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UBA Recruits 4000 New Staff, Promotes Over 5,000 Staff members; increases Salaries Up to 170%.

Lagos, Nigeria, January 06, 2020: Over 5,000 staff of the United Bank for Africa (UBA) Plc, started the new year with a lot of cheer as the bank yesterday announced its promotion to new grades as well as salary upgrades with immediate effect this January.

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ATM charges in Nigeria, UBA Annual General Meeting, Kennedy Uzoka, Group Managing Director/CEO of UBA

Lagos, Nigeria, January 06, 2020: Over 5,000 staff of the United Bank for Africa (UBA) Plc, started the new year with a lot of cheer as the bank yesterday announced its promotion to new grades as well as salary upgrades with immediate effect this January.

Those who are beneficiaries of this exercise will receive up to 170% increase in their salaries and benefits, whilst a good number have been moved to higher grade levels.

In a carefully planned restructuring embarked upon by the bank in the last quarter of 2019, UBA has transformed its grading system and processes to become one of the most competitive within the industry. The bank crashed its grade levels to 12 levels from entry-level to the top of the pyramid where previously it had been 16 levels. This means that staff will now find it much easier to attain top leadership management positions at UBA as their careers progress much faster.

[READ ALSO: Nigerian Treasury Bills fall to 5.2% per annum(Opens in a new browser tab)]

In a massive recruitment drive, over 4000 new staff members resumed in the last week of December 2019 in Nigeria alone at the bank. UBA currently stands as the highest employer of labour amongst Nigerian banks with a staff strength of close to 20,000.

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UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who announced the bank’s new staff improvement initiatives to the excited employees, noted that UBA is continually seeking new ways to improve the fortunes of its staff as they are the backbone of the organisation.

Uzoka who spoke to the staff in a bank-wide live broadcast said, “As a leading financial institution, we do not take issues relating to our staff lightly. We take great pride in being a listening bank that has the ears of our employees as they turn the wheels which make the organisation successful for our customers and shareholders. UBA recruits highly talented staff who perform at the best standards and deserve to be remunerated accordingly’

Continuing, Uzoka said ‘ we have also taken steps to ensure that our bank remains at the top tier as it relates to talent pool. We want to train the best and we have crashed the grade structure to make it easier and faster for our employees to progress along their careers. With this new grade structure, it will be possible for a new graduate employed at UBA to rapidly chart their own careers and become GMD by the age of 36.”

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UBA is one of Africa’s leading banks with operations in 20 African countries. The bank also has presence in the global financial centres of London, New York and Paris. UBA provides banking services to more than 17 million customers globally, through diverse channels.

Read More: Promotions, lay-offs as UBA effects corporate right sizing

NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

20 Comments

20 Comments

  1. Kola

    January 4, 2020 at 12:39 pm

    I laugh in Spanish. Where’s the second part of this story.

  2. EVELYN

    January 4, 2020 at 3:06 pm

    Jesus,UBA is wicked,the worst bank,what about the mass retrenchment when they advised workers to write resignation letter against their wish

  3. Obi

    January 4, 2020 at 3:06 pm

    This is the worst corporate lie of the decade. They forgot to disclose that they sacked over 6000 staff yesterday night who have contributed immensely to the growth of the organization. This is what they can’t do in any African countries. Shame to our government who can’t protect thier citizens from capitalist
    God will judge them

  4. Kelvin Agbo

    January 4, 2020 at 3:14 pm

    And you failed to report that they also sacked over 500 staff bank wide. This reporting is one-sided

  5. Steven

    January 4, 2020 at 3:38 pm

    😂😂😂 my nigga was part of dis oo… He was sacked by Uba yesterday after helping to train the new workers… I couldn’t stop laughing wen he told me dis… Only for me 2 come and see dis

  6. Anonymous

    January 4, 2020 at 5:48 pm

    UBA is a scam bcoz they releave about 4000 staff that have spent about 13years in active service on Jan 3rd to replace 4000 of their new staff. I’m a leaving witness cos my wife is among. So newly intake job not secure. But just appealing to pay all their dues.

