptions, and online purchases. United Bank for Africa (UBA) chaired by Tony Elumelu, announced that its premium naira cards, including Gold, Platinum, and World variants, can now be used internationally across ATMs, PoS machines, and online platforms. 'In line with our continued commitment to providing you with seamless and enhanced banking experiences, we are pleased to inform you that all UBA Premium Naira Cards and world variants are now enabled for international transactions, ' the statement reads 'This means you can now use your Premium Naira Card for everyday payments, online shopping, PoS, and ATM transactions across the world, with more ease and flexibility. ' UBA added. The bank's move is particularly notable given its extensive customer base across Africa and the diaspora. Industry analysts say the reactivation of naira cards signals a return of trust in the FX system and a softening of restrictions once deemed necessary to manage volatility. Wema Bank also confirmed the resumption of international access for its naira Mastercard, Visa, and ALAT cards. The bank told customers: 'Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms; Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.' Financial experts attribute this policy shift to improved FX liquidity, narrowing arbitrage margins, and recent CBN reforms. Charles Sanni, CEO of Cowry Treasurers, supports this view, noting that the appreciation of the naira, reduced interest in FX speculation, and increased diaspora remittances have all contributed to improved FX conditions. ' The spread between official and parallel market rates has thinned out, may have influenced the decision by the banks' 'The naira has also continued to appreciate against the other major currencies of the world. More so, there has been increased diaspora remittances based on the new policy of the Central Bank of Nigeria (CBN) on opening of accounts for non-residents, particularly Nigerians in diaspora,' Sanni added. He cited additional drivers such as improved Nigeria credit ratings, clearing of FX backlogs, geopolitical oil price boosts, and the recapitalisation of Nigerian banks. Between July 2022 and January 2023, major Nigerian banks, including GTBank, Zenith Bank, First Bank, and Standard Chartered, suspended international transactions on naira cards due to a severe FX crisis. At the time, banks such as GTBank informed customers that their naira Mastercards would no longer work for foreign online or PoS transactions, encouraging them to instead open dollar accounts. First Bank made a similar move in September 2022, stating: 'Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira Credit Card, our Virtual card, and Visa Prepaid Naira card for international transactions.' Fintech platforms such as Flutterwave and Eversend reportedly suspended virtual cards during the peak of the crisis. What This Means for Nigerians With UBA and Wema Bank leading the way in restoring access, pressure may now mount on other banks to follow suit, especially if FX conditions continue to improve under current policy direction.
Zawya
21-04-2025
- Business
- Zawya
Africa: Bank recapitalisation, Alawuba urges FG, CBN to incentivise banks for long-term lending
The Managing Director/CEO of United Bank for Africa (UBA), Mr Oliver Alawuba, has called on the Federal Government, through the Ministry of Finance, and the Central Bank of Nigeria (CBN), to incentivise long-term lending in a bid to stimulate economic growth and development. Speaking at the just concluded 36th Conference of Finance Correspondents and Business Editors in Abuja, Alawuba stressed the importance of long-term financing for large-scale infrastructure and the growth of small and medium-sized enterprises (SMEs), which he described as key drivers of the country's journey toward a $1 trillion economy. He emphasised, 'Long Term Lending is very critical for this economy to grow, and I believe the central bank working with fiscal authorities should see the need to come together now that the banks are capitalising, and find what incentives can be given for us to realise the benefits through long term lending and one of them is tax breaks.' Alawuba recommended that the government and CBN explore options such as tax incentives, guarantees, and other forms of support to encourage banks to offer more long-term loans. These actions, he noted, would deepen financial intermediation and support broader economic development. Delivering his remarks on the theme 'Banking Re-capitalization towards a $1 trillion Economy', he called for bold reforms, strategic investments, and inclusive policies to unlock Nigeria's economic potential. 'For Nigeria to get there, clearly the country needs to grow in double digit, and the minimum double digit you can get is 10 percent,' he noted. He further suggested that improved collaboration between the government and the central bank could lead to an upgrade in Nigeria's credit rating. 'If government and the central bank work together, we should be able to see Nigerian rating increase, you know, from B plus to BB and all that.' Alawuba pointed out that regulatory and policy reforms are a crucial starting point. Comparing Nigeria with other nations with similar demographics and challenges—such as Brazil, China, and Bangladesh—he stressed the need to benchmark for better outcomes. Citing Nigeria's ranking of 131 in the 2019 Ease of Doing Business Index, he said, 'So we need to deal with that issue of ease of doing business. That is how investors can come in and partner with Nigerians and begin to set up businesses that can transform the economy.' Beyond physical infrastructure, Alawuba highlighted the importance of soft infrastructure, including the legal and regulatory environment. 'Nigeria needs to also work on the legal system and ensure that laws are obeyed in this country, because that is critical to business survival,' he stated. He also emphasized the need for a renewed national orientation movement. 'And I believe that we need a very strong orientation of our people, so that everyone will work together towards the economy that we envisioned for the country. We used to have a very strong national orientation movement. They need to, really, at this point in time, also come strong so that all of us will be mobilized towards believing in this country, that we can get it done and believe in ourselves,' he said. Alawuba further pointed to financial accessibility as a major factor for economic inclusion. He noted that achieving meaningful progress in Africa would be difficult if the majority of citizens remain outside the financial system. He cited India's success in expanding financial access, saying it enabled better application of monetary tools and improved visibility of funds within and outside the financial system. Lastly, he underscored the issue of security, reminiscing about a time when Nigerians could travel freely and safely. 'It shouldn't be so,' he said, referencing the growing insecurity that hampers economic activity and investor confidence. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Yahoo
