By Stephen Ubanna
Between now and November 30, 2024, Oliver Alawuba, Group Managing Director, GMD, United Bank for Africa, UBA, plc a pan African Band Bank, and his Management Team , appears set to roll out the drums to celebrate the Bank’s 75 years anniversary of operations in Nigeria, the most populous country in the West African sub-region and 24 other African countries, including the North American country of the United States, US, United Kingdon, France and Dubai, United Arab Emirate, UAE .
Alawuba, the UBA plc, GMD, had said that Tony Elumelu, a multi-billionaire business mogul, and Chairman of the Money Deposit Bank, MDB, ‘’ deserves a special mention’’, noting that without his ‘’visionary push in 2005 and tutelage over the years, I doubt whether the bank will be what it is today in the African Continent’’. It was not surprising why he had said’’ a big and resounding thank you to him’’.
As a prelude to celebrating the UBA plc, 75 years of banking operations, in Nigeria, Alwuba, the GMD and his Management team had organized a World Press conference at the Bank’s Headquarters in Marina, Lagos, on Monday, May 20, 2024, to give an insight to the programs that have been lined up for the month-long epoch making event.
The Management were said to have planned to use the opportunity of the 75th anniversary celebrations to launch its Microsoft services that will help young people participation in saving in the bank without hassles.
An elated Alawuba, the Pan African Bank, GMD, may have taken advantage of the opportunity world provided by World Press Conference to respond to some pertinent questions from the Media .One of such questions that was said to have drawn his attention was the rumours making the rounds in other countries that ‘’UBA Africa is a misconception but should be seen as UBA Nigeria?. He was said to have made it clear to the Foreign Journalists who had asked the question that ‘’ the bank has not deviated from its vision and mission’’ as a Pan African Bank”.
The Pan African Bank GMD, who could not hide his feelings had said during the questions and answer session that ”the bank had supported every sector of the African economy in al the countries where it has operational license. He had volunteered information that the bank had supported mining, cocoa and cotton businesses including infrastructural development in the African Continent.
He had cited the funding of the cocoa business and infrastructural development projects in Ghana and the support towards the $210 million expansion work of port of Launda, Angola. He was said to have listed the Bank’s support to the Central African country of Cameroon in in the realization of the Olembe a stadium in Yaounde, the country’s Capital and the Japoma Sports Complex , in Douala when it hosted the African Cup of nation in 2021. UBA Cameroon, was said to have supported the state efforts by contributing 15% of the total cost of the construction of the US $284.48 million, sporting facilities in the Central African country, to host the African Cup of nations. in 2021.
The UBA plc, Chief Executive Officer, CEO, was said to have given an insight that as the leading bank, in the AFRican Continent what the UBA plc , a leading Bank , in the African Continent, it has continued to grow big in size while some of its Competitors are crying of shrinking business and slow growth.
The UBA plc, helmsman, who could not hide his feelings may have held the print, electronic and online Media from Nigeria and other Media Organisations outside the shores of the country spelt bound when he revealed that that the Bank has a Customer base of over 45 million people and 18 trillion naira Customer deposits across its areas of operations in 24 countries in Africa and three other Continents.
He had alluded to the fact that without the consistent support and patronage of the customers over the years which was amazing,’’ this milestone of celebrations to reflect on the significance of this epoch-making event is a of beacon of stability and reliability , a development partner in various local communities as well as catalyst for African development in the African Continent’’.
He may have gladdened the heart of participants at the world press briefing when he disclosed that the secret of UBA plc, financial strength and size, was that ‘’the bank had witnessed significant growth over the years because of its primary focus on Customers satisfaction’’.
The GMD, noted that the Bank had regularly devised strategies of empowering the customers and developing Information Communication technology, ICT, that have made it possible to make it a safe haven for customers deposits in countries where it has operational offices and branches.
He was said to have made it clear that celebrating the 75 years the anniversary of the bank ‘’underscored its strategic focus on becoming the payment bank for capital flows, trade and investment between Africa and the global market.
