UBA targets expansion to 100 countries, one billion customer base

United Bank for Africa (UBA) aims to extend its operations to over 100 countries and serve one billion customers within the next 75 years, the bank’s CEO, Oliver Alawuba, said on Friday.

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Speaking at UBA’s 75th anniversary gala dinner in Abuja, Mr Alawuba outlined a long-term strategy focused on growth across Africa and the world.

“In the next 75 years, we envision a UBA with a presence in every African country and will expand its footprints to over 100 countries across the world,” Mr Alawuba said. “UBA will serve more than one billion customers, leveraging cutting-edge technology, customer-first innovation, and trusted relationships.”

Established in 1949 as the British and French Bank on Kakawa Street in Lagos, the CEO said UBA has grown to operate in 20 African countries and four global financial centres – New York, London, Paris, and Dubai.

According to him, the bank serves over 45 million customers through 1,000 business offices, 430,000 POS terminals, and 21 million cardholders.

Mr Alawuba also highlighted UBA’s strong financial performance in 2024. The bank’s gross earnings surged 53.6 per cent to N3.19 trillion ($2.14 billion), while total assets rose by 46.8 per cent to N30.32 trillion ($19.58 billion).

“These milestones stand on the pillars of stability, resilience, and excellence – pillars that have anchored UBA’s growth over the last seven and a half decades,” he said.

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The CEO paid tribute to the bank’s staff, leadership, customers, and stakeholders, particularly Tony Elumelu, UBA’s Group Chairman. He praised Elumelu as “a foremost entrepreneur, philanthropist, pan-Africanist, and architect of modern UBA.”

Vice President Kashim Shettima, a former UBA employee, attended the event as the special guest of honour. Mr Alawuba acknowledged Shettima’s continued support for UBA’s vision of Africa’s economic integration.

“Your Excellency, this moment is particularly meaningful for us, as you are not only a respected national leader but also a valued part of the UBA family,” Mr Alawuba said.

Looking ahead, he reiterated UBA’s commitment to advancing Africa’s development through innovation and private-sector growth.

“At UBA, we are building more than a bank; we are building a future for the next generation of Africans – one defined by opportunity, inclusion, and transformation,” he added.

On his part, Mr Shettima, commended UBA’s resilience and transformation, calling it a leader in innovation, emerging markets, and generational leadership.

“Seventy-five years is not something you pick up at a supermarket. It is earned — through risks and calculations, through storms and sunshine, through mergers and acquisitions, and through the brainpower and courage of those who believe in its promise of a new world. That is what leadership means,” Mr Shettima said.

He highlighted UBA’s ability to stay relevant across generations, attributing it to the bank’s focus on innovation and adaptability.

“UBA has remained a pacesetter because it is led by people who do not just manage capital but manage curiosity,” he stated.

The Vice President also praised Tony Elumelu’s leadership, describing him as “a dream-maker” who bridged generational gaps and redefined African leadership.

“Tony Elumelu is not a dreamer. Dreamers are those stuck in a bubble. Mr Elumelu is a dream-maker. He has made true the imagination of those who wish for an empire from the comfort of their homes,” he said.

READ ALSO: UBA eyes early recapitalisation as 2024 profit hits N767 billion

The bank had earlier on Friday announced plans for early recapitalisation to meet the Central Bank of Nigeria’s new capital requirement of N500 billion for banks with international licences. UBA aims to achieve this by the third quarter of 2025, ahead of the March 2026 deadline.

In 2024, UBA reported a profit after tax of N767 billion, driven by strong revenue growth. The bank launched its recapitalisation process in November 2024 with a rights issue, offering 6.84 billion ordinary shares at N35 each, which was oversubscribed by N11.6 billion. UBA’s paid-up share capital currently stands at N116 billion, with shareholders’ funds growing to N3.3 trillion.