United Bank for Africa Plc (UBA) is recognized as “Africa’s Global Bank.” Headquartered in Lagos, it is a multinational financial services group with shares traded on the Nigerian Stock Exchange under the symbol “UBA.”
Tony Elumelu serves as the Group Chairman, and Oliver Alawuba holds the position of GMD/CEO. Recent developments involving the United Bank of Africa (UBA) have made headlines. Here are some of the latest updates:
The Bankers Awards 2023: UBA Group secured the top position at The Bankers Awards 2023. Half-Year Profit Surge: UBA’s half-year profit experienced a significant increase to N378 billion, with over half of its N4.5 trillion loans and advances to customers in dollar terms.
Regulatory Penalties: UBA, along with other banks, faced a penalty of N1.4 billion from the Central Bank of Nigeria (CBN) for forex and other infractions.
Tax Evasion Allegations: The Kogi State Internal Revenue Service closed down UBA’s headquarters in the state, citing alleged tax evasion. Foreign Exchange Gains: UBA’s first-half profit rise was attributed in part to net trading and foreign exchange gains.
Who Is The Owner Of Uba Bank
As a member of the National Youth Service Corps in 1985, Elumelu worked at the Nigerian Bank Union Bank. This was before he became a salesman. Elumelu joined Allstates Trust Bank after that. in 2005. After that, United Bank for Africa (UBA) was bought.
Tony Elumelu Said;
I started out as a salesman, specifically a copier salesman. I was young, hungry, and willing to work hard, but the truth was that I was just one of thousands of eager young Nigerian graduates.
In 1997, Elumelu led a small group of investors to take over Crystal Bank, which was having trouble (later renamed Standard Trust Bank).
After a few years, he made it profitable, and in 2005, he led one of the biggest bank mergers in Sub-Saharan Africa when he bought United Bank for Africa (UBA).
How It Started
After Standard Trust Bank and United Bank for Africa merged in 2005, Elumelu took over as Group Managing Director and turned the company from a single-country banking group into a pan-African bank with branches in 20 African countries, France, the U.S., and the U.K. He left the company in 2010. Elumelu is the leader of the United Bank for Africa’s board of directors right now.
History of UBA Bank
In 1948, the British and French Bank Limited (BFB) got its start in Nigeria. BFB was a branch of the Paris-based Banque nationale pour le commerce et l’industrie (BNCI), which made BFB out of its London branch.
BFB was owned by Banque Nationale de Credit, S.G. Warburg and Company, and Robert Benson and Company, two British investment firms. Nigeria got its freedom from Britain on February 1, 1960.
On February 23, 1961, UBA was formed to take over the business of BFB. In 1970, UBA became the first Nigerian bank to do an Initial Public Offering by putting its shares on the Nigerian Stock Exchange (IPO). ((WIkipedia))
List of UBA Executives
UBA Has 8 number of high ranking executives and 8 number of low ranking executives, see list below.
| Names | Ranks |
|---|---|
| Tony O. Elumelu, C.O.N. | Chairman |
| Amb Joseph C. Keshi O.O.N | Vice Chairman |
| Oliver Alawuba | Group Managing Director/CEO |
| Muyiwa Akinyemi | Deputy Managing Director |
| Alex Alozie | Executive Director, Group Chief Operating Officer |
| Ugochukwu Nwagodoh | Executive Director, Finance and Risk Management |
| Emem Usoro | Executive Director, North Bank, Nigeria |
| Sola Yomi-Ajayi | Executive Director, Treasury & International Banking |
| Isaac Olukayode Fasola | Non-Executive Director |
| Owanari Duke | Non-Executive Director |
| Samuel Oni, FCA | Non-Executive Director |
| Erelu Angela Adebayo | Non-Executive Director |
| Alhaji Abdulqadir Jeli Bello | Non-Executive Director |
| Angela Aneke | Non-Executive Director |
| Aisha Hassan Baba, OON | Non-Executive Director |
| Caroline Anyanwu | Non-Executive Director |
The Standard Trust Bank, which was founded in 1990 and has been growing quickly, and UBA, which is one of the largest and oldest banks in Nigeria, merged to form UBA today. The merger was finalized on August 1, 2005, and it was one of the biggest mergers ever done on the Nigerian Stock Exchange (NSE).
After the merger, UBA bought Continental Trust Bank the same year to grow its brand even more. In 2006, UBA bought Trade Bank, which was being closed down at the time by the Central Bank of Nigeria.
In 2007, UBA had another successful combined public offering rights issue and bought City Express Bank, Metropolitan Bank, and African Express Bank, which had gone out of business.
Afrinvest UK was also bought by UBA, which changed its name to UBA Capital, UK. In 2008, UBA bought two more closed banks, Gulf Bank and Liberty Bank, as part of its efforts to build a strong brand in Nigeria and Africa.
List of Countries With UBA Bank Branch
It has offices in London, Paris, and New York, as well as in 20 countries in Africa. In December 2021, UBA got its license to start doing business as a bank in the UAE. The Central Bank of Nigeria puts it on its list as a commercial bank.
| Year | Countries |
|---|---|
| 1948 | Nigeria |
| 1984 | United States |
| 2005 | Ghana |
| 2007 | Cameroon |
| 2008 | Burkina Faso, Chad, Côte d’Ivoire, Liberia, Senegal, Sierra Leone, Uganda |
| 2009 | Gabon, Kenya, Tanzania |
| 2010 | Guinea, Mozambique, Zambia |
| 2011 | Congo Brazzaville, Democratic Republic of the Congo |
| 2012 | Benin |
| 2018 | United Kingdom |
| 2019 | Mali |
| 2022 | Dubai |
| ???? | London, Paris, and New York |
UBA Net Worth
United Bank For Africa is a large group that offers financial services in Nigeria and across Africa. As of December 2021, the group’s financial assets were worth 8.5 trillion (US$20.1 billion), and the shareholders’ equity was worth 724.1 billion (US$1.8 billion). At that time, more than 20,000 people worked for the group.
The group has subsidiaries in Nigeria, Ghana, Benin, Ivory Coast, Burkina Faso, Guinea, Chad, Cameroon, Kenya, Gabon, Tanzania, Zambia, Uganda, Liberia, Sierra Leone, Mozambique, Senegal, DR Congo, Congo Brazzaville, Mali, USA, UK, France, and UAE.
Source: whoiswriter.com
