E-Financial
UBA Reels Achievements @ 75, Seeks Shareholders’ Nod for N500Bn Recapitalisation
United Bank for Africa (UBA) has said that its 75th anniversary is a testament to resilience, commitment to excellence.
Oliver Alawuba,
The bank at a world press conference in Lagos peeped into a past that was filled with success stories and promised future enduring milestones of achievements.
Also at the event, the bank hinted that it would this Friday seek shareholders’ approval for its recapitalisation plans, assuring that the bank is poised to meet the deadline as it kicked off its yearlong 75th anniversary activities.
Oliver Alawuba, group managing director, said the bank is set to meet the deadline for the N500 billion new capital base set by the Central Bank of Nigeria (CBN) as the bank continues not only as the leading financial institution in Nigeria but also in the African continent and beyond, considering its presence in 20 African countries and four global financial nerve centres (New York, London, Paris and Dubai).
He noted that the bank would over the next years focus on increasing its presence in the countries where it currently operates, adding that the bank will also focus on supporting small and medium scale enterprises (SMEs).
To the bank, the past 75 years have been marked by stability and excellence, pillars upon which UBA’s legacy stands tall.
The bank was the first bank in Nigeria to offer an initial public offering (IPO) in 1970, the first Nigerian bank to be listed on the Nigerian Stock Exchange (NSE), now Nigerian Exchange Limited (NGX).
It was also the first Nigerian bank in the USA and London to open a branch and the first bank in Nigeria to install Automated Teller Machines (ATMs) and open a campus branch at the University of Lagos in Nigeria.
UBA was the first Nigerian bank to open a subsidiary in Africa (Ghana in 2005), appointed the first female board chairperson in Nigeria and was a pioneer in introducing mobile banking in Nigeria.
It also launched the first multi-lingual chatbot banking in Nigeria called Leo as well as the first Nigerian bank to launch the most successful prepaid cards across Africa.
While honouring past leaders of the bank for their steadfastness, Alawuba appreciated the sacrifices, contributions, support and guidance over the years of Tony Elumelu, current group ghairman,.
He said, “We appreciate and honour you because you built and nurtured the platform on which we are standing today. Our Group Chairman truly deserves special recognition and mention.
“Without his visionary push in 2005 and tutelage over the years, I doubt whether we would be where we are today. For these and more, we say a big and resounding thank you to him”.
He also used the opportunity to thank all customers of UBA around the globe as their consistent support and patronage over the years have been amazing.
He said, “You meet several people, they will tell you that they are third or fourth generation of UBA customers in their families, that their grandparents and parents were customers of UBA and their children currently carry UBA ATM cards, enrolled on our mobile banking and LEO chatbot banking. This is the strength of UBA.
“This milestone is not just a celebration of longevity, but a testament to resilience, innovation, and unwavering commitment to excellence that have defined UBA’s journey over the decades.
“As we reflect on the significance of this epoch-making event, it is important to acknowledge that UBA means different things to different people. For some, UBA is a trusted financial partner; for others, UBA is a beacon of stability and reliability, a development partner in various local communities as well as a catalyst for African development.
“Since its inception in 1949, UBA has evolved from a modest beginning on Lagos Island to a global financial institution with a presence in 20 African countries and 4 global financial nerve centres (New York, London, Paris and Dubai).
“Today we have over 25,000 staff, over 35 million customers served through multiple channels – over 350,000 POS terminals, 2,000 ATM terminals, 1,000 business offices and 19.7 million card customers.
“Amidst economic challenges and market dynamics, UBA has demonstrated remarkable financial strength and resilience. Its splendid performance, especially within the last year, is a testament to the robust fundamentals and sound strategic decisions taken by the bank.
“Going forward”, Alawuba said, “As we navigate through the ever-changing landscape, we remain committed to creating value for our shareholders and capitalising on emerging opportunities in the market.
“Innovation and digital transformation are at the heart of UBA’s strategy for future growth and competitiveness. We will continue to invest in innovative products, services, and digital platforms that enhance customer experience and drive operational efficiency. Our commitment to corporate social responsibility is strong, with initiatives focused on education, healthcare, entrepreneurship, and environmental sustainability; thus, making a concrete impact on communities across Africa”
Looking ahead, Alawuba said, “Our vision is clear and it is to be the role model for African businesses. UBA is one bank, uniting Africa while connecting Africans to the world and the world to Africa. Our primary focus is to be the payment bank for capital flows, trade and investments between Africa and the rest of the world.
“We are committed to expanding our presence, seizing growth opportunities, and delivering value to all stakeholders. Collaboration and partnerships as exemplified by the $6bn SME funding agreement signed with the African Free Trade Area (AfCFTA) will be instrumental in achieving our strategic objectives. We are dedicated to deepening relationships with customers, employees, regulators, and other stakeholders for mutual benefit and long-term success”.
Responding to a question from the media over concerns that the bank’s share price is considered undervalued despite its recent surge, Alawuba said United Bank for Africa’s share price could hit the N100 per share mark.