UBA America, the United States subsidiary of United Bank for Africa (UBA) Plc hosted diplomats, government officials and business leaders to a networking reception in partnership with the esteemed Business Council for International Understanding (BCIU) and the U.S. Department of States in Washington DC on Monday .

The event which was held on the sidelines of the ongoing IMF World Bank Spring Meetings was organised by the BCIU and US Department of State to enhance collaboration and fortify commercial diplomacy among nations, institutions and individuals.

Speaking during the event, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, noted that the bank’s co-hosting of the event via its American subsidiary, underscores its commitment towards cultivating robust relationships within the development communities in the United States.

He said, “As a distinguished member of BCIU, a non-profit organisation providing customised commercial diplomacy services, UBA Group and UBA America share BCIU’s vision of actively pursuing strategic opportunities, contributing to global economic cooperation, deepening of economic diplomacy, facilitating ideas, forging partnerships, and adding value for all stakeholders.”.

“Our resolve to co-host this Networking Reception symbolises our dedication to fostering inclusive economic growth and partnership across borders. By leveraging platforms like this, we can collectively address shared challenges and seize opportunities for sustainable development,” he stated further.

UBA America 2 – l-r: Vice President, Corporate Affairs, AB InBev, Andrew Whiting; Group Managing Director/CEO, United Bank for Africa; Oliver Alawuba ; Chief Executive Officer,  UBA America, Sola Yomi-Ajayi; Deputy Assistant Secretary of State for Africa, United States Department of State, Joy Basu; Vice President, Business Council for International Understanding(BCIU), Pete Nonis;  at the BCIU and US Department of State Networking Reception, sponsored by UBA America on the sidelines of the IMF- World Bank Meetings in Washington DC on Monday

BCIU is a non-profit Association comprising of policy experts, strategic advisors, and trade educators, and offers bespoke commercial diplomacy services to the world’s governments and leading organisations, from Fortune 100 companies to global investors and multilateral institutions.

Only last year, the CEO UBA America, Sola Yomi-Ajayi, was appointed to the Board of BCIU, where she collaborates with fellow board members to ensure the organisation operates in alignment with its by-laws and New York 501(c)3 non-profit legislation.

Yomi-Ajayi has been committed to nurturing long-term organisational growth and sustainability, thereby reinforcing the bond between UBA America, BCIU, and the broader international community.

UBA America 1 – l-r:– Client Leader for the Deloitte Risk & Financial Advisory practice,  Fred Curry; United States Under Secretary of State for Economic Growth, Energy, and the Environment, Jose W. Fernandez; Chief Executive Officer,  UBA America, Sola Yomi Ajayi; and Group Managing Director/CEO, United Bank for Africa; Oliver Alawuba, at the Business Council for International Understanding(BCIU) and US Department of State Networking Reception, sponsored by UBA America on the sidelines of the IMF- World Bank Meetings in Washington DC on Monday

UBA America is the United States subsidiary of United Bank for Africa (UBA) Plc, one of Africa’s leading financial institutions with presence in 20 African countries, as well as in the United Kingdom, France, and the United Arab Emirates. UBA America serves as a vital link between Africa and the global financial markets, offering a range of banking services tailored to meet the needs of individuals, businesses, and institutions.

As the only sub-Saharan African bank with an operational banking license in the U.S., UBA America is uniquely positioned to provide corporate banking services to North American institutions doing business with or in Africa.

UBA America delivers treasury, trade finance, and correspondent banking solutions to sovereign and central banks, financial institutions, SMEs, foundations, and multilateral and development organizations. Leveraging its knowledge, capacity, and unique position as part of an international banking group, the Bank seeks to provide exceptional value to our customers around the world.

The Federal Government is set to receive around $2.2 billion single-digit interest loan from the World bank and another budget support facility from the African Development Bank.

Minister of Finance, Wale Edun, disclosed this during a press briefing at the end of Nigeria’s activities at the World Bank/International Monetary Fund Spring meeting in Washington DC, the United States on Saturday.

Speaking on the sources of international funding to the Nigerian economy, Edun listed diaspora remittances, foreign portfolio investments, and facilities from the World Bank and other international development partners.

