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African Philanthropist & Business Leader, Tony Elumelu Sets Out Africa’s Priorities for UNGA 2024

  • Transformative Economic Growth, Youth Employment, Energy Transition Critical for the Continent

African philanthropist and business leader, Tony Elumelu, will make Africa’s transformative economic growth, youth employment, and energy transition central to the discussions at this year’s United Nations General Assembly (UNGA), taking place late September in New York.

Elumelu will call for urgent action in a series of engagements, including a roundtable discussion at the Clinton Global Initiative with former President of the United States, Bill Clinton, and at an event co-hosted by the World Food Programme (WFP) and the Tony Elumelu Foundation (TEF), led by WFP Executive Director, Cindy McCain.

Elumelu will bring his perspective both from extensive experience in building industry-leading businesses across the continent, and the success of the Tony Elumelu Foundation’s catalytic programmes empowering young Africans. Elumelu is a realist, challenging Africa and Africans to solve their problems, bringing African solutions, but also recognizing Africa’s responsibility to act.

As Chairman of United Bank for Africa (UBA) Group and pan-African investment company, Heirs Holdings, as well as Founder of the Tony Elumelu Foundation, Elumelu is a leading driver of Africa’s transformation agenda, helping shape the continent’s narrative on the global stage. His thought leadership and advocacy challenge conventional views, offering innovative strategies for collaboration and growth. The success of his Foundation in promoting youth entrepreneurship as a pathway out of poverty, has featured in case studies from Harvard, Chicago Business School, Stanford and Cambridge.

With over 60% of Africans lacking access to electricity and young people making up more than 60% of the continent’s 1.3 billion population, Africa faces challenges that impact the world. Africa, most recently with tragic floods in West Africa, is suffering climate driven environmental crises, caused by global emissions, whilst Africa’s development is held back by huge infrastructure deficits.

In a recent statement, Elumelu emphasised, “I have often said that there is nowhere else in the world you can reap the kind of investments as in Africa. However, I am acutely aware of the fundamental challenges our continent faces. Addressing the issues of sustainable economic growth, youth unemployment, genda inequality, and Africa’s energy transition is critical not only for meeting the continent’s basic developmental needs, but also for achieving the Sustainable Development Goals and unlocking the immense economic potential that Africa offers.”

An economist and visionary entrepreneur, Elumelu’s economic philosophy of Africapitalism, serves as a blueprint for accelerating Africa’s economic transformation, advocating for the private sector to take the lead in delivering social and economic wealth, and shared prosperity for all.

Alongside Elumelu’s advocacy, the United Bank for Africa, which he chairs, will host a networking gala on the sidelines of UNGA – a platform to spotlight investment opportunities on the continent. The Gala will convene prominent leaders across four continents, in commemoration of UBA Group’s 75th anniversary and the Group’s 40 years of operations in the United States.

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Management Crisis Looms At UBA As MD Loses Job

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UBA

 

There is a looming management crisis at the United Bank for Africa (UBA) Uganda Limited as the sitting Managing Director Chioma A. Mang is being recalled to the headquarters in Lagos, Nigeria.

UBA (U) limited a subsidiary of a multinational Pan-African financial services group headquartered in Lagos Island, Lagos and known as Africa’s Global Bank. The abrupt recalling of the 58-year-old Nigerian lawyer and senior banker (Chioma) is not a normal transfer but a result of the negative media reports that are associated with the low business development in Uganda.

This has come at a time when she is facing too much internal pressure and other work related difficulties.

Just like predecessor John Agoreyo whose exit at UBA Uganda did not leave any record of his next assignment, Chioma’s destiny remains obscure.

OUTGOING MD Chioma

Coincidentally, her predicament at UBA comes at a time when Bank of Uganda has adopted a new model of replacing all the foreign Managing Directors of the commercial banks in Uganda with the ably competent and qualified nationals.

