Business
Get Ready for Total Blackout, Labour Tells Nigerians
The Trade Union Congress has asked Nigerians to look for alternative power source beginning from Monday (today), as it declared that it would shut down the nationwide operations of the Transmission Company of Nigeria today.
But the TCN described the move by TUC as ill-motivated, stressing that it was wrong for the labour union to claim that there was industrial disharmony in the transmission company.
It was also learnt that the plan by the TUC to ground operations at the transmission firm had caused disagreement between the two major unions in the power sector.
In a message to workers at the Abuja headquarters of TCN, which was sighted by our correspondent on Sunday, the trade union claimed that for some time now, workers of the transmission company had been subjected to inhuman treatment by the management of the firm.
The TUC stated that despite the interventions of labour, the TCN management had continued to disregard the Nigerian workers at the firm.
The union said it was on this note that the TUC directed its members to solidarise with the workers and ensure a total shutdown of electricity transmission facilities across the federation through the picketing of TCN offices nationwide on Monday, May 13, 2019.
The union urged Nigerians to bear with it and look for an alternative source of power pending when the issues are resolved.
But the transmission company said the plan by TUC to picket the transmission company was ill-motivated.
The General Manager, Public Affairs, TCN, Ndidi Mbah, told our correspondent on Sunday that there was no iota of truth in the statement credited to the labour union that there was industrial disharmony in the company.
The transmission company stated that “TUC was ill-informed by Chris Okonkwo, current President of the Senior Staff Association of Electricity and Allied Companies, having lost the support of TCN staff members in his bid to use the association to advance his selfish interest.”
It added, “TCN management believes that TUC, unknown to the union, is being used by unpatriotic elements. TUC, as a law-abiding organisation, is expected to find out why Okonkwo could not secure the support of TCN staff members, NUEE (National Union of Electricity Employees) or SSAEAC, TCN Branch before accepting to lead the picketing of TCN.”
Mbah stated that the union should know that TCN had successfully expanded the capacity of the grid from 5,000MW in February 2017 to 8,100MW in December 2018.
“It is on record that TCN receives less than 30 per cent of its revenue from the power distributors and yet it has been able to attain this unprecedented stride in grid expansion largely due to the support of the members of staff,” she stated.
The Punch
Business
UBA Expands Operations to Saudi Arabia, France, to Focus on Digital Transformation, Others in 2025
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has outlined its roadmap for the 2025 financial year, with a strong focus on innovation, digital transformation, physical and financial strength as well as its global reach.
On the back of its full-year financial performance for the year 2024, which was released to stakeholders on Tuesday, the bank disclosed plans to accelerate growth through strategic investments in technology, enhanced risk management frameworks, and capital efficiency.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who was speaking to its global investors during the Full year 2024 Investors Conference Call, which held at the UBA Head Office on Thursday, explained that the performance reflected broad-based growth across its core businesses, surpassing previous records and reinforcing its status as a leading global financial institution.
At the end of the 2024 full-year, the bank delivered an exceptional financial performance as the results showed an impressive rise in the bank’s profit after tax which went up by 26.14 percent to close the year at N766.6 billion up from N607.7 billion recorded at the end of the 2023 fiscal year.
Its Gross earnings also grew significantly from N2.07tn recorded at the end of the 2023 financial year to N3.187tn in the period under consideration, representing a 53 percent growth.
Despite the highly challenging global economic and business environment, UBA recorded a profit before tax of N803.72 billion representing a 6 percent increase from N757.68 billion recorded at the end of the 2023 financial year.
Consequently, UBA Group Shareholders’ Funds rose from N2.030 trillion as at December 2023 to close the 2024 financial year at N3.419 trillion, achieving an impressive growth of 68.39 percent.
As a result of the impressive performance the bank proposed a final dividend of N3.00 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2024.
Alawuba told the investors at the meeting that the bank is set to further surpass its growth projection through strategic investments in technology, enhanced risk management frameworks, and disciplined capital efficiency.
“We will continue to push the frontiers of innovation and technology adoption to build sustainable value for shareholders by making strategic investments in technology. Our team of committed and motivated workforce will continue to work assiduously to sustain our performance and propel the bank in delivering high-impact, customer-centric product offerings,” Alawuba stated.
He disclosed that the bank is on course to sustain the momentum that it has achieved in the past years, adding that “We shall remain focused on best-in-class risk management strategies in navigating emerging market uncertainties while ensuring financial strength, full regulatory compliance, and long-term sustainability.”
