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Tag: UBA

UBA, Wema Bank resume international transactions on naira cards
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UBA, Wema Bank resume international transactions on naira cards

Two major Nigerian banks, United Bank for Africa and Wema Bank have announced the resumption of international transactions on their naira debit cards, marking a significant shift in the country’s banking sector after years of restrictions. The move comes nearly three years after most Nigerian banks suspended global transactions on naira cards due to a […]

Banking

UBA plans ambitious expansion to over 100 countries

United Bank for Africa Plc announced a bold strategic vision to expand its operations to more than 100 countries and grow its customer base to over one billion within the next 75 years. This announcement was made during the bank’s 75th anniversary gala dinner in Abuja on Saturday, attended by Vice President Kashim Shettima, senior […]

Banking

Zenith Bank, GTCO, UBA hit with N172.4b windfall tax

Nigeria’s new tax policy targeting foreign exchange revaluation gains has led to a combined windfall tax liability of N172.3 billion for three major banks—Zenith Bank, Guaranty Trust Holding Company, and United Bank for Africa. The Finance (Amendment) Act 2023 introduced a windfall tax on realized foreign exchange profits recorded by Money Deposit Banks between 2023 […]

Aviation auditors begin security audits of Lagos, Abuja airports
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FAAN, UBA complete renovation of Lagos airport terminal

The Federal Airports Authority of Nigeria, and the United Bank for Africa, has partnered to refurbish the E-wing of Lagos’ Murtala Muhammed International Airport and added four CNG-powered buses to improve passenger mobility. The Managing Director of FAAN, Olubunmi Kuku, made this disclosure on Friday, adding the development aims to enhance the overall passenger experience […]

Kenyan CBN fines UBA, others for regulatory breaches
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UBA seeks approval for planned rights issue

United Bank for Africa has formally requested approval from the Nigerian Exchange Limited for its planned rights issue. In a market bulletin issued on Tuesday and signed by Head of the Issuer Regulation Department at NGX RegCo, tGodstime Iwenekhai, the bank confirmed that it has engaged its stockbrokers, United Capital Securities Limited, to facilitate the […]

Kenyan CBN fines UBA, others for regulatory breaches
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Kenyan CBK fines UBA, others for regulatory breaches

The Central Bank of Kenya has imposed a fine on UBA Kenya for failing to meet the minimum core capital-to-deposit ratio, which is set at 8%. This violation is attributed to the bank’s continued losses, according to the CBK. UBA Kenya, alongside 11 other commercial banks, was penalized for various regulatory breaches. The bank’s core […]

News

UBA posts N401.5bn in half year pre-tax profits

United Bank for Africa has announced its 2024 half-year earnings, declaring a pre-tax profit of N401.5 billion, slightly down from N403.6 billion reported in the same period last year. The bank’s strong profit performance was supported by a substantial net interest income of N614.4 billion after impairments, representing a remarkable 395% increase from N124.1 billion […]

Top 10 employers in Nigeria
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Top 10 employers in Nigeria

The Nigerian job market is marked by a complex blend of opportunities and hurdles, continually shifting due to the efforts of key players across various sectors. Recent data from the National Bureau of Statistics highlights a challenging period for employment, with the unemployment rate rising to 5.0% in Q3 2023, up from 4.2% in Q2 […]

Banking

UBA hits N2trn revenue, raises N607.69bn post-tax profit

United Bank of Africa has announced a 143 per cent increase to N2.08 trillion in its gross revenue for the 2023 financial year, its highest ever, as well as a profit after tax of N607.69 billion. The company’s profit before tax increased by 277.2 per cent to N757.68 billion. This was disclosed by Chairman of […]

News

UBA vows to meet CBN’s N500bn capital demand before deadline

The Executive Director of Finance and Risk Management for United Bank for Africa, Ugochukwu Nwaghodoh, has said that the banking group would meet the new capital requirement before the March 2026 deadline given by the Central Bank of Nigeria. This disclosure was made by Nwaghodoh at the 75th International Global Media Conference held at the […]

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