• Additional N144.8bn To Be Raised This Year
• We’re Expanding To France, Saudi Arabia Soon

Tony Elumelu, chairman of United Bank for Africa Plc, on Friday applauded the group’s shareholders for their unprecedented confidence and commitment during its just concluded rights issue that closed in November and of which the Central Bank of Nigeria (CBN) recently verified N251bn, up from the targeted N240bn bringing total capital to N355.2bn.

Addressing the shareholders at the annual general meeting in Abuja, the chairman said the offer was therefore oversubscribed by N11.6bn, “which had to be returned…

The remaining N144.8bn of the shortfall  required to meet the N500bn  regulatory minimum capital for international commercial banks, he said, “will be raised later this year, and the proceeds from the rights issue will be duly invested in additional technologies and Business Growth in Nigeria, across Africa and the globe. This will further strengthen our group’s seven decades of impressive performance.”

Commenting on the group’s performance for the full-year ended December 31, 2024, Elumelu lauded the management and staff for generating a gross revenue of N3.2tr, and profit after tax of N767bn, noting how successfully UBA Group sustained its “deposit mobilization efforts, growing total deposits by 42% to N24.6tr, up from N17.4tr in the corresponding period of 2023.

“Additionally, our loan book expanded by 35% to N7.5tr, up from N5.5tr, demonstrating our commitment to fund growth and make our contribution to Nigeria and Africa’s economic transformation.”

UBA Group, he continued, maintained a well-structured and diversified balance sheet with total assets and shareholders’ funds of N30.3tr and N3.4tr respectively.

Putting the numbers in context, “and because it’s a national bank, and some people here might not understand, the current 3.4 trillion shareholders’ fund is $3.2 billion,” the chairman explained.

These very strong results, he continued, “reflect the execution of our long-term strategy, the hard work of our dedicated staff, providing tangible solutions to real needs and delivering value, innovation, and service to all,” expressing proudly how the group has supported businesses, government, and consumers across Africa globally. The group, he noted, is serving over 45m people across four continents, in 24 countries, and with a corporate client base that is truly global, which is many countries put together as a population.

The 2024 performance, he continued, is a culmination of 20 years of charting a new course in its expansion across Africa and the world, a strategy that is now delivering exceptional results.

The group’s performance, according to Elumelu, continues to be recognised as the Bank of the Year in five of the 20 countries where it operates in Africa- Burkina Faso, Ghana, Mali, Kenya and Zambia,  by The Bankers Magazine. The winners are UBA Kenya, CEO, stand up please. Let them acknowledge. .

As the bank celebrates its 75th anniversary in 2024, he spoke glowingly of the group’s founders, adding: “We all are here today because some people had the vision, the foresight to start this journey. Our job is just setting and making sure we create further value on what they started. And so that’s why we have today in the front row, all our elders, our mentors.”

He expressed appreciation for the confidence reposed in the group’s strategy by shareholders as expressed in their support, describing it as essential as the management and board “remain focused on creating long-term value for all stakeholders.”

Also addressing the gathering, the Group Managing Director/Chief Executive Officer, Oliver Alawuba, also appreciated the support of shareholders.

For him, “we are very happy that you our shareholders are happy, because when you are happy, then we are happy. I remember a few years ago when we came here, you asked us to move from  ‘Kobo Kobo’ dividend payment.

“I think we have moved far from those difficult times, and we continue to advance beyond that point to do well.

“The primary focus of UBA is the customer. The customer is the reason why we exist as UBA. We want to make sure that we improve the customer experience.

“These days, the best way to improve customer experience when serving about 45 million customers around the world is through digital banking. So we’re investing heavily in digital banking to improve your experience when you interact digitally or even physically with UBA. This is very important,” he stressed.

Speaking on the capital raising efforts, he said: “You asked what we are going to do with the money we are raising? We are going to use it to invest in digital platforms and improve your digital experience with UBA. You know it is a world of artificial intelligence. You have heard that we are moving in that direction too, because that will improve our service to you.”

On the ongoing expansion efforts, he assured that UBA Plc would soon hoist its flag in France very soon.

“We’re also expanding to Saudi Arabia, and the only way we can serve all of these countries effectively is through digital technology, which is why we are going to invest more in this area,” he added.