Companies

UBA Company Profile – About, Employees, Net Worth, Founders, And All You Need To Know

Published

2 years ago

February 9, 2021

Chijindu De-wigwe

UBA Company Profile – About, Employees, Net Worth, Founders, And All You Need To Know

Introduction

UBA stands for United Bank for Africa. It is a Nigerian financial institution that has catered to the financial needs of Nigerians since its inception. Here is all you need to know about the UBA company profile.

About

To understand the UBA company profile, you have to start from scratch. The United Bank for Africa was established in the year 1949. It was first called the British and French Bank Limited (BFB). On the 23rd of February 1969 however, United Bank for Africa became integrated as a limited liability company under the Compliance Ordinance (Cap 37) 1922.

They eventually took over the assets and liabilities of the British and French Bank. United Bank for Africa merged later with Standard Trust Bank (STB) Plc. Standard Trust Bank was a Nigerian institution that had a subsidiary in Ghana. They eventually merged bank maintained the name United Bank for Africa.

Their product and services include Internet banking, Mobile Banking, Wholesale Banking, Corporate Banking, Investment Banking, Consumer Banking, Collections, Treasury, Trade Finance, Savings Accounts, Current Accounts, Domiciliary Accounts, Non-Resident African Banking, Money Transfer, Debit Cards and a host of others.

United Bank for Africa has several subsidiaries in several countries in Africa and beyond. Some of their subsidiaries

United States as UBA New York Inc. They have shares of one hundred.
United Kingdom as UBA United Kingdom Limited. They have shares of one hundred.
France as UBA France S.A. They have shares amounting to hundreds.
Nigeria as UBA Nigeria Limited. UBA Nigeria has shares amounting to one hundred.
Benin Republic as UBA Benin. They have shares of eighty eighty-four Faso as UBA Burkina Faso. They own sixty-four shares.
Cameroon as UBA Cameroon S.A. They own one hundred shares.
Chad as UBA Chad S.A. They own eighty-nine shares.
The Republic of the Congo as UBA Congo Brazzaville. They own one hundred shares.
The Democratic Republic of the Congo as UBA Congo DRC. They own one hundred shares.
Ivory Coast as UBA Côte d’Ivoire. They own one hundred shares.
Gabon as UBA Gabon S.A. They own one hundred shares.
Ghana as UBA Ghana Limited. They own ninety-one shares.
The Republic of Guinea as UBA Guinea Conakry S.A. They own one hundred shares.
Kenya as UBA Kenya Limited. They own eighty-one shares.
Liberia as UBA Liberia Limited. They own one hundred shares.
Mali as UBA Mali. They own one hundred shares.
Mozambique as UBA Mozambique. They own ninety-six shares.
Senegal as UBA Senegal S.A. They own eighty-six shares.
Sierra Leone as UBA Sierra Leone Limited. They have a hundred shares.
Tanzania as UBA Tanzania. They are owners of eighty-two shares.
Uganda as UBA Uganda Limited. They are the owners of sixty-nine shares.
Zambia as UBA Zambia Limited. UBA Zambia owns one hundred shares.

Executives

The following individuals are executives of the United Bank for Africa Group.

Tony Elumelu – Chairman
Kennedy Uzoka – Chief Executive Officer, Group Managing Director & Executive Director
Chuks Nweke – Group Chief Operating Officer & Executive Director
Ugochukwu .A. Nwaghodoh – Group Chief Financial Officer
Abdoul Aziz Dia – Executive Director & Head-Treasury
Anant Rao – Head-Group Consumer & Digital Banking
Franklyn Bennie – Group Chief Compliance Officer
Chukwuma Nweke – Executive Director, Head-Retail & Payments
Uche Ike – Executive Director & Head-Compliance & Risk
Oliver Alawuba – Executive Director & CEO-Africa Region
Foluke Kafayat Abdul-Razaq – Non-Executive Director
Joseph Chiedu Keshi – Vice Chairman
Dan Okeke – Executive Director
Ayoku Liadi – Executive Director
Ibrahim Puri – Executive Director
Erelu Angela Adebayo – Non-Executive Director
Isaac Olukayode Fasola – Non-Executive Director
Angela Aneke – Non-Executive Director
Abdulqadir Jeli Bello – Non-Executive Director
Emmanuel Onokpasa – Group Treasurer
Gboyega Sadiq – Group Chief Internal Auditor
Patricia Aderibigbe – Head-Group Human Resources
Bili Andrew Odum – Group Secretary
Samuel Adikamkwu – Group General Counsel
Owanari Bobmanuel Duke – Independent Non-Executive Director
Samuel Oni – Independent Non-Executive Director.

