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Tag: UBA

  • UBA to raise N157bn via rights issue to boost capital base

    UBA to raise N157bn via rights issue to boost capital base

    United Bank for Africa Plc (UBA) has announced plans to raise N157 billion through a rights issue. The disclosure was made via a notice to the Nigerian Exchange Ltd (NGX).

    It said in a statement on Thursday that its stock brokers, United Capital Securities Ltd., had submitted an application to the Nigerian Exchange Ltd. to that effect.

    It added its stock brokers had requested for approval and listing of a Rights Issue of 3,156,869,665 ordinary shares of 50 Kobo each at N50.00 per share

    “Trading License Holders are hereby notified that United Bank for Africa Plc, through its Stockbrokers, United Capital Securities Ltd., has submitted an application to the Nigerian Exchange Ltd.” in that regard.

    “The rights issue will be on the basis of one new ordinary share for every 13 ordinary shares held as of the close of business on Wednesday, July 16, 2025. The qualification date for the Rights Issue is July 16, 2025,” the bank noted.

    The move is part of UBA’s strategy to strengthen its capital base and support its expansion and growth objectives across Africa.

  • NGX posts historic single-day gain of N1.806trn

    NGX posts historic single-day gain of N1.806trn

    The Nigerian stock market continued on a bullish note on Thursday, marking a four-day positive trend in the week, as investors recorded a N1.806 trillion gain.

    The positive performance was due to increased investor confidence in Nigeria’s equities market amid improved liquidity conditions and ongoing reforms.

    Market capitalisation rose by N1.806 trillion, or 2.35 per cent, to close at N78.726 trillion, up from N76.970 trillion recorded on Wednesday.

    Similarly, the All-Share Index (ASI) rose by 2,457.13 points, or 2.01 per cent, settling at 124,446 80 from its previous close of 121,989.67.

    The market breadth closed positive, with 70 gainers and 10 losers.

    On the gainers’ chart, FTN Cocoa increased by 10 per cent, ending the session at N6.82 while UPDC also rose by 10 per cent closing at N4.62 per share.

    United Bank for Africa (UBA) soared by 10 per cent, settling at 39.60 and Consolidated Hallmark Holdings also gained by 10 per cent, finishing at N3.30 per share.

    Also, Haldane McCall grew by 10 per cent, closing at N4.73 per share.

    On the losers’ chart, Neimeth International Pharmaceutical fell by 9.91 per cent, finishing at N9 while Legend Internet shed by 9.88 per cent, settling at N7.21 per share.

    Industrial and Medical Gases dropped by 7.36 per cent, ending the session at N34 and Cadbury Nigeria declined by 6.22 per cent, closing at N55 per share.

    Similarly, Livestock Feeds lost by 5.67 per cent, settling at N9.15 per share.

    1.3 billion shares worth N27.73 billion were exchanged across 27,875 transactions.

    This is compared to 888.70 million shares worth N15.609 that was traded across 24,303 transactions earlier on Wednesday.

    Transactions in the shares of Access Corporation topped the activity chart with 174.22 shares worth N3.99 billion.

    AIICO Insurance followed with 81.96 million shares valued at N165 million while Ja Paul Gold transacted 74.01 million shares worth N245.2 million.

    United Bank for Africa sold 64.51 million shares valued at N2.52 billion and First City Monument Bank traded 63.3 million shares worth N585.75 million.

    Reacting to the positive performance, Mr David Adonri, Vice Chairman of Highcap Securities said:”Investors’ confidence is very high. The consumer goods sector is leading the charge due to their recovery from FX losses.

    “Stability of Exchange Rate is also stimulating FPI. The banks have weathered the storm of the forbearance scare and the foreign listing of a new issue by GTCO is impacting on its shares and pulling others along.

    “Unlike in the recent past when equities was driven by sentiment, current surge appears to be propelled by improving market fundamentals.

    “High expectations from half year corporate disclosures may also be fueling the rally but as corporate results are released, there could be sustenance or corrections.”

  • UBA announces novel strategic expansion across Africa

    UBA announces novel strategic expansion across Africa

    United Bank for Africa (UBA) Plc has announced strategic expansion into key markets across the African continent.

    This is coming, following UBA Group’s half year business review held at bank’s global headquarters in Lagos Nigeria with Group’s senior executives in attendance.

    UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 45 million customers globally.

    Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

    The Group Managing Director/CEO of the bank, Oliver Alawuba, brought together executives responsible for UBA’s twenty-four countries of operation for the half year business review.

    According to Alawuba, it was an opportunity to restate the Group’s pan-African strategy, and commitment to further expanding the Group’s coverage across high potential markets across Africa, while also deepening its operations in its existing twenty African presence markets.

    “With over 51.7% of Group revenues from ex Nigerian operations, UBA’s journey to being Africa’s most diversified financial services group was clearly in evidence,

    “The international strategic intent reinforces with the Group’s intention to deliver innovative financial solutions to its fast-growing global customer base.

    “The strategy demonstrates UBA’s unique position as Africa’s global bank and ability to leverage growth opportunities in emerging and leading African markets.

    “The Group commenced its Pan African journey, with its entry into Ghana in 2004, followed by rapid expansion into 18 additional African markets.

    “Today, as a resilient and future-focused institution, UBA continues to push boundaries by connecting Africa to the world and the world to Africa,” Mr Alawuba stated

    He highlighted the Group’s expansion plans, disclosing that the Group is excited about the vast opportunities that the new markets present, which he said is a testament to UBA Group’s confidence in the African economy, providing world-class banking services that meet the continent’s evolving needs.

    “UBA’s vision is clear – we are building a truly global institution anchored in Africa, but serving customers across continents.

    “Further strategic expansion positions us to unlock new opportunities, support intra-Africa trade, and deliver world-class banking experiences wherever our clients choose to do business,” Alawuba said.

    He added: “in Europe, UBA has operations in the United Kingdom and upgrading its license in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in NY.

    “These moves signal a clear message of UBA’s intent to reshape the competitive landscape”.

    Recall that as part of the Group’s plan to expand its global presence, UBA, in January, announced plans to open operations in Saudi Arabia.

  • BREAKING: UBA shareholders re-elect Tony Elumelu as Chairman

    BREAKING: UBA shareholders re-elect Tony Elumelu as Chairman

    Shareholders of the United Bank for Africa (UBA) Plc have approved a final dividend of N3.00 per share for the 2024 financial year ended December 31.

    The final dividend and the N2.00 per share interim dividend paid in October 2024, brought the total dividend for the year to N5.00, amounting to a pay-out ratio of 26.6 per cent.

    The shareholders also re-elected Mr Tony Elumelu as the Chairman, Board of Directors at the 63rd Annual General Meeting of the bank in Abuja on Friday.

    Mr Ben Ejenbi, a shareholder, commended the continuous growth and efforts of the managers of the bank which he said had culminated to the consistent progress and growth recorded.

    Ejenbi expressed optimism that the bank would continue in its growth to greater heights.

    Mr Bakare Adeyinka, said that the bank had seen consistent growth over the years.

    Dr Eno Ukeh, who commended the bank for the growth, called for an increase in the dividend paid to shareholders.

    Speaking, Elumelu commended the shareholders for his re-election.

    He said that the 2024 fiscal year presented challenges with significant and domestic economic dimensions.

    According to him, all these developments impacted our operations across our markets.

    ”Despite these challenges, we remained resilient and adaptive, leveraging our strategic initiatives to drive sustainable growth and operational excellence in our areas of operation.

    ”By prioritising efficiency and risk management, we have strengthened our foundation for long-term success while continuing to create value for our stakeholders,” he said.

    The News Agency of Nigeria reports that the bank recorded a Profit Before Tax (PBT) of N803.72 billion, representing a 6.1 per cent increase from N757.68 billion recorded at the end of the 2023 financial year.

    The bank’s Profit After Tax (PAT) which went up by 26.14 per cent to close the year at N766.6 billion, up from N607.7 billion recorded at the end of the 2023 financial year.

    Its gross earnings also grew from N2.08 trillion recorded at the end of the 2023 financial year to N3.19 trillion in 2024, representing a 53.6 per cent growth.

    The bank’s total assets also rose by 46.8 per cent, from N20.65 trillion in 2023 to close at N30.4 trillion in December 2024.

    Consequently, the group’s shareholders’ funds rose to N3.419 trillion in 2024 from N2.030 trillion as of December 2023.

    The Group Managing Director/Chief Executive Officer, Mr Oliver Alawuba, said that the 2024 financial performance demonstrated the bank’s continued focus on driving earnings growth, preserving asset quality, expanding business operations and deepening market share.

