Tuesday , 4 August 2015
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Category Archives: Business

NAME & SHARE: Fidelity, Union, Other Banks List Debtors


Banks are exposing the businesses and people behind the mountain of debts threatening to kill the sector  – courtesy of a Central Bank of Nigeria (CBN) directive that expired at the weekend.

Barring unforeseen developments, some of the banks will begin the publication of their debtors’ list today.

The publications are coming on the heels of the July 31, 2015 deadline set by the apex bank for the debtors to pay up.

The lists, an official of one of the banks said, is just a part of the whole.  “Some debtors have entered into various payment schemes  to avoid being shamed by this exercise,” the bank official, who pleaded not to be identified because of “the sensitivity of the action”, said.

The debtors are to be blacklisted and banned from participating in the foreign exchange market as well as trading in the Nigerian Government Securities market. The publication of the debtors’ lists is to be a continuous exercise.

Union Bank is owed  huge sums by 176 debtors. Six customers collectively owe the bank N27.91 billion. They are Dec Oil & Gas, owing N15.7 billion following a 1999 contract finance loan that expired in 2000. The directors of the company are Patrick Ugboma and Pius U. Malaka.

Other debtors include Alliance Energy, which is owing the bank N4.92 billion. The term loan approved in 2004 expired 2006. The directors are Akinwale Omoboriowo, Kojo Anan and Timi Austen-Peters.

Hajaig Construction is owing the bank N2.99 billion on a loan approved in 2012 and which expired in 2014. The directors are Abdul Nasser Hajaig, Rud Wan Hajaig and Mohammed Hajaig.

Sapta International Industries Limited is owing the bank  N1.87 billion over a 1987 term loan that expired in 1988. The directors are Alex Aloy Nwokodikwa and Clement Nwokodikwa.

Petroleum Project International has a debt of N1.25 billion over a term loan obtained in 2004 that expired in 2007. The directors are Akinwale Omoboriowo, Kojo Anan and Timi Austen-Peters.

Best Aluminum owes N1.11 billion for import and lease facilities obtained between 2010 and 2012. The directors are Chief Godwin Nweke and Chief Pius Nweke.

Fidelity Bank’s debtors include the telephone firm Starcomms Limited, which owes N3.08 billion cumulatively in the three accounts it runs with the lender under the same name and directors. The first account, which got in 2009 an overdraft which expired in 2014, is owing the bank N1.68 billion; the second account, a term loan approved in 2011 and which expired in 2014, is indebted to the tune of N1.16 billion. The third account, also an overdraft approved in 2007 and expired 2014, is indebted up to N239.65 million. The directors are Chief Maan Lababidi, Paul Edwards, Tajudeen Dantata, Omar Lababidi, Dr. Chris Ogbechie and Olusola Oladokun.

Fidelity released a list of 28 customers with “delinquent” loans. Other customers include Kesio Associates, which is owing the bank N328.1 million and Diesel Solutions (N324.28 million). Patemglobal Limited is owing the bank N268.5 million.

Kasolute Nigeria Limited owes Sterling Bank Plc N475.3 million over an overdraft loan approved in 1999, which expired in 2000. Just Jays Limited owes the bank N254.7 million; Alcun Industries Limited owes N192.1 million. G.Cyrus Global Resources  is owing the bank N187 million.

One bank executive  said  that  many of the banks offered some debtors who made moves to settle  “their  long-outstanding  loans the option of rescheduling, or  making part-payment of the loans.

“Those that have reached this understanding with their banks have their names removed from the published debtors list, “ he said, adding that the other category whose names are missing from the list, are those that are contesting their indebtedness in the courts.

“The CBN has directed that all cases that are in the purview of the courts should be reserved for judicial determination and resolution,” the official said.

He said the Loan Recovery unit of the banks were still working hard,  compiling the list of other debtors. “This publish and shame strategy would continue,  as the next category of NPLs falls due, except otherwise directed by the regulator, he stressed,” the source said.

A CBN official, who spoke in confidence, said the resolve of the apex bank to adopt “the publish and shame” strategy was as a result of the failure of persuasion which many of the banks  have adopted over the years. He warned that this would be the beginning of a long-battle  aimed at recovering all outstanding loans due the lenders.

Some of the facilities in the bank books are classified as overdrafts, project  financing, term loans and others which are said to be unauthorised credit advances. The NPLs range from one to over five years in many instances.

