E-Financial
UBA Gross Earnings Rises by 143 Percent YoY, Profit Hits N757.7Bn
In another unprecedented performance, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2023, showing exceptional and impressive performance across all its major indicators.
Oliver Alawuba, GMD, UBA Group
The 2023 financials, filed by the Bank at Nigerian Exchange Limited (NGx) on Monday, showed an impressive leap in gross earnings, as it grew from N853.2 billion recorded at the end of 2022 to close at N2.08tn; representing a strong 143 percent growth.
The banks’ total assets also rose remarkably by 90.22 percent, doubling the N10 trillion mark, to close at N20.65 trillion in December 2023; up from N10.86 trillion in 2022. This leap remains a very significant achievement and milestone in the history of the financial powerhouse.
Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with an exponential growth of 277 percent, to close the year under review at N758billion, rising from N201 billion recorded at the end of the 2022 financial year; while profit after tax (PAT) grew by 257 percent from N170 billion in 2022, to N608 billion in the year under consideration.
Consequently, UBA Group Shareholders’ Funds rose from N922 billion as at December 2022 to close the 2023 financial year at N2.0tn, achieving an impressive growth of 120.2%, compared to prior year.
In the year under consideration, UBA Group cost-to-income ratio dropped from 59.2%, in 2022, to 37.2 per cent pointing at the Group’s improving efficiency.
In fulfilment of the promise made byTony Elumelu, group chairman, UBA, to shareholders at the last Annual General Meeting, the Bank proposed a final dividend of N2.30 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2023. The final dividend is subject to the ratification of the shareholders during its upcoming annual general meeting (AGM).
Also worthy of note, UBA recorded a 61.3 percent growth in loans to customers, moving up to N5.5 trillion in 2023, whilst customer deposits improved by 90.31 percent to N14.9 trillion, compared to N7.8 trillion recorded in the corresponding period of 2022, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise.
Commenting on the results,, Oliver Alawuba, group managing director/chief executive officer, said: “I am very pleased with the unprecedented results achieved by our Group in FY2023. The Group made a profit before tax of N758billion, from N201 billion in the prior year. The balance sheet also grew to N20.7trillion from N10.8trillion in the previous year.
He said, “The Group’s shareholder’s funds crossed N2trillion from N922bn in 2022, whilst total assets crossed the N20 trillion mark (90.2% YoY growth). The Group is well positioned for further business expansion in FY2024 having closed FY2023 with Capital Adequacy Ratio of 32.6%.”
He added that the bank’s diversified business model (Pan-African and International strategy) is justified by the contribution of its Ex-Nigeria business to the Group’s results and reinforces its resolve to expand our market share of customers, funding, digital and transaction banking businesses across Africa.
“Driven by our customer service and execution-led delivery model, we will continue to expand our market share and create value for our shareholders and meet the expectations of our various stakeholders,” the GMD stated.
Ugo Nwaghodoh, executive director, Finance & Risk Management, UBA, said the 2023 full year was a particularly eventful year, with galloping inflation and currency depreciation ravaging key markets, amidst pockets of regional conflicts and security challenges.
“I am delighted however at the strong growth in earnings and profitability recoded in the year. The Group conservatively set up significant impairment reserves against its overall risk assets portfolio considering the latent impact of the macroeconomic headwinds on our credit portfolio. Consequently, Cost of Risk grew to 3.09% from 0.63% in the prior year,” Nwaghodoh noted.
On the expectation for the 2024 financial year, he said, “The Group remains fervently committed to sustainable growth and maintaining its strong compliance and risk management practices culture even as we drive our business through the next phase of growth.”
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than thirty-five (35) million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
Bank Verification Number (BVN) database rose to a new high in July 2025, with total enrollments climbing to 66.23 million, a 4.3 per cent increase within the first seven months of the year, as Nigerians residing outside the country enrolled through the Non-Resident BVN (NRBVN) initiative.
The Central Bank of Nigeria (CBN) had, earlier this year, introduced the NRBVN, alongside the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA), to attract diaspora investments into the country.
Subsequently, commercial banks with international licences took up the challenge, launching roadshows to help Nigerians abroad open accounts and enrol in the biometric identity system.
This effort drove up the number of enrollments from the 63.48 million recorded as of December 2024.
According to the latest figures from the Nigeria Inter-Bank Settlement System (NIBSS), 2025 is shaping up to be one of the most active years for BVN registration since 2021.
Over the past four years, BVN growth has maintained a steady upward trend: from 51.9 million in 2021, enrollments rose by 7.9 per cent to 56 million in 2022, followed by a 7.4 per cent increase to 60.1 million in 2023.
Growth moderated slightly in 2024, with a 5.6 per cent rise, but the 4.3 per cent increase already recorded by mid-2025 suggests this year could surpass last year’s total by December.
The NRBVN enables Nigerians living abroad to enroll for BVNs remotely, eliminating the need to visit bank branches in Nigeria.
At a cost of $50, the initiative has significantly broadened the system’s reach and strengthened diaspora engagement with the country’s formal financial services.
The spike in non-resident enrollments has also been supported by stricter Know Your Customer (KYC) requirements across the banking sector and deeper collaboration with fintechs that streamline the onboarding process.
Together, these efforts have reinforced the BVN’s role as a cornerstone of digital identity and financial inclusion in Nigeria.
Alongside the rise in BVN registrations, the banking sector is witnessing increased account activity.
As of March 2025, the number of active bank accounts reached an all-time high of 320.053 million.
Dormant accounts stood at 33.4 million, while 29.4 million accounts had been closed.
This compares to slightly lower figures in February, which recorded 316.8 million active accounts, 19.9 million dormant accounts, and 33.3 million closures.