17-03-2025
- Business
- Yahoo
UBA and ICAN to boost finance and accounting across Africa
United Bank for Africa (UBA) has partnered with the Institute of Chartered Accountants of Nigeria (ICAN) to boost the finance and accounting sectors. The collaboration aims to drive mutual growth and development through strategic partnerships. The 60th president of ICAN, Chief Davidson C S Alaribe, was hosted by UBA in a meeting that focused on exploring various avenues for collaboration. The discussions included joint training programmes to improve the skills of accounting professionals and UBA staff, as well as initiatives to promote ethical standards, financial literacy, and best practices in the sector. UBA group managing director/CEO Oliver Alawuba welcomed the ICAN president and his delegation, expressing readiness to support ICAN's drive for excellence. Alawuba said: 'We are particularly excited about potential collaboration in the Graduate Management Accelerated Programme (GMAP), training initiatives, and other business opportunities that will create a win-win for both organisations.' The meeting also included the proposal to establish a branch of ICAN at the UBA House. Alaribe said: 'UBA is not just a financial powerhouse in Nigeria but a global leader with a strong presence across Africa and beyond. ICAN recognises the immense value UBA brings to the table, and we are excited to explore opportunities for collaboration in areas such as capacity building, professional development, and business expansion. 'This partnership will undoubtedly benefit our members and the broader financial ecosystem.' Earlier in March 2025, the Ekiti State Governor underscored the importance of ICAN's certification standards in maintaining the 'credibility' and 'high reputation' of the accountancy profession in Nigeria. His address highlighted the role that ICAN plays in upholding integrity within the industry. "UBA and ICAN to boost finance and accounting across Africa " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Zawya
03-03-2025
- Business
- Zawya
Elumelu commits to boosting Gabon's infrastructure, youth empowerment
The Chairman of United Bank for Africa (UBA) Group and Founder of the Tony Elumelu Foundation (TEF), Tony Elumelu, has once again reaffirmed his commitment to the development of Gabon's economy development following a high-level meeting with the President of Gabon, Brice Oligui Nguema, earlier this week. Elumelu who was on official visit to Presidential Palace in Libreville, Gabon on the invitation of President Ngueman discussed key strategies to enhance infrastructure development and foster entrepreneurship in the country. During the discussions, both leaders underscored the importance of strategic investments in infrastructure as a catalyst for economic growth and job creation, while Elumelu, a strong advocate of Africapitalism, emphasised the role of private sector partnerships in driving sustainable development. 'The President of Gabon is committed to ensuring the development of infrastructure in Gabon, and I, as an African and an African investor, support countries, leaders, and companies that want to invest and create jobs for young people,' Elumelu highlighted. On the back of a previous engagement by both leaders in New York in September 2024, Elumelu disclosed plans of a dedicated initiative to support the Gabonese youth through UBA and his Foundation, the TEF. 'As the founder of TEF, which supports young Africans, I am pleased to work alongside leaders who embrace and bring together African youth. 'The President was kind enough to share his vision for assisting young Gabonese people, and he asked for my support. I made a promise that UBA Group will support infrastructure development projects in Gabon, and TEF will provide young entrepreneurs with non-refundable seed funding of $5,000 each year,' Elumelu assured. Expressing his appreciation for Elumelu's commitment, the President of Gabon highlighted the significance of this partnership in driving the nation's economic agenda. 'Gabon is poised for a new era of economic transformation, and partnerships with leading African investors like Tony Elumelu are key to accelerating our progress. Our focus is on creating opportunities for young people and strengthening the nation's infrastructure, and we welcome collaborations that align with this vision,' the president stated. UBA Group, a leading Pan-African financial institution, has long supported economic growth across the continent through strategic infrastructure investments and financial empowerment initiatives. With this renewed commitment, the bank aims to enhance financial inclusion and create sustainable opportunities for local entrepreneurs, further strengthening Gabon's economic resilience. This collaboration marks a significant step in fostering an environment that promotes innovation, financial independence, and economic prosperity in Gabon. Earlier, while speaking to a group of combined audience of policymakers, business executives, and investors who gathered at the inaugural edition of the Cameroon Economic Meeting in Yaoundé, Elumelu highlighted the critical role of entrepreneurship, infrastructure development, and financial inclusion in fostering economic transformation. He underscored the importance of intra-African trade and investment, just as he urged stakeholders to adopt policies that create an enabling environment for businesses to thrive. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
