UBA at 75: Shettima hails bank’s innovation drive, growth across emerging markets
BY GODWIN ANYEBE
Vice President, Senator Kashim Shettima, has hailed the United Bank for Africa (UBA) for its enduring legacy of innovation, market expansion, and institutional leadership over the past 75 years, describing the bank as a symbol of African ambition and resilience.
Speaking at UBA’s 75th Anniversary Dinner held at the Transcorp Hilton Hotel in Abuja, Shettima praised the bank’s ability to evolve across generations, noting that UBA’s success was built through bold risks, strategic foresight, and the relentless pursuit of relevance.
“Seventy-five years is not picked off a supermarket shelf — it is earned through storms and sunshine, through mergers and acquisitions, through brainpower and courage,” Shettima said. “UBA’s commitment to innovation, emerging markets, and shifting generational dreams has positioned it as a pacesetter in Africa’s financial landscape.”
He credited UBA’s resilience to its leadership’s ability to manage not just capital, but curiosity, and to continuously adapt to changing market dynamics. Applauding the bank’s continental influence, Shettima said UBA has shown how African institutions can scale ideas, not just geography, when excellence is institutionalised.
Central to UBA’s success story, the Vice President said, is its Group Chairman, Mr Tony Elumelu, whom he described as one of Africa’s finest. Elumelu, Shettima said, embodies a rare leadership style that bridges old and new generations, winning the trust of even Gen Z by paying keen attention to the aspirations of today’s digital era.
“Tony Elumelu is not just a dreamer; he is a dream-maker. He has proven that one can build empires without losing touch with family, society, and community,” Shettima added.
The Vice President also praised Dr Awele Elumelu, describing her as the “quiet force and matriarch” behind the success of the UBA Chairman.
In his remarks, Elumelu expressed deep gratitude to the bank’s customers, shareholders, and staff, saying the bank’s foundation was laid by visionary leaders decades ago. “We are only taking it further,” he said.
Looking ahead, Elumelu tied UBA’s future success to Nigeria’s broader economic trajectory, expressing optimism that with continued reforms under President Bola Tinubu’s administration, the bank would maintain its leadership position in Africa and beyond.
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UBA Group Managing Director/CEO, Dr Oliver Alawuba, detailed the bank’s remarkable growth since its founding as the British & French Bank (BFB) 75 years ago. He highlighted UBA’s transformation into a pan-African banking giant operating in 24 countries, with 1,000 branches, over 25,000 employees, and more than 45 million customers.
Alawuba also shared robust financial metrics, noting that UBA posted a profit after tax of N766.6 billion and grew its total assets to N30.4 trillion in 2024. Shareholders were rewarded with a dividend of ₦5 per share, representing an industry-leading 14.5 per cent yield.
With shareholders’ funds rising to N3.419 trillion from N2.030 trillion in December 2023, Alawuba said UBA is strategically positioned for future growth, with ambitions to expand its footprint to every African country and over 100 countries globally within the next 75 years.
“The 2024 results reflect our focus on earnings growth, asset quality preservation, operational expansion, and deepening market share,” he said.
