NEWS AGENCY OF NIGERIA
President of African Development Bank (AfDB), Dr Akinwumi Adesina

Infrastructure remain crucial for Africa’s transformation – AfDB

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By Lucy Ogalue

Dr Akinwunmi Adesina, Group President, African Development Bank (AfDB), says infrastructure development remain critical for the effective transformation of Africa.

Adesina told newsmen on the sidelines of the ongoing AfDB Annual General Meeting 2024 on Tuesday in Nairobi that infrastructure were the backbone of Africa’s transformation.

The News Agency of Nigeria (NAN) reports that the meeting marks the 60th anniversary and 59th Annual Assembly of the AfDB and the 50th meeting of the African Development Fund (ADF).

According to him, having ports, rail lines, power transmission lines, transport corridors and digital infrastructure, among other things, makes economies work.

The AfDB president reiterated the bank’s commitment to transformation, disclosing that it had invested about $50 billion in infrastructure on the continent.

“From rails to ports to airports, to digital infrastructure, the transport corridors, water and sanitation and all of that.

”And so, we will continue as the African Development Bank to push more for infrastructure.

“And that is why we inaugurated the Alliance for Green Infrastructure in Africa (AGIA).

“That alliance aims to mobilise 10 billion dollars of private sector financing for infrastructure because Africa is still developing its infrastructure,” he said.

Adesina said the continent’s transformation also depended on the Africa Continental Free Trade Area (AfCFTA).

“To turn the AfCFTA into reality, we need policies that allow industrial manufacturing and specialised value chains to gain comparative advantage in national, regional, and global markets.

“Energy is also critical for economic transformation on the continent, as you cannot industrialise in the dark.

“You cannot be competitive in the dark and grow economies when you have no power. Electricity is the lifeblood of the body.

“It is like the blood in your body or mind. If you do not have it, your economy dies. It is that simple, and there’s no two ways about it,” he said.

Adesina, who highlighted some of the bank’s investments in power, said AfDB and the World Bank recently agreed to connect 300 million Africans to electricity by 2030.

The AfDB president also reiterated the need for Africa to feed itself, adding that the AfDB, to drive this, invested about 1.5 billion dollars in a facility called Africa Emergency Food Production Facility.

He said beyond this was political will and the need for collaboration.

“Through collaboration, $72 billion was raised by the stakeholders globally to help boost Africa’s agricultural production,” he said.

NAN reports that the AfDB annual meeting, which started on Monday, would end on Friday. (NAN)(www.nannews.ng)

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Edited by Ayodeji Alabi/Bashir Rabe Mani

Impact of climate change in Nigeria

Africa loses $7bn to $15bn yearly to climate change – Adesina

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By Lucy Ogalue

Dr Akinwunmi Adesina, the Group President, African Development Bank (AfDB), said Africa is losing about seven to 15 billion dollars annually to the ravages of climate change.

Adesina said this during a media conference in Nairobi on the sidelines of the ongoing AfDB Annual Meetings 2024.

The News Agency of Nigeria (NAN) reports that the meeting marks the 60th anniversary and 59th Annual Assembly of the AfDB and the 50th meeting of the African Development Fund (ADF).

Adesina said while Africa contributed minimally to global emissions, it bore the disproportionate burden of environmental degradation catastrophes.

According to him, the continent, accounting for a mere three to four per cent of emissions, is unexpectedly suffering the most severe consequences of environmental upheaval.

He said the situation would worsen if immediate action was not taken, adding that by 2030, Africa’s annual losses to climate change could skyrocket to a staggering 40 billion dollars.

“Africa loses seven to 15 billion dollars yearly to climate change. If that does not change, that will grow to roughly 40 billion dollars annually by 2030.

“That means we are losing much of our potential for something we did not cause, because Africa did not account for more than three to four per cent of climate emissions.

“But it is suffering today disproportionately from the negative consequences of climate change which can amplify the strain on already vulnerable economies,” he said.

According to the AfDB president, the unfolding events clearly portray Africa’s struggle against the elements.