Employees

United Bank for Africa has over thirteen thousand three hundred and fifty-five (13,355) staff under its employ. About 9,787 members of staff were Nigerians.

Salary

Entry-level staff earns about #142,000 per month.
Accounts officer earns about #163,000 to #170,000 per month.
Accountants earn #48,000 to #52,000 per month.
Logistics officers earn between #38,000 to #40,000 per month.
Administrative officers earn between #38,000 to #45,000.
Executive drivers earn #48,000 to #57,000
Tellers earn from #50,000 to #60,000 monthly.
Front Desk Teller earns #48,000 per month.
Graduate Intern earns #48,000
Office Administrator – #36,000 to #40,000
Customer Service #75,000 to #79,000
Information Technology Risk Management Officers earn #155,000 per month.
System Analysts earn #155,000 per month.
Facility Officer earns #114,000 to #124,000.
Internal Control Officer – #163,000 to #170,000.
Business Development and Marketing 3Officer #328,000.
Resident Internal Controller earns #135,000 monthly.
Sales and Marketing Manager earns between #135,000 to #150,000 monthly.
Relationship Manager/Officer earns from #245,000 to #300,000.
Generally, the average salary for bankers is #101,000.
The average salary for accountants is #77,000
The average salary for account officers is #181,000.

Net worth

In December 2019, the group’s financial assets were valued at NGN:5,604 trillion (US$14.6 billion). They have a shareholders’ equity of NGN:597.97 billion (US$1.56 billion). As of 2019, their revenue after tax was ₦89.09 billion (US$232 million).

Conclusion

United Bank for Africa is rated one of the best ten banks in Nigeria. In the year 1970, United Bank for Africa listed its shares on the Nigerian Stock Exchange in an IPO. This made them the first bank in Nigeria to make an initial public offering. They have served their customers in Nigeria faithfully and have gone on to serve their subsidiaries in over twenty countries in Africa and Europe.

Out of over thirteen thousand staff they have, about nine thousand of them are Nigerians.

United Bank for Africa has been making strides to serve their customers better. Recently, UBA Ghana introduced banking on WhatsApp and Facebook platforms. They are the first bank to offer this kind of service. During the launch, the Managing Director and Chief Executive Officer of UBA Ghana, Mr. Isong Udom said “the world is changing and particularly as a result of Covid-19 and our bank is adapting to every possibility technology presents”.

Hope you enjoyed the UBA Company profile?

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Chijindu De-wigwe

I'm a medic, knowledge enthusiast and a bibliophile. Stir in a bathroom singing and horrible dancing and you get me. I'm also a copywriter and a content writer.

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Companies

What is Cryptocurrency And How Does It Work?

Published

2 years ago

July 9, 2021

Entrepreneur Platform

Cryptocurrencies are decentralized digital assets that operate on blockchain technology that in turn operates by storing a ledger of every transaction on all nodes powering the blockchain.

In layman’s terms, blockchain technology is like a record keeper, it collects data (in blocks) and links one block of data to another, forming a chain. The data on the blockchain is open for all to see and cannot be easily altered. Blockchain technology can be used for a variety of use cases besides cryptocurrency, ranging from voting to crowdfunding, keeping health records, etc.

Using Bitcoin as an example, nodes are computers connected to the network to mine Bitcoin, – this collection of independent nodes working together is what makes the network decentralized.

The decentralized nature of cryptocurrency is down to the creators recognizing flaws in traditional banking & financial systems like governments and financial institutions acting only in their best interests and not in the best interest of the common man, leading Satoshi Nakamoto (the creator of bitcoin and blockchain technology) to take steps to rectify that.

Related: What are NFTs?

To make cryptocurrency transactions, you will need to have a set of both public and private keys that will act as passwords protecting your crypto wallet.

The Public key is connected to your wallet address, allowing you to share the address with others to receive cryptocurrency, while the private key is known to only you and is what you will use to approve outgoing crypto transactions from your wallet.

Trading Cryptocurrency on Obiex

With the popularity of cryptocurrency trading currently at an all-time high, the biggest challenge for many rookie traders is selecting which cryptocurrency exchange to trade on.

