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BUSINESS

UBA Connect Set to Deepen Intra-African Trade

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…Customers Can Now Make Cash Withdrawals In Local Currencies

Pan African financial institution, United Bank for Africa (UBA) Plc, has announced the official  launch of a flagship product UBA Connect, a service that enables the  customers of the bank to conduct traditional banking transactions at any UBA branch in the 20 African countries where the bank operates.

The service, which is available to both customers and non-customers alike, is expected to encourage intra-Africa trade, as cash withdrawal can now be done in local currencies within the continent while deposits can also be made at any location regardless of where the account is domiciled.

The Chief Executive Officer, UBA Africa, Mr. Oliver Alawuba, who spoke about the product, said, “Africa stands to benefit substantially from intra-Africa trade, which is facilitated by the easy flow of capital within the continent. As a bank committed to creating superior value for all its stakeholders, we are focused on ensuring that we continue to contribute significantly to the development of Africa by improving accessibility and trade with UBA Connect, among other innovative services.”

He explained that the new offering allows easy transfers to UBA accounts across African countries as well as cash deposit into UBA accounts at any of the bank’s locations in Africa, adding that the cash will be dispensed to customers in local currencies at competitive exchange rates.

Group Head, Marketing, Mrs. Dupe Olusola, said, “We’re thrilled to be able to offer our customers the ease and convenience of UBA Connect. This is in addition to an array of digital platforms which have made banking seamless for more than 12 million people who have trusted us with their money.

To use the service at any UBA business location in Africa, a UBA Connect Send, Receive or Transfer form needs to be completed, with valid identification (International passport with valid visa or migration stamp, in the case of ECOWAS member countries).

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Capital Market

Stock market gains N15bn on MTNN price rally

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The key market indices of the Nigerian Stock Exchange (NSE) on Friday rebounded by 0.12 per cent following price appreciation achieved by MTN Nigeria Communications.

The News Agency of Nigeria (NAN) reports that MTN Nigeria Communication dominated the gainers’ table with N1.10 to close at N16.10 per share.

Vitafoam Nigeria followed with 26k to close at N3.85, while International Breweries added 25k to close at N3.85 per share.

GlaxosmithKline gained 20k to close at N4.80, while PZ Cussons appreciated by 15k to close at N4.50 per share.

Consequently, the All-Share Index which opened at 24,276.56 rose by 29.80 points or 0.12 per cent to close at 24,306.36.

Also, the market capitalisation of listed equities inched higher by N15 billion or 0.12 per cent to N12.679 trillion from N12.664 trillion achieved on Thursday.

On the other hand, Guaranty Trust Bank topped the laggards’ table, dropping 30k to close at N22.45 per share.

United Bank for Africa trailed with a loss of 15k to close at N6.25, while Zenith Bank lost 5k to close at N16.70, per share.

ABC Transport dipped 5k to 51k, while FBN Holdings also declined by 5k to close at N5.20 per share.

An analysis of the activity chart indicates that Sterling Bank was the most active, exchanging 17.66 million shares valued at N22.63 million.

Zenith Bank followed with an account of 7.47 million shares worth N47.06 million, while Transcorp sold 7.41 million shares valued at N4.69 million.

Fidelity Bank exchanged a total of 6.20 million shares worth N11.11 million.

In all, the volume of shares traded closed lower with an exchange of 131.63 million shares valued at N899.49 million in 3,044 deals.

This was in contrast with 192.08 million shares worth N2.47 billion exchanged hands in 3,833 deals on Thursday.

 

(NAN)

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BUSINESS

EKEDC warns against tampering with meters

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Eko Electricity Distribution Company (EKEDC) on Friday said it had intensified efforts to curb cases of meter tampering by customers within its operational network.
Mr Godwin Idemudia, General Manager, Corporate Communications, EKEDC, in a statement issued in Lagos warned that those involved in such nefarious activities would face prosecution.
Idemudia said the warning follows the recent arraignment of three persons before an Ojo Magistrates’ Court on a four-count charge of conspiracy to commit fraud, impersonation, forgery and tampering with electricity installations.
He said the accused persons allegedly received the sum of N70,000 from unsuspecting customers who wanted to get their prepaid meters repaired and placed them on direct connection.
Idemudia said :” It is rather unfortunate that people go about parading themselves as our staff when they are not.
“We will go the full extent of the law and this will serve as a deterrent to others aiming to do same.”
He urged EKEDC customers to always go through the appropriate channels for all complaints or issues and make no form of payment to unauthorised persons or channels.
Idemudia also advised customers to report any staff or partners that make demands on them for EKEDC’s services via its social media platforms and other designated channels.
(NAN)
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Aviation

Ekiti Cargo Airport to be ready in 18 months

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Ekiti Government has said the ongoing construction of the Cargo Airport at Ipogun in Irepodun/Ifelodun Local Government Area would completed in 18 months.

Mr Bunmi Awotiku, the Special Adviser to the Governor on Airport Project, said this when Ekiti House of Assembly Committee on Works and Transport visited the site on Friday at Ipogun.

The News Agency of Nigeria reports that the project started in October 2019.

The Chairman of the House Committee, Chief Olugboyega Aribisogan, said that the airport was a timeless legacy, which would enhance the rapid transformation and development of the state.

Aribisogan, accompanied by other committee members, said they were at the site to examine the level of work done on the project.

The chairman assured that the Assembly would give necessary legislative support to the state Executive to enable it deliver the dividend of democracy to the people of the state

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