The rebound in March points to a growing number of Nigerians re-engaging with the formal banking system, aligning with broader efforts by financial institutions and regulators to promote access, trust, and compliance within the financial sector.
Zenith Bank Plc on Tuesday rewarded Nigeria’s senior women’s basketball team, D’Tigress, with ₦200 million for winning the 2025 FIBA Women’s AfroBasket Championship.
L-R: Executive Director, Mr. Henry Oroh; Executive Director; Mr. Louis Odom; D’Tigress Captain, Amy Okonkwo; President, NBBF, Engr. Musa Kida; Group Managing Director/ Chief Executive, Zenith Bank Plc., Dame (Dr.) Adaora Umeoji, OON; Head Coach, D’Tigress, Rena Wakama; Executive Director, Mrs. Adobi Nwapa and Executive Director, Mr. Akin Ogunranti during the reception hosted by Zenith Bank to celebrate D’Tigress’ 2025 Afrobasket Women’s Championship triumph in Abuja, yesterday.
The reception, held at the bank’s head office in Maitama, Abuja, was organised to honour the team for clinching a historic fifth consecutive AfroBasket title.
Each player is expected to receive ₦10 million, which will be paid into their Zenith Bank accounts, while the technical crew and other officials will share the balance.
D’Tigress defeated Mali 78–64 in the final played in Abidjan on Sunday. The team returned to Nigeria on Monday and was received by President Bola Tinubu, who conferred National Honours of Officer of the Order of the Niger (OON) on the players and gave them cash rewards.
Zenith Bank has sponsored the Women National Basketball League for 18 years, with several players and officials of the current team having passed through the league.
Among them are Murjanatu Musa, MVP of the Air Warriors team that won the 2022 league title, and Ifunnaya Okoro. The team’s head coach, Rena Wakama, also played in the league with First Bank Women Basketball Club.
Present at the reception were Zenith Bank Executive Directors Adobi Nwapa, Akin Ogunranti, Henry Oroh and Louis Odom.
Also in attendance were the Chairman of the National Sports Commission, Mallam Shehu Dikko, President of the Nigeria Basketball Federation (NBBF), Musa Kida, and other board members.
Speaking at the event, the Group Managing Director/Chief Executive Officer of Zenith Bank, Dame (Dr.) Adaora Umeoji, OON, commended the team for their performance and reaffirmed the bank’s commitment to supporting women’s basketball in Nigeria.
“Your victory at the 2025 FIBA Women’s AfroBasket is not just a win for Nigeria, it is a win for African sports,” she said.
Responding on behalf of the team, captain and tournament MVP, Amy Okonkwo, thanked Zenith Bank for its continued support for women’s basketball in the country.Zenith Bank Plc
Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC) Nigeria, has said that West Africa is fast emerging as a global epicentre for virtual asset adoption, propelled by a young, tech-savvy population and macroeconomic instability.
Speaking at the West Africa Compliance Summit organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in Praia, Cape Verde, Dr. Agama warned that while the region’s embrace of digital currencies is accelerating, the absence of coordinated regulation leaves it vulnerable to financial crimes and illicit capital flows.
“With over 60 percent of West Africa’s population under the age of 25 and mobile-first fintech platforms thriving, the region has become a global hotspot for virtual asset adoption,” he said. “But we must act decisively. Regulation is not optional, it is an imperative.”
The summit, themed “Adapting and Thriving in a Complex and Evolving Compliance Landscape,” brought together financial regulators, compliance professionals, and security experts to explore the challenges posed by the rapid rise of virtual assets and decentralised finance (DeFi).
Dr. Agama disclosed that crypto transactions in Nigeria alone surpassed $56 billion in 2024, with citizens increasingly turning to stablecoins such as USDT and USDC to hedge against volatile local currencies. He highlighted the growing trend of “crypto-dollarisation,” noting that young professionals now demand salaries in stablecoins, while businesses are adopting platforms like Binance Pay for cross-border transactions.
“The naira’s depreciation, Ghana’s cedi weakness, and persistent forex shortages have fueled this shift,” he explained. “Traditional remittance channels charge up to 10 percent in fees, while cryptocurrencies offer faster and cheaper alternatives. Over $20 billion in remittances flowed into West Africa last year through crypto channels.”
However, he also cautioned that the same innovations driving financial efficiency are increasingly being exploited by fraudsters and criminal actors. He cited GIABA’s report of $2.1 billion in suspicious crypto-related transactions across West Africa in 2024 alone, including the use of privacy coins by terror financiers to evade detection.
“Unregulated exchanges, artificial market crashes, DeFi ‘rug pulls,’ and Ponzi schemes have wiped out billions in investor funds,” he said. “The recent collapse of the CBEX Ponzi platform is just one of many such incidents. Strong regulation and regional coordination are the only path forward.”
Dr. Agama pointed to Nigeria’s recent legislative progress, especially the enactment of the Investment and Securities Act 2025, which formally classifies virtual assets—including cryptocurrencies, stablecoins, utility tokens, and NFTs—as securities under Section 355(4) and Part I of the Second Schedule.
“Under the new law, all exchanges, wallets, and DeFi platforms must be licensed by the SEC,” he stated. “We’ve also established a Fintech and Innovation Department to facilitate ongoing dialogue with industry stakeholders and adapt our regulations to emerging realities.”
He called on West African governments to harmonise regulatory frameworks and strengthen intelligence-sharing, proposing a Unified Virtual Asset Service Provider (VASP) Licensing System under the ECOWAS framework.
“A crypto trader banned in Nigeria should not find safe haven in Ghana,” he asserted. “Financial crime knows no borders. Our collective future depends on our ability to secure this emerging financial frontier.”
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