E-Financial
UBA Honours Jamodu, Assures of Solid Governance Processes
United Bank for Africa (UBA) Plc, Pan African financial institution, has assured investors and shareholders of her continuous adherence to solid corporate governance processes as the bank honoured Chief Kola Jamodu, its ex-director.
In a glitzy cocktail event and dinner in his honour at the Transcorp Hilton Hotel, Abuja, on Thursday, Jamodu was celebrated for his service on the bank’s board for 12 years as a non-Executive director. Accolades were poured on him, for his remarkable contributions to the group over the period that have helped solidify the bank’s footprints in its many countries of operations.
Speaking at the event, Tony O. Elumelu, UBA’s Group Chairman, commended Jamodu’s efforts at contributing towards the strong corporate governance policies which UBA currently boasts of.
He said, “Chief Jamodu is a great Nigerian, a respected man and a great non-executive director to UBA. He has been wonderful and instrumental to today’s current standing of UBA across our 20 presence countries in Africa as well as in America, United Kingdom and in Paris. He was on the board of UBA for 12 years, and in line with corporate practices, which says at the end of 12 years, you retire from the board, he is retiring and we are here to celebrate his contribution to the bank.”
While reeling off some of Jamodu’s many achievements, Elumelu said, “He has been extremely supportive to UBA; he served as Chairman of Board Risk Committee, and he has all the experience – a chartered accountant, extremely astute, chairman of Nigerian Breweries, chairman of PZ, chairman of Nutricima; former minister of industry; a great tax expert, financial and management expert and UBA has been extremely lucky to have him on our board for 12 years. So to him and his family, we say thank you for all the support, for the teachings, for being generous with knowledge and for asking those hard questions that made us solidify our governance processes here at UBA.”
On his part, Kennedy Uzoka, group Managing Director/Chief Executive Officer, explained in fine details the impact that Jamodu’s experience has had on the bank, adding that he was able to help UBA navigate through some challenges that have now made the bank come out even stronger.
He said, “Chief Kola Jamodu is a very astute financial manager with diverse experience; he is someone that has helped us as managers to look into areas that we may not have looked into. During his time, he helped us to navigate critical issues, and now UBA America is a bank on its own as is UBA UK. He was always asking the right questions which others would have missed, and this is what helped us be where we are today. He started with us when we had just a few countries of operation and now today, UBA is operating in 23 countries. Kudos to Jamodu, he will be missed.”
Jamodu, who attended the event with his beautiful wife Funmilayo, thanked the bank for the opportunity given to him to contribute to the growth of the UBA Group, adding that as a board member one should be able to have an impact in the way things are being done, in governance principles and much more.
Speaking on his most memorable achievements on the board, he said, “I am very happy today that loan loss provisioning in UBA is one of the lowest because of the way we have handled those issues. My door is quite open and I will continue to offer what I can to ensure that this bank which I am still very much a part of continues to flourish. My advice to the board, is that they should continue to ensure good succession planning which is very important.”
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
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