“From Malawi’s worst drought in memory to Zimbabwe’s declaration of a national emergency due to severe drought, Mozambique grappling with devastating floods, the continent is besieged by extreme weather events.

Adesina emphasised the need for action that was beyond mere acknowledgement, a need for global financial support to bolster Africa’s resilience and facilitate adaptation measures.

“Africa’s economy’s future is going to depend on building resilience to these particular shocks because climate change is devastating the whole continent,” he said. (NAN)(www.nannews.ng)

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Edited by Joseph Edeh

President of African Development Bank (AfDB), Dr Akinwumi Adesina

Gender equality: AfDB president bags UN “HeForShe” award

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By Lucy Ogalue

The African Development Bank (AfDB) Group President, Dr Akinwumi Adesina will be honoured with the “HeForShe” Champion Award in recognition of his commitment to gender equality and women empowerment across Africa.

The UN Women said this during a side event as part of the ongoing AfDB Annual Meeting in Nairobi, Kenya.

The News Agency of Nigeria (NAN) reports that the event’s theme is “The Future of Finance and Women’s Economic Empowerment.”

It drew leaders and representatives from the public and private sectors, civil society organisations and financial institutions.

HeForShe, is UN Women’s solidarity movement for gender equality. HeForShe invites men and boys to build on the work of the women’s movement as equal partners.

Dr Beth Dunford, Vice-President, Agriculture, Human and Social Development, AfDB Group, reiterated the Bank’s commitment to empowering women on the continent.

Dunford said the event marked a significant milestone in the collaboration between the Bank and UN Women as they joined forces to address women’s economic disparities on the continent.

She said, ”The AfDB is committed to implementing policies that promote gender equality and eliminate gender-based violence and discrimination across Africa.

“We must listen and amplify women’s voices while ensuring that Africa’s women have equal opportunity. Empowering African women is a moral imperative – as well as smart economics.

“UN Women announced that the Bank would become part of the UN Women-led HeForShe Alliance.

“The award to the AfDB’s president recognises his leadership in advocating for gender equality in Africa.”

The vice president highlighted the work undertaken by the Bank in accordance with its Ten-Year Strategy 2024-2033 and its Gender Strategy 2021-2025.

Dunford said the strategy placed women’s empowerment at the heart of its development agenda.

She said that the Bank approved 1.7 billion dollars of investments for women entrepreneurs across 43 countries through its Affirmative Finance Action for Women in Africa (AFAWA) initiative.

She added that over 18,000 women-owned and led businesses had received financing via AFAWA-supported programmes.

The UN Women’s Director of Policy, Programme and Intergovernmental Division, Sarah Hendriks, said that women’s economic empowerment was a matter of social justice and an economic imperative.

“By unlocking the potential of women, we can drive sustainable development and foster resilient economies.

“The strategy articulates UN Women’s vision and priorities as an organisation and ways of working to support women to thrive and economies to prosper,” Hendriks said.

NAN reports that UN Women inaugurated its Women’s Economic Empowerment Strategy during the event, which aims to accelerate gender equality and foster inclusive economic growth.

The multi-layered presentation explained how the strategy empowers women through targeted initiatives that enhance women’s access to resources, opportunities, and leadership roles in the economy.

The strategy prioritises three key areas essential for achieving gender equality, underpinned by promoting gender-responsive macroeconomic policies, addressing discriminatory social norms, and increasing financing for gender equality.

Anne Wang’ombe, Principal Secretary of the State Department for Gender and Affirmative Action in the Kenyan Ministry of Gender, Culture, the Arts and Heritage, attended the session.

Harrieth Chiggai, Women’s Rights Advisor to the president of Kenya, and Nnenna Nwabufo, AfDB’s Director-General for East Africa were also part of the event. (NAN)(www.nannews.ng)

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edited by Sadiya Hamza

AfDB building

Stakeholders restate need for human capital development to grow continent

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By Lucy Ogalue

African stakeholders say human capital development is critical in accelerating growth of the continent.