This performance underscores UBA’s ability to generate sustainable revenue growth through core operations, including increased loan book growth, deposit mobilization, and transaction banking.
While disclosing the Bank’s finalisation of its planned expansions to France and Saudi Arabia, he said that the Bank’s ex-Nigeria (Rest of Africa & International) operations have expanded significantly over the past five years, now contributing 51.7% of Group revenue, up from 31% in 2019, “delivering diversification benefits and further boosting long-term shareholder value. This will continue to grow, as we further explore strategic markets that align with our overall vision.”
UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the bank recorded triple digit growth in net interest income, resulting in remarkable improvement in net interest margin from 6.83 percent in 2023 to 9.14 percent, while also recording strong double-digit growth in fee and commission income lines of 91.66 percent.
He explained that as the bank navigates evolving risks, its management remains focused on responsible growth, delivering customer-focused value propositions, whilst ensuring compliance with regulatory requirements in all jurisdictions.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 120.1% growth in Profit Before Tax from N17.9bn at the end of Q1 2023 to N39.5bn for Q1 2024. This was made known in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, 30 April 2024.
According to the statement, Gross Earnings increased by 89.9% yoy to N192.1bn from N101.1bn in Q1 2023. The increase was led by a combination of interest income (90.7% yoy) and non-interest income (84.0% yoy).
Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, FX-related income, trade, banking services, and remittances, supported by increased customer transactions.
Commenting on the results, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc stated, “We are pleased to report another quarter of strong financial performance driven by our strategic focus on customer-centricity, digital innovation and operational excellence. Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.”
In the period under review, the bank grew Net interest income grew by 89.5% yoy to N99.6bn from N52.6bn in Q1 2023, driven by interest and similar income as the yield on financial instruments improved to 14.7% from 10.1% in Q1 2023 (2023FY: 11.6%). In line with the steady rise in interest rates through the year, average funding cost increased by 80bps ytd to 5.2%. However, NIM came in at 8.8%
compared to 8.1% in 2023FY, as increased yield on earning assets surpassed funding cost to 15.1% from 13.3% in Q1 2023 (2023FY: 13.5%).
Similarly, Total Deposits increased by 17.2% ytd to N4.7tn from N4.0tn in 2023FY, driven by double-digit growth across all deposit types (demand, savings and term). Net Loans and Advances increased by 21.2% to N3.7tn from N3.1tn in 2023FY.
“Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper. We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” explained Onyeali-Ikpe.
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Guaranty Trust Holding Company Plc (GTCO) has announced its audited financial results for the year ending December 31, 2024, with a remarkable surge in profit before tax (PBT). The results, submitted to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE), reveal a PBT of ₦1.266 trillion—marking a 107.8% increase from the ₦609.3 billion recorded in 2023.
The financial statement highlights GTCO’s strong earnings momentum, supported by a well-balanced revenue mix, solid risk management frameworks, and disciplined capital allocation. The company saw broad-based growth across key financial indicators, maintaining a strong and diversified balance sheet.
Key performance metrics show a 12.3% rise in the Group’s net loan book, from ₦2.48 trillion in December 2023 to ₦2.79 trillion in December 2024. Deposit liabilities also climbed by 37.8%, reaching ₦10.40 trillion from ₦7.55 trillion in the previous year. Additionally, total assets and shareholders’ funds closed at ₦14.8 trillion and ₦2.7 trillion, respectively. The Group sustained robust capital adequacy, closing the year at 39.3%, while asset quality remained stable, with IFRS 9 Stage 3 Loans at 3.5% at the Bank level and 5.2% for the Group, compared to 2.5% and 4.2%, respectively, in 2023.
GTCO’s Group Chief Executive Officer, Segun Agbaje, attributed the outstanding performance to a well-diversified earnings base spanning both banking and non-banking subsidiaries. He emphasized the Group’s ability to generate sustainable, high-quality earnings while maintaining asset quality and operational efficiency.
“Our 2024 results reflect the strength and adaptability of our business model. We have successfully provided for all forbearance loans ahead of the June 2025 deadline and fully accounted for the windfall tax, reinforcing our balance sheet and financial stability,” Agbaje stated.
GTCO continues to position itself for long-term growth, leveraging strategic investments and sound financial management to drive value creation for stakeholders.
