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UBA Group Dominates the 2021 Banker Awards, Wins ‘African Bank of the Year’

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uba bank of the year

Africa’s global bank, United Bank for Africa (UBA) Plc yet again, reaffirms its leadership position across Africa, as the bank has been globally recognised as the African Bank of the year 2021 by the Banker Magazine, a leading global finance news publication published by the Financial Times of London.

UBA’s solid financial performance, its excellent service delivery to customers and its continuous role of facilitating rapid economic growth across the African continent were some of the reasons that led to the bank being named best bank in 12 of its African subsidiaries and in Nigeria. UBA Nigeria Plc, UBA Benin, UBA Burkina Faso, UBA Cameroon, UBA Chad, UBA Congo Brazzaville, UBA Cote D’Ivoire, UBA Gabon, UBA Guinea, UBA Liberia, UBA Senegal, UBA Sierra Leone and UBA Zambia all came out top as the best banks in their respective countries.

This will not be a first for UBA.  In 2020, six of its subsidiaries in Benin, Cote D’Ivoire, Chad, Liberia, Sierra Leone and Zambia were winners of the Best Bank award. This year, the UBA Group is breaking a record with its exceptional wins as African Bank of the Year and Bank of the year in 13 countries.  The total 14 awards makes it the first time ever in the history of the almost 100 years of The banker, that any banking group will be clinching as many as 14 wins in a single year.

At the Virtual award ceremony which was held on December 1st 2021, the Middle East and Africa Editor for The Banker, John Everington, explained at the event that a rigorous and highly analytical process is made annually to reach the decision for each Bank of the Year award and the institution’s reputation for independence, authority and integrity is thoroughly applied to each submission.

“While several African banks impressed the judges this year, there was no doubt as to the worthiest recipient of the Bank of the Year for Africa – UBA Group – a clear winner across a wide range of criteria. UBA has performed impressively across its footprint with a strong financial performance across most of its markets,” Everington said.

UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who expressed delight over the recognition from The Banker stated “Like I always say, at UBA, we must be doing something right. Winning 14 total awards in13 subsidiaries and the Bank of the Year on the African continent is a big achievement.’ 

Continuing, Uzoka said, “The recognitions come as a reassurance that we are on track in consolidating our leadership position in Africa, as we continue to create superior value for all our stakeholders. We have our millions of customers across the globe and our many thousands of staff to thank for this. They are the very reason why we keep winning’

Since1926, the Bank of the Year awards has been celebrating the best of global banking and is regarded as the industry standard for banking excellence. The 2021 edition highlights those institutions that have outshone their peers in terms of performance, strategic initiatives and response to the Covid-19 pandemic.

The Banker Magazine is a publication of the Financial Times – a leading global finance news publication which has been in existence since 1888. The Banker magazine is the definitive reference in international banking for high level decision makers.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touch points, 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

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Illegal Oil Refinery Operators Arrested In Lagos

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Illegal Oil Refinery Operators Arrested In Lagos

No less than five illegal oil refinery operators in Oregun, Ikeja area of Lagos State, have been arrested.

The arrest was as men of the Nigerian Army uncovered an illegal oil bunkering depot, where siphoned crude oil was refined and transported to different filling stations within the Southwest region of the country.

During a raid on the refinery site, amongst other things, soldiers recovered refined crude oil valued at N300 million.

Briefing journalists on the arrest, the Operation Officer, 9 Brigade of the Nigerian Army, Ikeja Cantonment, Major Tarela Emuren said the arrest and recovery were made by troops of Operation AWATSE.

According to Emuren, the soldiers arrested the illegal oil refinery operators on Wednesday, January 12, 2022, after an eight-hour raid operation at the Oregun illegal refinery site.

His words: “The scale of economic sabotages orchestrated by this unscrupulous act is estimated to be worth about N300 million. Regrettably, these activities have been ongoing for quite some time without the knowledge of relevant government agencies.

The five Ford vans have been specially modified, without due recourse to safety, to accommodate locally fabricated tanks for storage of stolen petroleum products. Additionally, four tankers were also recovered at the illegal depot laden with suspected stolen products as well as several drums, hoses, and other equipment used by these economic saboteurs.

Besides the economic loss occasioned by the activities of these criminals, the safety concern is also worrisome. The location constitutes serious dangers to other law-abiding residents within the community while their activities result in environmental degradation, pollution and heighten the risk of fire outbreak. Also, the crude modification of vehicles used in conveying these highly inflammable products constitutes even greater dangers to other unsuspecting road users in Lagos and other places the products may be transported to.

