Toba Owojaiye reportingÂ
Ekpoma, Edo
United Bank for Africa (UBA) has reached a significant milestone, surpassing a market capitalization of N1.022tn. The bank’s shares, priced at N29.90 per share, have seen a remarkable 250% increase since January 2023. UBA now stands as the third most capitalized financial institution in Nigeria, a substantial rise from N283.8bn at the year’s outset.
Truth Live News gathered that Chairman Tony Elumelu highlighted the bank’s strategic prowess, emphasizing its commitment to delivering value. The Group Managing Director/CEO, Oliver Alawuba, attributed UBA’s success to its business model, emphasizing strengths in people, processes, and technology. With operations in 24 countries and a deposit-taking license in the USA, UBA stands out as Africa’s global bank.
The bank’s impressive financial results contributed to its recognition as the most profitable bank in Nigeria for 2023. UBA played a pivotal role in economic solutions, acting as the Local Arranger and Depository Bank for a $3.3bn FX Liquidity support facility in partnership with Afreximbank. The bank’s excellence was further acknowledged with three 2023 FMDQ Gold Awards.
UBA’s commitment to corporate governance is reflected in its listing on the Premium Board of the Nigerian Stock Exchange. As the bank continues to create value for its shareholders globally, it remains a leading Pan-African financial institution, serving over 25 million customers across 20 African countries and reaching beyond with a presence in New York, London, Paris, and Dubai.