By Abiola Olawale
Nigerian business mogul and Chairman of United Bank for Africa (UBA), Tony Elumelu has celebrated the financial institution as it celebrates its 75th anniversary.
Elumelu who spoke during the bank’s 62nd Annual General Meeting (AGM) said the financial reports of the financial institution in 2023 showed remarkable growth.
Elumelu noted that the bank sustained deposit mobilization efforts, growing total deposits by 93 per cent to N18 trillion from N8.99 trillion which was reported in 2022.
He added that UBA generated gross revenue of 1.78 billion Naira and profit after tax of 609.7 billion Naira.
He said: “Leveraging our African footprint, in a historic partnership with the African Continental Free Trade Area, UBA pledged up to USD 6 billion in financing our small and medium-scale enterprises across Africa over the next three years to empower this strong engine of growth for Africa.
“UBA has trained and graduated 1,100 young Africans from the UBA Academy in two phases. The young talents have now been employed by UBA and are equipped to help UBA succeed. But more importantly, we are preparing them for the future and helping them to enjoy the kind of career progression that some of us, including me, had when we were growing in this sector.
“In 2023, UBA received nine prestigious awards at the Bankers Awards organized by the Bankers Magazine, a publication of the Financial Times of London. UBA subsidiaries in 8 of the 20 African countries we operate in also emerged as Bank of the Year.
“UBA’s vision to expand its operations globally has been a challenging yet remarkably rewarding feat. Today, UBA operates in four continents, encompassing 20 African countries, the UK, USA, Europe, and the UAE. Our audacious expansion strategy has paid off, with our subsidiaries contributing largely to the Group’s total income. We are truly Africa’s Global bank.
“I want to express my deepest appreciation for the tireless efforts of our Board, management, and entire staff. Your commitment to exemplary service and dedication ensures that we deliver shared value. Thank you very much.
“To our loyal customers, you are the very reason we exist. We are eternally grateful for your trust and continued patronage.
“And finally, to our discerning shareholders and investors, you have placed your faith in our vision. We thank you for your continued support. Your belief in UBA motivates us to excel and deliver long-term value for everyone involved.”
The New Diplomat reports that the UBA Group has demonstrated a notable proficiency in delivering financial services in Africa and other regions.
Its origins trace back to 1949 when it commenced operations under the name British and French Bank Limited (BFB), and subsequently transitioned to a limited liability company in 1961.
In 2005, a significant change took place in the banking sector under the supervision of the then Central Bank of Nigeria led by Charles Soludo. This change involved the merging of the United Bank for Africa and the now-defunct Standard Trust Bank, resulting in the formation of the UBA Group. This merger has been successful and has led to positive developments.
This historic development saw Tony Elumelu emerge as the new chief executive officer of the reinvigorated financial institution.
At 34 years of age, Tony Elumelu was already the youngest chief executive officer in Nigeria.
