United Bank for Africa Plc is on track to meet the Central Bank of Nigeria’s N500 billion capital base requirement by the third quarter of 2025, according to Chairman Tony Elumelu.
Speaking at the bank’s 63rd Annual General Meeting in Abuja on Friday, Elumelu announced plans to raise N144.8 billion to bolster UBA’s current capital base of N355.2 billion, ensuring compliance with the CBN’s mandate.
The announcement underscores UBA’s commitment to maintaining its position as a leading financial institution in Nigeria amid evolving regulatory demands.
On March 28, the CBN announced revised minimum capital requirements for commercial banks.
Banks with international licenses must now have a minimum capital of ₦500 billion, those with national licenses must hold ₦200 billion, while banks with regional licenses are required to maintain a capital base of ₦50 billion. All banks are expected to meet these new requirements by March 31, 2026.
Speaking further, Elumelu noted in line with the CBN’s directive, UBA commenced its capital raise with a rights issue in November 2024.
He said, “The rights issue closed in December 2024 with 6.84 billion ordinary shares of 50 kobo each offered to existing shareholders at N35 per share. This was oversubscribed by N11.6 billion (4.8 per cent) and the entire amount of N251.0 billion has been verified and approved by the CBN. The final capital raise is expected to be completed in Q3 2025, well ahead of the CBN deadline.
“Proceeds from the rights issue will be utilised to invest in additional digital technologies and business expansions that will strengthen the bank’s seven and a half decades of impressive performance.”
Elumelu also highlighted that the Pan-African financial institution, in its over 70 years of operation, has consistently upheld its core responsibility to both customers and shareholders.
He said in 2024, the UBA Group marked its, “75th anniversary, 75 solid years of unwavering commitment to excellence, innovation, and service. Seventy-five years is an extraordinary anniversary to achieve.
“Our existence of three-quarters of a century is a testament to our resilience and institutionalisation, a testament to our consistency and our firmness of purpose.
“Throughout our over seven decades, our group has demonstrated a capacity to adapt, to transform, and to disrupt, establish, further and uphold a fundamental responsibility to our customers and shareholders.”
He added, “20 years ago, we charted a new course in our expansion across Africa and the world. That strategy today is delivering exceptional results, and we continue to do so. “
The shareholders approved a final dividend of ₦3.00 per share for the 2024 financial year, along with other resolutions presented at the event.
Also speaking at the AGM, UBA’s GMD/CEO, Oliver Alawuba, thanked shareholders for their trust in the board and management, and for supporting the delivery of a strong dividend payout.
He noted that UBA has long moved past its challenging times and has continued to make strong progress.
He emphasized that the bank’s primary focus remains the customer, stressing that customers are the core reason for the institution’s existence.
“We want to make sure that we improve the customer experience. These days, the best way to improve customer experience when serving about 45 million customers around the world is through digital banking. 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,” he said.
Meanwhile, Vice President Kashim Shettima praised UBA’s resilience over the past 75 years, describing the institution as a pacesetter in innovation, emerging markets, and generational ambition.
He said “75 years is not something you pick up at a supermarket. It is earned. It’s through risks and calculations, through storms and sunshine, through mergers and acquisitions, and through the brainpower and courage of those who believe in its promise of a new world. That is what leadership means”.
Shettima noted that the celebration of an institution like UBA, “that has outlived generations and still pulses with the vibrancy of youth” is not something that happens everyday.
He said, “The United Bank for Africa, or simply UBA, is not what it is because of the age of its ideas. It is what it is because of the attention it pays—attention to innovation, attention to emerging markets, attention to shifting dreams, and attention to the changing contours of generational ambition.
“UBA has remained a pacesetter because it is led by people who do not just manage capital, but manage curiosity”.
Commending UBA for outlasting its peers, the Vice President credited the bank’s staying power to its relentless pursuit of relevance, describing it as a true example of how an African institution can thrive by embedding excellence at its core.
He stated, “UBA’s staying power is owed to its pursuit of relevance. It has stood as a reward for new thinking, expanding not just across geography, but across ideas.
“It serves millions, it shapes economies, and it influences the narrative of what an African institution can become when excellence is institutionalised and when well-intentioned dream-makers are in charge.”
