Union Bank Declares 25 Kobo Dividend For 2020 On Strong Business Fundamentals Despite Impact Of Covid-19

 Union Bank has released its audited financial statements for the year ended 31st December 2020. The bank’s results for the period show sustained growth in key income lines and significantly improved fundamentals, notwithstanding a constrained operating environment largely due to the impact of the Covid-19 pandemic.

Union Bank’s investments in technology and building a progressive work culture over the past eight years, enabled a swift response to the pandemic that allowed our workforce transition to remote working while maintaining the productivity required to deliver these strong set of results in 2020.

Commenting on the results, Emeka Emuwa, CEO said:

“The Bank has delivered a strong set of results notwithstanding the impact of COVID-19 on our operations and the wider economy, enabling the Board of Directors to continue to return value to shareholders with a proposed dividend payment for the second year in a row. This demonstrates the strong foundations we have built, as we continue to deliver against our target of becoming a leading financial institution in Nigeria.

For the full year, we grew across key income lines. Net income after impairments grew 8.3% from ₦95.5bn to ₦103.4bn and translated into 2.8% growth in Profit Before Tax to ₦25.4bn from ₦24.7bn.

The core of this performance is driven by the growth in our loan book, with 23.8% increase in gross loans, to ₦736.7bn from ₦595.3bn in 2019.

The pandemic accelerated trends in customer behaviour and we have seen rapid increase in digital adoption with a 38% YOY increase in active users on our UnionMobile channel with total active users now at 2.9 million. Our UnionOne and Union360 platforms for businesses grew by 11% from 25,000 users to 27,700 users. 94% of transactions in the Bank are now done digitally, up from 89% in 2019.

We also aggressively grew UnionDirect (our agent network) by 6x from 3,100 to 18,100 in line with our focus on our retail business. With our investments yielding positive results, we are well positioned as a strong leader in the retail and digital space.

In 2021, the Bank will focus on enhancing revenues and shareholder value by revving up customer acquisition, engagement and transactions through seamless customer journeys and an optimized service delivery platform.

As I retire following eight years of rebuilding and repositioning this storied institution, I am convinced that with the excellent management team and a clear strategy in place, Union Bank is well positioned to continue to compete and deliver value to its shareholders.

Speaking on the FY 2020 numbers, Chief Financial Officer, Joe Mbulu said:

“We are pleased with both our top and bottom-line performance in 2020, in light of the impact of the pandemic and economic challenges. Significant inflationary pressures and the translation of currency depreciation drove growth in our cost base, however we maintained strong control, limiting operating expense increase to 10% (₦77.9bn from ₦70.8bn), well below the rate of inflation. Consequently, we saw marginal increase in our cost to income ratio to 75.4% from 74.1%.

Our customer deposits hit a milestone during the year, crossing the ₦1tr mark to ₦1,131.1bn from ₦886.3bn in FY 2019, an increase of 27.1%. Low cost deposits were up by 17%, constituting 68% of total deposits helping to push cost of funds down by 1.4%.

We continued to proactively manage our growing risk asset portfolio and recorded better asset quality, with our NPL ratio improving from 5.8% to 4.0%. This achievement, combined with a solid capital adequacy at 17.5% and continued top-line growth, provides the platform for strong growth going forward.

We will continue to grow our loan portfolio in 2021, which we expect to be a significant driver of growth, combined with our value chain synergies across our business which will drive customer and transaction growth during the year and beyond.

Our UBUK subsidiary remains classified as “Available for Sale” as the sale process continues albeit delayed due to the pandemic-induced lockdowns”

Nigeria Is At The Brink Of Collapse - Senator, Ali Ndume Cries Says

 

Senator representing Borno south district, Ali Ndume has shared his thoughts about the current state of country.

The lawmaker who spoke at a press conference on Saturday March 13, stated that the country is at the brink of collapse and Nigerians don’t seem to understand the seriousness of the situation.

Recounting the history of crimes in the country, Ndume said;

“The fundamental thing that keeps the country going is security and welfare of the citizens. That’s why our constitution clearly states that the purpose of government is security and welfare of the citizens. You know these two key things are now under threat in Nigeria.

“At the beginning, it started like a joke, staring from small stealing and all that. That culminated into armed robbery. In the early 70s in this country, you hardly hear of armed robbery. I remember when we were in secondary school. One of the first armed robbers that was executed at the beach in Lagos was Oyenusi; they call him ‘rob and kill’. Over 30,000 people gathered at the beach to watch his execution with his colleagues. The next one that was famous was that of Anini. But other than that, before today, armed robbery was a small crime in Nigeria.

“You see people involved in banditry, kidnapping, and of course, the insurgency that has bedevilled the north-east for the past 11 years now, to the extent that in Maiduguri now, once it’s 5 o’clock, you cannot go in or come out of Maiduguri. From all angles. By 10 o’clock, Maiduguri is shut down. You can’t go anywhere. In fact, this is even an improved situation.

“We hear of kidnapping, banditry, and all sorts of crime these days. The nation is at the brink of collapse. The unfortunate thing is that Nigerians, from top to bottom, still trivialise, tribalise or give the situation religious colouration, and we’re now in this sorry state.”

Ndume who further stated that the country's problem is so much, added that the solution is with Nigerians.

He added;

“The situation is terrible and whenever there is a forum like this, I think there is the need for us to talk and proffer solutions. I, as a legislator with experience going to 20 years now, I must confess to you that I’m confused. I’m truly confused. The problem in this country is so much today, that the solution to it is only with us.

