Symbiotic relationships are often key in sustaining commitment between two or more people. For the United Bank for Africa (UBA) Plc, its symbiotic relationship with its customers is sacrosanct.
Infact, one of their key derivatives is passion for overall development and success of its customers. This they have constantly shown over the years through several economic empowerment programmes, essentially giving back to the customers who have entrusted their money to the bank.
By placing value on their customers, the bank has shown its commitment to its partners, thereby helping them attain their goals and dreams, particularly at a difficult and trying economic time as this.
Putting action to words, the Pan African financial institution recently rewarded 10 of its loyal customers with a total sum of N10million in the quarterly draws of the ongoing UBA Savings Promo.
Reward for Loyalty
This promo, which is held every quarter, is intended to appreciate loyal customers of the bank, who have stayed with the bank over the years, and offers fresh opportunities for potential and intending customers to join the growing number of UBA millionaires who have in the past benefitted from several Promo.
This unique promo intends to appreciate loyal customers of the bank, who have stayed with the bank over the years, and will also offer fresh opportunities for potential and intending customers to join the growing number of UBA millionaires who have in the past benefitted from the ongoing Promo.
Requisite for Qualification
To qualify for the promo, new and existing customers of the bank are expected to make a one-time deposit of at least N30,000 before each draw date. Savings account holders eligible for this draw include Target, Bumper, Next Gen, Savings, Teens & Kiddies.
Apart from the savings promo which is held every three months, the bank also has the UBA Bumper Promo which is held monthly, where the first three winning customers are rewarded with N2million, rent for a year at N1.2m and N500,000; with 20 others winning N100,000 each as consolation prices.
Some past winners who cut across all regions of the country and have previously benefitted from the promo include; Nnadumije, Ebube Dawn; Onwochei Christiana Okwukwe; Eze Mathias Nnaji; Christian N Orie; Uka, Okwudiri; Okata Stephen Uche; Okafor Onyinye Esther; Nwanekezi Chimezie Jude; Ayomide V Yahaya and Olanegan, Oyetunde Keji.
Others are Emmanuel Onu Chidozie; Mohammed Fatima; Aminu, Mustapha; James Nanre; Pahinti Albert; Emmanuel O Adeniji; Jaki Movihinze Mercy; Saminu Muritala Mohammed; Ezeh Raphael Uballa; Uchenna Iheji. Already the winners have claimed their cash prizes and are currently spreading the news so others can take advantage of this once in a life time opportunity.
Prior to the 2021 promo, UBA’s Head, Personal Banking, Ogechi Altraide, said that without a doubt, UBA’s passion for the growth and overall success of its customers cannot be overemphasised, adding that this has consistently been proven in numerous ways. She explained that the bank has consistently invested in cutting edge technology to improve its service delivery and its overall aim of delighting customers.
She said, “With customer-centric promos like the UBA Savings Promo, we have created an ever increasing list of millionaires who continue to join the UBA customer millionaire club. For this edition of the promo, we decided to pick the month of May, which is the month that workers are celebrated across the world for their efforts at contributing to the growth of the economy. We know that this promo will put lasting smiles on the faces of our customers and will also assure them that UBA truly values them'” Altraide said.
UBA’s Head, SME Banking, Sampson Aneke, spoke of UBA’s continuous commitment to give back to its customers especially during these challenging economic periods, where people need all the support they can get to make life more meaningful.
“With this in mind we decided to prioritise them in as we always do at UBA, by giving them plenty to cheer about and that is the reason for the Promo. I have been privileged to visit some of the customers who won in January, and we were more than fulfilled to see happiness and gratitude on the faces of the lucky ones when their cash prizes were presented to them. That feeling is special. So I enjoin those who are yet to join the winning team, to do so. You never can tell, the next big millionaire could be you,” Aneke said.
This year, the virtual and transparent electronic draw which was held last week Friday, was transmitted live via zoom and the Facebook platform in strict compliance with social distancing rules as directed by the Federal and Lagos State governments.
