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CBN Denies Plans To Redenominate Naira From January 2024



The Central Bank of Nigeria has denied claims that it plans to redenominate the country’s currency, Naira, with effect from January 2024.

Isa AbdulMumin, CBN’s Director of Corporate Communications, made this known on Tuesday in a statement.

The reaction of the apex bank comes following a claim suggesting it plans to redenominate the country’s legal tender.

The Bank refuted the claim, noting that it has no plan to restructure and redenominate the Naira.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to the wide circulation of a text message suggesting that the Bank plans to redenominate the Country’s legal tender, the Naira, with effect from January 2024.

“We are concerned that this narrative, which we had refuted before now, appears to be gaining traction with several debates on the implication of such a policy for the Nigerian economy.

“We wish to reiterate that the contents of the message are misleading. The authors of the message, in their mischief, modified text taken from an old policy move by a previous CBN Governor in 2007 to make it appear recent.

“To avoid doubt, there is currently no plan by the Bank to restructure and redenominate the Naira. Whilst the Bank may be considering reforms, such are subject to laid down procedures in line with the provisions of the CBN Act, 2007.

“The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity”, the statement contained


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UBA’s Gross Earnings Rise 143%, Profit Hits N757.7bn



United Bank for Africa (UBA) posted a record N607.7 billion in annual net profit after significant increase in interest income and foreign exchange gains impacted bottom-line by as much as 256.9 per cent last year.

Gross revenue for the pan-African financial services group which, apart from its home market Nigeria, has footprints in 23 countries advanced to N2.1 trillion from N853.2 billion.

Interest income from lending and investment securities nearly doubled to N1.1 trillion, helped by the longest cycle of monetary policy rate tightening in Nigeria last year, according to the lender’s audited financials issued on Monday.

The CBN policy gave lenders the liberty to charge more for loans and allowed higher yields on fixed-income assets.

On that score, net interest income – a profitability metric measuring the difference between how much banks earn from loans and what it pays to depositors for keeping their cash, improved by 86.4 per cent.

One major dark spot in the financial result was the dramatic increase in the amount set aside to cover problematic loans whose chances of being repaid have been hampered by multiple defaults. Consequently, impairment charges for credit losses on loans soared more than seven times to N144 billion within the review period.

On account of a 70 per cent slide in the value of the naira against the US dollar last year, UBA, which holds a good part of its assets in foreign currency, recorded a jump in net trading and foreign exchange gain to N659.3 billion from N72.2 billion after converting its foreign exchange earnings into the local currency.

Pre-tax profit came to N757.7 billion, up from N200.9 billion a year ago.

UBA earned N435.9 billion in windfall gain from exchange differences on translation of foreign operations. That compares with a loss of N2 billion reported for the prior year.

The gain lifted the lender’s total comprehensive income for the year to N1.1 trillion year.

Total assets scaled up to N20.7 trillion from N10.9 trillion.


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UBA Unveils Innovative ‘Scan to Resolve Complaint’ Portal to Enhance Customer Experience



Africa’s Global Bank, United Bank for Africa (UBA) Plc, has unveiled a Quick Response solution code, called the ‘Scan to Resolve Complaint’ Portal with code aimed at enhancing satisfaction and swiftly addressing customers’ disputes.

The first of its kind innovative platform marks another significant step by the bank to revolutionise customer service and streamline complaint resolution processes.

The ‘Scan to Resolve complaint’ portal is a QR-code-based,-portal conceptualised by the bank to proffer timely solution to customers’-challenges, without them having to visit the bank or branch.

With the portal, a variety of concerns including challenges around failed transactions will be quickly resolved from the comfort of their homes and business places.

UBA’s Head, Digital Banking, Olukayode Olubiyi, who spoke on the workings and benefits of the ‘Scan and Resolve Complaint’ portal explained that with the platform, difficulties with transactions on web, Point of sale machines (PoS) and Automated Teller Machines will immediately get responses and be treated within 72 hours.

“Our customers are at the heart of our business, that’s why we keep going the extra mile to constantly innovate in a bid to satisfy them. As the name implies, Scan and Resolve Complaint, is a solution driven portal which attends to complaints and issues of customers fast and promptly,” he explained.

He also disclosed that the portal is loaded with many benefits including ease of transactions, adding that “henceforth, customers are only required to scan and log in complaints while each complaint would be integrated into the portal register to make resolution seamless which also reduces customer hassles.”

According to Olubiyi, when these complaints are made, there will be an Instant verification process and notifications will be sent to customers while resolution will commence immediately with the overall aim to satisfy customer.

UBA’s Group Head, Customer Experience, Michelle Nwoga said the bank is always on the look-out to provide exceptional services to customers, and has over time developed various strategies to ensure that its service delivery is continuously upgraded to remain the bank of choice.

“UBA aims to provide the best value possible for its customers through a more interactive, user-friendly interface that will make countless opportunities available for the customers from the comfort of their homes,” she stated.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 35 million customers globally. Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology


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Transcorp Hotels Grows Revenue By 36% To N41.5bn In 2023



…..Set To Unveil 5,000-Capacity Event Centre Second Half 2024

Transcorp Hotels Plc has reported a revenue of N41.5 billion in 2023, compared to N30.4 billion in 2022, marking a substantial 36per cent growth year-on-year,

This was contained in its full year audited results filled with the Nigerian Exchange Limited (NGX), which shows outstanding performance, setting new revenue and profit records.

According to the report, operating income also grew by 50per cent, from N8.8 billion in December 2022 to close at N13.1 billion as of December 2023.

Profit for the year grew by 133per cent from N2.6 billion in December 2022, to N6.1 billion in December 2023.

Total Assets increased by 5per cent from N120.5 billion in December 2022, to N126.1 billion in December 2023.

It’s Managing Director/Chief Executive Officer, Dupe Olusola while commenting on the results said that the Company’s exceptional performance was achieved through continued dedication to excellence, unparalleled guest satisfaction and a resilient spirit that defines its commitment to delivering exceptional service and stakeholder value.

He said, “By strategically investing in innovations, that align with our growth objectives, we continue to deliver these impressive numbers, beating our previous year’s records.

“Our considerable investment in our iconic Transcorp Hilton Abuja have been rewarded by significant increases in occupancy rates and guest satisfaction.

“We are continuing this investment, with our 5,000-capacity event centre purpose-built to host local and international entertainment, conference, and exhibition events. This new world-class facility located within the premises of Transcorp Hilton Abuja is scheduled to open in the second half of 2024.

“I am immensely proud of the team’s dedication, resilience, and unwavering commitment to excellence, in providing an unparalleled hospitality experience.

” We remain focused in our mission to continue exceeding expectations and setting new benchmarks in the African hospitality industry,” he said.


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