However, there are strong indications that much pressure is being mounted by some prominent debtors against the publication of the debtors’ list. We learnt that about two to three banks have withdrawn the list they sent to some media houses for publication, saying they required more time to clean them up.

A banker, who craved anonymity, said he was concerned that the strategy that these debtors applied in the past to evade settlement of their debts might come to play again. He said many of the debtors were strong enough to offset their indebtedness, but regretted that lack of determination to apply the rules always favoured them.

Access Bank’s Customers’ Trust Boosted With Moody’s First-Time Rating

herbert wigwe

Access Bank Plc, (Bloomberg: ACCESS NL; Thomson Reuters: ACCESS.LG) (“Access Bank” or the “Bank”), a leading full service commercial bank with headquarters in Nigeria, and operations across major cities and commercial centres in Sub-Saharan Africa, the UK and China, today announces its first-time credit rating by Moody’s Investors Service.

Moody’s, a top three global leading rating agency, has assigned first-time foreign currency issuer and local currency deposit ratings of Ba3 with stable outlooks to Access Bank Plc. It also assigned Access Bank a Counterparty Risk Assessment (CRA) of Ba3 (cr)/Not Prime(cr).

The ratings are underpinned by a b2 Baseline Credit Assessment (BCA) which measure an issuer’s standalone financial strength.According to the agency, “Access Bank’s b2 standalone profile reflects (1) solid asset quality metrics, underpinned by tangible improvements in loan underwriting standards and risk management in recent years; (2) robust capital and liquidity buffers, supported by sustainable internal capital generation; and (3) a stable liability structure predominantlyfunded with deposits.”

The agency further stated that these strengths are balanced against Nigeria’s challenging operating environment, which takes into account the strong growth potential of the system and institutional and structural weaknesses,as well as the concentration risks on the Bank’s books, including to the oil and gas industry. However, the agency noted that Access Bank is very well positioned to weather the macroeconomic challenges and they expect its standalone credit profile to remain resilient.

According to Moody’s, the long-term deposit and issuer ratings of Ba3reflects the Bank’s Systematically Important Bank (SIB) status in Nigeria as the 5th largest bank in the industry. The Ba3 rating assigned to Access Bank is at the same level as the country’s sovereign rating, which is the highest any local bank in Nigeria can attain.

Access Bank MD Excited Over Euromomey Awards As Best Flow House In Africa

herbert wigwe

Access Bank Plc has emerged winner of the Best Flow House in Africa accolade in the Euromoney Awards for Excellence 2015, which held at the Natural History Museum in London on Thursday.

It is the first time an African Bank will be recognised as winner of this highly sought award.  Access Bank’s win comes in recognition of the Bank’s increasing transaction flows across Africa, particularly its dominancein the Nigerian financial markets

According to Euromoney,the Best Flow House award is given to honour firms that have demonstrated an ability to excel across the region in the key areas of foreign exchange, equities, rates and credit. The winning firm must also have shown commitment to providing liquidity and pricing in all market conditions.  Also, such firm will have shown leadership in developing and integrating technology into its sales and trading businesses, as well as the importance of research.

Speaking at the presentation ceremony, the Group Managing Director of Access Bank Plc, Mr Herbert Wigwe said, “We are delighted to be presented with this highly coveted award. This is recognition of our regional expertise; and our continuing ability to provide customized currency and fixed income solutions to our customers across Africa. This award is an attestation of the Bank’s determination to be the world’s most respected African bank by 2018”

Wigwe assured that the Bank will sustain this growth momentum while noting that the award is an honour not only for Access Bank, but for Nigeria. “This is just the beginning of more things to come for our bank,” he concluded.

The Euromoney Awards for Excellence, now in their 25th consecutive year, continue to be the most respected awards in the financial services industry. The awards, which are based on independently verifiable date, recognize those institutions that have brought the highest levels of service, innovation and expertise to their customers.

Access Bank Plc is rated B by Fitch, BB- by Standard &Poors and A+ by Agusto & Co.

UBA Gladdens Shareholders Hearts With 23% From 3.3Billion Right Issue

Phillips Oduoza, UBA - MD

Shareholders of United Bank for Africa, UBA Plc, who subscribed for the bank’s rights issue in February, have earned more than 23 per cent capital gain.

UBA had between December 2014 and February 2015 sought to raise N11.5 billion new equity funds from existing shareholders through a rights issue of one ordinary share for every 10 ordinary shares at a price of N3.50 per share. The rights issue was fully subscribed.