“Unfortunately, Nigeria is one of the religious countries. So, most of us now resort to God. We say ‘let us pray’, and we see the pastors and imams are thriving. Tomorrow, most of you will flock to churches to raise up your hands and start shouting to God. Well, it’s good.

“I’m a Muslim, a dedicated one, but I believe God will only answer your prayers if you genuinely confess your sins and you truly believe in God and you truly do your own bit. If you do your own bit rightly, then God will help you. But if you just sit there, perpetuate criminality, tribalism and other sentiments, and then you expect God to solve your problem, then, you’re wasting your time.”

Woe Unto You —Boko Haram Leader, Shekau Lambast Sheikh Gumi For Negotiating With Bandits

 

The leader of Boko Haram terrorists, Abubakar Shekau, has lambasted Kaduna-based Islamic cleric, Sheikh Ahmad Gumi, for negotiating with bandits.

Gumi had recently embarked on a tour to armed bandits’ hideouts in the forests to strike peace deals with the criminals.

The cleric’s tour had drawn mixed reactions among Nigerians, with many, including the governor of Kaduna state Nasir El-Rufai, condemning the move.

But in an audio that is 1 hour and 55 minutes long, obtained by DAILY NIGERIAN, Shekau said Gumi was among those who deliberately transgress.

“Oh Ya Ahmad Gumi! Oh Ahmad Gumi, now you are wandering around, addressing Fulanis, and thinking you are serving God.

“Just because you are called doctor or Sheikh? Woe unto you, Ahmad Gumi,” he said.

Quoting chapter 7:175 of the Qur’an, the terrorists leader said of Gumi: “And relate to them O Prophet the story of the one to whom We gave Our signs, but he abandoned them, so Satan took hold of him, and he became a deviant.”

Shekau also faulted the Minister of Communication and Digital Economy, who is a Muslim cleric, for joining a government under democratic setting.

“To you (Gumi) and others like Pantami, who is even a minister, huh? And still a cleric? Ask yourself! Oh clerics who savour the taste of power seasonings, ask yourselves,” he said.

“You all know democracy is the ideology of Jews and Christians, why didn’t you leave government?

“Despite knowing the truth, you are using the Qur’an to preach democracy. Why this?”

Kizz Daniel Former Label, G-WorldWide Set To Tantalize Movie Lovers With Suga Suga (Photos)

Leading Nigerian 360 Entertainment Company G-Worldwide is set to release their debut feature film "Suga Suga" in cinemas nationwide, produced by New York Film Academy graduate and budding movie producer, Louiza Williams. Directed by Richard Omos Iboyi and Executively produced by Festus Ehimare (Emperor Geezy).

Filming and post-production was rounded up in early 2021 and the movie is set to be released in cinemas nationwide on March 26th, 2021.

With an ensemble cast that includes some of Nollywood's finest, such as veterans, Taiwo Obileye, Charles Inojie, Ayo Adesanya, and heavy hitters Wole Ojo, Gregory Ojefua, Tana Adelana, Vivian Anani, Christian Paul, and a host of other amazing talents. Nigerians are definitely in for a treat, as this movie does not disappoint.

Suga Suga is a romantic comedy centered around the family of a wealthy billionaire whose lust for young girls tears his family apart on the one hand and also an intelligent young man who after failing to get a job with his driving school certificate, decides to disguise and work as a maid in the billionaire's mansion.

The movie has lots of twists and turns that will keep you on the edge of your seats while tickling your funny bone the entire time. It's a great movie that can be enjoyed by the entire family, it should definitely make your list of must-watch movies for 2021. See movie poster, behind the scene photos.

Sultan Of Sokoto Says Gowon, Obasanjo, Ironsi Laid Foundation For Insecurity In Nigeria

Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar III has alleged that the regimes of Generals Aguiyi Ironsi, Yakubu Gowon and Olusegun Obasanjo laid the foundation for insecurity currently witnessed in the country. 

The monarch who spoke at a meeting with the Steering Committee of the Senate Constitution Review Committee on Thursday March 11, said Ironsi’s 1966 Unitary Government Decree, Gowon’s 1967 and Obasanjo’s 1976 Local Government Reforms Decrees stripped traditional rulers of their powers and gave same to the local government councils. 

According to him, these decrees relegated the traditional institution to the background with no constitutional role. The Sultan of Sokoto who was represented at the event by the Etsu Nupe Alhaji Yahaya Abubakar, averred that before the 1976 local government reforms, Nigeria was progressive, peaceful, decent and full of beautiful traditions and cultures. 

The monarch appealed to the National Assembly to restore their constitutional powers, and also alleged that the colonialists needed the traditional rulers to consolidate their indirect rule; the politicians to stabilize their governments and the military, to gain acceptance. He said; “All the respective levels of governments needed them to maintain peace and security as traditional rulers were always at hand to douse conflict that the police, the military and the government officials could not contain. “Currently, traditional rulers do not have the constitutional or other legal backings to perform effectively as they’re not even mentioned in the 1999 constitution. 

This is a great departure from all earlier constitutions that recognized them, and even gave them some functions to perform. “Indeed, all the Nigerian earlier constitutions gave the chairmen of the State Councils of Chiefs seats in the National Council of State alongside former Presidents and Chief Justices.” He added that the constitution should be amended to give the traditional institution a unique constitutional recognition, noting that no community or nation would thrive successfully without due consideration of its historical evolution, customs, values and beliefs. The Sultan said; “The constitutional provision should provide for states to enact state laws that cater for specific peculiar matters relating to traditional rulers in the respective states. In addition, the chairmen of the State Councils of Chiefs should be recognised by the constitution as members of the Council of State as it has been in all the Nigerian constitutions, except the 1999 one."