  • Full Year 2024: UBA grows profit to ₦804 billion, declares N3.00 kobo final dividend

    Full Year 2024: UBA grows profit to ₦804 billion, declares N3.00 kobo final dividend

    Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2024, with all its major indicators witnessing significant improvement.

    The 2024 financials, filed with the Nigerian Exchange Limited (NGx) on Monday, showed an impressive rise in the bank’s profit after tax which went up by 26.14 percent to close the year at N766.6 billion, up from N607.7 billion recorded at the end of the 2023 fiscal year.

    The Bank’s gross earnings also grew significantly from N2.08tn recorded at the end of the 2023 financial year to N3.19tn in the period under consideration, representing a 53.6 percent growth.

    Like in the previous years, the banks’ total assets also rose remarkably by 46.8 percent, from N20.65 trillion in 2023, to close at N30.4 trillion in December 2024; signifying a milestone leap for the bank with the largest spread across the continent.

    Despite the highly challenging global economic and business environment, UBA recorded a profit before tax of N803.72 billion representing a 6.1 percent increase from N757.68 billion recorded at the end of the 2023 financial year.

    Consequently, UBA Group Shareholders’ Funds rose from N2.030 trillion as at December 2023 to close the 2024 financial year at N3.419 trillion, achieving an impressive growth of 68.39 percent.

     As a result of the impressive performance and in fulfilment of the promise made by the UBA Group Chairman, Tony Elumelu, to shareholders at the last Annual General Meeting, the Bank proposed a final dividend of N3.00 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2024. This brings the total dividend in the year to N5.00. The final dividend is subject to the ratification of the shareholders during its upcoming Annual General Meeting (AGM).

     UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who expressed excitement at the results, stated that the 2024 financial performance demonstrates the bank’s continued focus on driving earnings growth, preserving asset quality, expanding business operations and deepening market share.

    “Our continued investment in our highly diversified global network allows UBA to deliver high quality, consistent earnings. Our businesses have been able to grow product and service income and expand our deposit base, allowing the Group to increase earnings, while maintaining strong spreads and margins,” Alawuba highlighted.

     According to him, “With total deposit increasing by 42.03 percent from N17.4 trillion in 2023 to N24.7 trillion and total assets hitting N30.4 trillion from N20.7 trillion, the just released results reflect broad-based growth across all core businesses and were achieved despite prevailing macroeconomic challenges, geopolitical uncertainties, and exchange rate volatilities.”

     The GMD expressed excitement at the marked improvement recorded in the bank’s core earnings profile, as he explained that the profit is derived from high-quality income streams from funding intermediation, fees and commissions, thus reflecting strong long-term, sustainable revenues generation capacity.

     “Our ex-Nigeria (Rest of Africa & International) operations have expanded significantly over the past five years, now contributing 51.7% of Group revenue, up from 31% in 2019, delivering diversification benefits and further boosting long-term shareholder value. This will continue to grow, as we further explore strategic markets that align with our overall vision. We are currently upgrading our business scope and authorization in France, and considering other viable markets in the short to medium term,” Alawuba noted.

    He pointed out the bank’s resolve to invest continuously in technology, data analytics, product innovation, staff training and development, which, according to him, will collectively enhance our customers’ experience.

    On his part, UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the bank recorded triple digit growth in net interest income, resulting in remarkable improvement in net interest margin from 6.83 percent in 2023 to 9.02 percent, while also recording strong double-digit growth in fee and commission income lines of 91.66 percent.

     “UBA Group continues to demonstrate strong capital levels, with shareholders’ funds growth of 68.4% to N3.42 trillion and a solid capital adequacy ratio of 31.0%., and as we defensibly position the portfolio to navigate prevailing global and regional macroeconomic upheavals, asset quality improved, with NPL ratio moderating to 5.58%, with strong provision coverage at 81%”, Nwaghodoh noted.

     He explained that as the bank navigates evolving risks, its management remains focused on responsible growth, delivering customer-focused value propositions, whilst ensuring compliance with regulatory requirements in all jurisdictions.

     United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

  • Tony Elumelu Foundation to unveil 2025 Cohort of TEF Entrepreneurship program

    Tony Elumelu Foundation to unveil 2025 Cohort of TEF Entrepreneurship program

    The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering entrepreneurs is set to announce the 11th cohort of the TEF Entrepreneurship Programme on Saturday, March 22, 2025.