They said this on Tuesday on the sidelines of the ongoing African Development Bank (AfDB) Group Annual Meetings in Nairobi.

The News Agency of Nigeria (NAN) reports that the theme of the meeting is “Harnessing Human Capital for Sustainable Growth and Development in Africa: Demographic Dividend and Circular Movement of Skilled Labour”.

Prof. Victor Murinde, the Executive Director, African Research Consortium, said that quality education and harnessing technological development would enable the continent to reap the benefits of human capital development.

Murinde expressed the need for Africans to leverage the private sector in building funding for skills development, invest and leverage technology, and ensure skills development, especially for youth and women.

“We need to focus on investing in small enterprises, such as women enterprises, as that is where there is potential for growth.

“We will ensure we build necessary skills for young people and women, de-risk their investment, and handhold them by providing mentorship. These are ways of supporting human capital development.”

Murinde said the move was to focus on high-quality research by providing opportunities for researchers on the continent to investigate burning research issues using the African dimension.

According to him, this will build Africans’ capacity to lead research on the problems confronting the African continent.

“The ability for countries to research their issues, conduct actual training to boost the quality of people employed in government offices and do high-quality research is key,” he said.

For Mr Kwame Owino, the Chief Executive Officer, Institute of Economic Affairs, the importance of education in achieving human capital development needed to be reiterated.

“There are many ways of ensuring human capital, but public education is the most basic. That set of people and the progress the country has made are significant factors in what the country is going to look like.

“So we need to ensure human capital is fully developed,” he said.

Similarly, Mr Williams Asiko, the Vice-President African Regional Office of Rockefeller Foundation, said the foundation was engaging in various projects to ensure human capital development on the continent.

“Part of what we have done is to support institutions where this human capacity can make a difference. Look at areas where there are gaps and build capacity around those areas.

“And one of the areas we focused on is building a carbon market in Africa that is fit for the world,” he said.

Meanwhile, Dr Martha Phiri, the Director of Human Capital and Skills Development at the AfDB, said that this year was a year of education, and human capital was at the centre of social transformation for Africa.

“The bank recognises that a healthy, productive, and informative workforce will drive transformation, food security, power plants, improved care services and health education, among other things.

“We have taken some approach that is not just about agriculture, but that is all-encompassing to integrate this into all that we do.

“Having affordable healthcare for all is also crucial, as is learning from the experience of COVID-19 on the continent. We support digital health and skills and have provided 600 million dollars to support African countries.

“And as we build skills for young people, we cannot run away from climate impact, so we have to build the necessary skills that are climate-smart,” she said. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

AfDB president, Dr Akinwumi Adesina, during a media conference in Nairobi

Africa will drive global agenda on renewable energy – AfDB president

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By Lucy Ogalue

Dr Akinwunmi Adesina, the President, African Development Bank (AfDB) Group, says Africa will drive global agenda on renewable energy and green transitions.

Adesina said this at a media conference in Nairobi, on the sidelines of the ongoing AfDB Annual Meetings 2024.

The News Agency of Nigeria (NAN) reports that the event marks the 59th Annual Assembly of the AfDB, the 50th meeting of the African Development Fund (ADF) and 60 years of AfDB’s existence

While articulating Africa’s inherent advantage in renewable energy, Adesina said the continent had abundant solar potential, and a catalyst for driving green energy initiatives on a global scale.

“Globally, we have been talking about global energy transitions. Everybody worries about continued CO2 emissions and the need to contain that through energy transitions and moving into more renewable energy.

“Africa will drive the global agenda on renewable and green energy transitions for two reasons. We have great sunshine, which has about 11 terawatts of solar potential.

“That is the highest solar potential you have anywhere in the world. And the level of solar radiation in Africa is the highest anywhere you will find in the world.

“So, therefore, as the world now transitions into renewable energy, Africa will be front and centre in terms of harnessing the power of renewable energy to drive our world,” he said.