Although this sounds as good news to the current Executive Director at the United Bank for Africa, Kenneth Kisambira as the suitable replacement of Chioma, he has personal weaknesses and pending issues with Bank of Uganda (BoU).

It should be noted that his appointment as the Executive Director at UBA two years ago was questioned by BoU and was marred with lots of controversies.

It required a lot of lobbying and inducement for him to sail through.

Ironically, when he got what he wanted, Kisambira ignored most of the people including the Executive Directors of other banks that backed him up for the top job.

From his background, accomplishments and time in the banking sector, he has moved very fast under unclear circumstances. Those who have worked with him closely ascertain that he has leadership gaps on core values of the banking system and most importantly the customer care.

UBA ED, Kenneth Kisambira

He fears meeting clients and finds it very difficult to make decisions yet these are the core values of bank business.

His character has made it very difficult for the Ugandan business community to enjoy the financial services. The time one spends negotiating for a loan and the percentage of the disbursed loan is a true testimony that UBA is not a pro-business entity.

The experts in the banking sector implore Bank of Uganda not to make a mistake of directly replacing Chioma with Kisambira since his existing flaws are costing the bank every day that passes.

Since the survival and the activities at the bank have been wanting, it is reasonable enough to open the competition to all able Ugandans in search for a potential replacement.

CHIOMA-KISAMBIRA MESS AT UBA

Besides, the record of Chioma and Kisambira at the helm of the bank has been characterized by bickering and intrigue and this has for a long time affected the growth of business.

Their tenure at the branch has seen a big exodus of the experienced bank staff due to bad working relations, poor remunerations and dissatisfaction of poor leadership. The massive turn-over to a larger extent is not only affecting the bank operations but the financial activities of the bank’s potential clientele.

To make matters worse, all the senior bankers that have been forced out by the situation join the competitors. The senior people who left the bank after the appointment include the former Executive Director, Joseph Balikudembe who joined Centenary Bank in the similar position, former Chief Operating Officer Joachim Otim – moved to Equity Bank in a similar position.

The others who left due to poor leadership are the former Branch Manager Corporate Naome Asiimwe – moved to Housing Finance Bank as well as the head of Internal control who joined the competitors. To note also is the massive exodus of all the senior staff in the department of Prestige Banking that were led by one Faith.

The vices that include but not limited to loan defaulting, electronic card fraud and money laundering by Nigerians together with Ugandan smart lawyers in conspiracy with some individuals in the bank are the order of the day.

The combination of the above has slowed the business development in almost all the branches of UBA here in Kampala and upcountry.

Lately, when you enter any UBA branch, some tills don’t have staff, service is very slow, clientele is minimal.

To cover up the mess, the Public Relations office is empowered to spread lies, negate the truth and block all the negative publications about the individuals as well as the bank’s policy makers.

A case in point is a recent scandal where a client in the same bank since 2013 sued UBA bank after his account was illegally debited without consent or court order. The Public Relations machinery was very quick to deny the matter and implored the susceptible media houses to quash the matter as baseless and it later turned out to be factual truth.

Hoziana Niyonsaba, the bank’s Head, Marketing and Corporate Communications refuted the matter saying it was spurious, false and unfounded.

When the UBA management realized that the complaint had been raised to the Bank of Uganda and the issue had gotten out of hand, they attempted to reach out to the client, but it was too late since a civil suit had been fully filed in the High Court.

The lawsuit highlights a discrepancy between the bank’s public statements and the ongoing legal proceedings.

UBA Uganda, in a press statement, reassured its customers and the public of its commitment to security and transparency. The statement read, “No such incident has occurred, and we stand by our stringent security protocols that safeguard customer accounts from any unauthorized access.”

Despite these assurances, the civil suit paints a different picture, accusing UBA Uganda of failing to fulfill its fiduciary duty to protect the client’s funds.

