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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.

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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.

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

Nairametrics often allows the usage of its website for businesses wishing to send out important press releases, articles and other communication forms of their products, services, events, employees, and personalities. Some of these articles are paid for.

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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Coronavirus

COVID-19 now a national security threat, as 2020 fiscal deficit exceeds FRA Standards

Reports from the Addendum to the 2020-2022 MTEF/FSP reveal that the revised fiscal deficit is estimated at N4.58 trillion from N1.85 trillion

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Covid-19 Regarded As Threat To National Security With 2020 Fiscal Deficit Higher Than FRA Standards

Given the vulnerability of Nigeria to the current global economic disruption, a series of key adjustments have been made to the 2020 fiscal framework. One of such is the fiscal deficit and deficit financing strategy following revisions to projected revenue and planned expenditure.

Reports from the Addendum to the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), reveal that the revised fiscal deficit is estimated at N4.58 trillion from N1.85 trillion in the 2020 Budget Framework passed by NASS.

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This level of deficit is 3.29% of GDP and this is above the threshold of 3% of GDP as stipulated in the Fiscal Responsibility Act (FRA), 2007. Section 12 of the Fiscal Responsibility Act (FRA), 2007 (as amended), stipulates that:

(i) “the estimates of aggregate expenditure and the aggregate amount appropriated by the National Assembly for each financial year shall not be more than the estimated aggregate revenue plus a deficit, not exceeding three% of the estimated Gross Domestic Product or any sustainable percentage as may be determined by the National Assembly for each financial year”; and,

(ii) “aggregate expenditure for the financial year may exceed the ceiling imposed by the provisions of (i) above, if in the opinion of the President there is a clear and present threat to national security or sovereignty of the Federal Republic of Nigeria.”

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(READ MORE: FG discloses how it will finance N5.36 trillion budget deficit)

According to the report, when the revenues and expenditures of the 10 GOEs as well as expenditures financed from project-tied loans are captured in the FGN’s budget, the aggregate fiscal deficit for 2020 will be N4.95 trillion, which is 3.55% of GDP.”

 “We believe that the COVID-19 crisis poses a threat to national security within the contemplation of the FRA 2007, and therefore the President can legitimately approve a deficit in excess of 3% of GDP.” 

The deficit will primarily be financed by new borrowings estimated at N4.17 trillion – N1.98 trillion from external (multilateral) concessional sources like the IMF, World Bank, & African Development Bank, and new domestic debts of about N593.89 billion. N126.04 billion will also be derived from Privatization proceeds, N263.63 billion from the Federal Government’s Special Accounts to fund covid-19 expenditures, and N387.30 billion will be drawn down on multilateral/bilateral loans obtained for specific development projects.

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Economy & Politics

Here is what Akinwunmi Adesina said about allegations against him

Akinwumi Adesina has denied allegations made against him by a group of whistleblowers describing them as frivolous and not based on solid facts. 

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AFDB partners DFID to unveil $80m infrastructure financing for Africa , AfDB invests $600 million in Africa’s renewable energy, discloses de-risk plan , Nobody eats GDP – AfDB President, Adesina tells African leaders , Africa’s Debt Problem: AfDB replies World Bank, accuses it of misleading public , The responses to allegations against me – AfDB President, Akinwumi Adesina

The President of the African Development Bank (AfDB), Akinwumi Adesina has denied allegations made against him by a group of whistleblowers describing them as frivolous and not based on objective and solid facts.

This was contained in his response dated April 8, 2020, to the bank’s ethics committee on the allegations against him.

UBA ADS

Nairametrics had reported the probe of the activities of Adesina, some allegations from a group of whistleblowers. Here are his responses to some of the allegations.

On the appointment of Mrs. Chinelo Anohu-Amazu. Adesina explained that she was recruited through a globally advertised, open and competitive recruitment process that was carried out by a top-notch external recruitment firm, Russell Reynolds of the UK. He disclosed that she was one of two top candidates that were recommended to him for consideration by the panel and so the allegations of single-handedly appointing her is not true.

On the appointment and promotions of Martin Fregene, the AfDB boss pointed out that he is not his brother-in-law. He said Fregene was hired as a consultant by the Bank Vice President for Agriculture, Human and Social Development, Jennifer Blake, to support her in the development of the Bank’s Feed Africa strategy. He admitted approving the recommended hire which was entirely within his power to do.

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(READ MORE:AfDB’s Akinwumi Adesina hits back, denies allegations against him)

On the mismanagement of the TAAT programme, he said that he did not violate the Code of Conduct. In his words, ‘’Although some staff made some mistakes in the procurement process, this is being investigated by the Bank and no findings have been made yet. There was no impropriety. The president does not get involved in contractual issues in the Bank, except in cases involving matters that may affect the image, reputation, and interests of the Bank’’.

On the appointment and promotion of Mrs Maria Mulundi. Adesina said that she worked with him prior to joining the Bank. Going further he said, ‘’She was part of my transition management team as I prepared to take office at the bank following my election as President, and she very ably led all engagements with the Bank with my transition team. All Presidents of the Bank are allowed to bring in and appoint their own Chief of Staff and advisers, to help them to implement their mandate’’.

