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ideas have consequences

You are here:Home>>Archive>>Displaying items by tag: UBA
Displaying items by tag: UBA

CHAIRMAN, Senate Committee on Independent National Electoral Commission, INEC, Senator Andy Uba,  yesterday shunned the national chairman of Peoples Democratic Party, PDP, Alhaji Bamanga Tukur, as he failed to appear before the party’s disciplinary committee.


A PDP stalwart in Anambra State and brother to Andy, Chief Chris Uba, a factional chairman, Ejike Oguebego; Chief Benji Udeozor and Mrs. Tonia Nwankwu were also not at the party’s secretariat to honour the summon by the National Working Committee, NWC, of the party.


The national leadership of PDP had last Tuesday, through the acting National Publicity Secretary, Tony Okeke, summoned the winner of party primary election conducted by one of the factions, Senator Andy Uba, his brother, Chris Uba and three others.


According to the party, Andy Uba and others were alleged to have conducted a parallel congress contrary to the one carried out by the national secretariat, with Governor Ibrahim Shema of Katsina State as chairman of the electoral panel.


It also stressed that Kenneth Emeakayi was the recognised state chairman and not Ejike Oguebego, who conducted the congress where Andy Uba emerged.

But when Vanguard contacted Andy on phone, he simply said he was not available.


Meanwhile, the recognised candidate of PDP, Comrade Tony Nwoye, yesterday, stormed the party’s secretariat where he was presented with his certificate of return by Alhaji Bamanga Tukur, and vowed not to go to the tribunal should the November 16 Anambra election be adjudged by Civil Society Organisations, CS0, international and local observers as well as the media to be free and fair.


Nwoye, who described his emergence as the work of God, said he was surprised that the party could conduct a transparent primary election.

He, however, said that the baton given to him was to mobilize the people of Anambra State, reconcile them and win the election, and extended the olive branch to other contestants as Andy Uba, Nicholas Ukachukwu, and others for PDP to win the election.


Nwoye added that reconciliation had become imperative because wounds must be healed for the party to face opposition such as All Progressive Congress, APC, All Progressive Grand Alliance, APGA, and  others.

Andy Uba, Chris Uba, others shun PDP disciplinary c'tteeChris and Andy Ubab

Soludo, Ogene, Odenigbo, Uzoh, Mrs. Ekwunife , Okonkwo, Ndubuisi and Ifeanyi Uba

The former students’ leader who hailed Tukur and other members of the NWC for conducting a transparent primary election, said before now, he had not had a face-to-face contact with the PDP national chairman, adding that he would be a fisher of men and women for the November 16 Anambra  gubernatorial election.


Okeke said in the statement: “In view of their participation in the breach of our constitution referred to above, the following persons are hereby invited to appear before the National Working Committee for a preliminary hearing at the. PDP national secretariat, Wuse Zone 5, Abuja on Wednesday, August 28, 2013 at 10 am prompt to show cause why disciplinary action should not be taken against them.”


Also yesterday, aspirants for positions to be occupied at tomorrow’s convention, who appeared at Rockview Hotel, Wuse, for the screening, left grumbling and disappointed.


The aspirants had travelled from across the country for the screening by the Senate leader, Victor Ndoma-Egba’s screening committee, following advertisement, only to be sent back to their zones  to resolve their problems.


Some of the aspirants complained of wasting money, risking their lives, only to be told of the present situation.


The PDP, however, postponed the screening of the aspirants to tomorrow.


The screening earlier scheduled for yesterday at 10 am in Abuja was postponed to Friday at the same time and venue.

But some aspirants who spoke to newsmen raised eyebrows over the postponement, saying they would resist any attempts to scheme them out of actively participating at the national convention.


Explaining why the screening was postponed, chairman of the screening panel, Senator Victor Ndoma-Egba, explained that the committee resolved to postpone it because some aspirants complained that the notice for screening was short.


Senator Ndoma-Egba said: “Some members complained that the notice was too short and then two, we want to see if the zones can reach common grounds on positions zoned to them. I know some zones have already agreed and others are still in the process of achieving it and you know that if you are able to reach a common position, it would facilitate the conference.


“So, that is why the party in its wisdom decided to give the zone some time so that they can fine tune their positions.”


The senator, who noted that the postponement would not affect the timing for appeal by aspirants as they will work 24 hours, said: “An appeal panel has been set up and in politics we work 24 hours and there’s no break and I believe all these issues will be addressed.”


One of the aspirants seeking to be national publicity secretary of the party, said “we are not comfortable with the reasons given for the postponement of the screening.

“We are watching and we hope they do not repeat the mistake that led to the sacking of some officials earlier this year.

“We don’t agree with any zone cornering any position. Positions were zoned to the region and every party member who meets the criteria to contest in those zones are eligible to contest.”












The Special Fraud Unit (SFU) of the Nigeria Police Tuesday arrested the Managing Director of Capital Oil and Gas, Mr. Ifeanyi Uba, for his alleged involvement in the fuel subsidy fraud, running into N22.4 billion.


The SFU was said to have arrested him in Lagos at about 2.30pm.

Uba was taken to the SFU office in Ikoyi, where he was grilled by a team of detectives.


Police Public Relations Officer for SFU, Ngozi Isintume, an Assistant Superintendent of Police, confirmed Uba’s arrest, adding that the suspect is presumed innocent until investigations are over.


