38 | The Lion King
News Roundup
L-R: Governor of Central Bank of Nigeria (CBN), Mr. Godwin
Emefiele and GMD/CEO, Phillips Oduoza at the inauguration
of Payments SystemStrategy Board (PSSB)
L-R: Mr. Adebayo Adelabu, Deputy Governor, CBN; Dr. (Mrs.) Sarah Alade, Deputy Governor, CBN;
Mr. Godwin Emefiele, CBN Governor; Mr. Jonah Otunla, Accountant-General of the Federation
andMr. Phillips Oduoza, GMD/CEO
CBN Governor Appoints GMD Board Member of the Payments
System Strategy Board (PSSB)
UBA Sustains Growth Momentum, Grosses N290 Billion
Earnings in FY2014
The Governor, Central Bank of Nigeria
(CBN), Mr. Godwin Emefiele, recently
appointed Mr. Phillips Oduoza, GMD/
CEO UBA Plc as a member of the Pay-
ments System Strategy Board (PSSB).
Speaking on the appointment, the Dep-
uty Governor, Policy Directorate, CBN,
Sarah Alade, said it is in line with CBN’s
Payment System Vision 2020 aimed at
instituting appropriate management
structures to drive the growth and
development of the payment system in
Nigeria.
The CBN Governor, Mr. Godwin
Emefiele said the board will help
build safe and efficient mechanisms
for making and receiving payments
with minimum risk to the central bank,
payment service providers and end
users, banked and unbanked, and
conforming to internationally accepted
regulatory, technical and operational
standards.
Oduoza, who is also the Chairman of
The Payment Systems and Infrastructure
Sub-Committee of the Bankers Com-
mittee, has been in the forefront of
the payment system transformation in
Nigeria.
UBA on Thursday, March 26, 2015
released 2014 full year audited results
to the public showing a 10% growth in
gross earnings to N290bn.
In other indices, the Bank recorded a
Profit-Before-Tax of N56.2 billion and
a Profit-After-Tax of N48bn. Earnings
received a boost from both Interest and
Non-Interest Income showing the Bank’s
diversified and stable income base. In-
terest Income rose 5.91% to N197 billion
in December 2014 from N186 billion
in December 2013, while Non-Interest
Income rose by 18.17% to N93.3 billion
from N79.0 billion.
Customer deposits in the Bank in the
period under review remained stable
at N2.17 trillion in 2014. Buoyed by this
stability, UBA expanded its support for
businesses on the continent by increas-
ing its loan book by 14% to N1.072 trillion
in 2014.
“We expanded our loan book without
compromising our focus on asset qual-
ity. Notably, our non-performing loan
ratio remains one of the best-in-class at
1.6%, as we responsibly grew risk assets
in line with our defined risk appetite and
target markets” said GMD/CEO, Phillips
Oduoza.
UBA was also able to grow sharehold-
ers’ fund significantly by 13% to N265
billion in 2014 from N235 billion in 2013,
with a capital adequacy ratio above
regulatory requirement.
In a note to staff, GMD expressed his
appreciation to all for their efforts in
achieving the results. He urged all staff
to “significantly improve our level of
operational efficiency and productivity
in 2015, in order to significantly deliver
improved performance this year, par-
ticularly in the areas of deposits growth
and profitability.”
