75th Anniversary: Tony Elumelu Tells Great Feats UBA Achieved In 2023

The celebration of the 75th anniversary of United Bank for Africa (UBA), the pan-Africa service group operating in 20 countries across Africa, the United Kingdom, France, the UAE, and is the only African bank with a commercial deposit-taking presence in the United States, United States of America continues.

The market leader held its 62nd annual general meeting on Friday, May 24, 2024, announcing a financial performance that validates hitting over N1trillion market capitalization.

One of Africa’s leading investors and Chairman of the financial service group providing corporate, commercial, SME, and consumer banking services to more than 45 million customers globally, Tony Elumelu shares the feats it recorded in 2023 in a narrative that reads…

“Today (Friday, May 24, 2024) marked another impressive milestone for UBA Group.

Earlier this week, we kicked off activities to mark UBA’s 75th anniversary, and today, the Group held its 62nd Annual General Meeting, presenting its financial statements to its shareholders for the year 2023.

Nothing gives me greater joy than informing shareholders of the great feats their bank achieved in 2023:

1. UBA delivered another very strong year, generating gross revenue of 1.78 billion Naira and profit after tax of 609.7 billion Naira. We successfully sustained our deposit mobilisation efforts, growing total deposit of your bank by 100% from about 9 trillion to 18 trillion.

2. 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.

3. 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.

“4. 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.

5. 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.”

Elumelu shared the details in a social media post celebrating how much impact UBA Group is bringing to bear in Nigeria and across Africa.