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E-Financial

UBA Records N76.2Bn Profit, Declares 20k/Share Interim Dividend

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Kennedy Uzoka, group managing director/chief executive officer, UBA
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United Bank for Africa (UBA) Plc, has announced its audited half year financial results for the half year ended June 30, 2021, showing impressive growth across all major income lines and performance indicators.

UBA Records N76.2Bn Profit, Declares 20k/Share Interim Dividend

The pan African financial institution delivered a 33.4 per cent appreciation in its profit before tax which rose to N76.2 billion as at June 2021, up from N57.1bn recorded in the same period of 2020, translating to an annualised Return on Average Equity of 17.5 per cent as against 15.1 per cent a year earlier.

This feat was recorded despite the challenging business and economic environment that emerged from the slow pace of activities following the global lockdown occasioned by the Covid-19 pandemic.

The results filed with the Nigerian Exchange, showed that the Group’s profit after tax stood at N60.6bn representing a significant rise by 36.3 per cent compared to N44.4 billion recorded in the half year of 2020, while gross earnings grew to N316 billion from N300.6 billion as at June 2020; a five per cent growth.

As at June 30, 2021, the group’s Total Assets crossed the N8 trillion mark as it soared to N8.3 trillion up from N7.7 trillion at the end of the 2020 financial year.

Customer Deposits also crossed the N6 trillion mark growing by 7.4 per cent to N6.1trillion in the period under consideration, compared to N5.7 trillion as at December 2020.

The group’s shareholders’ funds remained robust at N752.5bn up from N724.1 billion in December 2020, reflecting its strong capacity for internal capital generation.

In line with the bank’s culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc has declared an interim dividend of 20kobo per share for every ordinary share of 50kobo each, held by its shareholders.

Mr. Kennedy Uzoka, group managing director/chief executive officer, UBA, expressed delight over the bank’s performance in the first half of the year, adding,

“This has been a strong first half for us, as global economic recovery exceeded expectations, creating a positive rub-off on consumer and corporate confidence, savings and investment activities. We saw this positively impact our business, as we continued to leverage our key strategic levers – People, Process and Technology, and our Customer 1st Philosophy, to revolutionise customer experience at UBA.”

He added that the bank’s investment in the Rest of Africa (excluding Nigeria) continues to yield good results for the group. In his words; “The benefits of pan-African business diversification accruing to the Group is once again evident, with gross earnings and interest income growth of 5.1 per cent and 8.2 per cent respectively, despite the low yield environment in our largest market, Nigeria.

We are making remarkable progress on our strategy that is progressively positioning UBA as the bank of choice on the continent, driven by our emphasis on tech-led innovation and best customer experience.”

Continuing, the GMD pointed out that the bank recognises the far[1]reaching effects of the pandemic on businesses globally, and remains focused on its promise to always provide our customers with the best banking experiences possible.


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E-Financial

Cyber Crime: Hackers to Hold Secret Conference 3.0  July 25

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The third edition of the annual cybercrime exposure and prevention event, The Hackers Secret Conference 2025 (THSC2025) is slated to be held on Friday, July 25, 2025.

Cyber Crime: Hackers to Hold Secret Conference 3.0  July 25

The event, which aims to bring stakeholders together to keep them abreast of prevailing criminal activities in cyberspace and the required preventive measures, will host key industry players and speakers from different ICT platforms to real out intriguing information that will aid crime fighting in this cyber era.

The event, which is organized annually by IIMONEX ICT LTD, a prominent ICT firm in Nigeria, will be held at the Prestigious Sheba Event Centre at number 20, Mobolaji Bank Anthony Way, Ikeja, Lagos, Nigeria at 9 am.

Keynote speaker expected at the event is Dr. Harrison Nnaji (Ph’D), Group CISO, First Bank.

Other guests expected at the event are Obiora Awogu, CISO, MTN PSB, Prayer Ufot, Cybersecurity, Data Protection Expert and AI Generalist; Adesola Oguntimehin, Founder, Cyber Patron Network, Delight Hamilton, Information Security Officer, Piggyvest and

Chief Executive Officer of iiMONEX, Mr. Udoh Michael Essiet describes the event as a cyber defence conference that brings together Cyber Experts, thought leaders, cyber security students, technology companies and technology vendors to discuss the latest cyber threats and how to defend against them.

According to him, “This year’s edition we are focusing on skills acquisition, we want to create opportunities for cyber security beginners, intermediate and advanced level professionals to network with industry leaders and kick start their career as cyber security Analyst and ethical hackers.

“We also want to create a live penetration testing session during THSC2025, Participants will watch ethical hackers break down attacks and provide expert solutions.

“In this year’s edition, we also invite Software Brands to authorize our ethical hackers to test their digital products live to gain users trust and Brand exposure.”

The THSC initiator however urged industry players to braze up for the event and throw their weights behind it for an effective impact on the industry and across the globe.

