Monthly Archives: September 2020

UBA USA CEO Sola Appointed to US EXIM’s Sub-Saharan Africa Advisory Committee

Sola Yomi-Ajayi, the CEO of the United Bank for Africa(UBA)’s operations in the United States, has been appointed to the Export-Import Bank of the United States (US EXIM) Committee on Sub-Saharan Africa for 2020/2021. Established by the US Congress, the Sub-Saharan Africa Advisory Committee provides guidance and advice regarding US EXIM policies and programmes designed to support the expansion of financing for US manufactured goods and services in Sub-Saharan Africa.

Wide financing gap, currency devaluation induce higher debt burden – Analysts

Analysts have attributed the increasing debt burden to the devaluation of the naira from N306/$ to N361/$ and continuing financing gap in the budget.
The second quarter of 2020 debt data recently published by the Debt Management Office (DMO) revealed that Nigeria’s public debt stock grew 20.6 per cent y/y and 8.3 per cent quarter-on-quarter (q/q) to N31.0 trillion ($85.9 billion). This translates to a debt to GDP ratio of 20.4 per cent based on 2020 GDP estimate, from 19.0 per cent as at year-end 2019.

Manufacturers say unsold inventory at record high of N402.4bn

Nigerian manufacturers say their inventory of unsold goods jumped to a record high with a value of N402.4 billion ($1 billion) as consumer spending fell in a difficult business environment.

Mouka reaffirms commitment to consumers’ wellbeing, quality product

Mouka, Nigeria’s foremost manufacturer of mattresses and beddings has restated its commitment to consumers’ wellbeing by delivering quality products which enhance sleep and ultimately sound health.
This was the submission of the Chief Executive Officer, Mouka, Raymond Murphy, at a virtual stakeholders’ engagement where he unveiled someof the plans of its fiscal year, recently in Lagos.

UBA Delivers N300.6 Billion Gross Earnings, Declares N0.17k Interim Dividend

Africa’s leading financial institution, United Bank for Africa (UBA) Plc, has announced its audited financial results for the half year ended June 30, 2020, showing commendable growth across key performance indices as well as increased contribution from its African subsidiaries.