UBA’s Head Personal Banking, Osita Ede, who addressed participants just before the draws, said there is no better time to give back and delight customers than this challenging economic period where people need all the support, they can get to make life more meaningful.
He said, “As a bank, UBA has been rewarding customers, we have been doing this for several years now; from the Wise Savers Promo, Bumper Draws, and now this. We have been doing this to touch lives and to show appreciation to our customers to tell them we are grateful for their business. This is also an opportunity to reward them for their loyalty to the bank.”
Ede, who stressed that the promo is a way of encouraging savings in a bid towards promoting financial inclusion, as statistics show that a lot of Nigerians are still largely under-banked, added
“our key objective is to encourage our customers to save regularly. We are here to support them and encourage them to save and ultimately grow as well, because we are aware that they are invaluable to all that we do”.
A representative of the National Regulatory Commission, Peace Ibadie, who witnessed the draws, congratulated the 10 winners and commended the bank for its efforts at rewarding loyal customers especially in the tough economic and business environment.
“Congratulations to all the winners, I am glad to be a part of this; UBA is always transparent in their promos and we can fully attest to this. It is important that the bank is also actively encouraging the savings culture. Again, I say congratulations,” she said.
The winners who cut across all the zones of the country are Emeka Onyemauche; Ezeigbokwe Oluebube Purity; Omoniyi A Jaiyeola; Olawale Omotayo Idowu; Zaharadeen Yandaki Umar; Aliyu Yaro Bakari; Samuel Enan Esua; Joseph Eze; Deborah Folusho Adebayo and Lucia Chinyere Adim.
When contacted via their mobile phone, the winners expressed their gratitude to the bank as they said the winnings will go a long way in meeting their pressing needs especially in these trying times.
One of the winners, Samuel Enan Esan, who was delighted at the news that he just won N10million was full of praises. “Thank you UBA,” he stated.
Aliyu Yaro Bakari, who was extremely excited at the news, said, “Oh I am very happy, UBA is the best, you are the best, thank you very much,” he remarked when he learnt he was also one of the beneficiaries of N1million.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty million customers, across 1,000 business offices and customer touch points, in 20 African countries. With presence in New York, London and Paris, 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.
African Development Bank Group President Akinwumi Adesina Assures Nigeria of Bank’s Strong Support to Achieve Food Security
The President of the African Development Bank Group, Dr. Akinwumi Adesina, received a high-level Nigerian delegation led by the country’s Minister of Agriculture and Rural Development, Dr. Mohammad Mahmood Abubakar on Monday.
The meeting follows on the heels of an address by Dr. Adesina last week at a mid-term ministerial retreat presided over by President Muhammadu Buhari.
Dr. Adesina and the Nigerian minister discussed means of tackling growing concerns about the country’s food security.
Adesina said the Bank’s strategic support for Nigeria’s food production would be hinged on five factors: support, scale, systemic, speed, and sustainability.
He added, “I want to assure President Buhari that the African Development Bank will provide his government with very strong support to tackle the country’s food security challenges.”
“Inflation in Nigeria is high, at 16% or more. Of course, the biggest share of the consumer price index is the price of food, at almost 65%. So, if we can drive down the price of food, of course, we can drive down inflation.“
Adesina urged the Nigerian minister to concentrate on building the correct team and tactics to optimize the country’s farming seasons. He said that dramatically increased food output will result in lower food prices, which will in turn lower inflation rates.
Abubakar said his consultative mission to Abidjan was at the instruction of President Buhari.
“Our mission is to examine ways Nigeria could enhance food production, lower food prices, and create wealth,” the minister said.
Abubakar welcomed the Bank’s proposed strategy and described it as a landmark one that would spur Nigeria’s food supply production. “It will reverse the ugly trend of a sharp increase in prices of food in the country. I am pleased with the Bank’s strategy to facilitate the production of 9 million metric tons of food in Nigeria and to support us in raising self-sufficiency. The Bank’s Special Agro-Processing Zones initiative is a laudable one and Nigeria is grateful.”