    The 2025 announcement comes at a critical time, as Africa’s entrepreneurship ecosystem faces funding constraints and global economic headwinds. TEF continues to provide much-needed support, empowering African entrepreneurs to transform their ideas into sustainable businesses and engines of economic growth.

    Each selected Tony Elumelu Entrepreneur will receive $5,000 non-refundable seed capital, a world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities. The selection process is being conducted by Ernst & Young, to ensure independent assessment.

    The impact of the Tony Elumelu Foundation extends beyond funding. It is changing lives and shaping Africa’s future, as witnessed by beneficiaries of the catalytic TEF Entrepreneurship Programme.

    Ahead of the upcoming announcement, Tony O. Elumelu, C.F.R., Founder of TEF and Group Chairman of Heirs Holdings, reiterates his unwavering belief in the potential of Africa’s entrepreneurs:

    “I believe that Africa’s transformation will not be led by aid, but by empowering the next generation of African entrepreneurs—giving them the tools, the funding, the training, and the networks to build sustainable businesses that create jobs and drive economic growth.

    Over the past decade, we have nurtured entrepreneurs from inception to success, scaling our impact across all 54 African countries. We have provided capital and also developed a robust monitoring and evaluation framework that allows us to track the progress of our entrepreneurs and measure their contributions to their communities and economies.

    No other organisation is implementing entrepreneurship development at this scale across Africa. We have learned, we have refined, and we continue to improve, ensuring that African entrepreneurs—women and men—are at the forefront of solving our continent’s challenges and creating wealth for themselves and their communities.

    Entrepreneurship is the key to Africa’s prosperity.

    I wish the 2025 cohort of Tony Elumelu Entrepreneurs success, as they chase their ambitions, and play their part in Africa’s transformation.”

    For more details on the Tony Elumelu Foundation’s impact visit our Impact Page, African Success Stories Page, and Annual Report Page.

    For Media Inquiries: media@tonyelumelufoundation.org

    Tony Elumelu Entrepreneur Testimonials from Previous Years

    “I started my agribusiness with nothing but an idea. TEF changed everything. With the funding, training, and mentorship, I have now expanded across three countries and employ 25 people.”
    – Fatima Diallo, Senegal, Agritech Entrepreneur

    “As a woman in the fintech industry, it was difficult to secure funding. TEF not only provided me with capital but also the confidence and skills to build a business that is now attracting international investors.”
    – Mary Okeke, Nigeria, Fintech Founder

    “The TEF Entrepreneurship Programme helped me commercialise my clean energy innovation. Today, we provide solar solutions to over 50,000 homes in rural Tanzania.”
    – Juma Nyerere, Tanzania, Renewable Energy Entrepreneur

    About the Tony Elumelu Foundation

    The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries and ensuring inclusive economic empowerment.

    Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme in 2015, TEF has lifted over 2 million Africans out of poverty, provided 2.5 million young Africans with access to training on TEFConnect, and disbursed more than $100millon in direct funding to thousands of African entrepreneurs who have gone on to create over 1.5 million direct and indirect jobs and generate over $4.2 billion in revenue.

  • New report puts Billionaire Tony Elumelu net worth at $2.15bn after surging growth by UBA, Transcorp

    New report puts Billionaire Tony Elumelu net worth at $2.15bn after surging growth by UBA, Transcorp

    Billionaire Tony Elumelu, has a net worth of $2.15bn according to MoneyCentral’s analysis of stakes in various companies controlled by him, which have seen record growth in recent years.

    MoneyCentral estimated Mr. Elumelu’s net worth as of March 10, 2025, by piecing together his stakes in companies, primarily through his family-owned investment vehicle, Heirs Holdings, and his direct and indirect holdings in publicly traded entities like Transnational Corporation of Nigeria (Transcorp) and United Bank for Africa (UBA).

    Heirs Holdings investment portfolio spans the power, energy, financial services, hospitality, real estate, healthcare and technology sectors, operating in twenty-four countries worldwide.

    It is inspired by Africapitalism, the belief by Tony O. Elumelu, that the private sector is the key enabler of economic and social wealth creation in Africa.

