The Chairman of United Bank for Africa Plc (UBA), Mr. Tony Elumelu, has revealed the bank’s strategy to meet the Central Bank of Nigeria (CBN) directive for banks to recapitalize by March 2026.
He mentioned that the bank plans to achieve this mainly through rights issues and private placements.
During a press briefing following the bank’s Annual General Meeting in Abuja last week, he explained: “Recapitalization is something UBA will accomplish before the stipulated timeframe, the reason being that we have shareholders who want to re-invest in the bank and we have customers who want to become shareholders of the bank. Remember that UBA operates not just in Nigeria but in 19 other African countries, and they have been yearning to become shareholders of the bank.”
He further noted that the board approved, and the shareholders supported, the decision to proceed with private placements. “This private placement will give our customers and friends across Africa the opportunity to invest in United Bank for Africa. When all of these investments come in from the rights issuance and reinvestments by these shareholders, it will be an easy accomplishment.”
Despite facing strong economic headwinds last year, UBA reported a gross revenue of N2.1 trillion for the year ending December 31, 2023, with profit after tax reaching N607.69 billion during the period.
Speaking at the AGM, Mr. Tony Elumelu attributed the bank’s performance to the consistent hard work of its staff, who provided “tangible solutions to real-world needs, delivering value to consumers, businesses, and government.”
