UBA celebrates African Day


By Hassan G. Koroma

As a pan-African Bank operating in 19 African countries and overseas including New York, London and Paris, the United Bank for Africa (UBA) on Friday May 23rd celebrated the African Day in grand style with the theme, ‘Love Africa’. The event took place at the bank’s headquarters at Charlotte Street in Freetown with an entertaining African drama.

According to the Managing Director and Chief Executive Officer of UBA, Ndubuisi Ejiofor, African Day is the celebration of the achievements of Africans across the globe and it is an annual commemoration of the founding of the Organization of African Unity (OAU), which is now the African Union (AU).

He said in March 2013 Africa was identified as the world’s poorest inhabitant continent but the World Bank expects that most African countries will reach meddle income status defined as at least US$1,000 per person a year by 2025 if current growth projection continues.

He said that in 2013 Africa was reported as the world’s fastest growing continent at 5.6% a year, and the GDP is expected to rise by an average of over 6% a year between 2013 and 2023 and the growth has been present throughout the continent with over one-third of sub-Saharan African countries.

He said the United Bank for Africa positions itself not just as an African bank but as a pan-African bank with their presence in 19 African countries. He said the bank believes that as Africans they are working together to promote the African diversity and its success whilst highlighting the cultural and economic potentials that exist on the continent and through its operations across the continent.

The bank, he added, has been supporting institutions and governments to build sustainable wealth on the continent.

“As part of our commitment and passion to support the development of Africa, the United Bank for Africa Sierra Leone Limited has not only empowered the Sierra Leone labour force by providing jobs for over 80 Sierra Leoneans, but has contributed immensely to the development of the country,” he said.

CEO Ejiofor reported that the bank has posted profit before tax of Le12,114,008bn for the year ended 2013 and profit after tax of Le8,552,320bn, and “the implication is that the bank paid tax of Le3,561,688bn to the government”.