Business
UBA Shareholders Approve 2017 Final Dividend
United Bank for Africa (UBA), has endorsed the payment of N22.23 billion final dividend declared by the board for the financial year ended December 31, 2017.
The Tide source reports that the shareholders gave the approval at the bank’s 56th Annual General Meeting held in Lagos, Monday.
The final dividend translated to 65k per share when compared with final dividend of 55k paid in the corresponding period of 2016.
The dividend was in addition to the 20k per share paid as interim dividend earlier.
Speaking at the meeting, Mr Boniface Okezie, the National Chairman, Progressive Shareholders Association of Nigeria (PSAN), commended the board and management for the dividend in spite of unfriendly operating environment.
Okezie lauded the bank for the enhanced dividend and its great work as well as achievements on the continent.
He said that the bank had showed that good things could come from Africa, noting that the bank would continue to showcase the strength of Africa.
The shareholder activist urged the board and management of the bank to live up to the desired expectation.
Okezie , however, called on the shareholders to leverage on the Securities and Exchange Commission (SEC) e-dividend initiative in order to bring down the bank’s unclaimed dividend totaling about N7 billion.
Mr Nona Awo, a shareholder urged the bank’s management on investors’ enlightenment on the benefits of e-dividend.
Awo said that the bank should engage the company secretary and the registrars to tackle the unclaimed dividend figure.
He also commended the bank’s subsidiaries for improved contribution to the company’s performance indicators.
Grand Patron, Nigerian Shareholders’ Solidarity Association, Mr Timothy Adesiyan, appreciated the bank for the dividend and achievement during the year under review.
Adesiyan said that the bank should conform to regulatory rules and regulations to avoid payment of unnecessary fines.
Responding, Mr Tony Elumelu, the bank’s Chairman, assured the shareholders of enhanced returns in the years ahead.
Elumelu said the bank had opened a banking license few months ago to operate UBA London, noting that it would continue to increase its footprint across the globe.
On unclaimed dividends, he said that the bank would continue to create e-dividend awareness in partnership with APR Registrars to reduce the figure.
The bank’s Group Managing Director, Mr Kennedy Uzoka, said that the bank would leverage its Pan-African platform to deepen and formalise intra-Africa trade through cross border synergies across its group operation.
Uzoka said that the bank would focus on growing its market share and would remain committed to sustainable banking principles and risk management practices.
“Notwithstanding the ever increasing competition from traditional peers and emerging Fintechs, we are approaching 2018 with strong optimism,’’ he said.
Uzoka said that the bank had made a lot of investment in technology to drive business operations.
He assured the shareholders that the bank would ensure efficient service delivery in its operations.
NAN reports that the company posted profit before tax of N105.26 billion during the period compared to N90.64 billion in the previous year.
Its profit after tax stood at N78.59 billion in contrast with N72.26 billion in the comparative period of 2016.
Business
Nigeria Loses N17tr Yearly To Abandoned Projects
The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).
He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.
Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services
He cited examples of that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.
The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.
He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.
Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.
He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.
The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.
He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.
Business
Transcorp Power seeks sustained investment across Nigeria’s electricity value chain
Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.
He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.
The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.
“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.
Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.
He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.
He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.
The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.
Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.
On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.
He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.
Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.
“Everything in the value chain has to work,” he said.
He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.
Business
FG generates N33tn revenue in 10 months – Oyedele
This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of N33tn in government revenue collected between January and October 2026.”
The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.
He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.
According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.
He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.
The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.
He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.
Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.
He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.
Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.
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