Leading African financial institution, United Bank for Africa Plc (UBA) held its Annual General Meeting virtually by proxy on Wednesday, April 29, 2020 – a first in UBA’s seventy-one-year history.
The meeting, which had in attendance shareholders, management, and staff members, together with representatives of relevant regulatory bodies, was held using an Online Meetings Platform, in accordance with Guidelines issued by the Corporate Affairs Commission.
Opening the meeting, UBA Group Chairman, Tony O. Elumelu noted this was a very special meeting, held in extraordinary circumstances. It was only right at the outset to express the Group’s deep appreciation to all the health workers across Africa, who are at the forefront of fighting the deadly pandemic. The Group Chairman also commended the Federal and State governments in Nigeria and governments across Africa, for their rapid actions against the threat. He acknowledged the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele for his various initiatives in mobilising the private sector to provide support, medical care and palliatives to reduce the effect of the scourge on citizens. Mr Elumelu said:
“Our commitment to improving lives in Africa is a long-term one, which we do not take lightly, as we assist governments in Africa to curb this pandemic and help sustain employment across the continent. I want to also thank the UBA Board of Directors, who have been responsive in this time of crisis, as the Group donates $14m to assist governments to fight the COVID-19 Pandemic in Nigeria and Africa.”
He also thanked executive management and members of staff, as he assured shareholders, that despite the pandemic, UBA had delivered an impressive performance in its just released first quarter results. He also noted that the Group was well prepared for the crisis, having put in place effective measures to ensure that its operations continue smoothly. Mr Elumelu underlined the fact that the Group’s exposure to the oil and gas sector was well within prudential guidelines.
Shareholders at the meeting commended the Board of Directors and management for the proactive role that the Group has been playing in helping to lessen the negative effects of the coronavirus pandemic across the African continent and its robust financial performance, despite a difficult macroeconomic outlook.
UBA Shareholder and President of Association for the Advancement of the Rights of Nigeria Shareholders, Dr Umar Farouk applauded the Group for the contribution of N5bn (USD14 million) to the fight against Covid19, adding that the move was unprecedented and will substantially support governments, as they work to tame the scourge. He also hailed the twenty per cent increase in dividends that the Bank proposed to pay to shareholders. He said:
“I am also happy that you fulfilled the promise you made at the AGM last year to pay dividends in Naira and not kobo, by paying N1 per 50 kobo shares to shareholders, in this difficult time. We have seen the first-quarter results, and we are particularly happy about the performance of our subsidiaries across Africa.”
Detailing how UBA has reacted effectively during the pandemic, the GMD Kennedy Uzoka said, “As you know, UBA is a learning organisation, we are not a Nigerian bank, but a pan-African Bank operating in 20 African countries and also in the UK, the USA and France. When we learnt about this pandemic, we immediately activated our business continuity plan. All the investments we have made over the years in the area of technology will begin to yield now, because already we have continued to meet the needs of customers in terms of digital patronage, owing to the growing traffic we have been receiving in the past few weeks. We are well prepared for all situations.”
While expressing hope that a vaccine is found for the coronavirus, Uzoka disclosed that UBA will continually do business in a way to ensure that customers do not have to physically be in the bank.
“We are set to take our business to the customers wherever they are and however they want it,” he said. “As our first quarter results indicate, we can produce robust results, despite the challenges. We are buoyed by our significant geographic diversification, our historic investment in efficiency and the dedication of our staff. Our commitment to our loyal shareholders is amply demonstrated in our progressive dividend policy.”
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty million customers, across 1,000 business offices and customer touchpoints, in 20 African countries. With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
Fidelity Bank appoints Chike-Obi as Board Chairman
This announcement was contained in a notice signed by the Company Secretary.
Fidelity Bank has announced the appointment of Mustafa Chike-Obi as Chairman of the Board of Directors. The appointment has been approved by the Central Bank of Nigeria, and will take effect on August 14, 2020, after the expiration of the tenure of the current Chairman, Mr Ernest Ebi.