According to Adesina, there is a lot of interest in green hydrogen, green ammonia, fertilisers, jet fuels and other things that require renewable energy, such as solar energy.

He said that Africa’s rich reservoir of natural resources, including platinum, copper, and lithium, positioned the continent as a key player in the burgeoning Electric Vehicle (EV) market.

He emphasised the importance for Africa to harness these resources strategically for its transformation and to assert its prominence in global value chains.

“And so Africa today has 90 per cent of all the platinum in the world. It has well over 60- 70 per cent of all the copper you have worldwide.

“Fifty per cent of all the other metals, whether nickel or lithium. Africa has a massive amount of these natural metals that will determine the future of electric vehicles in the world.

“And so how Africa harnesses that for its transformation will be critical, but also critical for how Africa positions itself globally in those value chains.

“So there are potential, opportunities, and positioning issues for Africa within the context of your global electric vehicles and battery energy storage systems.

On Agriculture, Adesina said it emerged as a linchpin in Africa’s transformation narrative.

According to him, with most of the world’s uncultivated arable land lying within its borders, Africa holds the key to global food security.

He, however, underscored the imperative for Africa to leverage its agricultural potential to meet the needs of a burgeoning global population.

Adesina said that the continent was poised to chart its course on the global stage and should ensure to shape the future of generations to come.

“So, what Africa does with agriculture will determine the future of food in the world. Africa’s transformation will have to happen not with what Africa does not have.

“It has to happen with what Africa has and how it harnesses those things, which will drive this fast-paced transformation. (NAN)(www.nannews.ng)

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Edited by Modupe Adeloye/Ese E. Eniola Williams

AfDB’s Richard Malinga, Desk Manager, Kenol—Sagana—Marua Highway Project addressing newsmen in Kenya.

AfDB’s €209.17 Kenyan highway project to be completed in December

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By Lucy Ogalue

The African Development Bank (AfDB) says its 209.17 Euros Kenol—Sagana—Marua Highway Project in Kenya will be completed in December.

Mr Richard Malinga, AfDB’s Transport Engineer and Desk Manager of the project said this when he briefed newsmen in Nairobi on Sunday shortly after inspecting various projects.

“The work started in October 2020 and has advanced, so essentially, by the end of this year, it will be completed.

“The project will ensure regional connectivity, reduce travel time and create wealth for people around the region,” he said.

The News Agency of Nigeria (NAN) reports that the inspection was one of the activities planned for the AfDB Annual Meetings 2024.

The Kenol – Sagana – Marua Highway Project involves the reconstruction of an 84km road linking Kenya’s capital city, Nairobi, with the commercial and agricultural towns of the Central and Upper Eastern regions.

The project aims to improve access to northern Kenya and connect neighbouring countries as part of the Great North Road/Trans African Highway.

The old road, a two-lane single-carriageway, posed a major challenge to traders and farmers through high vehicle operating costs and longer travel times.

Malinga said the road’s total length is about 9600km, with the section in Kenya, which runs between the Tanzanian and Ethiopian borders, being about 920km.

“This expansion project significantly complements the AfDB’s interventions along the corridor in Kenya, namely the construction of the Nairobi –Thika Highway and the Mombasa–Nairobi–Addis Ababa corridor development projects.

“The project corridor also connects, at Isiolo town, to one of the Horn of Africa corridors, Isiolo–Mandera, which connects Kenya to Somalia.

“The Kenya-Sagana-Marua project is being done in two lots, a total of 84 km; the first section, lot 1, is approximately 48km, and the second one, lot 2, is 36 km,” he said.

According to Malinga, the road, which is being upgraded to a two-lane dual carriageway, has other extensive supporting facilities along its route.

“These include the construction and equipping of a trauma centre in Sagana and the construction of additional facilities at an Autism Centre in Karatina.

“It also includes the construction of bus parks, a modern market and sheds for commuter motorcycles, popularly known as ‘Boda Boda’.

“The project is working with the Kenya Forest Service and local community forestry groups to plant trees at nearby hills. The target is to plant 75,000 trees,” he said.