The bank, last weekend listed about 3.3 billion ordinary shares of 50 Kobo each that arose from the rights issue.

While the supplementary shares were listed at the offer price of N3.50 per share, UBA opened on Tuesday, July 28, at N4.31 per share, providing immediate return of 23.1 per cent or about N2.67 billion capital gains to the rights’ holders.

The listing was closing step in the final phase of the issuance process, which included dispatch of share certificates and electronic transfer of shares to shareholders’ shareholding account at the Central Securities Clearing System (CSCS). With the shares in the CSCS, the rights’ holders can trade on their shares.

Zenith Bank Clear Leadership Reinforced By 3 Certifications At A Go!

New-Zenith-Boss, Peter Olisamedua Amangbo

For the first time in the history of the country, Zenith Bank plc has further solidified its leadership as it last week achieved three certifications from the British Standards Institution (BSI).

The certifications are the Information Security Management System ISO/IEC 27001:20013; IT Service Management System ISO/IEC 20000-1:2011 and Business Continuity Management System, ISO 22301:2012.

The milestone demonstrates Zenith Banks continual commitment to offer their customer and stakeholders enhanced satisfaction in a more stable and secure environment. Further more this highlights their determination to provide innovative and relevant solutions to maintain the security and integrity of its customers’ data.

“Our commitment to these internationally accepted standards stems from a resolve to deepen customer experience through greater information security, an efficient IT management system and a robust business continuity plan that emphasizes the protection of the customers and their investments in an increasingly unpredictable business environment. Certification to these three standards is strong proof of the bank’s commitment to implement policies and practices that meet globally recognized standards”, Jim Ovia, Chairman of the banks said at the night award.

Speaking at the event, .Peter Amangbo, managing director/CEO, said, “Today, is a landmark occasion. Landmark, not just because Zenith Bank is being awarded, but today is actually a special journey for me. We are talking of a three in one award and this is the first time in the history of this country that any institution at all, whether financial institution, manufacturing or service industry would be having these three certifications at the same time.

He noted that the award comes with a lot of responsibilities, challenging the bank to further ensure that it keeps to the tenets of the awards. “I want to assure the BSI and all those present here today that the management and board of Zenith Bank is absolutely committed to continue to support this initiative and we would continue to give our support to ensure that this bank gains other certifications. We should not rest on our oars. We would also ensure that the award and all what it stands for is engraved in our DNA”

“Becoming certified to these three standards provides evidence in our efforts to comply with local and international regulations relating to data protection, privacy and IT governance. We hope through implementing ISO/IEC 27001, it will give greater confidence to our customers and various stakeholders that the security of assets such as financial information , intellectual property, employee details and information entrusted to us is protected securely. ISO/IEC 20000-1 acknowledges our high level of efficiency in IT service provision and our ability to continuously improve the delivery of IT services.

“ISO 22301 will help us identify potential threats and unexpected disruptions to our organization and make sure we have a robots plan and solution in place. Therefore if incidents happen, the bank will be prepared and in a position to respond effectively”, Amamgbo said.

The certificates were awarded to Ovia  and Amamgbo from the Deputy British High Commissioner, Mike Purves. The ceremony featured a number of high ranking executives, officials and bank employees also attended the ceremony from Zenith Bank and Global Info Swift.

UBA GMD, Phillip Oduoza Excited Over Right Issues, Praises Shareholders.

Phillips Oduoza, UBA - MD

United Bank for Africa (UBA) Plc has raised N11.5 billion in a recent rights issue to shareholders.

The bank made the announcement following the approval of the Central Bank of Nigeria and the Securities and Exchange Commission on its equity offering of one ordinary share for every existing 10 units at a price of N3.50 each. The offer was fully subscribed by its shareholders.

The bank stated that it intends to strengthen its operations and improve its capital base ahead of the full implementation of Basel 2, which requires higher capital buffer for banks to accommodate credit as well as operational and market risks in the business of financial intermediation.

Group Managing Director, UBA, Phillip Oduoza, said at the announcement, “I am pleased with the successful completion of this rights issue, as it provides further leverage to exploit our growth potential.

“On behalf of the management of UBA, I appreciate the shareholders for their strong commitment towards the growth of our dear bank and for the unwavering confidence reposed in us in building a great pan-African institution.

“We will remain true to our promise of delivering superior and sustainable returns to all stakeholders over the near to long term, just as we are committed to the development of the African economies where we operate.”