This announcement was contained in a notice signed by the Company Secretary, Ezinwa Unuigboje, and sent to the Nigerian Stock Exchange.
Also in the notice, the bank announced the retirement of Mr Seni Adetu, who served as Independent Non-Executive Director on the board. He stepped down from the board after completing his tenure on June 30, 2020.
The board of directors and the management of the bank appreciated Ernest Ebi and Seni Adetu for their contributions to the progress of the bank during their tenures.
“Under the chairmanship of Mr Ernest Ebi, the bank recorded significant growth across key financial metrics, with both Messers Ebi and Adetu playing significant roles, complementing management efforts in the delivery of these milestones; in service of the long-term vision of the bank. The banks market share position has also been materially strengthened over the period,” the notice read.
The appointment is in line with the bank’s high governance standards and best practices, and in compliance with internal succession policies; Mr Ebi will, over the next six weeks, ensure a successful transition and smooth handover to Chike-Obi.
Mustafa Chike-Obi has over 40 years’ experience in investment banking and the financial services sector, working with reputable global investment banking and asset Management firms. He is currently with the Alpha African Advisory, where he provides leadership and oversees the capital-raising division.
He was the inaugural CEO of the Asset Management Corporation of Nigeria (AMCON), from where he joined Alpha African Advisory.
He was also founding president at Madison Advisors, a financial services advisory and consulting firm in New Jersey, where he specialised in hedge funds and private equity investment advice.
He holds a bachelor’s degree in Mathematics from the University of Lagos, and an MBA from Stanford University Graduate School of Business.
Nigerian Content Intervention Fund increased to US$350 million
The fund expansion was one of the decisions taken at the board’s recent meeting.
The governing council of the Nigerian Content Development and Monitoring Board (NCMB) announced on Sunday that it has approved a $150 million expansion of the Nigerian Content Intervention Fund, raising it from $200 million to $350 million.
Nigerian Content Intervention Fund Increased to US$350M
The Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) has approved the expansion of the Nigerian Content Intervention Fund from US$200 million to US$350 million.@NigeriaGov pic.twitter.com/Y0TtDzwALq
— NCDMB (@OfficialNCDMB) July 5, 2020
The fund expansion was one of the decisions taken at the board’s recent meeting on June 16, 2020, chaired by Minister of State for Petroleum Resources, H.E. Chief Timipre Sylva, who is also the Chairman of the Council.
The board said that $100 million from the additional fund would be used to boost five existing loan products, which include manufacturing in the oil and gas industry, asset acquisition of rigs, marine vessels, contract financing for Nigerian oil service providers, contract financing for oil and gas community contractors, and loan refinancing with Nigerian banks.
The council also announced that $20 million and $30 million would be used for 2 newly developed loan product types (the Intervention Fund for Women in Oil & Gas and PETAN Products) which include Working Capital loans and Capacity Building loans for PETAN member companies.
Started in 2017, the Nigerian content Intervention fund was developed as a $200 Million fund managed by the Bank of Industry, to facilitate on-lending to qualified stakeholders in the Nigerian oil and gas industry on five loan product types.
The NCI Fund is a portion of the Nigerian Content Development Fund (NCDF), aggregated from the one percent deduction from the value of contracts executed in the upstream sector of the oil and gas industry.
According to the NCMB, “About 94 percent of the NCI Funds has been disbursed to 27 beneficiaries as at May 2020.”
COVID-19 Update in Nigeria
On the 5th of July 2020, 544 new confirmed cases and 11 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 28,711.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria touched a new milestone as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 28,711 confirmed cases.
On the 5th of July 2020, 544 new confirmed cases and 11 deaths were recorded in Nigeria, having carried out a total daily test of 2,933 samples across the country.
To date, 28,711 cases have been confirmed, 11,665 cases have been discharged and 645 deaths have been recorded in 35 states and the Federal Capital Territory. A total of 151,121 tests have been carried out as of July 5th, 2020 compared to 148,188 tests a day earlier.
