United Bank for Africa (UBA) Plc, has posted N525.31 billion Profit after tax for the third quarter ended Sept. 30.

The bank disclosed this in its unaudited financial report filed with the Nigerian Exchange Ltd.(NGX) on Monday in Lagos.

This indicates 16.9 per cent increase, from N449.

26 billion posted in 2023.

Its profit before tax also rose by 20.

2 per cent to close at N603. 48 billion, compared to N502.09 billion recorded in the same period of 2023.

The bank’s gross earnings for the quarter grew by 83.2 per cent to N2.398 trillion, up from N1.308 trillion recorded in the corresponding period of 2023.

Also, its net interest income for third quarter stood at N1.

103 trillion, indicating 149 per cent surge from N443.0 billion posted at the end of the third quarter of 2023.

Group Managing Director, UBA, Mr Oliver Alawuba, said that the bank continued to maintain a strong balance sheet in the period under review, with total assets rising to N31.801 trillion.

Alawuba added that the figure represented 54.0 per cent increase over the N20.653 trillion recorded at the end of December 2023.

He noted that the bank benefitted largely from its technology-led initiatives, targeted at improving customer experience over the past few years, with its total deposits rising to N26.50 trillion.

According to him, this shows 52.7 per cent increase from N17.355 trillion at the end of the last financial year.

Alawuba further said UBA’s shareholders’ funds grew to N3.585 trillion from N2.030 trillion recorded in December 2023, due to strong capacity for internal capital generation and growth.

The GMD noted that the group continues to record strong and sustainable growth in its various revenue streams, building on its strong performance earlier in the year.

According to him, the bank’s performance has been underpinned by consistent strong growth on all core and sustainable banking income lines.

“The UBA group achieved a profit before tax of N603.5 billion and our intermediation business continues to show strong growth with net interest income expanding by 149 per cent Year-On-Year to N1.10trillion.

“NIM closed at 8.03 per cent, which is 17.60 per cent above the 2023 position, despite persisting macroeconomic headwinds, geopolitical tensions, insecurity, inflationary pressure and exchange rate volatilities across our markets.

“Our substantial investments in technology are yielding tangible business value. This commitment is instrumental in delivering enhanced customer experiences and optimising operational efficiency,”he said.

Commenting, the bank’s Executive Director, Finance and Risk, Mr Ugo Nwaghodoh, expressed excitement on the milestone reached in driving operational efficiency.

Nwaghodoh said this was reflected in cost-to-income ratio normalising around the 50 per cent range.

He stated that the growth recorded on the shareholders’ funds demonstrated the group’s significant capacity for future growth.

On plans to consolidate the bank’s performance for the rest of the 2024 financial year and beyond, Nwaghodoh said, “We remain on track with various strategies to optimise our cost of funds and operating expenses.

“The group has finalised plans to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions.

“UBA remains committed to sustainable growth in its core banking revenue lines and maintaining its strong compliance and risk management culture, even as the group identifies further opportunities to expand.”UBA is a Pan-African financial institution offering banking services to more than 45 million customers, across 1,000 business offices and customer touch points in 20 African countries. NAN

By Mike Odiakose, Abuja

Economic and Financial Crimes Commission (EFCC) has filed 14 fresh charges of alleged N5.78 billion fraud against former Kwara State Governor, Abdulfattah Ahmed.

Charged alongside the former governor is former Commissioner of Finance during his administration, Ademola Banu.

The charges were filed yesterday at the Kwara State High Court in Ilorin, presided over by Justice Mahmud Abdulgafar.

The EFCC accused Ahmed and Banu of diverting and misappropriating public funds meant for state projects and security.

This new arraignment follows the withdrawal of the case from the Federal High Court, Ilorin after the trial judge, Justice Evelyn Anyadike was transferred.

The case, which had initially been filed in April 2024, is now being heard afresh.

The former governor and his finance commissioner were originally charged with mismanaging public funds, to which they had pleaded not guilty.

While both names appeared in most of the 14 charges, one count accused only Ahmed of failing to fill out an assets declaration form when arrested by the EFCC. This offence, under Section 27 of the EFCC Act carries a five-year jail term.