He stated, “We have qualified for the processing just this week to the Board of Directors of the World bank of a total package of $2.25 billion of what you can call ‘the closest you can get to a free lunch’- virtually a grant. It’s for about 10- 20 years moratorium and about 1% interest.

“In addition, there is a similar budgetary support – low-interest funding from the African Development Bank (AfDB) and, clearly, there are ongoing discussions with foreign direct investors across many sectors.”

Edun also tapped issuing dollar-denominated securities specifically targeted at Nigerians in the diaspora and those with foreign-denominated savings in Nigeria as another measure to attract forex inflows into the country.

He further highlighted the efforts of the fiscal side of the economy in complimenting the recent monetary policy reforms by the Central Bank of Nigeria.

According to the minister, the issuing of government securities at an interest rate closer to the CBN’s monetary policy rate is an indication of the collaboration between both sides of the economy in tackling inflation in the country and attracting forex inflows.

Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc has announced the divestment of its 100% interest in Transcorp Hotels Calabar Limited to Eco Travels and Tours Limited, an indigenous hospitality company.

This was contained in the company’s notice to the shareholders filed with the Nigerian Exchange Limited.

According to the statement signed by Stanley Chikwendu, Company Secretary, Eco Travels and Tours has a diversified portfolio including hotel management, wellness and fitness facilities, family-centric spaces, and interior and exterior design and decoration.

It noted that Transcorp Hotels strategic focus is on Abuja and the significant continuing investment in the iconic Transcorp Hilton Hotel and in development opportunities in Lagos.

According to the company, in its published 2023 audited financial statements, the Company recorded 36% revenue growth and with the ongoing execution of its business strategies and optimization of new business opportunities, will continue to deliver even greater value to all its stakeholders.

Trascorp Hotels Plc had last year announced the conclusion of its plans to sell 100% equity holdings in its subsidiaries, Trancorp Hotels Calabar.

This was part of the special resolutions at the Ninth Annual General Meeting of Transcorp Hotels Plc held at Congress Hall, Transcorp Hilton Abuja.

According to the resolutions released by the Nigerian Exchange Limited (NGX), shareholders authorized the board and the company’s management to dispose its 100% equity interests in Transcorp Hotels Calabar Limited in accordance with relevant laws, statutes, and regulations.

They also authorized the board and the management to invest in, acquire, or divest from any business and/or carry out as the Directors may deem appropriate and in accordance with any relevant laws, any actions, including but not limited to restructuring, reorganization, reconstruction, and such other business arrangement exercise or actions.

Transcorp Hotels Plc reported a profit before tax of N9.412 billion for the year ended 31 December 2023.

According to the financial statements reviewed, Transcorp Hotels reported revenue of N42.701 billion, a 35.81% increase from the N31.442 billion reported the year prior.

A significant portion of this revenue was from room sales, which constitutes about 64% of total revenue.

The substantial growth in pre-tax profit can be attributed to the higher growth in revenue relative to the growth in cost of sales.

Operational expenses have seen a persistent increase, with energy costs playing a significant role in driving overall costs higher. Energy expenses surged from N2.3 billion in 2022 to N2.87 billion, reflecting a notable rise.

Total assets experienced a slight increase, growing by 4.32% YoY to reach N125.687 billion. Despite this growth, the company’s net debt stood at N11.7 billion. However, it’s worth noting that interest expenses are well covered by operating profit.

Recall that in a demonstration of corporate leadership grip among the 155 listed companies, Transporp Hotels Plc emerged the best equity on the Nigerian Exchange (NGX) in terms of return-to-date performance in 2023.

According to data by the local bourse to close the years trading on Friday December 29, 2023, the NGX revealed that Transcorp Hotels recorded outstanding performance which singled it out during the year as a strong equity to beat.

The hospitality industry leader closed its lasttrading day (Friday, December 29, 2023) at N70.18 per share on the Nigerian NGX, recording a 10 percent gain over its previous day’s closing price of N63.80.

Tracing the market trend of the company revealed that Transcorp Hotels began the year with a mere share price of N6.25 and has since gained 1,023 percent on that price valuation, ranking it first on the NGX in terms of year-to-date performance.

The stock has accrued an outstanding 58 percent over the past four-week period alone—seventh best on NGX, to sustain the high tempo it recorded during the weekly reports on the local bourse.