The rights issue is coming on the heels of an earlier offer in December 2014, in which UBA raised N30.5 billion in tier-2 capital through fixed rate unsecured notes, maturing in 2021.

The bank has also completed the dual listing of its corporate bond on the Financial Market Dealers Quotation Over-the-Counter market and the Nigerian Stock Exchange.

Group Chief Financial Officer, Ugo Nwaghodoh, explained that, “This additional equity provides further capital buffer for us to grow our business over the medium term, with a strong positive outlook on delivering our performance guidance for the year.”

Results for the bank’s first quarter, which ended in March 2015, showed that its earnings rose by 22 per cent to N83 billion from N68 billion in the comparative period of 2014.

Zenith In Fantastic Lead As Most Actively Traded Stocks, Emerges NSE Most Capitalised

New-Zenith-Boss, Peter Olisamedua Amangbo

Based on its positive performance for a period of 15 months, Zenith Bank Nigeria Plc has emerged the most active and capitalised stock of the Nigerian Stock Exchange (NSE).Zenith Bank had in February, occupied the third position as the most capitalised stock, trailing behind Nigerian Breweries Plc and First Bank Nigeria Plc.

To achieve the new position, Zenith Bank Plc recorded 20.8 per cent increase in market capitalisation from N394.6 billion in February, to N476.5 billion in the month of March.Also, according to information obtained from the NSE, First Bank of Nigeria Plc occupied the second position with 12.7 per cent increase in market capitalisation from N422.04 billion to N475.41 billion.

Nigerian Breweries Plc occupied the third position with an eight per cent rise in market capitalisation from N431.1 billion to N465.1 billion, while Guaranty Trust Bank Plc and United Bank for Africa Plc (UBA), retained the fourth and fifth positions. They both recorded increased market capitalisation of 15.7 per cent and 16.8 per cent, respectively. According to NSE, Zenith Bank Plc emerged the most active stock with transactions volume of 763.7 million shares, followed by Access Bank Plc with 559.1 million shares, while First Bank of Nigeria Plc placed third with 542.3 million shares.

BA placed fourth with 538.2 million shares. Guaranty Trust Bank Plc occupied the fifth position with 524.9 million shares, while Diamond Bank Plc occupied the sixth slot with 452.9 million.The top three most active stocks accounted for 1.9 billion shares or 17.4 per cent of total traded stocks, while the top five most active stocks accounted for 2.93 billion or 27.3 per cent of total transactions during the month.

Zenith Bank plc recently, proposed a total dividend payout of N11.3 billion and a bonus of one-for-four for the reporting period ended December 31, 2009.The bank’s result indicates a pre-tax profit of N35 billion and a profit after tax of N20.6 billion out of which over N11 billion has been set aside for dividend pay-out. During the period, Zenith recorded gross revenue of N277 billion, up from N211 billion in 2008, representing a 31 per cent revenue growth and increasing dominance in its market share.

Equally impressive is the Capital Adequacy Ratio of the bank, which stands at about 30 per cent, three times the 10 per cent regulatory minimum requirement under the Basel II framework and also above the industry average. The bank’s liquidity ratio stood at 60 per cent and is more than double the 25 per cent minimum regulatory requirement. This very strong liquidity position is the product of well-articulated risk management policies and practices.

Wema Bank MD, Oloketuyi Rated Low By Stakeholders As SEC Axed Dangles With N700Million

wema bank, segen oloketuyi

Stakeholders In Wemabank are attacking Oloketuyi and he may face the music in the next Stakeholders meeting. Nigeria’s apex capital market regulator, the Securities and Exchange Commission (SEC) has ordered Wema Bank Plc to pay over N70 million for negligence.

The order was made by the SEC, after an all parties meeting pursuant to ?a petition written by BROADSTREET PARTNERSHIP, a Lagos based Commercial Law firm and Business Advisory Consultants on behalf of WEHSAC FARMS LTD, against WEMA BANK PLC for negligence and default of contract relating to the inability of Wema Asset Management Ltd, then a wholly owned subsidiary of Wema Bank; but now fully integrated into the Bank for non purchase of 7.0 million units of Daar Communication Plc shares during the company’s 2008 public offer.

SEC ordered Wema Bank to refund the sum of N35 Million with interest calculated at the current Monetary Policy Rate (MPR) plus five (5) percent from the date of allotment in 2008 till the date the compliant was lodged in the Commission on October 14, 2014 amounting to over N70 Million.