    MoneyCentral defines a billionaire as an individual who has a net worth of $1 billion or more. In calculating net worth, we priced the stakes in public companies as of March 10, 2025 and included dividend income paid to that date.

    Private companies were valued in several ways, most often by applying price-to-sales and price-earnings ratios of similar public companies. We tried to identify and confirm all potential liabilities; however, we made no assumptions about personal debt.

    Moneycentral’s analysis is laid out below.

    Publicly Traded Stakes

    Transnational Corporation of Nigeria (Transcorp)
    Ownership: Elumelu controls a significant stake in Transcorp via HH Capital Limited, Heirs Holdings Limited and personal/family holdings. As of Full Year 2024, his family’s stake (including wife Awele Elumelu) hit 35.93% or 3.652 billion shares per latest financials.

    Elumelu’s 2,997,789,337 shares are held indirectly through HH Capital Limited and 68,386,431 shares are held indirectly through Heirs Holdings Limited. A further 68,276,011 are held directly.

    A share reconstruction exercise was concluded in 2024, leading to a reduction in the volume of shares held, however the percentage holdings remain the same.

    Market Value: Transcorp’s shares have surged from a reconstructed share price of N5.16 in March 2023 to N51 per share on March 10th 2025. Total market capitalization of Transcorp as at Monday March 10th was N523.8 billion.

    The 35.93% stake was equivalent to N187.9 billion or $125 million (at N1500/$).

    Growth: Transcorp Plc recorded 107% revenue growth to N407.9 billion ($271 million) in 2024, while Full Year profit rose a massive 189.7% to N94 billion ($62.6 million), signaling strength.

    The Board of Directors approved and paid an interim dividend of N4,064,799,029.30 or 40 kobo per ordinary share (equivalent of 10 kobo per share pre capital reconstruction). The Board of Directors has proposed N6,097,198,543.95 or 60 kobo per share as final dividend, bringing the total dividend for 2024 to N10,161,997,574 or N1.00 per share.

    It is instructive to note that Elumelu and family will be paid N3.65 billion as dividend for 2024.

    United Bank for Africa (UBA)
    Ownership: Mr. Elumelu is the Chairman of United Bank for Africa (UBA) and largest individual shareholder. Data from the 2023 financial statement (2024 numbers are awaited) shows that Elumelu owns a 7.43% stake in UBA.

    UBA has 34.2 billion shares outstanding, with Elumelu’s shares comprising 2.3467 billion indirect shares owned through Heirs Holdings Limited (1.814 billion shares), HH Capital Limited (302.29 million shares) and Heirs Alliance Limited (231 million shares) plus 195.12 million direct shares.

    Market Value: UBA’s share price hit N37.60 in March 10, 2025 trading, up from N23 per share a year ago in March in 2023.

    UBA Chart
    Source: Bloomberg
    UBA’s market capitalisation is N1.286 trillion meaning Elumelu has a stake worth N95.54 billion or $63.69 million (at N1500/$).

    Growth: UBA’s gross earnings rose significantly in the 9-months 2024 period by 83.2 per cent to N2.398 trillion up from N1.308 trillion recorded in September 2023.

    There was a 20.2 per cent increase in Profit before Tax (PBT) to N603.48 billion from N502.09 billion recorded at the end of the third quarter of 2023, while profit after tax also surged by 16.9 per cent to N525.31 billion from N449.26 billion recorded a year earlier in the period under review.

    Full Year 2024 numbers are being awaited but expected to follow the same trajectory as 9-montsh 2024 results.

    Key Subsidiaries via Heirs Holdings
    Heirs Holdings was founded in 2010 and is Mr Elumelu’s private investment engine and wholly family-owned (likely held via trusts or direct shares). It controls stakes across sectors and here’s the big ones:

    Transcorp Power
    Ownership: A Transcorp subsidiary, 50% owned by the group. Mr Elumelu’s 35.93% stake in Transcorp flows through here indirectly.

    Value: Transcorp Power has a market captalisation of N2.73 trillion ($1.82 billion) as at March 10, 2025.

    Elumelu’s share via Transcorp’s 36% is $653 million, however due to the classic conglomerate discount this is already baked into the Transcorp PLC’s valuation so there will be no double-counting by us.

    MoneyCentral will include this in the Net worth of Mr. Elumelu in the future if personal or family owned stakes are revealed apart from ownership stakes through Transcorp PLC.