Alawuba, the GMD, had cited the bank’s commitment to providing the North American country of the United States, US, six billion dollars in financing Small and Medium Enterprises, SMEs, under the African Continental Free Trade Area AfCFTA, agreement. The UBA plc, boss, was optimistic that the initiative would go a long way ‘’to bolster intra-African trade and enhance economic integration across the African Continent’’.
He had repeatedly said that’’ the bank looks to the future on averaging on its digital technology innovation and fostering economic integration within the African Continent’’ as a key player in the nation’s financial sector, connecting African markets to the global economy and driving sustainable growth in the Continent.
The UBA plc, GMD, was said to have made it clear at the World Press briefing that ‘’innovation and digital transformation are he key parts of the bank’s best strategy for future growth and competitiveness’’. He was emphatic that the bank, which has Elumelu, a multi-billionaire business mogul and visionary as the Chairman, will continue’’ to invest in innovating products, services and digital platforms that will enhance customer satisfaction and experience’’.
Throwing more light on bank’s operations, the UBA plc, GMD, had said that’’ its strategic intent is to capitalize on available opportunities where it has a base in emerging African markets, with innovation and digital transformation at the core of its growth strategy’’.
There is no gainsaying the fact that at present that the bank have over 25,000 staff and over 45 million customer base served through multiple channels comprising of 350,000 POS terminals, 2000 TM terminals, 1,000 business offices and 9.7 million card customers.
Muyiwa Akinyemi, Deputy Managing Director, DMD, may have taken advantage of the World Press Conference to state that’’ UBA will continue to be ahead of its competitors because ‘’it remains proactive in any investment opportunity as it continues to deliver exceptional value to its shareholders’’. The DGMD, had corroborated what the GMD, had said that UBA, innovation and digital transformation are at the heart of the bank’s future growth , stressing that ‘’ the bank remain committed to enhancing the experience of its customers across all its touch points while solidifying its position as a forward-thinking Financial institution in the African Continent’’.
The UBA, DMD, may have gladdened the heart of shareholders when he stated that its intentional commitment to global sustainability principles, Corporate Social Responsibility, CSR, with significant impact across the Continent through initiatives in education, healthcare and environment sustainability is very revealing’’.
Given the elaborate arrangement that had had been put in place by the bank Management to celebrate the 75 years of operations in Nigeria, which had established offices and branches in 24 other African countries and three other Continents including the US, may have informed why Akinyemi, the DMD, had said ‘’we look forward to another 75 years and 100 years of impact to people, customers and businesses across the globe’’. He had said that the bank would continue ‘’to uphold it core values of excellence, enterprise and execution, driving sustainable growth and successes’’.
I n a related development The UBA, GMD, who has been under intense criticisms that the bank’s share price is undervalued despite the huge profit being declared by the bank on a yearly basis, compared to the share price of its major Competitors, like Zenith Bank, Guarantee Trust Bank and Access Bank, including First Bank of Nigeria, plc, among others, had told those that care to listen that ‘’here was no cause for alarm as the share price of the bank can still hit the N100.00 per share mark’’. An insider had told The Value News that UBA plc was the first bank to be listed on the Nigerian Stock Exchange Market, NSE, for other banks to follow suit.
Notwithstanding the undervalued per share price of the bank, the UBA,C EO, had declared at the world Press Conference in Lagos to mark its 75 th, the anniversary that ‘’over the past two, years, the bank’s dividend yield had consistently exceeded 12%,’’ described as one of the best in the nation’s banking sector.
Appealing to those who had not invested in the UBA, plc shares because of the undervalued price to do so, he averred that’’ the bank shares at the floor of NSE, are essentially gaining exposure’’ to the economic potential of the 24 African countries markets where it currently has operating license, including Ghana and the Central African country of Cameroon.
He had said that the current share price of the bank, may be undervalued for now, but it is an opportunity to the Nigerian investors ‘’to take advantage of it to invest in the bank with a truly global footprint’’.
