General News
Agric has Capacity to Create Wealth, Employment, Says UBA CEO
The capacity for businesses in the agricultural sector in Nigeria to engineer economic growth and sustainable development, generate employment and reduce poverty is the major reason for the UBA Group’s significant increase in lending to the sector.
This was made known by Phillips Oduoza, GMD/CEO, group managing director, UBA at the just concluded 19th Nigeria Economic Summit in Abuja.
Speaking during a panel discussion on financing Agribusiness to guarantee successful industry transformation Oduoza said, “UBA currently has a minimum of seven percent of its gross loan portfolio in the agribusiness sector. Our total intervention in the sector is over N41bn, making UBA one of the largest financiers of agricultural projects in the country”.
Citing the bank’s experience he revealed that the risks in financing agribusinesses are low. According to him, UBA’s Non-Performing Loans (NPL) in its agricultural lending portfolio is as low as 0.06 percent.
The rate is the lowest in the industry, and underscores the monitoring mechanisms put in place by the Bank as well as the readiness of farmers to repay their loans, with adequate monitoring and risk mitigation.
To further boost productivity in the agribusiness value chain, Oduoza advocated for necessary interventions across all value chains in the sector, in order for Nigeria’s potential in the sector to materialize.
“In UBA, our financing of activities in the agribusiness sector cut across the value chain, from production, to storage, processing, distribution and even transportation. We strongly believe that for Nigeria to see growth in the agricultural sector, interventions must be total across all the value chain,” Oduoza said
The value chain financing approach adopted by the UBA Group is to ensure that maximum benefits are derived from all participants in the agribusiness line.
The strength of the value chain is as good as its weakest link. So, everyone must be considered from the farmer in the village to the process that will transfer the goods to the consumer in town in whatever form and put money back in the hands of the farmer, he explained.
“Once the entire value chain is looked at, agriculture becomes very profitable and a very good business for financial institutions to key into,” he noted.
Adesina Akinwumi, minister of Agriculture, used the opportunity of the panel discussion to appreciate the role being played by UBA in its finance of key projects in the agribusiness sector.
He was particularly impressed by the low rate of defaults by farmers who accessed the agribusiness loans through UBA. He advised other financial institutions to emulate the strategies put in place by UBA.
The UBA Group remains a highly diversified financial services provider, the leading player in three different markets and controlling significant market share in 19 different African countries.
The Group has a strong retail franchise across the continent offering its more than seven million customers a bouquet of products and services tailored to meet their different financial needs.
The UBA Group also has business offices in New York, Paris and London, serving more than seven million customers from its 700 business offices spread across the 22 countries.
Nigeria Immigration Service (NIS) has announced an ongoing upgrade and maintenance of its passport portal for applicants within Nigeria.
In a public notice shared on Sunday via its official ‘X’ page, the NIS reassured Nigerians that other services, including passport applications for citizens abroad, remain fully operational during the maintenance period.
The service stated that its team is “working tirelessly” to complete the upgrade and restore full functionality within 72 hours.
“We sincerely apologise for any inconvenience this may cause and deeply appreciate your patience and understanding,” the notice read. It emphasized that the upgrade is part of efforts to enhance service delivery.
Reaffirming its commitment to excellence, the NIS pledged to provide efficient services to Nigerians at home and abroad.
FBNQuest Asset Management, a subsidiary of FBN Holdings Plc., has been awarded an A+ rating by Agusto & Co. Limited. This rating reflects the firm’s stable outlook, robust risk management, and strong investment capabilities, highlighting its impressive operational performance and outstanding business profile.
It emphasizes FBNQuest Asset Management’s ongoing commitment to providing exceptional investment services to its clients.
The rating was issued in a recent report by Agusto & Co., a leading rating agency in Nigeria. This recognition underscores the company’s strong operational record, excellent corporate governance, and professional management of fund assets.
The organisation’s impressive performance demonstrates its unwavering dedication to delivering exceptional value to clients through a variety of products and services tailored to meet their investment needs.
Ike Onyia, the Managing Director of FBNQuest Asset Management, expressed his satisfaction with the rating, stating, “We are truly delighted to receive the A+ rating from Agusto & Co. This recognition is a testament to our strong expertise in investment portfolio management and the achievements we have realised over the years.
“We take pride in this positive acknowledgement, which stems from our well-thought-out business strategies and the exceptional performance of our skilled workforce, cementing our position in the hearts of our stakeholders.”
FBNQuest Asset Management was also recognised as the Best Asset Manager at the 2024 EMEA African Banker Awards. The organisation continues to maintain a consistently strong position in the investment services subsector in Nigeria, leveraging its rich pedigree in intellectual capital, strong research capabilities, and cutting-edge technology to provide clients with value-adding insights, advice, and service.
“Our mutual funds offer diverse investment options that enable the creation of unique and value-enhancing investment strategies for different client segments.
Additionally, our range of mutual funds encompasses various asset classes, including equities, bonds, and money market instruments,” he added.
Agusto & Co. is a Pan-African leader in credit ratings and credit reports, having assigned over 1,500 ratings across various sectors. Their ratings are globally recognised, with a broad client base relying on them as benchmarks to gauge business success.
TikTok has resumed services to its 170 million users in the US after President-elect Donald Trump said he would issue an executive order to give the app a reprieve when he takes office today, January 20.
On Saturday evening, January 18, the Chinese-owned app stopped working for American users, after a law banning it on national security grounds came into effect.
Trump, who had previously backed a ban on the platform, promised on Sunday to delay the implementation of the law and allow more time for a deal to be made. TikTok then said that it was in the process of “restoring service”.
Soon after, the app started working again and a popup message to its millions of users thanked Trump by name.
In a statement, the company thanked the incoming president for “providing the necessary clarity and assurance” and said it would work with Trump “on a long-term solution that keeps TikTok in the United States”.
TikTok CEO Shou Chew is expected to attend Trump’s inauguration today.
Posting on Truth Social, a social media platform he owns, Trump said on Sunday: “I’m asking companies not to let TikTok stay dark! I will issue an executive order on Monday to extend the period of time before the law’s prohibitions take effect, so that we can make a deal to protect our national security.”
TikTok’s parent company, Bytedance, previously ignored a law requiring it to sell its US operations to avoid a ban. The law was upheld by Supreme Court on Friday and went into effect on Sunday.
It is unclear what legal authority Trump will have to delay the implementation of a law that is already in effect. But it expected that his government will not enforce the ban if he issues an executive order.
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