Tony Elumelu

Elumelu’s remarks come in the wake of UBA’s successful ₦251 billion oversubscribed rights issue and an impressive string of awards across the continent

Tony Elumelu, the Chairman of United Bank for Africa (UBA), which recently declared a gross profit of ₦3.2 trillion, with total assets and shareholders’ funds standing at ₦30.3 trillion and ₦3.4 trillion respectively, has declared that the financial powerhouse is just beginning its high-impact role in Africa’s development.

The bank, which serves over 45 million customers globally and operates in 20 African countries, is rated as one of the continent’s largest employers with over 25,000 employees.

“We process transactions in billions on a daily basis. UBA is helping to transform life on the continent because payments and access to finance are critical to Africa’s development. But we are just starting,” said Elumelu, who is also one of Africa’s leading investors and philanthropists. He made this statement at the Qatar Economic Forum on Wednesday, May 21, 2025.

The banking chief, known for championing shared prosperity in Africa, spoke alongside Tan Su Shan, CEO of DBS Bank, during a plenary session moderated by Jennifer Zabasajja, Chief Africa Correspondent & Anchor at Bloomberg TV.

Elumelu’s remarks come in the wake of UBA’s successful ₦251 billion oversubscribed rights issue and an impressive string of awards across the continent, reflecting the bank’s continued growth under his leadership.

Independent checks reveal that the financial institution, highly rated for its customer service, ended 2024 on a high note.

This included being named Bank of the Year in five African countries—Ghana, Kenya, Burkina Faso, Mali, and Zambia—by Bankers Magazine, as well as Best Regional Bank in West Africa at the African Banker Awards.

Less than halfway into 2025, UBA has already emerged as a top performer across various banking metrics.

A key indicator of this was the 2025 Development Bank of Nigeria (DBN) Service Awards, held in Lagos in May.

The bank, which recently launched a new feature called Advance Top-Up on its USSD platform *919#—designed to provide instant access to airtime and data, especially for customers who are out of call credit or disconnected from the internet—took home the most prestigious accolades at the event.

UBA was awarded:

Development Bank of Nigeria (DBN) Partner with the Highest Impact on MSMEs in Nigeria

DBN Partner with the Highest Impact on Women MSMEs

Participating Financial Institution (PFI) with the Highest Impact in the North-Central Zone

Platinum Service Ambassador Award

Another major testament to UBA’s deep involvement in Africa’s development was highlighted by Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), during a visit to UBA’s UK office—part of its presence across four continents.

He acknowledged the long-standing relationship between the AfDB and UBA Group, stating: “Over the years, our engagement has evolved, reflecting our shared interest in supporting Africa’s economic landscape.” Read More

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