United Bank for Africa (UBA) has said, it will, this Friday, seek shareholders’ approval on its recapitalisation plans, assuring that, as a bank with international licence, it will recapitalise to the tune of N500 billion before the deadline.
This is even as the bank kicked off its year long 75 year anniversary activities in Lagos yesterday.
Speaking at a global press conference to mark the commencement of the celebrations at the UBA head office yesterday, the group managing director of the bank, Oliver Alawuba, applauded the steps taken by the Central Bank of Nigeria (CBN) to recapitalise the entire banking industry as the sector is critical to the realisation of the $1 trillion economy by current administration at the federal level, stressing that, this exercise will make the banking system stronger to play a major role in economic growth.
Noting that the recapitalisation will ensure Nigerian banks are liquid enough to play big in global business as well as intra-African trade, he assured UBA’s stakeholders that the financial institution will scale through the exercise as it plans to expand its operations internationally.
Stressing that the bank will be getting shareholders’ approval for its recapitalisation plan this weekend, he said ,the bank will not be going on an acquisition spree. According to him, if the bank will be considering any acquisition, it will be a value-adding acquisition.
Stating that the bank will also focus on supporting small and medium scale enterprises (SMEs), he added that, the Pan-African bank will, over the next years, focus on increasing its presence in the countries where it currently operates.
To him, “Today, we have over 25,000 Staff, over 35 million customers served through multiple channels – over 350,000 POS terminals, 2,000 ATM terminals, 1,000 Business Offices and 19.7 million Card Customers.”
Meanwhile, he restated the commitment of the bank to the $6 billion SME funding agreement signed with the African Free Trade Area (AfCFTA) which, he said, will be instrumental in achieving UBA’s strategic objectives.
Stating that SME funds will be coming from its deposits as well as Development Finance Institutions (DFIs), he explained that the goal is to increase the finance capacity of businesses across Africa, particularly in the 20 countries where it has a presence.
He stated further that the fund is to enable business growth and increase their capacity as foreign exchange generator for their countries , saying “our vision is clear. It is to be the role model for African Businesses and connect Africa to the world and the world to Africa.
“We want to channel capital flows between Africa and the rest of the world. That is one of the reasons we signed the agreement with AfCFTA where UBA is committing $6 billion to smes to substitute importation, across 20 countries.”
Speaking on the 75 years anniversary of the bank, Alawuba said, “amidst economic challenges and market dynamics, UBA has demonstrated remarkable financial strength and resilience. Our splendid performance, especially within the last year, is a testament to our robust fundamentals and sound strategic decisions. As we navigate through the ever-changing landscape, we remain committed to creating value for our shareholders and capitalising on emerging opportunities in the market.
“Innovation and digital transformation are at the heart of UBA’s strategy for future growth and competitiveness. We will continue to invest in innovative products, services, and digital platforms that enhance customer experience and drive operational efficiency. Our commitment to Corporate Social Responsibility is strong, with initiatives focused on education, healthcare, entrepreneurship, and environmental sustainability; thus, making a concrete impact on communities across Africa.
“Looking ahead, our vision is clear – to be the role model for African Businesses. UBA is one bank, uniting Africa while connecting Africans to the World and the World to Africa. Our primary focus is to be the payment bank for Capital flows, trade and investments between Africa and the rest of the world. We are committed to expanding our presence, seizing growth opportunities, and delivering value to all stakeholders.”
In his welcome address, the deputy managing director of the bank, Muyiwa Akinyemi, said: “At UBA, Innovation and digital transformation are at the heart of our future growth as we remain committed to enhancing the experience of our customers across all touchpoints while solidifying our position.
“We are committed to offering value that enhances the experience of our customers, while solidifying our position as a forward-thinking institution. Additionally, our intentional commitment to global sustainability principles, corporate social responsibility with significant impact across Africa through initiatives in education, healthcare, and environmental sustainability.”
