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NEWS

UBA Is Well-Positioned To Benefit From Recovery Trends In 2021 Says Elumelu

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Pan African financial institution, United Bank for Africa (UBA) Plc has assured its teeming shareholders and investors of even greater returns in the coming months, with the bank having established a diversified business model that ensures impressive performance even in periods of uncertainty, across its geographical network.

UBA Group Chairman, Tony O. Elumelu, who gave this assurance to shareholders at the 59th Annual General Meeting at the UBA Head Office, on Thursday April 1, 2021, explained that the bank has made strategic decisions that will strengthen its resolve to earn the industry leadership that it has envisioned in Nigeria, Africa and globally.

“We spearheaded strategic investments in our digital banking and technology platforms to further promote self-service banking; we have also focused on enhancing the capabilities of our people through various online capacity development programmes,” Elumelu added, “Our African operations (ex-Nigeria) have contributed approximately 55% of our profits for the year, illustrating that we are truly a pan-African bank.”

To this effort, UBA Ghana contributed 11% of the Group’s Operating Income and 12% of the Group’s profit before tax. UBA Ghana also contributed 9% of the Group’s Profit After Tax.

The Group Chairman further explained that the bank remains committed to ensuring its viability amid an ever-changing business environment and to continue be a role model for African businesses by showcasing the best of Africa to the world. “The work we have done in strengthening our governance structures Group-wide and in improving our business and operating models in 2020 positions our bank to benefit from these recovery trends and to achieve significant market share gains across our operations,” he noted.

At the end of the 2020 financial year, UBA’s profits grew remarkably by 27.7 percent to N113.8 billion (GHS 1.59 billion), compared to N89.1 billion (GHS 1.25 billion) recorded at the end of the 2019 financial year, whilst profit before tax was impressive at N131.9 billion (GHS 1.85 billion), compared to N111.3 billion (GHS 1.56 billion) at the end of the 2019 financial year.

Gross earnings grew by 10.8 percent to N620.4 billion (GHS 8.69 billion), compared to N559.8 billion (GHS 7.84 billion) recorded in the same period of 2019 whilst total assets also grew by 5.6 percent to an unprecedented N7.7 trillion (GHS 107.8 billion) for the year under review.

In its usual tradition of rewarding shareholders, the bank proposed a final dividend of N0.35 kobo for every ordinary share of 50 kobo, bringing the total dividend for the year to N0.52 kobo as the bank had paid an interim dividend of N0.17 kobo earlier in the year.

Shareholders at the meeting commended the bank’s decision to plough-back some of its profits into business consolidation, adding that these times call for prudent and effective management of financial resources for all businesses especially those with high shareholding rate such as UBA.

One of the shareholders, Sir Sunny Nwosu, who spoke at the meeting, commended the board and management of the bank company for keeping up with its activities despite the Covid-19 pandemic and its resultant effect on major businesses.

Whilst advising the company to gear up efforts to increase dividends in the next financial year, Nwosu praised UBA’s for ensuring that the African subsidiaries performed well by contributing 55% to the Group’s business.

Another shareholder, Nonah Awoh, who agreed with the improvement recorded from the bank’s Ex-Nigeria’s subsidiaries, encouraged the management to boost other subsidiaries with the needed resources to help them perform even better in the current financial year.

UBA’s Managing Director/Chief Executive Officer, Kennedy Uzoka, who responded to shareholders’ comments at the meeting spoke on the reduced dividend pay-out this year, explaining that the bank had decided to be conservative to further strengthen the business.

He said, “As an institution that has been in operations for 72 uninterrupted years, UBA wants to continue to perform optimally. In line with this, we have used most of our funds to prepare for unforeseen challenges. Given the trajectory and the resilience of our business, we can assure you that we will meet and surpass the expectation of you our shareholders.”

