Tiwa Savage, Wizkid all at the UBA 70 years Celebration in Nigeria

By Edwin Muhumuza

United Bank for Africa (UBA) Plc celebrated 70 years of operations . The platinum anniversary was combined with the bank’s annual CEO awards ceremony as members of staff from all 23 countries of operations who had excelled over the past year were rewarded in the midst of thousands of guests.

The Chairman, UBA Plc, Mr. UBA Celebrates 70 years with CEO Awards gala, accompanied by his wife Dr. Awele, remarked that UBA remains a leading financial institution on the continent and hitting the 70th year mark was a laudable achievement.

He said, “It is a time to celebrate UBA’s rich heritage and legacy over 70 years and to tell everyone who has contributed to what UBA is today, that we appreciate all they have been doing and how they have ensured that the investment put into the bank over the past decades have paid off.”

The Group Managing Director/Chief Executive Officer, Mr. Kennedy Uzoka, spoke about the banks’ achievements over the past 70 years and some of its objectives for the coming years, commending staff for their hard work and resilience that have contributed to UBA retaining its position as Africa’s top bank of choice.

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“Every year, it is our tradition to appreciate our people who have put in their very best and gone far and beyond the call of duty to deliver excellent services to our customers and this year is even more exciting as we celebrate 70 years of our existence.

From Uganda, Chief Dealer, Isaac Kasozi Iga scooped an Award of Excellence for his remarkable contribution as one of the main revenue contributors to the Group.

Chairman of Zenith bank, Jim Ovia ,commended the management and staff of the bank, adding that UBA remains one of the greatest banks in Sub Saharan Africa and is built to last. He congratulated all staff and shareholders noting that he should have bought UBA shares but it was not too late to do that.

In attendance at the epic night of activities, were royal fathers, captains of industry, political leaders, clients and friends of the bank. Some of the guests present were the Ooni of Ife, Oba Adeyeye, Enitan Ogunwusi; the Emir of Kano represented by the Sarkin Shanun of Kano, Alhaji Shehu Mohammed; Former and Present Governors of Cross Rivers State.Former Presidents Olusegun Obasanjo and Ibrahim Babaginda who could not attend the event sent in letters of congratulations to commend the bank on its landmark achievements.

At the celebrations, the story of UBA was depicted in the Tony Award winning Broadway musical of the Lion King. Serengeti depicts the story of the young cub who grew into a strong Lion, in spite of the odds, and empowered all the other animals in the jungle. Great performances by A-list artists such as ‘science students’ crooner, Olamide, Phyno,Patoranking, Dbanj and female sensation, Tiwa Savage entertained the audience of over 2500 guests. The surprise act which ended the night on a high, was the performance by award winning Nigerian artist, Wizkid.

Uganda’s Parliamentary committee scrutiny for the defunct banks kick starts

The parliamentary committee on commissions, statutory authorities and state enterprises has today started scrutinizing  the closure of the  defunct banks by questioning the criteria which was used to close Teefe bank.

The committee chaired by bugweri county mp Abdul katuntu quizzed the officials of the central bank headed by the governor Tumusime Mutebile on how they could close this bank without knowing its liability and assets.

The auditor general in his report noted that some of the documentation of Teefe trust bank where denied to his office. The committee now discovers that this bank was closed without an inventory report, However bank of Uganda’s  deputy governor Louis Kasekende in response said that the law by then did not require them to fill an inventory
report.

“ The nature of documents required at that time did not include the inventory so we don’t have that inventory as of now.’’ `It is true that the Financial Institution statute specifically provides for it, but any institution that is acting prudently if you’re taking over a bank, you can’t move in an institution take it over without documenting what you’re taking over, Katuntu replied

The meeting has now been adjourned to Thursday this week to allow BOU reorganize itself and Provide to the committee the list of assets and liabilities that were taken over by the central bank at the time of dissolving the bank.

A special audit on the closure of Teefe Trust Bank and six others commercial banks by the central bank  was ordered  by the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) in November 2017.

The  committee ordered for  the  auditor after  discovering  that Bank of Uganda  had not  provided the liquidation agent and period for Teefe Trust Bank since it was closed 25 years ago, despite the BOU liquidating  the assets of the bank.

Teefe trust bank was closed in 1993, by the central bank as it was deemed bankrupt. The  special audit report of the Auditor General queried the mistakes  in the closure of Teefe Bank , International Credit Bank Ltd Greenland Bank ,  Co-operative Bank , National Bank of Commerce ), Global Trust Bank (2014) and recently Crane Bank Ltd.

The auditor also observed that there were no guidelines in place to guide the identification of the purchases of the defunct banks.