CEO Alawuba Shares Key Focus As UBA Declares N3.2 Trillion Revenue, Oversubscribed Rights Issue

Group Managing Director and Chief Executive Officer, Oliver Alawuba has disclosed the primary focus of leading financial institution, United Bank for Africa (UBA), which just announced a N3.2 trillion gross revenue in its 2024 financials.

“I would like to tell you that the primary focus of UBA is the customer. The customer is the reason why we exist as UBA. We want to make sure that we improve the customer experience,” he told shareholders at the 65th Annual General Meeting of the bank.

UBA also recorded significant growth across several key financial indicators. Deposits surged by 42% to N24.6 trillion, up from N17.4 trillion in the corresponding period of 2023. The bank’s loan book expanded by 35% to N7.5 trillion, compared to N5.5 trillion previously. Total assets and shareholders’ funds closed at N30.3 trillion and N3.4 trillion, respectively.

Recent awards —including its recognition as Best Regional Bank in West Africa at the African Banker Awards and being named Bank of the Year in five of the 20 countries where it operates— highlights these outstanding performances. 

Alawuba shares how the bank plans to enhance customer satisfaction.

“These days, the best way to improve customer experience when serving about 45 million customers around the world is through digital banking,” he stated. “So we’re investing heavily in digital banking to improve your experience when you interact digitally or even physically with UBA. This is very important.”

Checks revealed that the bank’s strong performance has been supported by its revamped capital base.

In November 2024, UBA launched a rights issue of 6,839,884,274 ordinary shares of 50 kobo each at N35.00 per share, targeting N239.4 billion. This was part of efforts to meet the Central Bank’s directive to raise the minimum capital requirement for international commercial banks to N500 billion.

The outcome reflected strong shareholder confidence, with the issue oversubscribed at N251 billion. Group Chairman Tony Elumelu clarified, “But given that it is a rights issue, we could only take up N240 billion—the amount we set out to raise. This left an oversubscribed position of N11.6 billion, which had to be returned to the shareholders.”

The development raised UBA’s capital from N116 billion to N355.2 billion.

Speaking on how the raised funds would be utilized, Alawuba explained, “We are going to use it to invest in digital platforms and improve your digital experience with UBA. You know it is a world of artificial intelligence. You have heard that we are moving in that direction too, because that will improve our service to you.”

He also emphasized the bank’s ongoing investments in technology to fight fraud and protect customer funds.

“We’re using technology to ensure there’s no fraud in your account. If you’ve noticed, this has improved significantly. We have invested to ensure that any money you deposit with UBA will remain secure. Anytime you access your account, your money will be there,” he noted.

Alawuba further underscored the potential of the bank’s tech-driven strategy by pointing to its expanding global footprint.

“Today, we are in 24 countries. Someone asked about when we are going to expand our presence. In France, we are going to do that very soon. We’re also expanding to Saudi Arabia, and the only way we can serve all of these countries effectively is through digital technology—which is why we are going to invest more in this area,” he said. “We’re also improving the technology around managing feedback and enhancing your experience, so that once you send any complaint, we’ll respond promptly.”