UBA Chairman, Tony Elumelu, left, and Group MD/CEO, Alawuba
Elumelu Assures Shareholders UBA Set to Meet CBN’s N500bn Capital Requirement by Q3 2025
The Chairman of United Bank for Africa (UBA) Plc, Tony Elumelu, has assured shareholders that the bank will meet the Central Bank of Nigeria’s (CBN) N500 billion capital requirement by the third quarter of 2025. Speaking at the bank’s 63rd Annual General Meeting (AGM) in Abuja, Elumelu disclosed plans to raise an additional N144.8 billion to augment its current capital base of N355.2 billion.
On March 28, the CBN announced new minimum capital thresholds of N500 billion for commercial banks with international authorization, N200 billion for national banks, and N50 billion for regional banks, with a deadline of March 31, 2026.
Elumelu confirmed that UBA had already initiated its capital raise through a rights issue in November 2024, which closed in December 2024. The offer of 6.84 billion ordinary shares at N35 per share was oversubscribed by N11.6 billion (4.8%), raising a total of N251 billion, now approved by the CBN.
“The final capital raise is expected to be completed in Q3 2025, well ahead of the CBN deadline,” he stated, adding that the proceeds would be channeled into digital transformation and business expansion.
Shareholders at the AGM approved a final dividend payout of N3.00 per share for the 2024 financial year. UBA’s Group Managing Director/CEO, Oliver Alawuba, thanked shareholders for their trust, emphasizing the bank’s commitment to enhancing customer experience through digital banking.
“We are investing heavily in digital banking to serve our 45 million customers globally more efficiently,” Alawuba said. He also revealed expansion plans, including entry into France and Saudi Arabia, while highlighting UBA’s presence in 24 countries.
At a separate event marking UBA’s 75th anniversary, Vice President Kashim Shettima commended the bank’s resilience, innovation, and leadership in emerging markets.
“UBA’s staying power stems from its relentless pursuit of relevance and excellence,” Shettima said, describing the institution as a model for African enterprises. He also lauded Elumelu’s visionary leadership, calling him a “dream-maker” who bridges generational and economic divides.
Elumelu acknowledged the bank’s 75-year legacy, attributing its success to adaptability and customer-centric strategies. “We are building on the foundation laid by our predecessors,” he said, expressing confidence in UBA’s future growth, tied to Nigeria’s economic reforms under President Bola Tinubu.
Alawuba, in his remarks, highlighted UBA’s financial strength, with a profit after tax of N766.6 billion and total assets worth N30.4 trillion.
As UBA continues its expansion and digital transformation, the bank remains poised to maintain its leadership in Africa’s banking sector.
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