She said: “I cannot really say much for now because he is currently being interrogated by SFU detectives. Ifeanyi Uba was arrested because of his alleged involvement in the fuel subsidy scam.


“We are still investigating the case so I cannot say if he would be released at the end of today (Tuesday).  He was indicted by the presidential committee on fuel subsidy verification.


“Our job is to thoroughly investigate the matter and then prosecute if it comes to that. We don’t want to pre-empt investigation by commenting on everything. As you are aware, investigation is still on.


“But be rest assured that the Commissioner of Police, Tunde Ogunsakin, would in line with his mantra of zero tolerance to corruption see this case to a logical end.


“Remember the law says one is innocent until otherwise proven guilty. That is the line we are towing until investigations are over.”


Uba, alongside other marketers, was indicted by the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments, led by Access Bank Plc Managing Director, Mr. Aigboje Aig-Imoukhuede.


The name of his company is on the list of the 25 companies indicted by the committee and recommended for criminal investigation for their alleged involvement in the N62,501,511,789.24 fraudulently obtained through the subsidy scheme.


In addition, Uba and his company are on the list of 113 companies and 419 directors/shareholders that the Central Bank of Nigeria (CBN) has barred banks in the country from extending further credit to.

The CBN arrived at this decision because of the reluctance by the debtors to pay back their loans despite the purchase of the debts at an agreed price by the Asset Management Corporation of Nigeria (AMCON).

His company is said to owe over N48.014 billion to banks.


Source: This Day







Saturday, 23 July 2011 13:33

UBA Restructures Management

UBA Creates New Management Layer

In order to streamline its operations and be better positioned for the emerging financial environment, United Bank for Africa Plc, has restructured its operations through the creation of new directorates and the redeployment of some of its executive directors, THISDAY can authoritatively report.

Under the new arrangement, the portfolio of Deputy Managing Director, South, which was headed by Mr. Victor Osadolor has been divided into two directorates, comprising Lagos/South-west as a stand-alone directorate and South-south/South-east as another directorate, while the former northern directorate, which was headed by Deputy Managing Director, North, Mrs. Faith Tuedor-Mathews, has been split into two directorates with Abuja as a distinct directorate from another one created for the north alone.

According to sources close to the bank, its wholesale banking directorate has also been split into two, such that one caters to non-energy corporates, while the other wholesale banking directorate will focus on oil and gas and possibly the power sector.

Also, the finance and risk directorate has been split into two, with finance as a separate directorate from risk management.

UBA sponsors prostate cancer campaign


Following the restructuring, former Deputy Managing Director South, Mr. Victor Osadolor is now the Deputy Managing Director, South-east/South-south, and will operate from Port Harcourt to oversee the operations of the new directorate, while Mr. Rasheed Olaoluwa, formerly executive director in charge of banking operations in Africa is now the executive director in charge of Lagos/South-west.

Mrs. Tuedor-Mathews has now assumed the position of Deputy Managing Director, Abuja, while an executive director has been redeployed to Kaduna to be in charge of the northern directorate.

THISDAY further learnt that some of the new directorates that have been created will be headed by group directors who are said not to be on the same pedestal with executive directors. UBA currently has eight directors in the executive cadre, that include its two deputy managing directors.

In addition to the restructuring, UBA penultimate week right-sized its workforce by a small margin when it let go about 400 of its staff across board. The bank at the same time promoted over 800 staff across all cadres - junior, middle and senior management.

Confirming the development, sources at UBA said, "There was nothing untoward about the decision to let go approximately 400 staff, as every year it is our policy to exit the bottom five percent underachievers."

Another source confirmed that five percent of the bank’s workforce translates to about 1,400 people. "But we will only let go 400 people, an indication that there is nothing untoward about the rationalisation exercise."

The bank’s 2010 result which was released on Thursday, however, triggered mixed reactions among industry analysts and the market.

According to the financial year ending 2010, the bank’s gross earnings for 2010 was put at N185.18 billion, compared to N244.11 billion in the previous year.

Profit before tax and extraordinary items for 2010 stood at N16.54 billion as against N13.66 billion recorded in 2009.

The result, which was made public by the Nigerian Stock Exchange also showed that UBA’s exceptional items for the year under review were put at N12.66 billion, compared to N7.02 billion reported by the bank in the corresponding period of the previous year.

According to financial analysts, who had spoken to the management of UBA, some of these exceptional items include write downs for legacy debts of Continental Trust Bank, which gulped N7 billion, among other non-performing loans.

Continental Trust Bank was acquired by Standard Trust Bank pre-consolidation, but its legacy assets and liabilities were transferred to UBA during the merger of STB and UBA in 2005.

In the financials released by UBA, the bank declared a profit before tax of N3.87 billion in 2010 against N6.3 billion in 2009, while its profit after tax for 2010 fell to N598 million compared to N2.37 billion reported in 2009.

Reacting to the bank’s full year result for last year, Head of Research, Afrinvest, Mr. Victor Ndukaba, said in his initial assessment that UBA’s result failed to meet market expectations, but added that it was a bit difficult to state exactly what affected the performance of the bank considering that the stock exchange had not put the full report in the public domain.

He said his organisation was billed to meet with the management of the bank at the weekend to analyse the figures.

Published in Archive