United Bank for Africa

United Bank for Africa Plc (UBA) is a Multinational pan-African financial services group headquartered in Lagos Island, Lagos and known as Africa’s Global Bank. It has subsidiaries in 20 African countries and offices in London, Paris and New York.[3] In December 2021, UBA received its banking license to commence operations in the UAE.[4] It is listed as commercial bank by the Central Bank of Nigeria.[5] The shares of stock of the group are listed on the Nigerian Stock Exchange, where they trade under the symbol: UBA.[6] The Group Chairman of the bank is Tony Elumelu and the GMD/CEO is Oliver Alawuba.

United Bank for Africa
TypePublic limited company
IndustryFinancial services
Investment services
Founded1949; 74 years ago (1949)
HeadquartersGroup Headquarters - UBA House, 57 Marina, Lagos, Lagos State, Nigeria
Areas served
Africa, Europe, United States and Asia
Key people
Tony Elumelu[1]
Group Chairman
Oliver Alawuba
Group Managing Director & Group CEO[2]
ProductsInternet banking
Mobile banking
Wholesale Banking
Corporate banking
Investment Banking
Consumer Banking
Trade finance
Savings Accounts
Current Accounts
Domiciliary Accounts
Non-Resident African Banking
Money Transfer
Debit Cards
RevenueIncreaseBeforetax:153 billion (US$$373.8 million) (2021)
Total assets₦8.5 trillion (US$20.1 billion) (2021)
Number of employees
20,000+ (2021)
ParentUnited Bank for Africa Edit this on Wikidata

Current executives Edit

The table below shows the current Group Board of United Bank for Africa:

United Bank for Africa Group Board[7]
S/N Name of executive Title/designation
1 Tony O. Elumelu, C.F.R. Chairman
2 Amb Joseph C. Keshi O.O.N Vice Chairman
3 Oliver Alawuba Group Managing Director/CEO
4 Muyiwa Akinyemi Deputy Managing Director
5 Abiola Bawuah Executive Director, CEO Africa
6 Alex Alozie Executive Director, Group Chief Operating Officer
7 Ugochukwu Nwagodoh Executive Director, Finance and Risk Management
8 Emem Usoro Executive Director, North Bank, Nigeria
9 Sola Yomi-Ajayi Executive Director, Treasury & International Banking
10 Isaac Olukayode Fasola Non-Executive Director
11 Owanari Duke Non-Executive Director
12 Samuel Oni, FCA Non-Executive Director
13 Erelu Angela Adebayo Non-Executive Director
14 Alhaji Abdulqadir Jeli Bello (LATE) Non-Executive Director
15 Angela Aneke Non-Executive Director
16 Aisha Hassan Baba, OON Non-Executive Director
17 Caroline Anyanwu Non-Executive Director

Overview Edit

United Bank For Africa is a large financial services group in Nigeria and on the African continent. As of December 2021, the group's financial assets were valued at ₦8.5 trillion (US$20.1 billion), with shareholders' equity of ₦724.1 billion (US$1.8 billion). At that time the group employed 20,000+ people.[8] The group maintains subsidiaries in Nigeria, Ghana, Benin, Ivory Coast, Burkina Faso, Guinea, Chad, Cameroon, Kenya, Gabon, Tanzania, Zambia, Uganda, Liberia, Sierra-Leone, Mozambique, Senegal, DR Congo, Congo Brazzaville, Mali, the United States of America, the United Kingdom, France, and UAE.[9]

History Edit

The British and French Bank Limited (BFB) commenced business in Nigeria in 1948. BFB was a subsidiary of Banque nationale pour le commerce et l'industrie (BNCI) in Paris, which transformed its London branch into BFB as a separate subsidiary. Banque Nationale de Credit and two British investment firms, S.G. Warburg and Company and Robert Benson and Company, held shares in BFB.  

Following Nigeria's independence from Britain, UBA was incorporated on 23rd, February 1961 to take over the business of BFB.  

In 1970, UBA listed its shares on the Nigerian Stock Exchange and became the first Nigerian Bank to undertake an Initial Public Offering (IPO).  

Today's UBA emerged from the merger of the dynamic and fast-growing Standard Trust Bank, incorporated in 1990, and UBA, one of the biggest and oldest banks in Nigeria. The merger was consummated on August 1, 2005, and was one of the largest mergers completed on the Nigerian Stock Exchange (NSE).  