 


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E-Financial

SEC Flags ‘Punisher Coin’ As High-Risk Scheme

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The Securities and Exchange Commission (SEC) has issued a strong advisory, warning the Nigerian public against participating in the presale or promotion of a new cryptocurrency known as Punisher Coin, or $PUN, citing regulatory breaches and a high risk of investor fraud.

In a public notice released on Sunday, the capital market regulator described the ongoing presale of Punisher Coin as “unauthorized and illegal,” warning that the asset and its promoters are not registered to operate within Nigeria’s capital market ecosystem.

“The attention of the Securities and Exchange Commission has been drawn to several online publications blatantly advertising the unauthorized presale of a cryptocurrency termed Punisher Coin, also known as $PUN,” the SEC stated, citing a report in the Daily Trust e-paper which claimed the coin could rival established tokens like Avalanche and Chainlink.

The Commission categorically disassociated itself from the coin and emphasized that neither it nor its promoters have received regulatory approval.

“Punisher Coin aka $PUN and its promoters are not registered by the Commission to promote, launch, sell, trade, or solicit investments from the Nigerian public,” the statement read.

According to preliminary findings, the SEC said Punisher Coin qualifies as a “meme coin”—a type of digital asset typically lacking intrinsic value, utility, or a defined project roadmap. These coins are often driven by social media hype and influencer promotion, which the Commission warned makes them especially vulnerable to manipulation and sudden collapse.

“Further investigation has revealed that Punisher Coin or $PUN is a meme coin. Meme coins generally have no use case or intrinsic value. Their price movements are usually driven by social media buzz and influencer promotion, which are prone to manipulation and abrupt collapses,” the SEC added.

The Commission cautioned that such tokens are commonly used in “pump-and-dump” schemes, where promoters artificially inflate a coin’s value through hype before selling off their holdings at a profit—leaving unsuspecting investors with worthless tokens.

“In light of these findings, any person who invests in such a scheme does so at his or her own risk,” the SEC warned.

Reaffirming its investor protection mandate, the Commission urged Nigerians to verify the legitimacy of any crypto asset offering, as well as the registration status of promoters and platforms, via its official fintech verification portal: SEC Fintech Verification Portal

This latest warning reflects the SEC’s growing concern over the proliferation of unregistered digital asset schemes targeting Nigerian investors amid a global cryptocurrency boom.


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E-Financial

Gambaryan, Binance Executive Leaves Company after 8-Month Detention in Nigeria

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Gambaryan, Binance Executive Leaves Company after 8-Month Detention in Nigeria

Tigran Gambaryan, Binance executive,  is leaving the exchange after four years of service, eight months of which were marked by detention in Nigeria for money laundering allegations.

Gambaryan, Binance Executive Leaves Company after 8-Month Detention in Nigeria

Tigran Gambaryan, Binance executive Pix created by photogrid

Gambaryan, praises Changpeng Zhao’s commitment to building a stronger compliance framework.

Having been cleared of all charges, Gambaryan’s departure from Binance marks the end of a tumultuous chapter for both him and the company.

Earlier yesterday, Tigran Gambryan shared an X post, announcing his departure from Binance. He wrote, “Today is my last day at Binance, marking the end of a chapter I’m deeply proud of.”

In a heartfelt farewell, Gambaryan reflected on his four-year tenure at Binance, where he built and led the company’s global investigations function.

Addressing founder Changpeng Zhao, he praised his commitment to building a stronger compliance framework. He noted,

“[CZ] was committed to bringing in experienced leadership to help the company engage more constructively with law enforcement. His support for our mission never wavered, and I’ll always be grateful for the trust he placed in me and the team.”

Further, he highlighted the team’s notable achievements during his tenure. Notably, the team handled over 57,000 law enforcement requests and provided critical support in cases involving financial crimes. He has also led the training of thousands of officials worldwide.

To exemplify, he highlighted cases like assisting the Royal Thai Police.

The team helped them in taking down a massive $270 million crypto fraud scheme targeting citizens in Thailand and the US. He also pointed to the collaboration with Nigeria’s EFCC to recover over $400,000 in illicit funds and provide advanced training to their agents.

Notably, his departure comes following Coinbase’s recent data breach.

The incident exposed personal details of prominent figures like Sequoia Capital’s Managing Partner, Roelof Botha.

Tigran Gambaryan was the Head of Financial Crime Compliance at Binance, who served the exchange for four years.

During a business trip to Nigeria, Gambryan was arrested along with another Binance executive over money laundering allegations.

During his nearly eight-month detention, Gambaryan reportedly endured harsh conditions that took a toll on his health.

Though Gambaryan suffered from malaria and pneumonia, he reportedly received inadequate medical care.

In addition, in a September 2, 2024, court hearing, Gambaryan was subjected to ‘inhumane treatment’ by Nigerian authorities, as evidenced by a video.

However, following consistent requests from his family and influential figures, Gambaryan was finally released and cleared of all charges in October 2024.

It is noteworthy that the Nigerian government sued Binance when the exchange was facing a lawsuit from the US SEC.

While Nigeria is still pursuing the case, the SEC recently dismissed its lawsuit against the exchange.


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