COVID-19 Case Updates- 5th July 2020
- Total Number of Cases – 28,711
- Total Number Discharged – 11,665
- Total Deaths – 645
- Total Tests Carried out – 151,121
According to the NCDC, the 544 new cases were reported from 19 states- Lagos (199), Ebonyi (65),Oyo (47), Ondo (46), Ogun (31), Edo (30), FCT (28), Katsina (25), Plateau (15), Bayelsa (11), Kaduna (10), Adamawa (10), Akwa Ibom (8), Gombe (7), Kano (4), Taraba (3), Rivers (2), Abia (2), Ekiti (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 11,244, followed by Abuja (2,181), Oyo (1,513), Edo (1,383), Kano (1,268), Delta (1,227) Rivers (1,183), Ogun (1,005), Kaduna (865), Katsina (604), Borno (528), Gombe (520), Bauchi (516), Ebonyi (503), Ondo (456), Plateau (436), Abia (385), Enugu (372), Imo (352), Jigawa (318).
Kwara state has recorded 269 cases, Bayelsa (245), Nasarawa (225), Osun (165), Sokoto (153), Niger (122), Akwa Ibom (112), Adamawa (99), Benue (97), Kebbi (84), Zamfara (76), Anambra (73), Yobe (61), Ekiti (44), Taraba (22), while Kogi state has recorded 5 cases.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|July 5, 2020||28711||544||645||11||11665||16401||7|
|July 4, 2020||28167||603||634||6||11462||16071||7|
|July 3, 2020||27564||454||628||12||11069||15867||7|
|July 2, 2020||27110||626||616||13||10801||15693||7|
|July 1, 2020||26484||790||603||13||10152||15729||7|
|June 30, 2020||25694||561||590||17||9746||15358||7|
|June 29, 2020||25133||566||573||8||9402||15158||7|
|June 28, 2020||24867||490||565||7||9007||14995||7|
|June 27, 2020||24077||779||558||4||8625||14894||7|
|June 26, 2020||23298||684||554||5||8253||14491||7|
|June 25, 2020||22614||594||549||7||7822||14243||7|
|June 24, 2020||22020||649||542||9||7613||13865||7|
|June 23, 2020||21371||452||533||8||7338||13500||7|
|June 22, 2020||20919||675||525||7||7109||13285||7|
|June 21, 2020||20242||436||518||12||6879||12847||7|
|June 20, 2020||19808||661||506||19||6718||12584||7|
|June 19, 2020||19147||667||487||12||6581||12079||7|
|June 18, 2020||18480||745||475||6||6307||11698||7|
|June 17, 2020||17735||587||469||14||5967||11299||7|
|June 16, 2020||17148||490||455||31||5623||11070||7|
|June 15, 2020||16658||573||424||4||5349||10885||7|
|June 14, 2020||16085||403||420||13||5220||10445||7|
|June 13, 2020||15682||501||407||8||5101||10174||7|
|June 12, 2020||15181||627||399||12||4891||9891||7|
|June 11, 2020||14554||681||387||5||4494||9673||7|
|June 10, 2020||13873||409||382||17||4351||9140||7|
|June 9, 2020||13464||663||365||4||4206||8893||7|
|June 8, 2020||12801||315||361||7||4040||8400||7|
|June 7, 2020||12486||260||354||12||3959||8173||7|
|June 6, 2020||12233||389||342||9||3826||8065||7|
|June 5, 2020||11844||328||333||10||3696||7815||7|
|June 4, 2020||11516||350||323||8||3535||7646||7|
|June 3, 2020||11166||348||315||1||3329||7522||7|
|June 2, 2020||10819||241||314||15||3239||7266||7|
|June 1, 2020||10578||416||299||12||3122||7157||9|
|May 31, 2020||10162||307||287||14||3007||6868||7|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|