Citing successes in Sudan, Adesina explained how the African Development Bank had supported the country with 65,000 metric tonnes of heat-tolerant wheat varieties, cultivated on 317,000 hectares.
“It took two seasons to do this,” he said. “Change will not happen in years. You will see changes in seasons. Sudan now produces 1.1 million metric tons of wheat. The same thing happened in Ethiopia in just two seasons with the production of 184, 000 hectares of wheat,“ he added.
In response to Bank successes in Sudan and Ethiopia, Abubakar said: “This gives me an additional measure of confidence. If you can do it in Sudan, you can equally do it in Nigeria. Not just in wheat, but also rice, maize, and soybeans.”
The African Development Bank will provide Nigeria with support through input delivery, including highly improved seeds and fertilizers to farmers, and an integrated input delivery platform.
Extensively discussed at the meeting was the Bank’s Special Agro-Industrial Processing Zone initiative as an effective medium-term plan for revolutionizing Nigeria’s agriculture value chain.
Adesina said: “The task, responsibility, and challenge of feeding Nigeria rests on your shoulders. You will receive maximum support from me, and the African Development Bank for the responsibility that President Buhari has given you. You will not be alone.”
He added: “The Bank stands ready to fully support and help Nigeria in the next farming seasons. So, we must make sure things turn around. The president must succeed, and Nigeria must succeed. Agriculture must succeed.”
Abubakar thanked the African Development Bank for its support and said the meeting gave him reassurances of what Nigeria can achieve with the Bank’s support in the farming seasons ahead.
The minister also called for the Bank’s support to recapitalize the country’s Bank of Agriculture. Both parties set up a task force team to develop a plan for accelerated implementation within the next 60 days.
Also at the meeting were a member of Nigeria’s National Assembly, Hon. Munir Baba Dan Agundi, Chair of the House Committee on Agricultural Colleges and Institutions; the African Development Bank’s executive director for Nigeria, Sao Tome and Principe, Dr. Oyebode Oyetunde; Vice President of Agriculture, Human and Social Development, Beth Dunford; Senior Special Advisor to the President of the Bank on Industrialization, Professor Oyebanji Oyelaran; Director General of the Bank’s Nigeria Country Office in Abuja, Lamin Barrow; the Bank’s Director of Agriculture and Agro-Industries, Martin Fregene; the Director for Agricultural Finance and Rural Development, Atsuko Toda; and senior officials from Nigeria’s Federal Ministry of Agriculture.
Fidelity Bank Empowers Entrepreneurs to Play Big In The Non-Oil Export Market
For developing countries such as Nigeria to accelerate economic growth, there needs to be greater private sector participation in their export sectors. This was made known by Isaiah Ndukwe, Divisional Head, Export and Agriculture, Fidelity Bank PLC, at the just concluded 11th edition of the Fidelity Bank Export Management Programme (EMP 11).
Held at the Lagos Business School, from the 4th to 8th of October 2021, the programme, covered a wide range of topics including export documentation and application of export development processes and was facilitated by leading faculty from Lagos Business School, staff of the Nigerian Export Promotion Council (NEPC) and experts in financial management and exports.
“Year-in, year-out, Fidelity Bank has demonstrated its resolve to help diversify the Nigerian economy and increase export earnings. One of the ways we are doing this is through the Export Management Programme which provides participants with the knowledge needed to navigate both the international non-oil export market and the larger export market,” explained Mrs. Nneka Onyeali-Ikpe, Managing Director, Fidelity Bank PLC when tasked on the rationale behind the programme.
