News

UBA to raise N239bn via rights issue

Published

4 hours ago

November 15, 2024

United Bank for Africa Plc has issued 6,839,884,274 ordinary shares of 50 kobo each at N35 per share in a rights issue to raise N239.4bn in a bid to meet the fresh capital requirements of the Central Bank of Nigeria.

The rights issue which opened on Friday (today) allows existing shareholders to purchase one new ordinary share for every five existing ordinary shares held by shareholders as of November 05, 2024.

In late March, the CBN announced an upward review of the minimum capital requirement for banks in the country.

In a letter to the shareholders informing them of the rights issue, the Group Chairman of United Bank for Africa, Tony Elumelu, noted that following the resolution of the Group’s shareholders at the Annual General Meeting held in May 2024, authorising the establishment of the N400bn Equity Shelf Programme, UBA will embark on a Rights Issue, as the first step in its broader capital raising programme.

“UBA’s Rights Issue aims to raise N239.4bn, through the issuance of new ordinary shares to our shareholders. The primary objective of this rights Issue is to further strengthen our capacity to take advantage of growth opportunities and sustain our leadership in the banking industry,” Elumelu said in the letter.

On the use of proceeds, Elumelu noted that, beyond regulatory compliance, the funds will expand the Group’s lending capacity, invest in digital infrastructure, support sustainable business practices, and expand the group’s African operations.

Elumelu also highlighted how UBA is driving economic growth across Africa, saying “Our historic partnership with the Africa Continental Free Trade Area Secretariat, where UBA pledged up to $6bn in financing over the next three years to support eligible SMEs across Africa underscores our commitment to fostering economic development.”

It was revealed that application for the provisional allotment of the Rights to the new ordinary Shares will be made exclusively through the NGX e-offer portal, during the offer period, while existing shareholders may also apply for additional shares above their provisional allotment as described in the Provisional Allotment Letter. Shareholders who are customers of the Bank are also encouraged to access their Rights through UBA’s internet banking and mobile banking channels.

At the end of the third quarter, the gross earnings of UBA appreciated by 83.2 per cent year-on-year to N2.39tn from N1.31tn in the same period of 2023. Its profit before tax went up by 20.2 per cent to N603.48bn from N502.09bn in Q3 2023, while profit after tax also rose by 16.9 per cent to N525.31bn from N449.26bn recorded a year earlier.

The lender’s total assets rose to N31.80tn, representing a 54.0 per cent increase over the N20.65tn recorded at the end of December 2023.

In the 2023/2024 report year, UBA won ‘Bank of the Year’ awards in eight of its subsidiaries – Cameroon, Chad, Ghana, Cote d’Ivoire, Mozambique, Republic of Congo; Sierra Leone; Tanzania, as well as the Regional Award for Africa and in 2024 has won World Best Frontier Markets Bank and Best SME Bank Africa.

UBA Plc offers banking services to more than 45 million customers, across 1,000 business offices and customer touch points in 20 African countries.

News

Bury the thought, it’s not your destiny to be president – Wike’s Aide carpets Atiku

Published

40 minutes ago

November 15, 2024

Naijablitznews

Senior Special Assistant on Public Communications and New Media to Federal Capital Territory FCT Minister, Lere Olayinka, has told former Vice President, Atiku Abubakar to jettison his ambition to govern the country in 2027, saying the 2023 Peoples Democratic Party PDP presidential candidate was not destined to rule the country.

Olayinka in a statement in Abuja yesterday, said “The PDP presidential ticket will no longer be available to be wasted by serial betrayals of the party, who are obviously suffering the consequences of their past sins against the party and its members”.

Insisting that Atiku should perish the thought of contesting the 2027 presidential election as candidate of the PDP, Olayinka said “Alhaji Atiku Abubakar and those egging him on for their benefits should let the PDP breathe.”

FCT Minister, Ezenwo Nyesom Wike had said during a live media parley in his office in Abuja on Wednesday that there would be no chance for Atiku, who was the 2023 Presidential candidate of the PDP to secure the party’s ticket in 2027.

Reacting through his Media Aide, Phrank Shaibu, Atiku had alluded to his defeat of Wike to pick the 2023 PDP presidential ticket as well as the former governor of Sokoto State, Aminu Tambuwal, to emerge as the candidate in 2019.

However, in a statement yesterday, Olayinka, said Atiku’s “celebration of his narrow and fraudulent defeat of Wike in the 2022 PDP primary was funny and childish”, adding that “it is like Arsenal fans jumping to the rooftops to celebrate the club’s narrow defeat of Super Falcons.”

He said: “That Atiku is venerating himself for contesting PDP ticket with Wike and Tambuwal, people who were just a little above 25 as of 1993, when he contested the Social Democratic Party SDP presidential primary and came third, is the more reason he needs to go home and rest and stop acting like the proverbial cock that failed to realize that it is now elderly.”

Describing Atiku as someone not destined to be president of Nigeria, Olayinka said; “It is obvious that he (Atiku) is paying the price of betraying the PDP in 2003, 2007 and 2014. If not, the same presidency he has contested twice and lost, could have been his to just pick if he had avoided being inordinately ambitious while he was Vice President.”

“It was this desperation that made him to contest for president as candidate of Action Congress in 2007, while still serving as Vice President, elected under the platform of the PDP. A serving Vice President joining others to form another party and contesting as candidate of the new party against his own party.

That’s Alhaji Atiku Abubakar!

“Most importantly, Atiku’s conscience will continue to prick him on his roles in Lagos in 2023, and I am sure that even his apology to PDP members in 2018 can never remove from his body, that garment of betrayal.
“Therefore, it is again being sounded to his ears and those of the people lying to him that he is the only one who can win the presidency for the PDP that the ticket of the party will not be for someone like him, who will lose election and run to Dubai, only to come back two years to another election”, Olayinka added

CityNews

News

Confusion As ‘Baltasar Engonga’ was cornered and fl0gged by husbands of the women he sl3eps with

Published

47 minutes ago

November 15, 2024

Naijablitznews

A man dubbed Zimbabwe’s own “Baltasar” faced violent retribution from a group of enraged husbands after being accused of having affairs with their wives.

In a video shared by Crimewatch Zimbabwe on X (formerly Twitter), several men from the Mapostori sect were seen beating the man, holding him down while others struck him with what appeared to be rubber sticks.

The video, recorded by a witness and later posted on social media, shows the men interrogating him. At one point, one of the attackers questions, “How many women have you slept with, and why did you do it?” Reports indicate that the man allegedly engaged in these relationships after some women claimed their husbands were not satisfying them.

Social media reactions were swift, with users tagging the police to intervene and arrest the men involved in the assault. Many viewers expressed shock, noting a recent rise in arrests related to assaults on cheating partners and their spouses.