Speech of Mr. Ebele Ogbue During the Opening of UBA First Branch in Monrovia
Speech of Mr. Ebele Ogbue During the Opening of UBA First Branch in Monrovia UBA Liberia Head Photo Credit: UBA Liberia
Good morning/afternoon, Deputy Governor of the Central Bank, Honorable Minister, Members of the Board of UBA Liberia, members of the diplomatic corps, distinguished guests, members of the press, ladies and gentlemen. Thank you for making time out of your busy schedules to join us in celebrating the opening of our first branch today. Today marks a key event in this Republic, the opening of United Bank for Africa Liberia Limited. It also marks increasing investors’ confidence in Liberia with the interest and emergence of foreign banks in the country.
We are gathered here today as a result of that confidence and of our desire to strengthen the banking industry as well as provide quality and innovative financial products and services that will cater to the needs of everyone, from the ‘pehpeh’ driver to the corporate executive of a multinational organization. I know that prior to this day there has been a huge desire to know what UBA is and what we hope to offer to the Liberian economy. It is also a known fact that we are an African bank with its head office in Lagos, Nigeria.
Just to give you a little history of UBA. UBA was incorporated in Nigeria as a private limited liability company on the 23rd of February 1961. Today we are the result of the marriage between the 3rd largest bank, the old UBA and the 5th, Standard Trust Bank prior to the consolidation exercise in 2005, with a later acquisition of Continental Trust Bank and more recently Liberty Bank of Nigeria. From as far back as 1961 and with the consolidation of these two banks, we have grown from strength to strength and size with a balance sheet of an excess of 14 billion USD as at the end of the last financial year of September 2007; we have over 6 million customer accounts and over 700 online branches spread across the length and breadth Nigeria alone.
We have embarked on a 3 phased strategy to become the dominant financial services provider in Africa and beyond. And as part of this strategy we have embarked on an expansion drive to bring quality banking products and service to our African brethren, with branches in Ghana, I. Coast, Cameroun, Uganda, Cayman Island, New York in the United States and now, Liberia. We’ve also been issued licenses in S. Leone, B. Faso, Guinea and Mali and have a rep office in China.
I would not like to bore you with our impressive performance but again I think it necessary to make a quick note of some of the awards we have received over the last two years: The Corporate Social Responsibility Award, 2008; The Money Markets Innovation award, 2008; Pure Genius award for our robust ICT setup, 2007; Global Excellence Banker award, 2006; Bank of the Year award, 2006 to name a few. This, however, does not take away from the misconception, either deliberate or misinformed, that due to the nationality of our bank we are a ‘419 organization’, a ‘fly by night investor’ or have been ‘exposed’ for fraudulent bank practices. Let me state here and now that if it were to be so, the Central Bank of Liberia, after months of due diligence would not have granted us even a provisional license to begin with. Neither would we have been granted a banking license early this year by the UK’s Financial Services Authority (one of the most stringent global financial regulators);
We are the only Sub-Saharan bank with a full banking license in New York; the 1st and only African bank to obtain a banking license in the Cayman Island; the 1st Nigerian bank in Ghana, and, again we have made history as the 1st Nigerian bank in Liberia. These, by all means, are no small feats as there are strenuous requirements that have to be met in compliance with international banking procedures with regard to the setting up of any financial institution. UBA Liberia, which is a subsidiary of UBA Plc, was incorporated as a private limited liability company on the 10th of October 2006.
The bank was given a provisional license by the Central Bank of Liberia in October 2007 to enable it recruit & train staff; secure an office location, and put in place proper process and policies to guide its operations. This led to the final issuance of a full banking license yesterday 17th July 2008, for which we would like to thank the Central Bank of Liberia.
Today, we are at the opening ceremony of our first branch after facing various challenges to make this a reality. Notwithstanding the opening of this branch, we intend to roll out and operate over 15 branches within the country by 2010. UBA has decided to make Liberia part of the UBA family. Why Liberia one may ask? My reply is: Why not Liberia? We see this dear country as brimming with economic potential from the progressive economic policies of this administration, to the rejuvenation and development of civil and corporate bodies, as more and more Liberians in the Diaspora resettle and investor’ confidence grows, translating into more jobs and a better lifestyle for its citizens.
Today, UBA Liberia is taking its first steps to make this happen. We are proud to announce that our products have been tailored especially for the average Liberian in mind and for the multinational companies operating in the country. We have the “No Wahala Loan and Account”, for those who cannot afford the minimum account requirements, but yet would like to start the culture of saving and investment in their businesses; there’s the UBA Gold Account (A hybrid savings account that offers customers the benefit of issuing checks on their savings account) and a host of electronic banking products such as: U Direct (explain), U Mobile and PayDirect.
Our ATMs will be easily accessible from all our branches, 24-7 with adequate security on the premises, as well as the highest level encryption. We shall also offer Moneygram services, UBA Remit and Non-Resident Accounts for Liberians in the Diaspora. We thrive on the motto “The customer is king” no matter whether he’s/she’s a ‘pa-pay’, ‘old person’, young girl, rich, poor, educated person or who has never been to school.
We are here to revolutionize the banking industry and provide quality service at a go with our vibrant staff of dedicated men and women who share the UBA vision and our core values of - Honesty, Integrity, Empathy and Resilience. Without further ado, ladies and gentlemen I introduce to you UBA Liberia! Thank You.