  7. Anonymous

    January 4, 2020 at 5:51 pm

    I am speechless at what UBA did last night,

  8. Concerned citizen

    January 4, 2020 at 6:29 pm

    Why are you this mean as management?
    Too much of propaganda.
    You treat the labour force like trash.
    The retrenchment was random rather than being objective. How would u handpicked people, even your best hands.
    Be real for once.
    When will you stand for the INTEGRITY you preach?

  9. Stanley

    January 4, 2020 at 8:01 pm

    From the responses am seeing, seems then that this was a UBA sponsored report.

  10. Anonymous

    January 4, 2020 at 8:07 pm

    I fault this story, you’re not real. If at all this story is fact the employees are your relations.

  11. Olu Bennie

    January 4, 2020 at 10:40 pm

    UBA indeed, there was no report that U secretly dismissed more than 10000 staffs just yesternyte not considering these ones av served d bank for 13yrs and they av families to cater for, U are not bin fair on d side of ur dismissed staffs at all. Pls d new staffs shud be wise and vigilant too.

  12. Anonymous

    January 5, 2020 at 6:43 am

    Gosh!!! This report is one-sided. What about the 2nd part? They failed to report that they sacked staff who have worked over 10years with them. Imagine sacking them after using them to train the newly recruited staff and they are forced to write resignation letter. That’s not fair. Nigeria! what a country.

  13. Wale

    January 5, 2020 at 6:54 am

    As many people have spoken,I sincerely wish the GMD can get to read this. The bank is so full of inhuman practices,worst of all is the latest act (forcing employees to resign as against their wish). Where on earth is the government of d land? Where is d labour unions? This is so disheartening !!!!

  14. Steven

    January 5, 2020 at 7:24 am

    Uba simply sacked old staff and replace dem with contract staff so they won’t have to pay them well… Uba treats his staff and costumers like trash and it’s just not acceptable… I wish we have a functioning government

  15. Victim

    January 5, 2020 at 1:53 pm

    The bank is a very wicked, sacking someone because he was not promoted in 13years.Now, is it his fault . I think Central Bank, senate of Nigeria should investigate this action of UBA.

    • Tolu

      March 11, 2020 at 11:55 pm

      Very valid reason to sack. If the staff cannot show that he will add value, he has to be shown the way out.

  16. MY GOVT

    January 5, 2020 at 4:05 pm

    #closemyUBAacct# simple

  17. Kabongo

    January 6, 2020 at 4:53 am

    The onus is on Nairametrics to investigate uncover and report their findings in these comments in the spirit of truth fairness openness and justice

  18. Zeddayle

    January 6, 2020 at 6:11 am

    I am from Mozambique and I was excited here when reading that report as UBA has a small representation here. Could never think it was such a lie. Shame of it. As Africans we need to play a better game in doing business and make diference.

  19. Lilian Nwigbara

    January 9, 2020 at 11:00 am

    Good morning Sir,

    Please I would love to work with your bank.
    I have for long time ago been admiring this particular financial institution United Bank of Africa, but have not gotten the opportunity to apply for job and feels this is an opportunity for me to secure a job in your bank

    Kindly grant me the opportunity to apply as I can’t see any opening for application.

    Thank You

    Lilian Nwigbara

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Business

NIPOST in disagreement with FIRS, says its stamp duty collection account is legal

This disclosure was made through a series of tweet posts by NIPOST.

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The Nigerian Postal Service (NIPOST) has reacted to claims by the Federal Inland Revenue Service (FIRS) that it is operating an illegal Stamp Duty Account.

In its denial of the submission by FIRS, NIPOST described the claims as false and made to misinform and mislead members of the public.

This disclosure was made through a series of tweet posts by NIPOST through their official Twitter handle on Saturday, August 9, 2020.