Continuing, he said, “We have recalibrated our business structure, starting from Lagos and extending to the South-South. We have bolstered them with the necessary leadership to achieve our aim. We believe that with these measures we have put in place, our Nigerian business will give the rest of Africa a good fight,” Uzoka said.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points. Operating in 20 African countries with presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

EVENT NEWS

Gidochi Releases Official Video for “You P3”

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After a successful release of his Mixed Feelings Acoustic video in April, and recent activities of teasing
new images on his social media platforms, Gidochi finally presents us with another extraordinary visuals to complement his classy and well produced record titled “You P3“.
The beautiful song which was lifted from his Mixed Feelings EP conveys the message of assurance for a
lover. It has been a favorite of many since its release in November 2020.
The enchanting visuals directed by Ghana’s Kobe Outta features the talented singer riding on a vintage
motorcycle while having a fun time with his girl.
The rest of the video also displays captivating scenes with Gidochi showing vulnerable emotions.
More importantly the clip synchs with the concept of the song.
It is impressive to say the ‘Supernova Records‘ signee’s music videos over the past years have been
works of art. His music video XXL, was recently nominated in the ‘best edited’ and ‘best photography”
categories at this year’s 4syte Music video awards.
The “High With Me” composer has not only proven to be an amazing singer, he has also proven to be a
professional musician by serving memorable visuals that connects audiences to his music.

Watch Video Below:

Gidochi

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NEWS

Refreshing New Addition: The New GROHE Tempesta 250 Head Shower

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Rain showers are still trendy: 55% of Germans would like to have a generous head shower in their shower where the spray pattern covers the whole body like raindrops.

With its full-face Rain spray and a generous diameter of 250 mm, the new GROHE Tempesta 250 head shower, which is manufactured in the own shower competence center in Lahr, Germany, is impressive in every aspect.

Thanks to its slim, minimalist form with an elegant chrome finish, it is also an ideal fit for a modern bathroom design. Additionally, it offers a lot of installation flexibility thanks to different product variants: in a round or square design, it is available as a single head shower, in a set with a shower arm, or as a complete shower system.

Equipped with the water-saving GROHE EcoJoy technology, Tempesta 250 promises showering comfort even without a bad conscience: A flow restrictor reduces the water consumption to a sustainable 9.5 litres per minute.

At the same time, the perfect geometry of the nozzles ensures that the water flow remains powerful – for a voluminous shower experience without compromising on performance. A perfect match for 66% of Germans who are searching for a shower which assists them in being sustainable in their day-to-day life

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About GROHE

GROHE is a leading global brand for complete bathroom solutions and kitchen fittings and has a total of over 6,500 employees in 150 countries – 2,600 of them are based in Germany. Since 2014 GROHE has been part of the strong brand portfolio of the Japanese manufacturer of pioneering water and housing products LIXIL. In order to offer “Pure Freude an Wasser”, every GROHE product is based on the brand values of quality, technology, design and sustainability. Renowned highlights such as GROHE Eurosmart or the GROHE thermostat series as well as groundbreaking innovations such as the GROHE Blue water system underline the brand’s profound expertise.

 Focused on customer needs, GROHE thus creates intelligent, life-enhancing and sustainable product solutions that offer relevant added value – and bear the “Made in Germany” seal of quality: R&D and design are firmly anchored as an integrated process in Germany.

GROHE takes its corporate responsibility very seriously and focuses on a resource-saving value chain. Since April 2020, the sanitary brand has been producing CO2-neutral worldwide. GROHE has also set itself the goal of using plastic-free product packaging by 2021. In the past ten years alone, more than 460 design and innovation awards as well as several top rankings at the German Sustainability Award have confirmed GROHE’s success. GROHE was the first in its industry to win the CSR Award of the German Federal Government and was also featured in the renowned Fortune® magazine’s ranking of Top 50 that are “Changing the World”.

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EVENT NEWS

Video Premiere: Kay Bryn – Money

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Ghanaian Hip-hop sensation Kay Bryn has a new one and calls this one “Money” In a special interview with Starbuzz TV when asked about the inspiration behind this song he said “I got the inspiration by a comedy skit which was circulating on social media. It was about a man telling his girlfriend how wild he is thinking of how to make money and so the girlfriend shouldn’t disturb him or try not to seduce him.

Money has always been the ultimate goal for a lot of millennials and I have decided to motivate people through my music about the right way of getting that money. Drill was the best way to do this and I believe this will be the jam for this summer and beyond”.

Stream Money on all digital platforms here: https://starbuzzmusic.lnk.to/KayBryn-Money

Watch official music video of Money below:

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