UBA Chairman Elumelu Assures Shareholders of N500 Billion Capital Base by Q3 2025
At the United Bank for Africa (UBA) Plc’s 63rd Annual General Meeting (AGM) in Abuja, UBA Chairman Tony Elumelu reassured shareholders that the bank would meet the Central Bank of Nigeria’s (CBN) newly imposed N500 billion capital base requirement by the third quarter of 2025. To achieve this, UBA plans to raise an additional N144.8 billion to supplement its current capital base of N355.2 billion. Elumelu noted that the bank’s rights issue, which closed in December 2024, raised N251 billion, oversubscribed by N11.6 billion. This move positions UBA to meet the regulatory capital target well ahead of the CBN’s March 31, 2026 deadline.
Elumelu also highlighted UBA’s commitment to investing in digital technology and expanding its business operations. The bank’s 75-year legacy has been built on innovation, excellence, and a strong dedication to customers and shareholders. Elumelu emphasized the strategic importance of investing in digital banking to enhance customer experiences as UBA serves over 45 million customers across its operations in 24 countries. The bank plans further international expansions into markets like France and Saudi Arabia, leveraging digital technology to improve service delivery.
Vice President Kashim Shettima, in his address during the bank’s 75th anniversary celebrations, praised UBA for its resilience and leadership in driving innovation across emerging markets. He attributed the bank’s longevity to its focus on excellence and the visionary leadership of Elumelu. Shettima also highlighted the contributions of Elumelu, describing him as a “dream-maker” who has successfully balanced his role as a corporate leader with his personal commitments, earning trust from multiple generations.
The AGM concluded with the approval of a final dividend payout of N3.00 per share for the 2024 financial year, marking another milestone in UBA’s growth. Group Managing Director (GMD) Dr. Oliver Alawuba reiterated UBA’s robust financial performance, noting its N766.6 billion profit after tax and assets totaling N30.4 trillion. Looking ahead, Elumelu expressed confidence in UBA’s continued success, underlining the bank’s role in supporting Nigeria’s economic transformation.
Source: Arise