Business
Oliver Alawuba replaces Kennedy Uzoka as UBA GMD
The United Bank for Africa (UBA) has named Oliver Alawuba as its new group managing director.
The bank made the announcement in a statement on Monday following the retirement of Kennedy Uzoka as the bank’s GMD
According to the bank, the appointment takes effect from August 1, 2022, subject to approval by the Central Bank of Nigeria (CBN).
Alawuba joined the UBA in 1997 and has held a series of senior positions, including the chief executive officer of UBA Ghana.
He was also the chief executive officer of UBA Africa, prior to the appointment.
In the new role, Alawuba will oversee all the group’s banking operations across its twenty African country network and globally in the United Kingdom, the United States of America, France, and the United Arab Emirates.
Speaking on the appointment, Tony Elumelu, UBA’s group chairman, said he is confident of Alawuba’s appointment.
“I am very pleased to announce Oliver Alawuba as the new group managing director of the UBA Group. Oliver has extensive experience in Nigeria and our African network and is well equipped to advance our pan-African and global strategy,” he said.
“I have no doubt that Oliver will build on the legacy of Kennedy Uzoka, who has exemplified transformational leadership by championing a customer-first philosophy; launching our twentieth operation in Africa, UBA Mali; acquiring a wholesale banking licence for UBA UK in the United Kingdom; and opening our fourth global operation, UBA Dubai, in the United Arab Emirates.”
On his part, Alawuba, who expressed his commitment to the new role, thanked the board members for the confidence reposed in him to lead the company.
“I am grateful for the opportunity to lead this great institution and would like to thank the UBA group chairman and the members of the board of directors for the confidence they have put in me to deliver the mandate,” he said.
The financial institution also announced Muyiwa Akinyemi as the deputy managing director.
According to the statement, Muyiwa joined the firm in 1998 as a senior banking officer in UBA’s energy bank and has served the group in Nigeria and its broader Africa network for twenty-four years.
Other executives UBA also appointed include Sola Yomi-Ajayi, executive director, treasury and international banking; Ugochukwu Nwagodoh, executive director, finance and risk management; Alex Alozie, executive director and group chief operating officer; and Emem Usoro, executive director, North Bank.
The bank further announced the retirement of some executive directors, who may choose to continue to serve the broader group upon regulatory approval of a holding company structure.
Apart from Kennedy Uzoka, former GMD; Uche Ike, Chukwuma Nweke, Ibrahim Puri, and Chiugo Ndubisi are other executive directors of the bank just retired.
For non-executive directors, Joe Keshi, OON, who served as vice-chairman of the board, also retired on August 1, 2022, after completing his 12-year tenure.
Elumelu, while acknowledging their exemplary records, congratulated the retiring directors on the completion of their tenures.
Business
MTN, Airtel to share network infrastructure in Nigeria
MTN, Airtel to share network infrastructure in Nigeria
Airtel Africa has partnered with MTN Group to expand digital inclusion by sharing network infrastructure in Uganda and Nigeria.
In a statement in Lagos on Wednesday, Airtel said the sharing agreements aim to improve network cost efficiencies, expand coverage, and provide enhanced mobile services to millions of customers.
A sharing agreement is a formal arrangement between two or more parties to share resources, assets, or services.
According to the telecommunications company, the partnership will benefit customers in remote and rural areas who do not yet fully enjoy the benefits of a modern connected life.
Airtel assured that both parties will ensure the agreement complied with local regulatory and statutory requirements.
Sunil Taldar, chief executive officer (CEO) of Airtel Africa, said telecommunications companies are driving digital financial inclusion by building common infrastructure within the regulatory framework.
Taldar noted that the collaborative approach not only advances digital transformation and financial inclusion but also reduces the duplication of expensive infrastructure.
READ ALSO:
- Kogi group seeking Senator Natasha’s recall not registered – CAC
- Obasanjo’s position on Rivers emergency rule hypocritical, says Presidency
- Bill to stop politicians above 60 from contesting presidential, gov poll scales 2nd reading in Reps
As a result, Taldar said operational efficiencies are boosted, ultimately benefiting customers.
He further said telecoms continue to compete fiercely in the market, differentiating themselves through their brand, services, and offerings.