On impact, Malinga said the project would improve the quality of life of people around the region, increase rural productivity, and expand the markets.

He said it would foster a conducive and enabling business environment and attract foreign direct investments for the countries in the region, among others.

Mr Ephraim Macharia, the Vice-Chairman 2NK Sacco Transport and Board Member of the National Transport Safety Authority in Kenya commended the efforts of the AfDB in dualising the road.

He said that since the construction of the road, travel time for road users and fuel consumption while plying the road have been drastically reduced.

He said the construction had improved road safety and increased national income.

Meanwhile, some traders who trade along the route expressed mixed feelings even as they commended the bank.

They said that in spite of the increased business and income the construction work brought to them, it also displaced some of them from their homes.

NAN reports that since the inauguration of the project, several indigent students were trained in building, electric welding fabrication, carpentry, while many others got jobs. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

President of African Development Bank (AfDB), Dr Akinwumi Adesina

AfDB Annual Meetings open in Nairobi

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By Lucy Ogalue

The city of Nairobi is bustling as it plays host to the prestigious Annual Meetings of the African Development Bank (AfDB) Group.

The News Agency of Nigeria (NAN) reports that the event marks the 59th Annual Assembly of the AfDB and the 50th meeting of the African Development Fund (ADF).

NAN reports that the meeting is scheduled to hold from May 27 to May 31.

The AfDB has brought together high-level decision-makers from across the African Continent to deliberate on transforming Africa’s path.

The meeting has as its theme “Africa’s Transformation, African Development Bank Group, and Reform of the Global Financial Architecture.”

The meetings foster critical discussions and knowledge dissemination among crucial bilateral and multilateral development agency officials.

“Leading academics, representatives of Non-Governmental Organisations (NGOs), civil society, and the private sector will participate in the discussions.

“The agenda is packed with pivotal knowledge events designed to address the continent’s pressing economic and developmental challenges.

“Among the highlights is a Presidential Dialogue on the theme.

“This will bring together Africa’s top leaders to discuss strategic pathways for the continent’s transformation within the evolving global financial landscape,” the AfDB said.

The bank said a high-level plenary will mark the inauguration of the African Economic Outlook 2024, titled “Driving Africa’s Transformation: The Reform of the Global Financial Architecture.”

It said: “this flagship publication will provide an in-depth analysis of Africa’s economic prospects and outline necessary reforms for a more inclusive and resilient financial system.

“The thematic knowledge events will explore critical issues such as “Financing Africa’s Transformation in a Changing Global Financial System.

“It will focus on innovative financing mechanisms to support Africa’s development goals amid global financial shifts.

“Another key event, “Measuring the Green Wealth of Nations: Natural Capital and Economic Productivity in Africa,” will discuss the integration of natural capital into economic planning to enhance productivity and environmental stewardship.”

As delegates converge in Nairobi, NAN reports that the meetings promise to be a pivotal moment for charting the future course of Africa’s economic transformation.

This will unfold with a keen focus on reforming the global financial architecture.

The discussions will yield actionable insights and strategies to propel the continent towards sustainable and inclusive growth. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

BOI logo

BOI creates over 2m jobs across country

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By Lucy Ogalue

The Bank of Industry (BOI) has said that it created approximately 2,198,953 direct and indirect jobs across the country.

The Chairman of the Shareholders Committee, of BOI, Malam Muhammed Bala, said this at the 64th Annual General Meeting (AGM), held at the Transcorp Hilton, on Wednesday in Abuja.

“In furtherance to its drive to boost job creation through its interventions, the BoI significantly increased its disbursements to large, medium, small and micro enterprises,” he said.

He also disclosed that the bank’s profit before tax increased from N70.7 billion to N153.81 billion, the highest in the Bank’s history.

According to the bank, this represents 117.69 per cent.

The News Agency of Nigeria (NAN) reports that BoI has continued its impressive financial performance, showcasing a year of remarkable growth and achievements.

