E-Financial
Stakeholders, Global Leaders Commit to Bold Solutions for Africa @ ASIS 3.0
Africa Social Impact Summit (ASIS) 2024, co-convened by The Sterling One Foundation and the United Nations, was held at the Eko Convention Center from July 25-26. This landmark event highlighted the importance of collaboration across sectors, bringing together private sector organizations, NGOs, and other stakeholders to tackle Africa’s most pressing challenges.
A significant outcome of the summit was the commitment to developing a resource allocation framework aimed at addressing healthcare issues across the continent. ASIS 2024, the largest hybrid gathering of leaders in the African development sphere, underscored the crucial role of the private sector in driving innovative and sustainable solutions for Africa’s future.
The event kicked off with a keynote address by United Nations Deputy Secretary-General Amina Mohammed. “Sustainable growth must include climate resilience, leveraging technology, and private sector innovations,” she stated, urging attendees to “recommit to the 2030 agenda with a focus on inclusivity, impact, and inspiration.”
A diverse gathering of government officials, business executives, and development experts participated in the summit. Olapeju Ibekwe, CEO of The Sterling One Foundation, emphasized the necessity of collaboration: “No single entity can address the multifaceted challenges we face. Through partnerships, we can harness diverse expertise and resources to tackle issues ranging from healthcare to climate resilience.”
An Investor Roundtable, organized by the Lagos State Government in collaboration with various organizations, opened the summit. Lagos State Executive Governor Babajide Sanwo-Olu’s presence underscored the government’s commitment to fostering a favorable environment for sustainable development.
Throughout the summit, the indispensable role of the private sector in Africa’s future growth was a recurring theme. Abubakar Suleiman, CEO of Sterling Bank, noted, “Creating a market for social impact means ensuring there is information, trust, and efficient allocation of resources.”
Deputy Governor of Lagos State Obafemi Hamzat presented the “THEMES PLUS” initiative, which promotes development in crucial sectors. “ASIS 2024 must serve as a catalyst for collaboration and action,” Hamzat declared, highlighting the importance of public-private partnerships.
Jumoke Oduwole, representing Vice President Kashim Shettima, called for a paradigm shift in economic thinking. “It is time for action; we must move beyond rhetoric and focus on solutions with tangible impact,” she asserted. “Africa can lead the way in a new model that balances prosperity, the environment, and equity.”
A significant highlight was the “Bold Actions Meeting” on the second day, where fifteen commissioners of health from various Nigerian states convened to focus on healthcare challenges. Zouera Yousouffou, CEO of the Aliko Dangote Foundation, candidly addressed the need for a shift from diagnosis to intervention. “Africa does not have the necessary resources or organizational framework to address health-related problems,” she said.
ABC Health CEO Mories Atoki pointed out the politicization of partnerships as a major barrier, while Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group, stressed the importance of delivering tangible outcomes over empty promises.
The summit also tackled the integration of displaced persons into the workforce. A panel led by H.E. Mrs. Toyin Saraki, founder of Wellbeing Foundation Africa, discussed strategies for the economic empowerment of this vulnerable population, featuring insights from UNHCR representatives and refugees.
Professor Akin Abayomi, Lagos State Commissioner of Health, highlighted the foundational importance of moral leadership and education, noting, “Leaders don’t just happen; they are made through education and training.”
The summit facilitated the formation of new partnerships aimed at addressing healthcare, climate resilience, and economic empowerment. Attendees committed to actionable plans, including the development of a resource allocation framework and initiatives to integrate displaced persons into the workforce.
ASIS 2024 brought together top leaders from diverse sectors, underscoring a collaborative approach to sustainable development. The active participation of high-level officials and experts, combined with the tangible commitments made, reinforces the credibility and impact of the summit.
E-Financial
Q3 2024: UBA Grows Net Interest Income by 149%, PBT up by 20% to N603bn
Riding on its recently released half-year financials, Africa’s Global Bank – United Bank for Africa (UBA) Plc, has announced its unaudited results for the third quarter ended September 30, 2024, where it recorded strong and impressive growth across all its key indicators.
As in the first two quarters of the current fiscal year, the bank’s gross earnings grew significantly by 83.2 per cent to N2.398 trillion up from N1.308 trillion recorded in September last year, while its net Interest income which stood at N443.0 billion at the end of the third quarter in 2023, rose impressively by 149 per cent to N1.103 trillion in the period under consideration.
The bank’s financial report filed with the Nigerian Exchange Limited on Monday also indicated a 20.2 per cent increase in Profit before Tax (PBT) to close at N603.48 billion compared to N502.09billion recorded at the end of the third quarter of 2023, while profit after tax also rose remarkably by 16.9 per cent from N449.26 billion recorded a year earlier to N525.31 billion in the period under review.
As in the preceding two quarters this year, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N31.801 trillion, representing a 54.0 per cent increase over the N20.653 trillion recorded at the end of December 2023, just as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Total Deposits rising to N26.50 trillion, representing a 52.7 per cent rise, up from N17.355 trillion at the end of the last financial year.
UBA shareholders’ funds remained very strong at N3.585 trillion up from N2.030 trillion recorded in December 2023, again reflecting a strong capacity for internal capital generation and growth.
Commenting on the result, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, expressed pleasure that the Group continues to record strong and sustainable growth in its various revenue streams, building on its strong performance earlier in the year.
“The UBA Group achieved a profit before tax of N603.5 billion and our intermediation business continues to show strong growth with net interest income expanding by 149 per cent YoY to N1.10trillion and NIM closing at 8.03 per cent, which is 17.60 per cent above the 2023 position, despite persisting macroeconomic headwinds, geopolitical tensions, insecurity, inflationary pressure and exchange rate volatilities across our markets,” Alawuba stated.