Among the allegations, Ahmed is accused of using over N1.6 billion, intended for security and administrative purposes, to charter private jets through a travel company.

He and Banu are also accused of conspiring to steal funds meant for teachers’ salaries, security, and infrastructure in the state.

One of the charges specifies that on January 14, 2015, Ahmed and Banu illegally spent N1 billion, initially allocated to the Kwara State Universal Basic Education Board (SUBEB) on civil servants’ salaries.

The funds were meant for projects approved by the Universal Basic Education Board (UBEC).

Another charge alleges that between July 25 and September 7, 2016, they dishonestly transferred N990.5 million from the SUBEB Matching Grant account to Polaris Bank to repay a loan, contrary to the Free Universal Basic Education Act.

During yesterday’s court session, EFCC counsel Rotimi Jacobs (SAN) asked the court to accept the charges and allow them to be read to the defendants, which was not opposed by the defence team. Both defendants pleaded not guilty to all charges.

Defence counsel Kamaldeen Ajibade (SAN) and Gboyega Oyewole (SAN) requested that the bail previously granted to their clients be continued, noting that the case has been ongoing since 2019 and the defendants had complied with all bail conditions.

Justice Abdulgafar granted the defendants bail in the sum of N100 million each, with two sureties each. One surety must be a serving or retired permanent secretary in Kwara State.

The case was adjourned till December 4 and 5 for further hearing.Abdulfatah and Banu were first arraigned on a 12-count charge of mismanagement of public funds before Justice Anyadike on April 29 to which they pleaded not guilty.

By David Torough, Abuja

Former President Olusegun Obasanjo yesterday said the world is in serious leadership deficit.

Speaking at the 11th African Biblical Leadership Initiative (ABLI) 2024 Conference in Abuja, the former president lamented, “If there is any shortage in supply of anything in the world today, it is leadership.

”

The conference bore the theme Value-based Leadership: Model for Africa focused on raising new generation of transformational leaders in Africa and Nigeria in particular.

Obasanjo said, “Deficit of leadership is our major problem in the world today and of course, Africa being part of the world, we are not exempted and if you like, Nigeria being part of Africa, we are not exempted.

“When I got invitation as a chairman of this occasion, I took a critical look at the Biblical quality of leadership of great leaders in the Bible.

“These people possessed knowledge and understanding, they had mission, compassion and were competent and very close to God who is the greatest leader,” he said.

Obasanjo challenged world leaders, including those in Africa and Nigeria in particular, to lead with fear of God to overcome the present challenges.

He said leaders must possess, “quality of Biblical leaders who ruled the world of their generation with God’s wisdom”.

Also speaking at the event, the First Lady, Sen. Oluremi Tinubu said leaders at all level must promote justice to actualise the dream of “value-based leadership”.

Represented by Mrs Gloria Akobundu, the first lady said the value of justice is the foundation of Godly leadership as it ensures fairness, equity, equality and protection for everyone, especially the vulnerable in the society.

“Africa is at the crossroads facing numerous challenges that require effective godly leadership.

“As Christian leaders, we must embrace the value-based leadership model that reflects the teaching of Jesus Christ.

“This model is built on four foundational values – justice, integrity, wisdom and social harmony,” she said.

Prof. Jerry Gana, a former Minister of Information said leadership is critical to development in Africa and Nigeria in particular.

Gana said one of the objectives of the conference was to seek, unveil and inculcate fresh ideas to redefine the character of leadership and governance and transform the continent of Africa.

“In this very important and timely conference, we will unveil a fresh path to a brighter future that will help to redefine the character of leadership and governance and transform the continent of Africa.

“We want to thank the Bible Society of various countries coming together to continue with this conference that was started in 2010 in Addis Ababa, Ethiopia aimed at inspiring values in world leadership.

“In the world, characterised by unprecedented challenges and complexities, Africa stands at a critical juncture, the need for visionary, ethical, value-based leadership cannot be overlooked,’’ he said.The Keynote Speaker, Justice Mogoeng Mogoeng said African leaders must take the advantage of huge God-given resources to alleviate the people’s sufferings.