On the contracting and appointment of Victor Oladokun, Adesina pointed out that they went to the university together and have been very close friends since then. He said that there is nothing in the Bank rules that says that being a friend of anyone in the Bank who gets recruited at the bank is against Bank rules.

On the allegation that a Nigerian, Mr Ezinwa was found guilty of sexually harassing a colleague during his probation period; and despite his misconduct, I requested that his contract be confirmed, thus forcing the HR Director, Mrs Frauke Harnischfeger to resign is false. He said,

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‘’The truth is that I do not know Mr. Ezinwa and have never met him in the Bank. The President does not get involved in any staff appraisals except for Vice Presidents and direct reports. The then HR Director, Mr. David Ssegawa, evaluated the staff and there was nothing about sexual harassment. Mrs Frauke Harnischfeger was not the HR Director in 2018. The HR Director in 2018 was Mr David Ssegawa, who evaluated the staff and recommended the staff, as per the standard procedures of the Bank, to the President. Ms Harnischfeger joined the Bank in 2019, one year after a confirmation recommendation made by the predecessor HR Director’’. 

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(READ MORE: AfDB partners DFID to unveil $80m infrastructure financing for Africa)

On the allegation of preferential treatment for Nigeria and Nigerians, the AfDB President said that he did not introduce an organizational chart with a Nigeria Country Directorate. He said that decision was taken by the Board of Directors under the leadership of his predecessor, Donald Kaberuka.

Adesina said that the allegation on settlements for staff separations and that somehow the former Chief Economist, Mr. Celestine Monga, departed the Bank with improper payments is false. He disclosed that the Chief Economist was not dismissed while pointing out that contract non-renewal is not the dismissal of staff.

On the allegation of awards received by the President and costs borne by the Bank, Adesina said that although they were individual prizes, they brought great credit and prestige to the AfDB. He said that he brought further credit to himself and the Bank by donating these two cash awards for the establishment of the World Hunger Fighters Foundation and the Borlaug Adesina Fellows Fellowship for young African Agribusiness Innovators. He also disclosed that the expenses of the World Food Prize event, including musical entertainment (musical groups from Nigeria and the Glee Club from Purdue University (my alma mater) were defrayed by the World Food Prize Foundation.

On the resignation of Mr David Ssegawa, the HR Director, Adesina denied that he allowed him to resign when there was an investigation against him. He said there was absolutely no investigation of David Ssegawa when he resigned, nor was one contemplated.

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On the allegation of political lobbying and bribing of Heads of State to support his re-election, Adesina pointed out that the allegation essentially impugns the integrity, leadership and honesty of 16 African presidents and ECOWAS. He described the allegation as fanciful and baseless.

 

 

 

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Business News

Nigerians will now pay N50 stamp duty on electronic receipts – FIRS

“Any electronic receipt for, or electronic transfer of, money deposited with any bank or with any banker in any type of account of an amount from N10,000 upwards shall attract a singular or one-off duty of the sum of N50.” –FIRS

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7.5% VAT: Implementation to begin Feb 1 – FG, FIRS redeploys 50 directors in massive shakeup ,FIRS moves to stop tax evasion with newly launched intelligence system , FIRS boss, Nami discloses why FIRS failed to meet revenue target under Fowler, FIRS to scale up tax compliance with new policies , FIRS tighten noose on deduction of stamp duty, CIT, others , Nigerians will now pay N50 stamp duty on electronic receipts – FIRS

Nigerians will now pay stamp duties on all forms of electronic notifications acknowledging receipts of funds.

This includes SMS and messages on any electronic platform such as emails and Whatsapp messages.

UBA ADS

This is according to a circular that was signed by FIRS’ Executive Chairman, Muhammad Nami, as seen on the tax agency’s website. Part of the circular said:

“Any electronic receipt for, or electronic transfer of, money deposited with any bank or with any banker in any type of account of an amount from N10,000 upwards shall attract a singular or one-off duty of the sum of N50.

“Stamp duty upon receipt (written, printed or in electronic form) for transactions between corporate bodies or between a corporate body and an individual, group or body of individuals, which amounts to N10,000 and above, shall be denoted by payment of N50 per receipt to the service.”

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The FIRS circular also stated that stamp duties will be paid on “POS receipts, fiscalised device receipts, Automated Teller Machine (ATM) print-outs.”

(READ MORE:Nigerians react as FIRS Chairman asks companies to pay tax before due date)

The circular went further to categorically state that all receipts, either printed or electronically generated, or any form of electronic acknowledgement of money transactions, will attract the stamp duty of N50.

The agency also clarified that it is the only body authorised to collect such duties because “the Federal Inland Revenue Service is the only competent authority to impose, charge, and collect duties upon instruments specified in the schedule to this act if such instrument relates to matters executed between a company and an individual, group or body of individuals.”

The instruments subject to charge, as listed in the circular, include; fixed duty instruments such as Power of Attorney, Certificate of Attorney, Proxy forms, Appointment of receivers, Memorandum of Understanding, Joint Venture Agreements, Guarantors form, Ordinary agreements and Receipts; and Ad-valorem instruments such as Tenancy or lease agreements, legal mortgage or debentures, Sales agreements and Deed of assignments.

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