UBA celebrates 75 years of excellence, records outstanding financial growth
…Reaffirms commitment to digital transformation, Africa’s economic development
…To complete CBN’s N500 billion capital requirement in Q3 2025
…Shettima extols UBA’s dedication to innovation, emerging markets
By Seun Ibiyemi
The United Bank for Africa (UBA) reached a historic milestone, celebrating its 75th anniversary during its 65th Annual General Meeting. Group Chairman, Mr Tony Elumelu, delivered a reflective speech, honouring the bank’s legacy of resilience, innovation, and steady advancement.
Elumelu underlined the extraordinary journey UBA has undertaken over three-quarters of a century, crediting its success to the foresight of its founders, institutional strength, and consistent performance.
“Seventy-five years is an extraordinary milestone to attain. Our survival and flourishing over three-quarters of a century are a testament to our resilience and institutionalisation,” he remarked.
He drew attention to the group’s strong financial results for 2024, noting a gross revenue of ¦ 3.2 trillion and profit after tax reaching ¦ 767 billion.
UBA’s total deposits grew by 42 per cent to ¦ 24.6 trillion, while the loan book expanded by 35 per cent to ¦ 7.5 trillion. The bank’s total assets closed at ¦ 30.3 trillion, and shareholders’ funds stood at ¦ 3.4 trillion.
Elumelu pointed to the successful capital raise initiative launched in 2023, reporting that an oversubscribed rights issue had helped UBA bolster its capital to ¦ 355.2 billion, well on the way to meeting the Central Bank of Nigeria’s ¦ 500 billion minimum capital requirement for international commercial banks. He confirmed that the outstanding ¦ 144.8 billion would be raised within the year to fuel further expansion and investment, particularly in technology.
Reaffirming UBA’s dedication to sustainability and social impact, Elumelu spoke about initiatives undertaken in 2024, including the planting of 4,550 seedlings to offset around 212,000 kilograms of carbon emissions, and the distribution of over 13,000 books through the Read Africa Initiative.
UBA’s achievements were recognised across the continent, as it was named “Bank of the Year” in Kenya, Burkina Faso, Ghana, Mali, and Zambia, and crowned “Best Regional Bank – West Africa” at the African Banker Awards.
Following the Chairman’s remarks, Group Managing Director/CEO Mr Oliver Alawuba delivered an impassioned response, expressing deep appreciation for shareholder support.
“We are very happy that you, our shareholders, are happy, because when you are happy, then we are happy,” he said, smiling.
He recalled the earlier days of modest ‘Kobo Kobo’ dividends and assured shareholders that such times were firmly in the past. “We have moved far from those difficult days, and we are continuing to make strides towards greater success,” Alawuba affirmed.
Focusing on customer service, he reaffirmed that UBA’s main objective is to serve its over 45 million customers more effectively through digital innovation.
“The customer is the reason we exist as UBA,” he said. “We are investing heavily in digital banking to enhance your experience whenever you interact with us.”
Alawuba encouraged shareholders to embrace UBA’s evolving digital platforms, explaining that the capital being raised would directly support upgrades to digital infrastructure, strengthen fraud prevention, and develop artificial intelligence capabilities.
“We are steering towards artificial intelligence because it will significantly improve our service delivery,” he said.
Alawuba also revealed plans for further international expansion. “Today, we are present in 24 countries. We are preparing to expand into France very soon, and Saudi Arabia as well. The only way to serve these markets effectively is by leveraging digital technology,” he explained.
He introduced shareholders to the newly established Customer Fulfilment Centre, a dedicated facility designed to respond swiftly and efficiently to customer feedback.
“What you might call complaints, we call feedback,” Alawuba clarified. “It helps us to improve your service experience.”
He assured shareholders that safeguarding their accounts remains a top priority. “Anytime you access your account, your money will be there,” he promised.
Concluding on a confident note, Alawuba said: “We are working tirelessly to ensure that when next we gather, we are even closer to, or have exceeded, the ¦ 7 dividend target set for us.”
The meeting concluded with the auditor’s report from Ernst & Young, affirming UBA’s strong commitment to compliance, transparency, and sustainable value creation for shareholders and stakeholders alike.
Meanwhile, Vice President Kashim Shettima has praised UBA for its 75 years of operational excellence, speaking at the UBA 75th Anniversary Dinner held in Abuja on Friday.
In his address, Shettima described the bank as a beacon of innovation, a champion of emerging markets, and a testament to enduring ambition.
“Seventy-five years is not something you pick up at a supermarket. It is earned through risks and careful calculations, through navigating storms and basking in sunshine, through mergers, acquisitions, and the sheer brainpower and courage of those who believe in a better future,” he said.
He added that celebrating an institution like UBA, one that has outlived generations yet remains youthful and dynamic, was a rare honour.
“The United Bank for Africa, or simply UBA, thrives not because its ideas are aged but because it pays close attention; to innovation, to emerging markets, to shifting dreams, and to the evolving aspirations of each generation.”
Shettima hailed UBA’s leadership for managing to stay ahead of its contemporaries, crediting its endurance to a relentless pursuit of relevance.
He described UBA as a powerful example of what an African institution can achieve by embedding excellence at its core.
“UBA’s staying power is the reward for new thinking, for expanding not just across geographies but across ideas. It serves millions, shapes economies, and transforms the narrative of African possibilities when visionaries take the helm,” Shettima said.
The Vice-President particularly applauded UBA’s Chairman, Mr Tony Elumelu, calling him one of the finest sons of the African continent.
“Every institution’s history is shaped by those who believe in it,” he continued. “Elumelu is a bridge between the old and the new, between the outdated and the emergent.”
Shettima noted that even younger generations, including Gen Z, have placed their trust in Elumelu, not because of the era he was born into, but because he understands and responds to their era.
“Tony Elumelu is not merely a dreamer; dreamers often remain trapped in fantasy. He is a dream-maker. He turns imagination into reality for those who dare to dream from their homes. He teaches us that it is possible to build without breaking, to lead without losing touch, and to dream without borders.”
Shettima also reflected on Elumelu’s ability to balance the demands of leadership and family life, a rare feat he admired.
“One thing that has amused me over the years is that Tony Elumelu has mastered the delicate art of balancing the boardroom with the living room, being both a captain of industry and a stalwart at home. Not many can build empires while still showing up at Christmas in their hometowns. But this man, this maverick, this dream-maker, proves that one can help steer the continent forward without losing touch with family and community.”
The Vice-President extended warm praise to Elumelu’s wife, Dr Awele Elumelu, whom he described as “not just a spouse, but an Amazon, a matriarch who shelters the extended family beneath her wide and welcoming canopy.”