Following the merger, UBA further expanded its brand through acquiring Continental Trust Bank that same year. In 2006, UBA acquired Trade Bank, which was under liquidation by the Central Bank of Nigeria at the time.

UBA had another successful combined public offering rights issue in 2007 and made further acquisitions of three liquidated banks: City Express Bank, Metropolitan Bank, and African Express Bank. UBA also acquired Afrinvest UK, rebranding it UBA Capital, UK. The quest to build a strong domestic and African brand intensified in 2008 when UBA made further acquisitions of two liquidated banks: Gulf Bank and Liberty Bank.  

UBA has a broad footprint across Africa and the world. It maintains subsidiaries in the following countries*, listed in the order of their commencement of banking operations:

Order of UBA's Commencement of Banking Operations by Country
Commencement of

Banking Operations

1948 Nigeria
1984 United States
2005 Ghana
2007 Cameroon
2008 Burkina Faso, Chad, Côte d'Ivoire, Liberia, Senegal, Sierra Leone, Uganda
2009 Gabon, Kenya, Tanzania
2010 Guinea, Mozambique, Zambia
2011 Congo Brazzaville, Democratic Republic of the Congo
2012 Benin
2018 United Kingdom
2019 Mali
2022 Dubai

*UBA maintains a representative office in Paris, France.  

Subsidiaries Edit

UBA Headquarters in Lagos, Nigeria

The table below illustrates the locations and Group shareholding in the subsidiary banks of the UBA Group Plc.[8][9]

List of UBA Group Subsidiary Banks
Rank Country Subsidiary Shareholding
1 United States UBA America
2 United Kingdom UBA United Kingdom Limited
3 France UBA France S.A.
4 Nigeria UBA Nigeria Limited
5 Benin UBA Benin
6 Burkina Faso UBA Burkina Faso
7 Cameroon UBA Cameroon S.A.
8 Chad UBA Chad S.A
9 Republic of the Congo UBA Congo Brazzaville
10 Democratic Republic of the Congo UBA Congo DRC
11 Ivory Coast UBA Côte d'Ivoire
12 Gabon UBA Gabon S.A.
13 Ghana UBA Ghana Limited
14 Republic of Guinea UBA Guinea Conakry S.A.
15 Kenya UBA Kenya Limited
16 Liberia UBA Liberia Limited
17 Mali UBA Mali
18 Mozambique UBA Mozambique
19 Senegal UBA Senegal S.A.
20 Sierra Leone UBA Sierra Leone Limited
21 Tanzania UBA Tanzania
22 Uganda UBA Uganda Limited
23 Zambia UBA Zambia Limited
24 United Arab Emirates United Bank for Africa plc (DIFC Branch)

References Edit

  1. ^ Lara Adejoro (26 August 2014). "UBA Appoints Elumelu As Chairman". Daily Times (Nigeria). Lagos, Nigeria. Archived from the original (Archived from the original on 3 September 2014) on 3 September 2014. Retrieved 2 July 2020.
  2. ^ Bukola Aro (August 2022). "Oliver Alawuba appointed GMD of UBA as Kennedy Uzoka retires". Nigeria: TheCable. Retrieved 2 August 2022.
  3. ^ Katumu Adasi (2020). "How to get UBA Africard for secure online transactions". Blogging Booth. Retrieved 2 July 2020.
  4. ^ Mark Itsibor (2022). "UBA Gets Licence To Operate In Dubai". Leadership. Retrieved 22 January 2022.
  5. ^ Central Bank of Nigeria (2 July 2020). "List of Licensed Financial Institutions: Commercial Banks". Abuja: Central Bank of Nigeria. Retrieved 2 July 2020.
  6. ^ African Markets (2019). "United Bank For Africa Plc, Listed On Nigerian Stock Exchange". African-markets.com. Retrieved 2 July 2020.
  7. ^ "United Bank for Africa PLC". The Wall Street Journal.
  8. ^ a b United Bank For Africa (27 March 2022). "UBA Plc Annual Report For The Period Ended 31 December 2021" (PDF). UBA. Lagos, Nigeria: United Bank For Africa. Retrieved 17 May 2022.
  9. ^ a b United Bank For Africa (2 July 2020). "UBA Plc Service Area" (Powerpoint Presentation). Lagos, Nigeria: United Bank For Africa. Retrieved 2 July 2020.

External links Edit

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