The Army operation officer, therefore, warned illegal oil refiners in the state to desist forthwith, saying that Op AWATSE would not rest on its oars till they were brought to book.

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Things To Look Out For When Buying Used Cars In Nigeria

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Things To Look Out For When Buying Used Cars In Nigeria
Image used for illustrative purpose

A large percentage of people would rather settle for used cars compared to brand new ones. For many reasons, which include prices, this has been the situation for most people in the country. According to Suomobroto Ganguly, the Chief Executive Officer (CEO) of Cars45, used cars in Nigeria constitute 95% of the country’s auto market.

With this, Newsrand understands that nine out of 10 Nigerians are driving used cars; it is in this light that this publication presents below the basic things to look out for before considering an automobile purchase…

Review your budget: This is a very vital part to consider when buying a fairly used car. It is important for you to define a budget and stick with it. Sometimes after paying for the car, additional expenses might arise. For example, you might need to rewrap the interior or change the tyre as well as do some mechanical/electrical maintenance, all these will mean extra spending. You should decide how much you are willing to spend on the car.

Compare prices: Having an idea of what the price of your car choice should be will help your bargaining process. To do this, you can search the internet for your automobile choice, which would enable you to see the prices. It is advisable you do this before initiating a meeting with your car dealer.

Define your car taste and choice: Clearly knowing what you want is an advantage that will help you make smart decisions, and the interesting part of this is that it will make your buying process seamless. In Nigeria, people use more Toyota, Lexus, and Honda for reasons best known to them. So, it is safer to have more than one proposed car brand.

Confirm the mileage: What this means is the total distance a car has travelled since it was manufactured. When buying used cars in Nigeria, the mileage may be a dealbreaker because experts are of the opinion that the average annual mileage of every automobile product should be 12,000.

The mileage is how you will get to know how long the car has been used, how long it has run, which can influence how much it should be sold for.

Be sure of the spare parts’ availability: This is one of the most integral processes of buying used cars in Nigeria. Sometimes, an automobile product might thick all the aforementioned boxes, but when the spare parts are not readily-available, we are sure you don’t even want to be near such a car. So, it is strongly advisable you take out time to research the used cars in Nigeria that you are considering as their spare parts readily available for purchase in the markets. This is because all cars are prone to have issues that should be fixed at one point or the other.

Have a pre-purchase inspection: You need to engage a mechanic and other professionals in the automobile industry, like rewire, to check the functionality of your car choice. Inspecting the car will uncover what is not working well, or not working at all in the car.

It is in the course of this process that you will confirm the engine’s strength, amongst other things.

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PAPSS: Dangote Charges African Leaders On Improved Trade

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PAPSS: Dangote Charges African Leaders On Improved Trade

Business tycoon, Aliko Dangote has charged African leaders at the Pan-African Payment and Settlement System (PAPSS) on improved trade relations within the continent.

Disclosing this at the PAPSS formal launching, stated that the trade will help promote African intrinsic greatness.

The Pan-African Payment and Settlement System is a centralized payment and settlement infrastructure platform for intra-African trade and commerce payments.

READ ALSO: APC Governors Want National Convention To Hold In February

The continent’s richest man urged Africans to close ranks to propel the continent towards charting her own course, becoming the master of her destiny, and maintaining her rightful position on the globe.

Dangote, who was represented by Group Managing Director of Dangote Industries Limited (DIL), Olakunle Alake, lauded the African Union, under the auspices of Afreximbank, for the launch of PAPSS, which he noted was aimed at facilitating payments across the continent.

He asserted that improved trade relations would greatly enhance the speed of recovery across Africa, noting that it has the potential to boost the level of economic activities through intra-Africa trade. He also remarked that the advent of PAPSS would greatly address challenges such as; high-cost, lengthy correspondent banking relationships, delays, among many others, and therefore ease transactions among businesses across Africa.

He equally expressed optimism that PAPSS would enhance the volume of trade among countries, which were hitherto not recorded or were overlooked because of the informal approach towards these transactions. According to him, these were now captured to reflect the corrector, at least, close to the appropriate position of trading activities within the continent, while also boosting the level of economic activities across the continent.

Dangote noted the enormous potential and benefits of PAPSS but nevertheless warned that such projects have teething issues. He, therefore, urged regulators and participants across the continent to look beyond such operational challenges and ensure the successful implementation of PAPSS.

While thanking member countries and organizations that contributed to the success of PAPSS by playing key roles leading to the launch of the project, he invoked the words of Ghana’s first President and Prime Minister, and renown promoter of Pan Africanism, Kwame Nkrumah, stressing: “The forces that unite us are intrinsic and greater…”

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