According to the GMD, the Bank’s performance has been underpinned by consistent strong growth on all core and sustainable banking income lines, as he added that “Our substantial investments in technology are yielding tangible business value.
“This commitment is instrumental in delivering enhanced customer experiences and optimizing operational efficiency.”
The Bank’s Executive Director, Finance & Risk, Ugo Nwaghodoh, said, “I am delighted at the milestone reached in driving operational efficiency, reflected in cost-to-income ratio normalizing around the 50 per cent range. Shareholders’ funds recorded a 77 per cent growth from N2 trillion at FYE2023 to N3.59 trillion demonstrating the Group’s significant capacity for future growth.
On plans to consolidate its performance for the rest of the 2024 financial year and beyond, Nwaghodoh said, “We remain on track with various strategies to optimize our cost of funds and operating expenses.
“Furthermore, the Group has finalized plans to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions.”
He explained that UBA remains committed to sustainable growth in its core banking revenue lines and maintaining its strong compliance and risk management culture, even as the Group identifies further opportunities to expand.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, 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.
E-Financial
CSCS Seeks Accelerated AI Integration to Address Rising Cybercrime
The Central Securities Clearing System PLC (CSCS) has called for the immediate integration of artificial intelligence (AI) into Nigeria’s cybersecurity framework to address escalating cybercrime.
This appeal came during the conclusion of the 2024 Cybersecurity Conference in collaboration with the Office of the National Security Adviser (ONSA), which gathered experts from the military, technology, finance, and government sectors.
In his keynote address, Nigeria’s Vice President, Kashim Shettima emphasized the critical role of cybersecurity in ensuring economic stability, stating, “It is not just a technical issue.”
He reiterated the government’s commitment to enhancing cybersecurity initiatives and incorporating AI solutions to protect vital national infrastructure. Shettima commended the efforts of ONSA and CSCS leadership in fostering a secure digital environment that promotes investment and innovation.
CSCS CEO, Haruna Jalo-Waziri pointed to the alarming economic impact of cybercrime citing the 2024 Cybersecurity Ventures Report which revealed that “cybercrime will cost the global economy over $10.5 trillion this year, up from $3 trillion just a few years ago. This underscores the need for enhanced cybersecurity, especially with the 45 per cent increase in ransomware attacks globally, as reported by Check Point Research.”
He further cautioned on the effect of social media in amplifying misinformation. He therefore called for the building of trusted networks and the creation of air gaps “that protect critical systems from emerging risks.
On his part, the Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama discussed AI’s pivotal role in capital markets, asserting, “AI-driven systems enhance surveillance, detect fraud, and manage risks.” He stressed that the effectiveness of these technologies hinges on the strength of underlying infrastructure.
While admitting the benefits of AI integration, National Cybersecurity Coordinator Ahmad Saad Abubakar warned that increased reliance on interconnected systems heightens vulnerability. “Our susceptibility to cyber threats is amplified by AI,” he noted, urging for proactive measures to mitigate potential risks.
Temi Popoola, Chairman of the CSCS Board and CEO, NGX Group, highlighted the critical importance of data security for maintaining public trust, stating, “A single cyberattack today can disrupt entire nations.” He outlined CSCS’s investments in advanced technologies like blockchain and quantum-resistant cryptography.
Stakeholders collectively called for enhanced collaboration between public and private sectors to cultivate human capital equipped with AI-driven tools, essential for navigating the complex cyber landscape.
E-Financial
Polaris Bank Empowers Media Practitioners with 2024 Capacity Building Workshop
As part of its ongoing commitment to continually empower the Nigerian media and enable it play the critical watchdog role in the society, Polaris Bank is organizing an open workshop for all classes of Journalist across the media spectrum as one of its critical CSR intervention meant to positively impact key stakeholders.
The 2024 media workshop with the theme: “Integrating AI tools in Contemporary Media practices for Innovation and Excellence” falls within the Bank’s intervention programs under its Education/Capacity Building Strategic Corporate Social Responsibility(CSR) pillar which deepens media relations, and contribute to the overall development of Nigeria’s media landscape.
Scheduled to hold on Thursday, October 24th, 2024, the media workshop aims to equip media practitioners with the latest tools and skills to navigate evolving challenges of modern journalism.
With a focus on available and relevant Artificial Intelligence (AI) tools and use, participants will learn how to integrate these technologies into their day-to-day work, streamlining news gathering processes and ensuring accuracy in storytelling.
The workshop will also dive deep into contemporary new media tools and practices, while addressing available opportunities that enhances career development.
Focus will also be shed on key topics such as; data journalism, fact-checking, and solutions journalism—ensuring media professionals are equipped to thrive in the digital era.
Building on the success and feedback from previous workshops, especially that of 2023 edition, where hundreds of Journalists participated, the 2024 workshop promises to offer even greater value.
This year’s event will highlight cutting-edge trends, such as media entrepreneurship and career development strategies in a competitive media landscape.
To deliver an impactful workshop, the Bank has assembled top faculty and distinguished subject experts as facilitators, including Dr. Chike Mgbeadichie, a Senior Lecturer at the School of Media and Communication, Pan-Atlantic University, Lekki, Lagos and Lekan Otufodunrin, Executive Director of the Media Career Development Network.
Their extensive knowledge and experience in media and communication will guide participants in understanding how to stay relevant, adapt to technological advancements, and maintain responsible journalism practices.
This initiative reflects Polaris Bank’s long-standing commitment to capacity building, particularly in empowering media practitioners to address the challenges of the digital age.
By providing access to the latest knowledge and tools, the workshop aims to support the continuous development of the Journalists, and media landscape in Nigeria while fostering sustainable and impactful journalism.
Interested media practitioners can register to attend: Register Here.
Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.
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