This is in spite of the significant global and local economic challenges it faced in the period under review.

Bala said that the bank’s total assets surged by an impressive 64.6 per cent, escalating from N2.37 trillion to N3.91 trillion.

According to him, this underscores the bank’s commitment to enhance its financial foundation and expand its capacity to support Nigeria’s industrial sector.

Bala said the bank’s loans and advances increased by 41.5 per cent, rising to N1.14 trillion and N803.6 billion respectively due to increased interventions and disbursements to enterprises.

He said this reflected the BoI’s ongoing efforts to provide essential financial support to businesses across various sectors.

“The bank’s total equity grew by 57.7 per cent from N427 billion to N678 billion, reinforcing the institution’s financial stability and capacity for future investments,” he said.

On BoI’s outlook for the coming year, the chairman said the bank would continue to implement its medium-term corporate strategy for 2022-2024.

“Thereby, effectively sustaining the trajectory of supporting Nigeria’s industrial growth.

“This is subsequent to President Bola Tinubu’s Renewed Hope Agenda and in tandem with the National Development Plan (2021-2025).

Also speaking, BoI Managing Director, Dr Olasupo Olusi, said during the period under review, the bank had empowered Nigerian enterprises, especially the micro and small ones, to remain in operation sustainably.

Olusi said this was done through the bank’s disbursement lines and managed intervention programmes.

He listed the programmes to include the Smallholder Farmer Financing Product, MSMEs Distributor Finance Programme, Fintech/Digital Lending Product, Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES).

He said the Business Resilience Assistance for Value-Adding Enterprise (BRAVE) was also part of the programmes, among others.

“The BoI’s continued focus on strategic lending and investment in critical sectors has been instrumental in achieving these outstanding results.

“As the bank looks to the future, it remains dedicated to leveraging its financial strength to support the industrialisation and economic transformation of Nigeria,” he said. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

Wema Bank customers to win N10m in 5 for 5 promo

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Promo

By Grace Alegba

Lagos, May 21, 2024 (NAN) Wema Bank says it is rewarding its customers with N10 million cash prize in the grand finale of  season three of its 5 for 5 Promo in Lagos on May 31.

Ms Mabel Adeteye, Head of Brands and Marketing Communications at Wema Bank, stated on Tuesday that the event aims to appreciate and reward customer loyalty.

 

Wema Bank 5 for 5 Promo, which will end later this month, is a reward initiative introduced by the bank in 2019 to reward its customers for their active loyalty to the brand and its products.

According to her, the promo is executed through a monthly draw per season, has a total of 1,177 customers who received cash rewards of up to N63.3 million in the first 2 seasons of the promo.

She expressed gratitude to customers for their support throughout Wema Bank’s 79-year journey.

“At Wema Bank, our world revolves around our people and customers. Their support has brought us this far, so it’s only natural that we seize every opportunity to give back and provide optimum value for every stakeholder.

“The 5 for 5 Promo was born out of gratitude and a commitment to empowering our customers. With each season, we have simplified the requirements and amplified the rewards to ensure everyone can benefit from the Promo.

“Season 3 has been remarkable, and as we close our 79th anniversary with one more 5 for 5 Promo draw, we are honored to be the bank of choice for our diverse customer base.

“To the 1,000+ customers who have won over the past  nine months and the 120 who will win in the grand finale, I say a huge congratulations. Thank you for choosing Wema Bank,” she said.

Adeteye urged Nigerians to take advantage of the last draw of the 5 for 5 Promo Season 3.

“The requirements are simple: fund your account with at least N5,000 and make up to 5 transactions using the ALAT App, *945#, or your ALAT/Wema Card, maintaining a N5,000 minimum average account balance.

“It doesn’t matter where you are, what you do, or when you started banking with us; you can be a winner.

“NYSC members, business owners, undergraduate students, working professionals, everyone from Gen Z to baby boomers; there’s room for all in the Wema Bank family and the 5 for 5 Promo.