“The initiative is part of a growing global trend toward network sharing. By collaborating, telecoms operators can explore innovative and pro-competitive solutions to improve service quality while managing costs more effectively,” Taldar said.
“The sharing of infrastructure has the potential to enable the delivery of world-class, reliable mobile services to more and more customers across Africa.”
Taldar added that following the conclusion of agreements in Uganda and Nigeria, MTN and Airtel Africa are also exploring various opportunities in other markets, including Congo-Brazzaville, Rwanda, and Zambia.
Ralph Mupita, MTN Group CEO, said there is a need to invest in coverage and capacity to ensure high-quality connectivity to meet customers’ increasing demands.
“As MTN, we are driven by the vision of delivering digital solutions that drive Africa’s progress,” Mupita said.
“We continue to see strong structural demand for digital and financial services across our markets.
“To meet this demand, we continue to invest in coverage and capacity to ensure high-quality connectivity for our customers.”
Mupita added that there are opportunities within regulatory frameworks for sharing resources to drive higher efficiencies and improve returns.
MTN, Airtel to share network infrastructure in Nigeria
Business
NNPCL in historic initial public offer, ready for capital market
NNPCL in historic initial public offer, ready for capital market
The Nigerian National Petroleum Company Limited (NNPCL) has announced that it is in the final stages of preparation for its much-anticipated listing on the capital market, in line with the provisions of the Petroleum Industry Act (PIA) 2021.
The company’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed this in a statement on Thursday in Abuja.
According to the statement, the Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, revealed the development during a consultative meeting with partners at the NNPC headquarters.
READ ALSO:
- Kogi group seeking Senator Natasha’s recall not registered – CAC
- Obasanjo’s position on Rivers emergency rule hypocritical, says Presidency
- Bill to stop politicians above 60 from contesting presidential, gov poll scales 2nd reading in Reps
He stated that NNPCL is currently engaging with potential investors through an exercise called the “NNPC Ltd. IPO Beauty Parade,” which aligns with capital market regulations ahead of its Initial Public Offer (IPO).
“According to the CFIO, the aim of the IPO Beauty Parade is to access potential partners and determine in what ways they could be of support to the company,” the statement explained.
The statement further highlighted that NNPCL is seeking partnerships in three key areas: Investor Relations, IPO Readiness Advisors, and Investment Banking Partners. Companies with the most competitive offers will be selected for each category.
An IPO is a public offering in which a company’s shares are sold to institutional investors. Under the PIA, NNPCL is required to list its shares on the capital market in compliance with the Companies and Allied Matters Act (CAMA) 1990.
NNPCL in historic initial public offer, ready for capital market
Business
Naira rises to N1,560/$ in parallel market
Naira rises to N1,560/$ in parallel market
The Naira yesterday appreciated to N1, 560 per dollar in the parallel market from N1,570 per dollar on Wednesday. But the Naira depreciated to N1,540 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,540 per dollar from N1,539 per dollar on Wednesday, indicating N1 depreciation for the naira.
READ ALSO:
- How Wande Abimbola rejected IBB’s ING bait, and other stories (2)
- FG declares public holidays for Eid-el-Fitr
- JUST-IN: Ex-Oyo gov Ajimobi’s first child Bisola dies At 42
Naira rises to N1,560/$ in parallel market
-
metro3 days agoAttack on Mufty of Ilorin: Onikijipa Family Charges Stakeholders to Call Sheikh Habibullahi Al-Ilory to Order
-
metro23 hours agoRivers administrator Ibas fires Fubara’s political appointees
-
metro22 hours agoJUST-IN: Ex-Oyo gov Ajimobi’s first child Bisola dies At 42
-
International2 days agoCanada removes bonus ranking points for job offers in Express Entry system
-
metro2 days agoHow ritualists, native doctor drugged, murdered underage sisters in PH – Police
-
Sports2 days agoNigeria’s Super Eagles falter in W’Cup qualifiers against Zimbabwe, S’Africa lead, Egypt, Morocco qualify
-
metro22 hours agoFG declares public holidays for Eid-el-Fitr
-
Africa24 hours agoNiger coup leader sworn in as president for five years