NIPOST in its statement disclosed that the account was opened by the Central Bank of Nigeria (CBN) under the Treasury Single Account (TSA) in consultation with the office of Accountant General of the Federation, in the name of NIPOST Stamp Duties Collection Account when CBN gave instruction to Deposit Banks (DMB) to commence the deduction of N50 stamp duties from bank customers accounts.

The statement from NIPOST reads, ‘’The Nigerian Postal Service (NIPOST) attention has been drawn to a publication by the Federal Inland Revenue Service (FIRS) that NIPOST operated an illegal stamp duty account. According to the publication, the Director of Communication and Liaison of FIRS made the statement in a series of tweets.’’

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‘’We hereby state categorically that the statement is false and was made to misinform and mislead members of the public.’’

‘’The account the Director of Communication FIRS made reference to as illegal was opened by the Central Bank of Nigeria under the Treasury Single Account (TSA) in consultation with the office of Accountant General of the Federation, in the name of NIPOST Stamp Duties Collection Account when CBN gave instruction to Deposit Money Banks (DMB) to commence the deduction of #50 stamp duties from bank customers accounts.’’

‘’The account belongs to the Federation and NIPOST does not have access to whatsoever monies lodged into the account, as such the question of illegality and misappropriation does not arise.’’

Going further, NIPOST restated that under the extant laws of Nigeria, the NIPOST Act 2004 provides and vests solely in NIPOST the power to print adhesives postage stamps, which is the instrument for denoting documents and other transaction instruments in compliance with the provisions of the Stamp Duties Act.

NIPOST said that it is seeking the proper implementation of the Finance Act. and was therefore surprised when FIRS took to the tweeter to call out the Chairman, NIPOST Board, Barrister Maimuna Yaya Abubakar, who just brought the attention of the Service and public that the agency would be emasculated if the Act is not properly implemented.

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The statement recalled that when there was a meeting between FIRS and NIPOST in July 2013 in the office of the Executive Chairman of FIRS, it resolved that NIPOST is statutory duty-bound to provide the stamps to be used by FIRS at both federal and state levels.

It can be recalled that there was been an ongoing dispute between FIRS and NIPOST over who should be the collecting agency for stamp duties.

The Chairperson of the Board of NIPOST, Hajiya Maimuna Abubakar, had during an interview claimed that both the FIRS and the National Assembly took over NIPOST’s ideas about stamp duty to the exclusion of the postal service.

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In its reaction, FIRS, while denying such claims said that FIRS is the only agency of federal government charged with the responsibility of assessing, collecting and accounting for all types of taxes including stamp duties.

It states that NIPOST is a government agency established by Decree 41 of 1992 with the function to develop, promote and provide adequate and efficiently coordinated postal services at reasonable rates.

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Commodities

Five oil majors reduce value of their assets by $50 billion in Q2

Energy demand at one point was down by more than 30% globally.

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Five oil majors reduce value of their assets by $50 billion in Q2

Five oil majors (including Exxon Mobil and British Petroleum) reduced the value of their assets by $50 billion in Q2, 2020. They also reduced their production rates as the COVID-19 pandemic caused a downward trend in energy demand.

What this means: The cut in asset valuations and reduction in crude oil production by these oil majors showed the depth of damage the COVID-19 pandemic caused on the global energy sector in Q2, 2020.

Energy demand at one point was down by more than 30% globally and still remains below pre-pandemic levels.

READ MORE: Respite for Nigeria as Exxon Mobil and Shell lose $1.8 billion arbitration award  

Some of these conpanies’ executives said they took these austerity measures because they expect demand to continue to be on the downward trend in the meantime. This is in view of the fact that people around the world are traveling less, even as many global industries are not in full capacity. The pandemic has already killed more than 700,000 people.

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Of those five oil majors, only Exxon Mobil (XOM.N) did not book sizeable impairments, Reuters reported. However, an ongoing re-evaluation of Exxon Mobil plans could lead to a reasonable amount of its assets being impaired, and signal the removal of 20% or 4.4 billion barrels of its oil and gas reserves.

