E-Financial
UBA Approves Financial Accounts, Set to Declare Dividend
Shareholders of United Bank for Africa (UBA) Plc are expecting the announcement of a final dividend for the 2018 financial year.
This followed the approval of the bank’s financial statements for the year ended December 31, 2018.
In a notification to the Nigerian Stock Exchange (NSE), UBA said its Board of Directors last Monday approved its financial statements and payment of dividend to shareholders, subject to the approval of the Central Bank of Nigeria (CBN).
“We shall provide the details of the results and dividend payments as well as related corporate actions to the Exchange upon the approval of the accounts by the CBN,” the bank said in the notification signed by Mr. Bili Odum, group company secretary.
Market operators and shareholders are highly optimistic that UBA will declare final dividend higher than what was paid for the 2017 financial year.
The bank paid a total dividend of 85 kobo in 2017, comprising 20 kobo interim and 65 kobo final. It has already paid an interim of 20 kobo for the half year ended June 2018 and given its improved results for the nine months, stakeholders expect a higher final dividend for the year.
UBA posted a profit before tax (PBT) of N79.1 billion for the nine months ended September 30, 2018, compared with N78.2 billion while profit after tax (PAT) improved from N60.9 billion from N61.6 billion.
Uzoka, GMD/CEO, UBA Plc
Commenting on the nine months performance, Kennedy Uzoka, group managing director/CEO, UBA Plc, said: “We achieved a number of strategic imperatives during the quarter and committed more investments in the future of the business – building a solid foundation for sustainable and superior return to our shareholders.”
Also speaking on the performance, Ugo Nwaghodoh, group chief financial officer said that despite the relative volatility in the third quarter of 2018, especially in the face of United States interest rate hikes and concerns over global trade war, which has disrupted the interest and exchange rate environment in many African countries, the bank remains on track to deliver its earnings target for the year.
He said: “We remain committed to our five-year plan of working down cost to income ratio (CIR) to 50 per cent, which we consider to be a normalised medium-term CIR. Overall, we closed the third quarter with a post-tax return on average equity (RoAE) of 16 per cent and the Group remains well capitalised and liquid, as reflected in the Group’s capital adequacy of 21 per cent and bank’s liquidity ratio of 53 per cent.”
Securities and Exchange Commission (SEC) has unveiled a technology adoption assessment survey for registered capital market operators as part of efforts to deepen innovation and efficiency in the Nigerian capital market.
In a circular, the SEC stated that the exercise was designed to evaluate the level of adoption of advanced technologies among CMOs operating within the Nigerian capital market.
According to the notice, “The following technology adoption survey is designed by the Commission to assess the adoption of advanced technologies among registered Capital Market Operators.”
The SEC directed all registered operators to log into the e-portal at using their current access credentials to complete the survey. The exercise will run for two weeks, from 5 to 20 May 2025.
Speaking recently on the role of innovation in the capital market, Emomotimi Agama, director-general of the SEC, urged stakeholders to embrace technology as a catalyst for growth, improved transparency, operational efficiency, and market resilience.
He noted that the SEC recognises the emergence of new financial products and services driven by technological advancements, and remains committed to adapting its regulatory framework to meet the evolving needs of the market.
According to him, the commission’s approach to innovation is anchored on three pillars: investor safety, market deepening, and problem-solving aimed at building a robust and efficient capital market ecosystem.
Agama also highlighted the commission’s Regulatory Incubation Programme, which allows fintech startups to operate within a controlled environment for one year while appropriate rules are developed to govern their activities.
He said the programme is part of the SEC’s broader strategy to support innovation while safeguarding market integrity and investor interests.
International Monetary Fund (IMF) ,has confirmed that Nigeria has fully repaid about US$3.4 billion loan it got in April 2020 under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.
IMF said the loan has been repaid as of April 30, 2025 in a statement issued in Abuja, Nigeria’s capital on Thursday.
However, IMF said Nigeria is still expected to honour some additional payments in forms of Special Drawing Rights charges hat will amount to US$30 million annually.
“In line with the IMF’s Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion)
“The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount,” IMF said in the statement. Online fitness
Central Bank of Nigeria (CBN) has allotted N598.33 billion in Nigerian Treasury Bills across three different maturities, with the 365-day bill dominating the auction, accounting for 80 percent of total sales and subscriptions.
A total of N482.62 billion was sold in the 365-day tenor, highlighting strong investor interest in the longer-term security.
The 91-day bill saw the least demand, with subscriptions of N48.4 billion and actual sales amounting to just N38.4 billion. This latest issuance brings the total Treasury bill sales for the year to N7.248 trillion.
At the auction held on Wednesday, May 7, the CBN offered N550 billion across the three maturities, N50 billion for the 91-day, N100 billion for the 182-day, and N400 billion for the 364-day bills. Despite total subscriptions dipping to N1.08 trillion from N1.53 trillion recorded at the previous auction, the auction was still oversubscribed, reflecting continued high liquidity in the financial system.
This demand pressure kept yields largely stable. The 365-day bill saw a marginal increase in yield to 24.41 percent from 24.36 percent, while the 182-day and 91-day yields remained unchanged at 20.38 percent and 18.85 percent, respectively. Yields have maintained a consistent level over the last four auctions, indicating a stable interest rate environment despite fluctuations in demand.
As of May 6, 2025, system liquidity stood at N1.21 trillion. When combined with maturing bills worth N287.98 billion, the total available liquidity more than tripled the N550 billion offered at the auction, further underscoring the robust investor appetite for government securities amid high market liquidity.
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