    Growth: Transcorp Power is growing so fast that analysts are struggling to catch up. Transcorp Power reported a 115% increase in revenue to N305.9 billion for 2024, equivalent to 61 percent of its 2031 revenue targets being achieved last year with six more years still left (2025 – 2031) in the forecast period.

    Profit after tax surged by 165% to N80 billion in Full Year (FY) 2024, from N30.2 billion in FY 2023.

    Transcorp Hotels Plc
    Ownership: This is another major subsidiary that is 76% owned by Transcorp Plc. It owns the flagship Transcorp Hilton Abuja.

    Value: Same as Transcorp Power there will be no double counting through Transcorp Hotels when determining Mr. Elumelu’s net worth. However, Transcorp’s hospitality arm has a market capitalization of N1.292 trillion or $861 million.

    Growth: Transcorp Hotels delivered 69% revenue growth to N70.134 billion in Full Year 2024, while profit after tax rose 138% to N14.895 billion.

    As the major subsidiaries (Transcorp Power and Transcorp Hotels) continue to grow it will be reflected in the valuation of the parent Transcorp Plc and as such increase Mr. Elumelu’s net worth.

    Heirs Energies (formerly Heirs Oil & Gas)
    Ownership: Heirs Energies has demonstrated remarkable operational excellence since acquiring the OML 17 block in July 2021. Within just 100 days of taking over operations, the company doubled its oil production from 27,000 to 52,000 barrels per day.

    The asset is 100% Heirs Holdings-owned which bought 45% of OML 17 for $1.1 billion in 2021 with Transcorp (Energy Capital Power). Heirs Energies is the sole operator of OML 17, in Nigeria’s Niger Delta.

    Market Value: The asset (OML 17’s) output of 52,000 bpd with 2P reserves of 1.2 billion boe, and an additional 1 billion boe resources of further exploration potential and gas assets, suggest a $1.5-$2 billion valuation in 2025.

    With Brent oil at $70/per barrel, Seplat a comparable indigenous oil producer with 52,947 barrels of oil equivalents per day (BOEPD) in 2024 had a market capitalization of $2.23 billion or N3.35 trillion as at March 10 2025.

    We would value Mr. Elumelu’s full Heirs Energies stake through control of Heirs Holding, the owners of the asset at $2 billion, dropping to $1.75 billion due to potential profit split with Transcorp PLC.

    Heirs Insurance Group (Heirs Insurance, Heirs Life Assurance)
    Ownership: 100% Heirs Holdings.

    Growth: Nigeria’s insurance market is small with about N1.5 trillion ($1 billion) in gross premiums in 2024. Heirs Group’s General and Life companies, combined, recorded a 59.30% increase in Gross Written Premium (GWP), rising from N19.9 billion in 2022 to N31.7 billion, for the year ending December 31, 2023, as they both enter their fourth year of operations.

    In addition, the Group’s earned insurance revenue for year 2023 stood at N20.5 billion, a surge of 80% from N11.3 billion in 2022, reaffirming the Group as one of the fastest-growing insurance groups in Nigeria.

    Value: The firm could garner a valuation of 2 times sales comparable to AXA Mansard Insurance.

    This would value it at N42 billion or $28 million (2x revenue, per solid growth and industry norms). Mr. Elumelu’s full stake would then be also equivalent to $28 million.

    United Capital Plc
    Ownership: Heirs Holdings has a stake (the size is unclear, but we estimate at possibly 25%).

    Growth: United Capital’s after tax profit surged by 111% to N24.1 billion from N11.4billion in 2023. In respect of the current year, the Directors propose that a final dividend of N0.50 kobo per ordinary share of 50 kobo each amounting to N9.0 Billion, be paid to shareholders upon approval at the Annual General Meeting.

    Value: United Capital has a market capitalsation of N369 billion or $246 million as at March 10 2025. A 25% stake means Mr. Elumelu’s Net Worth would be valued at $61.5 million.

    Other Assets used in calculating Mr. Elumelu’s Net Worth
    Real Estate: Mr. Elumelu owns “extensive” Nigerian property (Forbes, 2024). There are no specifics, so we assign a $75 million conservative estimate for a billionaire’s portfolio.

    Cash & Investments: Mr. Elumelu has got liquid assets especially with major dividends coming from all his investments. We estimate cash holdings at $50 million likely, per billionaire norms.

