SEC approves UBA's rights issue

SEC approves UBA's rights issue

The Securities and Exchange Commission (SEC) on Monday approved the proposed rights issue of N13 billion for existing shareholders of UBA Plc.

Mr Obi Adindu, Communications Adviser to SEC Director-General, who confirmed the approval said that the rights issue opened on Dec. 29.

Adindu said that the commission also approved UBA’s application for a bond issue that would commence at a later date.

Non-performing loans in banks still minimal, says UBA boss

Oduoza

The Group Managing Director, United Bank for Africa (UBA), Phillips Oduoza, on Friday said the Non-Performing Loans (NPLs) in the banking sector was still minimal.

Oduoza said that NPLs had not reached the five per cent threshold set by CBN for the sector.

He said that as long as banks were still doing business, the NPLs would rise, adding the authorities were working hard to ensure stability in the financial system.

The 2013 Annual report of the Nigeria Deposit Insurance Corporation (NDIC) said the volume of NPLs increased by N38.05 billion or 13.30 per cent to N324.14 billion in December 2013 from N286.09 billion in 2012.