The importance of exports has continually been emphasized by various bodies as it provides a means of increasing the markets for producers and especially in Nigeria’s case, an opportunity to attract much-needed foreign exchange earnings. In fact, Akinwunmi Adesina, President of the African Development Bank (AfDB), speaking recently at the Mid-term Ministerial Performance Review Meeting on the topic: ‘Nigeria’s Economic Resurgence: The African Experience’ expressed worry over disincentives to non-oil exports in the Nigerian economy. He, therefore, urged Nigerian fiscal authorities to remove bottlenecks in non-oil exports in order to promote economic resurgence.
One of the participants of the EMP 11, Mr. Kelechi Chukwukezirim, Chief Executive Officer of Dot Global Resources Nigeria Ltd said, “I am thankful to Fidelity Bank and Lagos Business School for this insightful and highly educative program. I came here with just an awareness of export management. However, my experience in the past five days has taken me from point zero to over 40% of quality knowledge on export management. I have enthused at the network and platform this program created that I could leverage going forward. I am excited at what the future holds in this regard”.
According to Mrs. Onyeali-Ikpe, “Previous editions of the EMP have recorded outstanding successes and made marked impacts in the lives and businesses of the participants. We are proud to say that the just-concluded eleventh edition is no exception. The feedback we have gotten from facilitators and participants alike has been nothing short of encouraging. The turnout was tremendous and we are certain that we will witness astonishing results as the participants put what they learned into practice.”
Combined Market Cap of Largest US Banks Jumped to Nearly $1.4T, an 80% Increase YoY
The largest banks in the United States reported blockbuster second-quarter results after the pandemic loan losses didn’t happen and the US economy began roaring back to life. Moreover, the banks’ stock also significantly recovered since the beginning of the year, rising high above the pre-pandemic levels.
According to data presented by BuyShares, the combined market cap of JP Morgan Chase, Bank of America, Wells Fargo, Morgan Stanley, and Citigroup, as the five largest banks in the United States, jumped to nearly $1.4trn last week, showing a massive 80% increase year-over-year.
Double-Digit Growth After Hard 2020
There are several reasons why the US banks have outperformed the analysts’ estimates and turned 2021 into a year of significant recovery. First, consumer spending in the country has climbed significantly, in some sectors even beyond pre-COVID-19 levels. Second, credit quality has also improved while savings and investments have risen. Moreover, a national vaccination roll-out has allowed Americans to get back to work and start spending again.
These circumstances had a major influence on banks’ profitability driving their stock price to new all-time highs. For example, according to YCharts data, the market cap of JP Morgan Chase, as the largest bank in the United States and globally, jumped by $205bn in the last year.
In September 2020, the combined value of shares of the US megabank stood at $293.5bn. Over the next six months, this figure jumped to $465bn and continued rising. Statistics show that JP Morgan Chase’s market cap hit nearly $500bn last week, a massive 70% increase compared to January figures.
Bank of America, as the second-largest bank by market cap, witnessed even bigger growth. Over the last twelve months, the combined value of shares of the US multinational investment bank surged by $153.8bn or 73%, reaching $362.5bn last week.
Still, that was nothing compared to the stock price growth of Wells Fargo, which market cap almost doubled in this period. In September 2020, the combined value of shares of the third-largest US bank stood at $97.2bn. Statistics show this figure surged by 98% since then and hit $193bn last week.
Morgan Stanley’s Market Cap Soared by 153% YoY, the Biggest Increase Among the Top Five Banks
Although far behind the top three US banks in terms of market cap, Morgan Stanley witnessed the biggest stock price growth last year. In September 2020, the combined value of shares of the New York-based financial services corporation stood at $74.5bn. By the end of the year, this figure jumped by 55% to $115.7bn.
However, 2021 witnessed even more impressive growth. Statistics show that over the last ten months, the market cap of the fourth-largest bank in the United States surged by another $73bn and hit over $188bn last week, revealing an impressive 153% increase year-over-year.
The YCharts data revealed that Citigroup witnessed a 54% market cap growth in this period, the smallest among the top five US banks. Between January and October, the combined value of shares of the US bank jumped by $51bn or 54%, reaching $144.3bn last week.
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