Chairman of the United Bank for Africa (UBA) Plc, on Friday, assured shareholders that the bank will meet the Central Bank of Nigeria’s (CBN) N500 billion capital base by the third quarter of the year.

Speaking at the bank’s 63rd Annual General Meeting (AGM) in Abuja, Elumelu, said the bank will raise N144.8 billion to augment its current capital base of N355.2 billion.

Also, Vice President Kashim Shettima extolled the staying power of the bank in the past 75 years, describing the financial institution as a pacesetter in innovation, emerging markets and generational ambition. Shettima, said this yesterday, during the UBA 75th Anniversary Dinner in Abuja, noted that the celebration of an institution like UBA “


On March 28, the apex bank announced new minimum capital requirements of N500 billion and N200 billion for commercial banks with international and national authorisation respectively.

The apex bank further unveiled new capital base of N50 billion for banks with regional licenses. All fresh capital requirements are to be satisfied 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 pointed out that the Pan-African financial institution in its over seven decades of operation, has upheld fundamental responsibility to 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 the final dividend payout of N3.00 per share for the 2024 financial year, among other resolutions presented to them at the event.


Also speaking at the AGM was GMD/CEO , UBA, Oliver Alawuba, who commended shareholders for trusting in the board and management in delivering a robust dividend payout to shareholders.

He maintained that UBA has moved far from those difficult times, and continued to advance beyond that point to do well.

He hinted that the primary focus of UBA is the customer, maintaining that customer is the reason why the financial institution exists.


“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.


On expansion, he disclosed that UBA currently is in 24 countries.

“Someone asked about when we are going to expand our presence. In France, we are going to do that very soon. We’re also expanding to Saudi Arabia, and the only way we can serve all of these countries effectively is through digital technology, which is why we are going to invest more in this area,” he said.

Meanwhile, Vice President Kashim Shettima has extolled the staying power of the United Bank of Africa (UBA) in the past 75 years, describing the financial institution as a pacesetter in innovation, emerging markets and generational ambition.

According to him: “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, who spoke yesterday, during the UBA 75th Anniversary Dinner in Abuja, 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”.

Applauding UBA for outliving all its contemporaries, the Vice President attributed its staying power to its passion for relevance, even as he described the bank as a quintessential specimen of what an African institution could become by institutionalizing excellence.

His words: “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.”

Shettima did not celebrate UBA without acknowledging the leadership ability of the bank’s Chairman, Elumelu, whom he described as one of the finest sons of the African continent, just as he observed that no institution writes its history without the signature of those who believe in it.

According to him, Elumelu has “become a bridge between the old and the new, between the outdated and the emerging,” adding that he “has won the trust of even the Gen Zs, or whatever this brilliant, digital generation calls itself.”

The Gen Zs, the Vice President noted, have absolute trust in Elumelu “not because of the era he was born in, but because of the attention he pays to theirs,” observing further that he is being heard across generations because he listens across generations.

“Tony Elumelu is not a dreamer. Dreamers are those who are stuck in the bubble. Mr Elumelu is a dream-maker. He has made true the imagination of those who wish for an empire from the comfort of their homes. He has taught us that it is possible to build without breaking, to lead without losing touch, and to dream without borders.

“One thing that has amused me about Mr Elumelu over the years is that he has cracked a code many still struggle to decipher—the delicate art of balancing the boardroom with the living room, of being a captain of industry and still a commander at home.

“Not many men have managed a balance between building empires and building families, between saving the world and being present at Christmas in their village. But this man, this maverick, this dream-maker, has shown us that you can help move the continent forward without losing touch with home and family.”

Shettima also lauded Elumelu’s wife, Dr. Awele Elumelu, saying she is not just a spouse, “but an Amazon—a matriarch who gathers the kith and kin under her warm canopy,” as well as the quiet strength behind the force that is her husband.

Earlier, Elumelu expressed profound gratitude to the Vice President while acknowledging the bank’s foundational history.

“This is a night of celebration, gratitude to God and to customers and shareholders who have made it possible,” Elumelu stated.

He emphasised the importance of honouring those who established UBA’s foundation, saying, “We all today are under the shields because someone planted the tree. The foundation of UBA was laid by people before us, we are only taking it further.”

Looking toward the future, Elumelu expressed confidence in the bank’s continued success, tying it directly to Nigeria’s economic environment.

“On the vision of the next 75 years, just keep transforming our domestic economy as President Bola Ahmed Tinubu is doing, and UBA will keep roaring,” he affirmed.

In his welcome address, UBA’s Group Managing Director, Dr. Oliver Alawuba, expressed gratitude to attendees while highlighting the bank’s remarkable journey since its inception.

“75 years ago, UBA commenced operations at Kakawa Street in Lagos as British & French Bank (BFB),” he said.

The GMD emphasised UBA’s impressive expansion over the decades, noting the bank now operates in 24 countries with 1,000 business offices, over 25,000 staff members, and a customer base exceeding 45 million people.

Alawuba shared financial metrics demonstrating the bank’s robust performance, including a profit after tax of N766.6 billion and total assets reaching N30.4 trillion.