    Philanthropy
    Heirs Holdings is inspired by Africapitalism, the belief of the Chairman, Tony O. Elumelu, CFR that the private sector is the key enabler of economic and social wealth creation in Africa.

    Driven by this philosophy, Heirs invest for the long-term, bringing strategic capital, sector expertise, a track record of business turnaround success and operational excellence to companies they invest in.

    Mr. Elumelu’s philanthropic Foundation catalyses entrepreneurship across Africa, through the USD $100million Tony Elumelu Foundation Entrepreneurship Programme, advocacy and research.

    Bottomline: Tony Elumelu’s Total Net Worth Estimate is $2.15 billion
    Source of wealth

    Source: MoneyCentral

  • UBA inducts over 3200 young professionals under GMAP initiative

    UBA inducts over 3200 young professionals under GMAP initiative

    Africa’s Global Bank, United Bank for Africa (UBA) Plc, continues to make significant impact in birthing the next generation of banking and finance professionals on the continent through its Graduate Management Acceleration Programme (GMAP) which to date has produced over 3,222 young professionals across Africa.

    Since inception three years ago, the GMAP, designed to equip entrants with the necessary skills and knowledge, has provided mentorship, training, and hands-on experience to young graduates for leadership roles in UBA.

    On Wednesday, a ceremony was held at the Landmark Event Centre to induct another cohort of 1,138 successful graduates who were absorbed by the bank following intensive training spanning several months of rigorous learning, testing the entrants’ dedication and resilience.

    The momentous ceremony was graced by the UBA Group Chairman, Tony Elumelu, the Group Managing Director/ CEO, Oliver Alawuba, and other Board Members, Executive Management, faculty members, mentors, families, and friends of the graduates.

    Elumelu, who expressed his excitement over the new graduates, highlighted the bank’s passion for youth empowerment in Africa while bridging the unemployment gap, which according to him, remains one of the greatest challenges in the continent,

    He said, “At UBA, we believe that Africa’s transformation is in the hands of young, dynamic, and ambitious professionals such as you. Through GMAP, we are not only shaping future leaders but also reinforcing our commitment to excellence and impact. To our graduands, remember that success is built on hard work, resilience, and a commitment to continuous learning. The world is waiting for you to make your mark.”

    Speaking earlier at the event, UBA’s Group Managing Director/CEO, Oliver Alawuba, expressed immense pride in the graduands and reiterated the bank’s unwavering commitment to human capital development.

    “This moment marks the beginning of a transformational journey that will shape your careers, your contributions to society, and Africa at large. The GMAP is a testament to our vision of empowering the brightest minds with the skills, knowledge, and mind-set required to navigate the ever-evolving financial landscape,” Alawuba stated.

    He pointed out UBA’s commitment to gender diversity and inclusion, highlighting that of the fresh 1,138 graduands, 666 (representing 58%) are women, a reflection of the bank’s dedication to fostering an equitable and inclusive workplace.

    Encouraging the graduands, Alawuba charged them to uphold UBA’s core values of Excellence, Enterprise, and Execution, while embracing the bank’s Persona of Simplicity, Responsiveness, and Goal-oriented (SRG).

    The ceremony featured inspiring testimonies from GMAP alumni who have made significant strides within the bank.

    United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edgetechnology

  • KPMG Banking Industry Survey: UBA emerges top 5 in customer experience survey for banks, excels in SME, retail banking, other segments

    KPMG Banking Industry Survey: UBA emerges top 5 in customer experience survey for banks, excels in SME, retail banking, other segments

     Africa’s Global Bank, United Bank for Africa (UBA) Plc, has cemented its position as a leading customer-centric institution, emerging among the Top 5 banks, in various survey’s segmentation, in the recently released KPMG 2024 West Africa Banking Industry Customer Experience Survey.

    The survey showed that the bank earned an impressive second place in SME Banking as well as a third place in Retail Banking, marking a significant leap in rankings that highlights UBA’s transformation under its Customer First (C1st) philosophy.

     The survey results showcase UBA’s remarkable transformation in customer experience over the past year. For instance, in Retail Banking, the bank rose to third place up from the14th place recorded in 2023, while in SME Banking, it jumped to second position up from 6th place last year.

     The bank also made notable progress in Corporate Banking, climbing to fourth place from 8th in 2023. These milestones underscore the bank’s ability to consistently exceed customer expectations and deliver unmatched service across all its business segments.