“A simple download of the ALAT App could be the first step for potential winners. I look forward to May 31st, as we put the final bow on this exceptional journey that has made the 5 for 5 Promo Season 3 a success.” (NAN)

Edited by Olawunmi Ashafa

UBA 75th Anniversary: GMD praises Elumelu

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Mr Oliver Alawuba, Group Managing Director, UBA, on Monday commended the role played by the bank’s Group Chairman, Mr Tony Elumelu, in shaping UBA’s trajectory.
Alawuba gave the commendation at a world press conference in commemoration of the bank’s 75th Anniversary on on Monday in Lagos.
The event also showcased the bank’s history and outlined its future vision.
He also lauded the contributions of past and present leaders,
He said that under Elumelu’s visionary leadership, UBA had experienced significant growth and innovation, becoming a trusted financial partner for millions across Africa and beyond.
The UBA boss said that the bank’s years of existence had been of innovation, stability and customer-centric growth.
On UBA’s impressive achievements, Alawuba revealed the bank’s reach, with operations spanning 20 African countries and presence in four global financial nerve centres.
According to him, with over 25,000 staff serving more than 35 million customers, UBA stands as a beacon of stability and excellence in the banking industry.
Alawuba said that the bank had been introducing several groundbreaking initiatives in the Nigerian banking landscape.
He noted that the bank had consistently pushed the boundaries of innovation, from pioneering mobile banking and installing the first ATMs in Nigeria to launching innovative chatbot banking solutions.
Looking ahead, Alawuba emphasised UBA’s commitment to digital transformation and innovation, with a focus on enhancing customer experience and driving operational efficiency.
 The bank’s strategic vision includes expanding its presence, seizing growth opportunities, and deepening relationships with stakeholders.
Alawuba said that UBA was the first Bank in Nigeria to offer an Initial Public Offering (IPO) in 1970.
Alawuba stated that the Bank was the first in Nigeria banking industry to be listed on the Nigerian Stock Exchange (NSE).
According to him, UBA was the first Nigerian Bank to open a branch in the USA and London.
He said:” UBA was the first bank in Nigeria to install ATMs, the first Bank to open a campus branch at the University of Lagos(UNILAG) in Nigeria and the first Nigerian Bank to open a subsidiary in Africa, specifically, Ghana, in 2005.
“UBA appointed the first female Board Chairperson in Nigeria and was a pioneer in introducing mobile banking in Nigeria.
“The Bank introduced Leo, the first multi-lingual chatbot in Nigeria and was the first Nigerian Bank to launch the most successful prepaid cards across Africa.”
Alawuba noted that amidst economic challenges and market dynamics, the group has demonstrated remarkable financial strength and resilience.
He expressed that the performance of the group especially within the last year is a testament to its robust fundamentals and sound strategic decisions.
The group managing director further  stated that UBA remained committed to creating value for its shareholders and capitalising on emerging opportunities in the market, as it navigate through the ever-changing landscape.

Also, Mr Muyiwa Akinyemi, Deputy Managing Director of UBA, highlighted the group’s commitment to stability, reliability, and excellence in banking, emphasising its numerous milestones and positive impact on communities.

He attributed UBA’s success to its dedication to exceptional customer experience and financial strength

According to him, the group aims to continue offering value-enhancing services while solidifying its position as a forward-thinking institution.

As UBA looks to the future, Akinyemi expressed enthusiasm for the next chapter, saying, “We look forward to another 75 years, 100 years of impact; to our people, businesses, and communities across the globe.”

From its humble beginnings as the British and French Bank on Kakawa Street, Lagos Island in 1949, UBA has evolved into a global financial powerhouse with a presence in 20 African countries and four global financial nerve centers – New York, London, Paris, and Dubai.

The anniversary celebrations, which kicked off with a news conference, will feature a range of activities, including the launch of UBA’s documentary.

Others include Corporate Social Responsibility (CSR)programmes, a global HACKATON online programme for youths, a legacy promo, and a grand finale in November, as reported by the News Agency of Nigeria.

Edited by Olawunmi Ashafa

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