The petition to SEC was written on October 14, 2014 ?after series of letters to Wema Bank by the petitioner and their counsel failed to get the bank to act diligently.

The Bank and the petitioner were duly represented by lawyers at the all parties meeting that held in the Commission’s office on March 17th 2015.

It was further established by SEC that the respondent acted nonchalant in their handling of the transaction the subject matter of the petition and thereafter.

A letter obtained by InvestAdvocate addressed to the managing director (MD) Wema Bank with reference number SEC/LZO/L&I/INVG/1754 signed by Omotayo Adeleke on behalf of the director general (DG) and dated May 21, 2015 shows that the Commission established that the complainant WEHSAC Farms Ltd subscribed to 7.0 million units of Daar Communication shares in the 2008 public offer which the company never got.

Other facts established by SEC shows that the subscription was done through Wema Asset Management and the sum of N35 million deposited with a completed application form submitted accordingly.

Also, it was established that as a result of error, the complainant never received its share certificate or any notice of allotment of shares of Daar Communication.

SEC disclosed that after several unfruitful visits to Wema Asset Management’s office, the complainant wrote a letter of enquiry to First Registrars Ltd, Registrar to

Daar Communication in year 2011, requesting to know if any allotment of shares was made to the WEHSAC Farms in the said offer.

The complainant was informed by First Registrar that their names were not in the register of members allotted shares in Daar Communication as regards the 2008 offer.

The Nigeria’s apex capital market regulator revealed that Wema Asset Management Ltd by a letter dated August 19, 2011 three (3) years after the offer informed WEHSAC Farms that the said shares were allotted in a wrong name following their error in the list of subscribers forwarded to the Registrar and advised the complainant to apply to the Registrar for change of name.

According to SEC, the complainant declined the advice having filed the correct company’s name in the application form submitted; as it considered this the duty of Wema Asset Management who forwarded the wrong names to the Registrar to take necessary steps to rectify the error.

The Commission disclosed that thereafter no further action was taken by Wema Asset Management to rectify this mistake until 2014 six (6) years after the offer and when Wema Asset Management became integrated with Wema Bank Plc as a result of which the matter was taken over by the Bank.

Following the integration of Wema Asset Management with Wema Bank, the lender wrote to First Registrar on June 26, 2015 admitting the mistake made by Wema Asset Management which it acquired and requested for the confirmation of holdings and change of name.

A visit to First Registrar by InvestAdvocate, a copy of the Bank’s letter to the Registrar dated June 26, 2014 admitting error on the part of Wema Asset Management was made available to InvestAdvocate for citing.

Officers’ in-charge of the support services division of First Registrar confirmed to InvestAdvocate there was a name change from WEH Farms Ltd to Wehsac Farms Ltd with account number 181891. They also confirmed that the share certificate was still with them at the registrar.

SEC says despite the fact that Wema Bank had executed an indemnity form on behalf of the complainant, and a new certificate issued in the correct name, the complainant has refused to collect the new certificate due to the fact that the value of the shares has declined.

“It is pertinent to state that the counsel that represented the Bank at the All Parties Meeting scheduled for the resolution of this matter refused the avail the Commission with copies of all the documents requested which was in his possession,” SEC disclosed.

According to the apex capital market regulator, having established the facts, it is noteworthy that the purpose of investment is for yielding future benefit. “The complainant in this case was denied access to the instrument with which appropriate time bound investment decision could have been made through the negligence of Wema Asset Management Ltd in delaying its prompt rectification,” SEC added.

The Commission noted that the Rules for Code of Conduct for Capital Market Operators as embedded in schedule IX of SEC Rules and Regulation provides that operators as professionals should not engage in any act that would adversely affect and erode investor’s confidence.

SEC directed the lender to comply with its decision as regards the matter and revert to it latest June 5, 2015

InvestAdvocate contacted Onome Odili, head, brand management & marketing communications of Wema Bank to seek clarification from the side of the Bank as regards the matter.

She requested for the SEC letter to made available to her in order to follow up the matter with those in-charge, in a telephone chat with InvestAdvocate, this was availed to her.

On reverting to InvestAdvocate, she tried to find out if the former fully understood what was in the letter purportedly written by Wema Bank to First Registrar on June 26, 2014 admitting mistake by Wema Asset Management, requesting for confirmation of holdings and change of name.