If you fall in this category, the immediate priority should be finding an exchange that allows rookie traders to make trades easily, doesn’t charge extra fees and is completely secure. That exchange is Obiex Finance.

In this guide, you will be shown how to navigate the Obiex mobile app & website easily and what to do to get started with making cryptocurrency trades.

Getting started with Obiex Finance

Obiex Finance is a digital asset exchange and financial technology (Fintech) platform that gives its users the ability to easily execute cryptocurrency trades from anywhere regardless of their skill level.

Their commitment to ensuring that users get the best experience is shown in how they allow instant swaps from volatile coins like Bitcoin to stable coins like USDT, and vice versa, without confirmations. In a market where the value of crypto can fluctuate wildly, this feature is especially valuable as it allows users to seamlessly switch between making profits to saving those profits in a more stable currency before the value drops.

To create an Obiex Finance account, simply head over to their homepage, click on “sign up”, fill in the required fields and verify your email address. After that, create wallet addresses for your crypto assets and you’re ready to start trading!

The cryptocurrency available for trading on the Obiex Finance platform are: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Polygon (MATIC), Dogecoin (DOGE), Tether (USDT), Binance USD (BUSD), and USD Coin (USDC).

Getting Started with Cryptocurrency trading

After creating your Obiex account, you need to follow these simple steps:

Have a Trading Strategy: Trading cryptocurrency without having a strategy in place is the easiest way to lose your money. You will need to research the various crypto trading strategies thoroughly and choose the one that best suits your needs and temperament. For example, if you’re a patient person who is content to make smaller, safer trades over a long period of time instead of making riskier trades, then scalp trading is the best trading strategy for you. There are also other crypto trading strategies such as Swing trading, position trading, Arbitrage, dollar cost averaging etc.
Pick the cryptocurrency you’d like to trade: There are several cryptocurrencies available on Obiex Finance such as Bitcoin, Ethereum, Binance Coin, Tether etc. Selecting which cryptocurrency to trade is usually down to making a choice; whether to stick with the safer, more established cryptocurrencies like Bitcoin or to go with the more volatile coins that have a high upside and an equally high-risk factor like the Dogecoin which can move in either direction based on what Elon Musk tweets.

It is also important to note that when you pick a cryptocurrency to trade, it would be wise to ensure that the cryptocurrency matches the strategy you pick. For example, if your preferred strategy is patient scalp trading, then investing in volatile coins that have a high upside but carry a lot of risk is not the wisest move.

To swap crypto on Obiex Finance, add the wallet of crypto assets you’d like to swap, send the crypto to the wallet you just created, navigate to the ‘swap’ option on your dashboard, and select the coins you’d like to swap. You will receive the swapped coin in your wallet balance immediately without waiting for network confirmations.

Securely store your cryptocurrency: The same way you’d protect your goods and profits if you had a physical store is the same way you need to protect your cryptocurrency so it doesn’t fall into the wrong hands.

You can store your crypto securely on your Obiex wallet but if you want an alternative, physical wallets are also an option. Physical wallets allow you to store your crypto in secure hardware, offline storage device reducing the likelihood of online hackers stealing your hard-earned crypto. This is a list of reliable physical wallets you can use.

Conclusion

If you’re a newbie to crypto trading, the keyword is patience. Taking the time to properly understand the market before making trades will stand you in good stead. While risks occasionally pay off, a patient, long-term strategy is required to make consistent profits. For more information about trading as a newbie, you can check this out to understand unfamiliar crypto terms and to learn more about spot trading and futures.

Obiex Frequently Asked Questions | Obiex FAQs

Will I be charged a fee when I swap coins on Obiex?

No you won’t. While other crypto exchanges charge for trades and require confirmations to execute swaps, Obiex allows you to make free, instantaneous swaps without the delay that comes with waiting for confirmation. This also helps you avoid unnecessary losses.

Can I trade crypto on Obiex if I don’t know much about crypto?

Yes, you can! The Obiex Finance platform allows both rookie and experienced traders to make easy, safe trades regardless of trading experience.

Can I send and receive crypto easily?

Yes, you can. To send crypto, you will use your private key to execute outgoing trades and your public key/your wallet address to receive incoming trades. You can also send and receive crypto using just Obiex usernames.

Why do I need to swap coins?

Swapping coins allows you to either acquire a coin you think is (currently) more valuable than a coin you have a lot of. You can also use swaps to ensure that your funds are invested in a more secure coin like USDT if you feel the volatile coin you’re holding is about to go on a bear run and lose value.