April 25, (THEWILL) – United Bank for Africa (UBA) Plc has announced an increase in its capital base to N355.2bn, bringing the pan-African financial institution closer to meeting the N500bn capital requirement set by the Central Bank of Nigeria (CBN) for commercial banks with international authorisation.
Group Chairman of UBA, Mr. Tony Elumelu, disclosed this at the bank’s 65th Annual General Meeting held on Friday at the Transcorp Hilton Hotel in Abuja.
Elumelu noted that the bank’s capital as of 2024 stood at N116bn, but following a successful rights issue in November 2023 — which was oversubscribed — an additional N251bn was verified and approved by the apex bank.
“Because it was a rights issue, we could only take up N240bn of the amount we set out to raise, leaving an oversubscription of N11.6bn that had to be refunded to shareholders,” he said.
“With this, our capital now stands at N355.2bn. The remaining N144.8bn required to meet the regulatory minimum will be raised later this year. The funds from the rights issue will be channelled into technology upgrades and business expansion in Nigeria, Africa, and globally,” Elumelu added.
He described the capital raise as a reflection of UBA’s long-term strategy, the dedication of its workforce, and the unwavering support of its customers.
Acknowledging various stakeholders, Elumelu said, “To our boards, past and present, we thank you for your leadership. To our customers, your trust and support fuel our journey. And to our shareholders, we appreciate your faith in our strategy. Your support remains essential as we build long-term value.”
He also paid tribute to UBA’s founders and pioneers as the institution marks its 75th anniversary. “We honour those who began this journey decades ago. It’s our responsibility to build on that legacy,” he stated.
Also speaking at the AGM, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, assured customers of the safety of their deposits, stating that the bank continues to invest in security and digital infrastructure to enhance service delivery.
“Rest assured that your money is safe. Any time you check your account, your funds are there. That’s our commitment,” he said.
Alawuba further revealed that the bank is expanding operations beyond its current footprint in 24 countries, with plans underway to establish a presence in France and Saudi Arabia.
“We’re going to France and Saudi Arabia soon. The only way we can manage such scale is through digital transformation — and we are making significant investments in that direction,” he said.
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