UBA celebrates 75 years of excellence, records outstanding financial growth
…Reaffirms commitment to digital transformation, Africa’s economic development
By Seun Ibiyemi
United Bank for Africa (UBA) marked a historic milestone as it celebrated its 75th anniversary during the 65th Annual General Meeting, with Group Chairman Mr. Tony Elumelu delivering a speech that reflected on the institution’s legacy of excellence, resilience, and forward-thinking innovation.
Elumelu emphasized the group’s remarkable journey spanning three-quarters of a century, attributing its success to the vision of its founders, institutional resilience, and consistent performance.
“UBA 75 years is an extraordinary anniversary to achieve. Our existence of three-quarters of a century is a testament to our resilience and institutionalization,” he stated.
He highlighted the group’s exceptional financial performance in 2024, with gross revenue of ₦3.2 trillion and profit after tax at ₦767 billion.
UBA’s total deposits rose by 42 per cent to ₦24.6 trillion, while its loan book expanded by 35 per cent to ₦7.5 trillion. The bank’s total assets closed at ₦30.3 trillion and shareholders’ funds at ₦3.4 trillion.
Elumelu acknowledged the successful capital raise initiative launched in 2023, stating that following an oversubscribed rights issue, UBA’s capital now stands at ₦355.2 billion, well on its way toward meeting the Central Bank of Nigeria’s ₦500 billion minimum capital requirement for international commercial banks.
The remaining ₦144.8 billion will be raised within the year to support further growth and investment in technology.
Reinforcing UBA’s commitment to sustainability and social impact, Elumelu noted that the bank planted 4,550 seedlings in 2024 to offset approximately 212,000 kg of carbon emissions and distributed over 13,000 books under its Read Africa Initiative.
The bank also earned the title of “Bank of the Year” in five countries — Kenya, Burkina Faso, Ghana, Mali, and Zambia — and was named “Best Regional Bank – West Africa” at the African Banker Awards.
Following the Chairman’s address, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, delivered a heartfelt response, applauding shareholders for their consistent support.
“We are very happy that you, our shareholders, are happy—because when you are happy, then we are happy,” he said.
He reminded shareholders of the past days of ‘Kobo Kobo’ dividends and assured them that those days were behind. “We have moved far from those difficult times, and we continue to advance beyond that point to do well,” Alawuba said.
Focusing on customer experience, he stressed that UBA’s primary goal is to serve its over 45 million customers more efficiently through digital transformation.
“The customer is the reason why we exist as UBA,” he noted. “We’re investing heavily in digital banking to improve your experience when you interact with UBA.”
He encouraged all shareholders to embrace UBA’s evolving digital platforms, revealing that the funds raised would go directly into enhancing digital infrastructure, fraud prevention systems, and artificial intelligence capabilities.
“We are moving in the direction of artificial intelligence because that will improve our service to you,” he added.
Alawuba also announced UBA’s plans for further international expansion. “Today, we are in 24 countries. We are expanding to France very soon—and also Saudi Arabia. The only way we can serve all of these countries effectively is through digital technology,” he said.
He introduced the newly created Customer Fulfillment Centre, a dedicated structure to handle customer feedback swiftly and efficiently.
“What you call complaints, we don’t call them complaints. We call them feedback,” Alawuba said. “We use it to improve your service experience.”
He assured shareholders that the bank was actively using advanced technology to improve account security and prevent fraud. “Anytime you access your account, your money will be there,” he promised.
Looking to the future, he concluded on an optimistic note: “We are doing our best to ensure that the next time we meet, we’ll be able to move closer to, if not exceed, the ₦7 dividend target that has been set for us.”
The meeting ended with the auditor’s report from Ernst & Young, affirming UBA’s compliance, transparency, and continued drive to create sustainable value for shareholders and stakeholders across Africa and beyond.