Odili disclosed that Wema Bank has since responded to the Commission’s letter dated May 21, 2015 establishing its findings.

“Did you read the letter and what did the Wema Bank letter say,” she queried.

According to Odili, the bank is not seeing the matter as negligence, “we are not seeing it as negligence,” she said.

She promised doing an official letter to respond to our enquiries, “I will send you an email,” she added following questions by InvestAdvocate on the timeline for the official response.

As at the time of filing in this report, InvestAdvocate is yet to receive the official response via email from the Wema Bank’s head, brand management & marketing communications as promised by her.

Share price of the lender at the close of Wednesday’s session on the Nigerian Stock Exchange (NSE) declined 3.03 percent to 0.96 kobo from 0.99 kobo recorded the previous session; losing 0.03 kobo per share.

Fidelity Bank Gives Out N52m In Loyalty Scheme


Fidelity Bank Plc has rewarded loyal customers with the sum of N52 million in its ongoing ‘Fidelity Loyalty Savings’ scheme.

A total of 106 customers were rewarded in the second batch. A breakdown of this showed thar 80 beneficiaries received N500,000 “Xtra income” each, under Fidelity Personal Savings Scheme (FPSS) while 26 ‘Sweeta’ account holders received N150,000 “School fees support” each.

Speaking at an event to reward the lucky customers, Executive Director, Shared Services, Fidelity Bank Plc, Chijioke Ugochukwu, said the bank is focused on giving its customers extra value in its service. She said the loyalty scheme was designed to encourage customers to save.

“It is not easy to save. It is a conscious choice you have to make, even though it is for your good, especially now that things are tough. So, we think that the bank as a financial institution with the well being of its customers at heart, is using such a loyalty scheme to draw attention to the benefits of saving.

“Saving a little everyday and every month, makes a tremendous difference. One of the important things we want parents to reach their children is how to save for the rainy days and as the children grow up, it will be part of them,” the executive director said.

According to her, the reward was for customers across the country.
She said the scheme was designed to appreciate customers that had opened FPSS and Sweeta accounts respectively. The accounts are interest-yielding which allows deposit of cash, cheques and dividend warrants. In addition, the FPSS and Sweeta accounts can be opened with any amount.

“Another presentation will be held next month to a fresh set of beneficiaries of the scheme. So, open and start saving today and you could win extra income and school fees support,” she added.

Why UBA Big Boy, Ikpobe Resigns, As Bank Announces Key Appointments

Phillips Oduoza, UBA - MD

Contrary to speculation that his ambition was the issue, Younews can tell you that Apollos has other project on his mind. And United Bank for Africa (UBA) has realigned its Nigeria operations and announced new appointments as part of concerted efforts to improve on the bank’s current growth momentum and deliver on stellar results in the current financial year and beyond.

As part of the realignment, the bank has streamlined its operational structure by creating five directorate heads to man various Strategic Business Groups (SBGs) in UBA Nigeria to achieve optimal span of control and more effective supervision in a bid to drive improved customer relationship.

LEADERSHIP further gathered that the activities of the bank in Lagos, Oyo, Ogun, Kwara, Ekiti and Osun states of the country will now be super               vised by Liadi Ayoku whilst Tari Ekpebu will oversee Rivers, Bayelsa, Cross Rivers, Akwa- Ibom, Edo and Delta States.

Aisha N’ Allah will be responsible for the Group’s business in Sokoto

Kebbi and Zamfara while Ibrahim Puri will oversee UBA’s operations in Bauchi, Kogi, Nassarawa, Borno, Yobe, Plateau and Adamawa States and Mohammed Abubakar, will supervise the bank’s operations in Kaduna, Kano, Katsina, Jigawa, and Niger states.

The new appointments and realignment take immediate effect.

Also, the Group managing director/CEO of the pan-African banking Group Phillips Oduoza said, “This repositioning exercise was done to bring our senior and more experienced staff closer to the customers to facilitate improved relationship management and decision making.”

Meanwhile, the Board of Directors of United Bank for Africa (UBA) Plc has accepted the resignation of Mr Apollos Ikpobe from the bank. Ikpobe who was deputy managing director, Domestic Bank, resigned effective June 11, 2015 to pursue other interests.

UBA is a leading provider of innovative banking and financial solutions across Africa. With operations in 19 African countries and offices in New York, London and Paris, UBA is connecting people and businesses in the continent and across the globe.

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