“N3.2 Trillion Revenue, Oversubscribed Rights Issue” – Elumelu Tells UBA’s Success Story In 2024

Chairman Tony Elumelu has shared deep insights into the latest compelling success story of global financial services group, United Bank for Africa (UBA).

“The Group delivered another very strong year, generating gross revenue of N3.2 trillion and profit after tax of N767 billion. We successfully sustained our deposit mobilization efforts, growing total deposits by 42% to N24.6 trillion, up from N17.4 trillion in the corresponding period of 2023. Additionally, our loan book expanded by 35% to N7.5 trillion, up from N5.5 trillion, demonstrating our commitment to funding growth and contributing to Nigeria and Africa’s economic transformation,” Elumelu informed shareholders while presenting UBA’s 2024 financial performance on Friday, April 25, 2025, at the bank’s 65th Annual General Meeting (AGM).

He noted that the UBA Group maintained a well-structured and diversified balance sheet, with total assets closing at N30.3 trillion and shareholders’ funds at N3.4 trillion. “For context—and because it’s a national bank and some people here might not understand—the current N3.4 trillion shareholders’ fund is equivalent to $3.2 billion,” the Chairman explained at the event, which took place at the Transcorp Hilton Hotel, Abuja.

Elumelu attributed the exemplary results to the successful execution of a long-term strategy, the hard work of dedicated staff providing tangible solutions to real needs, and a focus on delivering value, innovation, and consistent service to all stakeholders. He described the achievements as a testament to the bank’s enduring vision and resilience.

Referencing UBA’s 75th anniversary celebration, which he described as “75 solid years of unwavering commitment to excellence, innovation, and service,” Elumelu extended the positive news to the bank’s November 2024 rights issue. The initiative was part of the bank’s strategy to meet the Central Bank of Nigeria’s new minimum capital requirement of N500 billion for international commercial banks.

UBA had targeted N239.4 billion through a rights issue of 6,839,884,274 ordinary shares of 50 kobo each, priced at N35.00 per share.

“Our capital at the start of 2024 was N116 billion. However, following the rights issue launched in November, which was oversubscribed, N251 billion was verified and approved by the Central Bank of Nigeria. But since it was a rights issue, we could only take up the N240 billion we originally sought to raise. The excess N11.6 billion had to be returned to shareholders,” Elumelu said.

He thanked shareholders for what he described as their “unprecedented confidence and commitment to UBA.” Following the rights issue, the bank’s capital position rose to N355.2 billion. Elumelu noted that the remaining N144.8 billion required to meet the regulatory threshold would be raised later in the year.

He added that proceeds from the rights issue would be invested in additional technologies and business growth opportunities in Nigeria, across Africa, and internationally, further strengthening the Group’s impressive seven-decade track record.

Elumelu also underscored UBA’s corporate social responsibility achievements and environmental sustainability efforts, noting that the bank was not just a financial institution but an active and engaged corporate citizen. “We are conscious of our responsibility to do good as well as to do well. For us, we cannot succeed if our continent, our countries, our communities, and our environment do not do well. We continue to integrate ESG into every aspect of our operations.”

According to him, UBA planted 4,550 seedlings across various locations in 2024, with the initiative expected to offset approximately 212,000 kilograms of carbon emissions, contributing to a greener, more sustainable future. Under the bank’s Read Africa Initiative, more than 13,000 books were distributed to young people across the continent, helping to rekindle a culture of reading.

“These efforts reflect our dedication to environmental stewardship, financial inclusion, and social progress,” Elumelu added.

He also highlighted that UBA received several prestigious recognitions in 2024, including being named Bank of the Year in five African countries—Ghana, Kenya, Burkina Faso, Mali, and Zambia—by Bankers Magazine, and Best Regional Bank in West Africa at the African Bankers Awards.