This scandal set a very bad precedent to all the commercial banks and sparked off a widespread debate within Uganda’s banking sector, with experts warning that the case could have significant financial and reputational consequences for UBA Uganda. It is not clear whether this particular matter forced the owners of the bank to think about the replacement of the top leadership but it clearly written on the wall that the need to protect business at UBA Uganda limited is paramount.

FACTS ABOUT UBA UGANDA

United Bank for Africa Uganda Limited, also UBA Uganda, is a commercial bank in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator.

UBA Uganda is a subsidiary of the United Bank for Africa, headquartered in Lagos, Nigeria, with a presence in twenty African countries, the United Kingdom, France, and the United States. The stock of UBA Transnational trades on the Nigeria Stock Exchange under the symbol UBA.

UBA Uganda is a retail bank that serves small and medium enterprises (SMEs), large corporations and individual customers. As of 31 December 2023, UBA Uganda’s total assets were USh623,093,431,000/= (approx. US$164.235 million), with shareholders’ equity of USh142,572,067,000/= (approx. US$37.6 million). UBA Uganda commenced operations in May 2008, starting with the opening of the main branch on the Kampala-Jinja Highway in Kampala and then spread to the upcountry towns of Masaka, Jinja, Mbale and Mbarara.

It offers Internet Banking (UBA Online Banking Service) gives you unrestricted and secure access to your account, anytime, anywhere on your computer, tablet, smartphones or any internet enabled device.

UBA Business Direct is the online portal for cash management and transaction banking. It offers a convenient and flexible way to manage corporate cash management and other transactions to cover all corporate banking needs.

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Alebiosu Reiterates The Positive Role Of Financial Inclusion In Poverty Eradication At UNGA 79

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UNGA 79

Alebiosu Reiterates The Positive Role Of Financial Inclusion In Poverty Eradication At UNGA 79—-In an exclusive interview with Arise TV on the sidelines of the 79th United Nations General Assembly in New York, the CEO of FirstBank, the premier West African financial institution and financial inclusion service provider, Olusegun Alebiosu highlighted poverty eradication as a pressing concern that should keep international leaders up at night.  Alongside poverty, climate change and gender inequality are equally pressing issues that demand attention and action.

Alebiosu stressed that poverty, in all its forms, stems from lack of access and resources. He highlighted that finance is the most critical factor in combating poverty in the 21st century. “The easiest way to get out of poverty is access to finance,” he noted.

Some of the important discussion topics during the UN Global Compact Leaders’ Summit according to Alebiosu included innovative financing, sustainable financing, and the impact of artificial intelligence on humanity. He stressed the critical need to develop human resources to tackle the widening economic gap between developed and developing nations. This emphasis on human resource development echoes the United Nations’ focus on sustainable development and equality, particularly in areas such as gender equality, climate action, and living wages.

As a financial expert in Nigeria and Africa, Alebiosu has identified financial inclusion as a key area for FirstBank to address in supporting poverty alleviation under the sustainable development goals. FirstBank considers financial inclusion a central part of its business strategy, resulting in the extension of over N36 billion in loans to women in 2023 and the development of a gender market strategy to strengthen the Bank’s women portfolio. Alebiosu highlighted FirstBank’s extensive Firstmonie agents’ network in Nigeria, which surpassed 232,000 in 2023, with over 55,000 of the agents being women who continue to offer financial services in their communities as a testament to the power of financing in advancing economic interests and promoting economic development.

Concluding, Alebiosu expressed his vision for the future and said “FirstBank will further be entrenched into the fabric of the society, earning a place in the hearts and minds of Nigerians as a Giant advocate for economic development in Nigeria and Africa as a whole.”

The UN Global Compact Leaders’ Summit is an annual day-long conference that empowers private sector leaders to drive sustainable development and advance the 2030 Agenda. The event provides a unique platform for business leaders, UN officials, government leaders, SDG stakeholders, and civil society professionals to converge and explore innovative solutions with actionable insights. This year’s edition held in New York, on Tuesday September 24, 2024

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