     Speaking on the achievement, UBA’s Group Managing Director/CEO, Oliver Alawuba, said: “This recognition is a testament to our ability to turn aspirations into achievements and challenges into victories. At the heart of this success lies our unwavering commitment to the Customer First (C1st) philosophy. It is not just a slogan but the essence of who we are. Through C1st, we’ve redefined customer satisfaction, delivered value, and earned the trust and loyalty of our clients.”

     Alawuba who credited UBA’s success to the dedication of its employees, said, “From retail branches to corporate offices, from technology teams to front-line staff, every effort contributed to this extraordinary transformation. I extend my heartfelt gratitude to our exceptional team for making this possible.”

     According to the GMD, UBA has for several years, placed its customers at the centre of its operations, guided by its six pillars of Customer Experience: including Integrity- Building trust through honesty;  Resolution- Promptly addressing customer concerns; Expectations-Anticipating and exceeding customer needs; Time and Effort- Simplifying processes to save time; Empathy- Demonstrating genuine care and understanding as well as Personalisation- Delivering tailored solutions.

     He added that these principles have reshaped how UBA connects with its customers, fostering trust and deepening loyalty across its diverse markets.

    While celebrating this milestone, the GMD disclosed that UBA remains committed to becoming the undisputed number one across all segments, adding that the bank aims to achieve this through deepened customer relationships, strengthened processes, and continuous innovation.

     “The world of banking is evolving rapidly, and customer expectations are at an all-time high. To lead in this dynamic landscape, we must stay agile, innovative, and unwavering in our commitment to excellent service. Together, we will set new benchmarks and deliver unparalleled value to our customers,” he stated.

     

    United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

  • UBA donates N500 million to Lagos state security trust fund, pledges support for state’s effort at improving security

    UBA donates N500 million to Lagos state security trust fund, pledges support for state’s effort at improving security

    United Bank for Africa(UBA) through UBA Foundation, its corporate social responsibility arm, has donated the sum of N500 million to the Lagos State Security Trust Fund (LSSTF), as part of its continued commitment to secure environment for individuals and businesses.

    The N500m cheque was presented to the Lagos State Governor, Babajide Sanwo-Olu, by the UBA Group Chairman, Tony Elumelu, who was accompanied by the bank’s Deputy Managing Director, Mr. Muyiwa Akinyemi, at the State House, Marina, Lagos on Sunday.

    Speaking during the presentation, Elumelu reiterated the bank’s dedication to supporting initiatives that ensure the safety and prosperity of communities across Nigeria adding that “At UBA, we understand that security is critical for economic growth and societal well-being. Our donation to the Lagos State Security Trust Fund is a reflection of the bank’s belief in building safer communities to enhance the quality of life for all. We are proud to partner with the Lagos State Government to achieve this shared vision of a secure environment conducive to investment and development.”

    While receiving the N500m cheque, the Lagos State Governor expressed appreciation to the UBA Group and UBA Foundation for the significant contribution and commended Mr. Tony Elumelu for its unwavering commitment to impactful projects, state’s progress and well-being.

    He said, “we are grateful to the UBA Group for their significant contribution to the Lagos State Security Trust Fund. This donation will strengthen our efforts to enhance security and protect our citizens. Together we are building a safer Lagos for all”

    This latest gesture aligns with UBA Foundation’s Special Projects initiative, which focuses on addressing pressing societal issues through strategic partnerships and impactful interventions. Over the years, UBA Foundation has actively contributed to enhancing education, the environment, and economic empowerment and special projects such as these critical donations across Africa. The Foundation’s commitment to security as a driver of sustainable development is evident in its support for programs like the LSSTF.

    Group Chairman, United Bank for Africa(UBA), emphasised the bank’s role as a leader in giving back to society. He explained that in pledging its support to the state’s efforts at improving security, UBA recognizes the vital link between safety and economic stability.

    He said, “This partnership with the Lagos State Government reinforces the Bank’s belief in collaborative efforts as the key to addressing security challenges and creating environments where individuals and businesses can thrive. We believe that a secure Lagos State is integral to a secure Nigeria. UBA Foundation will continue to support transformative initiatives that uplift lives and drive development.”

    UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, the Environment, Economic Empowerment and other Special Projects.