READ ALSO: Oil prices drop to 21-year low as demand and storage crises persist

Oil major BP (BP.L) took a $17 billion hot. It said its plans in the coming years would be a focus on renewables and fewer fossils.

About two weeks ago, Nairametrics reported how Exxon Mobil and Chevron posted their worst losses in modern history, as the COVID-19 pandemic and a glut in crude oil reduced the demand for energy products in the second quarter of 2020.

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Hospitality & Travel

US gives reasons it warned citizens against travelling to Nigeria, lists 12 high risk states

The US government has issued a level 3 Travel Health Notice for Nigeria due to COVID-19.

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US gives reasons it warned citizens against travelling to Nigeria, lists 12 high risk states, Donald Trump, What does Iran’s war with America mean for Africa?, US to stop issuing visa for Birth Tourism, Trump Travel Ban List: Why Nigeria should be excluded  , US spends over $5b in health assistance to Nigeria in 20 years, gives $32.8m for covid-19, Oil Is Back

The United State Government has advised its citizens against travelling to Nigeria due to the Coronavirus pandemic, terrorism, civil unrest, kidnapping, widespread inter-communal violence, and others.

This warning is contained in a travel advisory statement that was obtained from the United State Department of State website.

The statement also disclosed that the Centre for Disease Control and Prevention (CDC) had issued a level 3 Travel Health Notice for Nigeria due to the Coronavirus pandemic. Also, some parts of the country have increased risk.

“Reconsider travel to Nigeria due to Covid-19. Reconsider travel to Nigeria due to crime, terrorism, civil unrest, kidnapping and maritime crime. Some areas have increased risk.’

READ MORE: Chevron considers divesting from Nigeria, to focus on U.S Shale Oil

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‘’Do not travel to; Borno and Yobe States and Northern Adamawa State due to terrorism; Adamawa, Bauchi, Borno, Gombe, Kaduna, Kano and Yobe States due to kidnapping; Coastal areas of Akwa Ibom, Bayelsa, Cross Rivers, Delta and Rivers States (with the exception of Port Harcourt) due to crime, civil unrest, kidnapping and maritime crime,’’ the statement said.

It stated that violent crimes such as armed robbery, assault, carjacking, kidnapping, and rape, have become common throughout the country. As such, US citizens were advised to exercise extreme caution throughout the country due to the threat of indiscriminate violence.

“Terrorists continue plotting and carrying out attacks in Nigeria, especially in the Northeast. Terrorists may attack with little or no warning, targeting shopping centres, malls, markets, hotels, places of worship, restaurants, bars, schools, government installations, transportation hubs, and other places where crowds gather.

READ ALSO: Forex turnover at NAFEX hit $1.6 billion since June 2020

“Sporadic violence occurs between communities of farmers and herders in rural areas.’

The US government acknowledged the fact that it has limited ability to provide emergency services to US citizens in many parts of Nigeria due to the security conditions.

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Going further it stated, “Do not travel to Borno and Yobe States and Nothern Adamawa. Terrorist groups based in the Northeast target churches, schools, mosques, government installations, educational institutions and entertainment venues. Approximately two million Nigerians have been displaced as a result of the violence in Northeast Nigeria.

“Do not travel to Adamawa, Bauchi, Borno, Gombe, Kaduna, Kano and Yobe States. The security situation in Northwest and Northeast Nigeria is fluid and unpredictable, particularly in the states listed above due to widespread inter-communal violence and kidnapping.

“Do not travel to the coastal areas of Akwa Ibom, Bayelsa, Cross Rivers, Delta and Rivers States (with the exception of Port Harcourt). Crime is rampant throughout Southern Nigeria, and there is a heightened risk of kidnapping and maritime crime, along with violent civil unrest and attacks against expatriate oil workers and facilities.’’

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