Segun Atanda/
United Bank for Africa (UBA) held its 65th Annual General Meeting (AGM) today at the Transcorp Hilton Hotel in Abuja, marking a dual milestone — the bank’s 75th anniversary and another year of strong financial performance.
The Group Chairman, Mr. Tony Elumelu, and the Group Managing Director/CEO, Mr. Oliver Alawuba, addressed shareholders with optimism and pride, highlighting UBA’s enduring legacy, strategic resilience, and forward-looking innovations.
Elumelu described the bank’s 75-year journey as “a testament to resilience, consistency, and a firm commitment to innovation”.
He reported a stellar performance in 2024, with gross earnings reaching ₦3.2 trillion and profit after tax surging to ₦767 billion. Deposits jumped by 42% to ₦24.6 trillion, while the loan book expanded by 35% to ₦7.5 trillion, reflecting UBA’s strong role in powering African and global economic growth.
He emphasized that UBA now serves over 45 million customers across four continents in 24 countries, truly embodying its identity as “Africa’s global bank.”
Addressing the Central Bank of Nigeria’s new capital requirements for international commercial banks, Elumelu revealed that UBA had successfully raised ₦240 billion through an oversubscribed rights issue — with ₦251 billion subscribed and ₦11.6 billion returned due to limits. This brings the bank’s total capital to ₦355.2 billion, leaving ₦144.8 billion to be raised later this year.
These funds, he assured, will be strategically deployed into advanced technologies and expansion initiatives across Africa, the Middle East, and Europe.
In his remarks, GMD/CEO Mr. Oliver Alawuba reiterated UBA’s unwavering focus on customer satisfaction through digital transformation. “The customer is the reason why we exist,” he stated, announcing the bank’s investment in artificial intelligence and digital infrastructure to enhance customer experience and security.
Alawuba also disclosed upcoming expansions into France and Saudi Arabia, affirming that robust digital platforms will be pivotal to scaling operations globally.
Beyond profits, UBA continued its Environmental, Social, and Governance (ESG) commitment. In 2024, the bank planted 4,550 trees—with a carbon offset potential of 212,000 kg—and distributed over 13,000 books under its Read Africa Initiative, championing youth literacy and sustainable growth.
UBA’s regional dominance was reaffirmed with multiple awards, including Bank of the Year in five African countries and Best Regional Bank in West Africa. Elumelu paid homage to the bank’s founders, past and present board members, and loyal customers, describing them as “the foundation of UBA’s enduring success.”
He closed by thanking shareholders and regulators, pledging that UBA will remain “an institution of integrity, excellence, and value creation for the next 75 years.”
With a capital base now at ₦355.2 billion, and an expanding footprint powered by cutting-edge technology, UBA’s vision for the future is bold and unmistakable. As Nigeria and Africa continue their economic transformation, UBA stands tall — not just as a bank, but as a legacy of trust, innovation, and pan-African strength.
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