Group Chairman of United Bank for Africa (UBA) Plc,
Mr. Tony Elumelu, and Group Managing Director/CEO, Mr. Oliver Alawuba, have
reiterated the bank’s commitment to sustainable growth, innovation, and
excellence at the bank’s 65th Annual General Meeting held at Transcorp Hilton,
Abuja.
Addressing shareholders, Elumelu highlighted UBA’s
impressive journey, noting the bank’s 75th anniversary in 2024 as a testament
to its resilience, adaptability, and strong foundation.
“For three-quarters of a century, UBA has demonstrated
the capacity to adapt, transform, and lead. Our existence is proof of
consistency and unwavering commitment to service,” Elumelu said.
Celebrating the bank’s global expansion and strong
financial performance, Elumelu revealed that UBA recorded a gross revenue of
N3.2 trillion and a profit after tax of N767 billion in 2024. Deposits grew by
42% to N24.6 trillion, while the loan book expanded by 35% to N7.5 trillion.
He informed shareholders that following a successful
rights issue that raised N240 billion — oversubscribed by N11.6 billion — the
bank’s capital now stands at N355.2 billion. UBA plans to raise the remaining
N144.8 billion later in the year to meet the new N500 billion minimum capital
requirement for international banks set by the Central Bank of Nigeria.
Beyond financials, Elumelu emphasized UBA’s commitment
to social responsibility through initiatives like planting 4,550 trees to
offset carbon emissions and distributing over 13,000 books under the Read
Africa Initiative. He reaffirmed UBA’s integration of environmental, social,
and governance (ESG) principles into its operations.
Recognizing the bank’s achievements, Elumelu noted
that UBA was named Bank of the Year in five African countries and Best Regional
Bank in West Africa by prestigious industry awards.
“Our mission goes beyond profit. We are conscious of
our responsibility to do good as well as doing well. Africa’s success is our
success,” he said.
In his remarks, Alawuba thanked shareholders for their
continuous support and highlighted UBA’s digital transformation efforts to
enhance customer experience across its 45 million-strong customer base
globally.
“Our investment focus is digital banking and
artificial intelligence to better serve customers. We treat complaints as
valuable feedback for improvement,” Alawuba said.
He assured shareholders that UBA’s expansion plans
include new entries into France and Saudi Arabia, and that technology
investment would enhance security, customer satisfaction, and drive future
growth.
Alawuba also pledged that the bank would work toward
surpassing shareholders’ expectations, aiming to deliver even stronger returns
in the near future.
The AGM concluded with renewed confidence in UBA’s
mission as Africa’s global bank and its future vision to lead innovation and
economic development across the continent and beyond.
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