United Bank for Africa Plc appoints Emmanuel Nnoroma as non-executive director

United Bank for Africa Plc (UBA) has announced the appointment of Mr. Emmanuel N. Nnoroma as the bank’s Non-Executive Director

This was contained in the Company’s notice to the Nigerian Exchange Limited (NGX) obtained by Nairametrics.

According to the company, the appointment took place on April 30, 2024.

The lender noted that the Central Bank of Nigeria (CBN) approved the appointment on May 13, 2024.

The statement reads:

“Africa’s Global Bank, United Bank for Africa Plc (UBA), hereby announces the appointment of Mr. Emmanuel N. Nnorom as Non-Executive Director with effect from April 30, 2024. The Central Bank of Nigeria (CBN) consented to this appointment on May 13 2024.”

Profile of Emmanuel N. Nnoroma

The statement signed by Company Secretary/Group General Counsel, Bill A. Odum, states that Mr. Emmanuel N. Nnorom has over 40 years of professional experience in financial services and auditing, including significant experience on the boards of listed companies.

Mr. Nnorom is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an Honorary Fellow of the Institute of Chartered Bankers of Nigeria (CIBN). He is a graduate of Templeton College, Oxford.

UBA Group Chairman, Mr. Tony O. Elumelu, CFR, who spoke on the appointment, said:

“The appointment of Emmanuel Nnoroma, a specialist with extensive industry experience, underlines our Group’s commitment to strong management and excellence. Mr. Nnorom has experience working in key sectors of the Nigerian economy, including energy, with a pan-African perspective and complements our current Board.”

What you should know

United Bank for Africa (UBA)’s unaudited financial results for the first quarter of 2024 showed a remarkable 154.74% year-on-year increase in pre-tax profit to reach $156.344 billion.

The significant growth highlights both the strengths and challenges of the current macroeconomic environment, characterized by elevated inflation, elevated interest rates and currency volatility.

• A detailed analysis of financial results links UBA’s good results in the first quarter to a significant increase in interest income, driven primarily by lending activities and investments in securities, especially bonds.
• UBA’s interest income recorded a significant year-on-year growth of 129.7% to N440.764 billion.
• Notably, interest income from securities investments increased to $201.026 billion, accounting for about 46% of total interest income.
• This exceeds the share of income obtained from loans and credits. Interest income from loans and advances also increased significantly, reaching N195.309 billion, representing about 44.31% of the group’s total interest income.

UBA closed on Thursday, May 23, 2024 at N20.00 per share on the Nigerian Stock Exchange (NGX), registering a decline of 1.7% from the previous closing price of N20.35. The bank commenced year with a share price of N25.65 but has since lost 22% in valuation.