Ecobank Transnational Incorporated (ETI) has recorded a 32% growth in profit before tax of NGN146.5 billion for 2019 financial year. This was up from the N110.8 billion recorded in 2018.
The bank, which released its figures to the Nigeria Stock Exchange yesterday, reported gross earning of NGN 842.5 billion, up by 9% against the figures for the previous year.
Profit after tax stood at NGN 99.5 billion and total asset went up by 5% to close at NGN 8.6 trillion.
Summary of Result
Ecobank Group reports audited full year 2019 results
- Gross earnings up 9% to NGN 842.5 billion
- Revenue up 3% to NGN 586.9 billion
- Profit before tax up 32% to NGN146.5 billion
- Profit after tax up 28% to NGN 99.5 billion
- Total assets up 5% to NGN 8,621.9 billion
- Loans and advances to customers up 2% to NGN 3,383.2 billion
- Deposits from customers up 2% to NGN 5,925.0 billion
- Total equity up 9% to NGN 688 billion
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President Buhari greets BUA Chief, Abdul Samad Rabiu on 60th Birthday
The President describes Abdul Samad’s 60 years as a milestone heralded by years of hard work.
President Muhammadu Buhari has extended his warm greetings to the Founder/Chairman of one of Africa’s leading conglomerates BUA Group, Abdul Samad Rabiu (CON), on his 60th birthday.
Buhari who conveyed his greetings in a statement issued by Garba Shehu, the Senior Special Assistant to the President (Media & Publicity) extolled Abdul Samad for his large-heartedness for always investing in people and institutions.
The President while describing Abdul Samad’s 60 years as a milestone heralded by years of hard work, dedication and commitment to building the Nigerian economy, commended him Samad for the construction of clinics, schools and religious houses, and consistent financial interventions in the fight against pandemics like Poliovirus, Ebola and COVID-19.
According to the statement, “President Muhammadu Buhari sends warm greetings, joining family and friends to celebrate the milestone, heralded by years of hard work, dedication and commitment to building the Nigerian economy.
“The President congratulates the business magnate for his foresight in investing extensively in agriculture, infrastructure, manufacturing and real estate, which has translated into strengthening the pillars of the economy, bolstering the government’s diversification efforts and creating chains of subsidiary industries and business outfits.
“As the Chairman of BUA Group turns 60, President Buhari extols his large-heartedness in always investing in people and institutions, commending him for the construction of clinics, schools and religious houses, and consistent financial interventions in the fight against pandemics like Poliovirus, Ebola and COVID-19.
“The President affirms that Rabiu’s diligence and business acumen continues to inspire many, and his propensity for creating opportunities for others to prosper is legendary, urging him to remain focused on his vision of a greater and better Nigeria.
“President Buhari prays that the Almighty God will reward him with longer life, good health and more wisdom”. The statement added.
Also, Former Nigeria’s Vice President, Alhaji Atiku Abubakar in his tribute to Abdul Samad described him as an astute businessman who has created jobs and opportunities and whose philanthropic and charitable gestures speaks to the dept of his humanity.
Atiku in a tweet said, “Founder/Chairman of @BUAgroup, Abdul Samad Rabiu (CON), has distinguished himself as an astute businessman who continues to create jobs and opportunities.
“His philanthropy and charitable causes speak eloquently to the depth of his humanity. My family rejoices with him and his family on the occasion of his 60th birthday. May the Almighty Allah grant him many more years in good health and service to humanity. Ameen”.
On his part, the Governor of Kwara State, Abdulrahman Abdulrazaq thanked for Abdul Samad Rabiu for his investment and his commitment made to end the COVID-19 pandemic in the state.
He said “On behalf of my family, the people and government of Kwara State, I congratulate the founder and chairman of the BUA Group, Alhaji Abdul Samad Rabiu (CON), on his 60th birthday anniversary.
“I commend him for his huge investments in Kwara State and the donations he made towards the state’s campaign against COVID-19 pandemic. I pray the Almighty Allah to continue to bless Alhaji Rabiu and his family, and may He grant him more fruitful years and good health”.
United Bank for Africa provides $200 million for Nigeria’s Petroleum Industry – Timely financing for Post COVID economic growth
*Acts as Lead Arranger for $1.5 billion Facility to Boost Nigerian Oil Production and Government Revenue.
Lagos, 4th of August, 2020; The United Bank for Africa Plc (UBA), the leading pan-African financial services group, has acted as the lead arranger of a consortium of Nigerian commercial and international banks in a $1.5 Billion Pre-Export Finance Facility for the Nigerian National Petroleum Corporation (NNPC) and its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).
UBA is providing $200 million (Naira equivalent) to support investment growth and liquidity requirements. The facility will provide much-needed capital for investment in NNPC’s production capacity, which is of strategic importance to the Nigerian economy and the country’s leading source of foreign exchange earnings. UBA’s position as Lead Arranger recognises the Group’s strength in structuring and deploying financing to the oil and gas sector, and the depth and liquidity of the Group’s balance sheet.
The $1.5 billion facility is structured in two tranches. The first tranche of $1 billion, to be repaid over a period of five years, will be provided in dollars, with UBA acting as the Facility Agent Bank. The second tranche of $500 million, will be provided in local currency, over seven years, with UBA acting as Lead Bank, providing $200 million in Naira equivalent.
Both facilities will be repaid from an allocation of 30,000 barrels per day of NPDC’s crude oil. UBA has a strong track record in the resources sector across Africa, having facilitated oil prepayment deals with the NNPC, including its 2013 $100 million participation in the PXF Funding Limited transaction, and a further $60 million in the 2015 Phoenix Export Funding Limited transaction. In Senegal, UBA was responsible for the EUR 240m revolving crude oil financing facility for the Société Africaine de Raffinage and in Congo Brazzaville co-funded the $250m crude oil prepayment facility for Orion Oil Limited.
Other participants in the NNPC deal include Standard Chartered Bank, Afrexim Bank, Union Bank and two oil trading companies, Vitol and Matrix.
Speaking on this most recent support for the Nigeria’s petroleum industry, UBA Group Chairman, Tony O. Elumelu stated ‘This has been one of the most economically challenging years that Nigeria has witnessed. With the sharp drop in the price of oil and the ensuing hardship that followed the onset of the Covid-19 pandemic, the private sector must come together and contribute meaningfully to the economy. This facility is clear evidence of this – UBA is providing investment that will significantly improve Nigeria’s production capacity and in doing so also demonstrating the strength, depth, and sophistication of our commercial banking capability. I believe that together, working with governments, we can create more jobs and more wealth for people, not only in Nigeria, but across Africa’.
The United Bank for Africa is one of the largest employers in the financial sector on the African continent, with over 20,000 employees and serving over 20 million customers. UBA operates in 20 African countries and globally in the United Kingdom, the United States of America and France, providing retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.