United Bank for Africa (UBA) has said that its 75th anniversary is a testament to resilience, commitment to excellence.

Oliver Alawuba,

The bank at a world press conference in Lagos peeped into a past that was filled with success stories and promised future enduring milestones of achievements.

Also at the event, the bank hinted that it would this Friday seek shareholders’ approval for its recapitalisation plans, assuring that the bank is poised to meet the deadline as it kicked off its yearlong 75th anni­versary activities.

Oliver Alawuba, group managing director, said the bank is set to meet the deadline for the N500 billion new capital base set by the Central Bank of Nigeria (CBN) as the bank con­tinues not only as the leading fi­nancial institution in Nigeria but also in the African continent and beyond, considering its presence in 20 African countries and four global financial nerve centres (New York, London, Paris and Dubai).

He noted that the bank would over the next years focus on increasing its presence in the countries where it currently op­erates, adding that the bank will also focus on supporting small and medium scale enterprises (SMEs).

To the bank, the past 75 years have been marked by stability and excellence, pillars upon which UBA’s legacy stands tall.

The bank was the first bank in Nigeria to of­fer an initial public offering (IPO) in 1970, the first Nigerian bank to be listed on the Nigerian Stock Exchange (NSE), now Nigerian Exchange Limited (NGX).

It was also the first Nigerian bank in the USA and London to open a branch and the first bank in Nigeria to install Automated Teller Machines (ATMs) and open a campus branch at the Universi­ty of Lagos in Nigeria.

UBA was the first Nigerian bank to open a subsidiary in Af­rica (Ghana in 2005), appointed the first female board chairperson in Nigeria and was a pioneer in introducing mobile banking in Nigeria.

It also launched the first multi-lingual chatbot banking in Nigeria called Leo as well as the first Nigerian bank to launch the most successful prepaid cards across Africa.

While honouring past leaders of the bank for their steadfast­ness, Alawuba appreciated the sacrifices, contributions, sup­port and guidance over the years of Tony Elumelu, current group ghairman,.

He said, “We appreciate and honour you because you built and nurtured the platform on which we are standing today. Our Group Chairman truly deserves special recognition and mention.

“Without his visionary push in 2005 and tutelage over the years, I doubt whether we would be where we are today. For these and more, we say a big and re­sounding thank you to him”.

He also used the opportunity to thank all customers of UBA around the globe as their consis­tent support and patronage over the years have been amazing.

He said, “You meet several people, they will tell you that they are third or fourth generation of UBA customers in their families, that their grandparents and par­ents were customers of UBA and their children currently carry UBA ATM cards, enrolled on our mobile banking and LEO chatbot banking. This is the strength of UBA.

“This milestone is not just a celebration of longevity, but a tes­tament to resilience, innovation, and unwavering commitment to excellence that have defined UBA’s journey over the decades.

“As we reflect on the signifi­cance of this epoch-making event, it is important to acknowledge that UBA means different things to different people. For some, UBA is a trusted financial partner; for others, UBA is a beacon of stabil­ity and reliability, a development partner in various local commu­nities as well as a catalyst for Af­rican development.

“Since its inception in 1949, UBA has evolved from a modest beginning on Lagos Island to a global financial institution with a presence in 20 African coun­tries and 4 global financial nerve centres (New York, London, Paris and Dubai).

“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.

“Amidst economic challenges and market dynamics, UBA has demonstrated remarkable finan­cial strength and resilience. Its splendid performance, especially within the last year, is a testament to the robust fundamentals and sound strategic decisions taken by the bank.

“Going forward”, Alawuba said, “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, Alawuba said, “Our vision is clear and it is 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. Collaboration and partnerships as exemplified by the $6bn SME funding agreement signed with the African Free Trade Area (AfCFTA) will be instrumental in achieving our strategic objec­tives. We are dedicated to deepen­ing relationships with customers, employees, regulators, and other stakeholders for mutual benefit and long-term success”.

Responding to a question from the media over concerns that the bank’s share price is considered undervalued despite its recent surge, Alawuba said United Bank for Africa’s share price could hit the N100 per share mark.

President Bola Ahmed Tinubu whose administration will be a year old in a few days has got  a total of $4.1 billion loan

Bola Ahmed Tinubu

Available data showed that the federal government first took $1.95bn loan from World Bank.

The loans were $700m for education, $750m for power and $500m for women empowerment.

Also the at close of Nigeria’s activities at the World Bank/International Monetary Fund Spring meeting in Washington DC, the United States, this year, Wale Edun, minister of Finance and Coordinating Minister of the Economy, announced that the administration is expecting a fresh $2.2bn single-digit interest loan from the World Bank. This brings the total loan so far to $4.1Bn

Edun, said another budget support facility is expected to be disbursed by the African Development Bank (AfDB).

“We have qualified for the processing just this week to the Board of Directors of the World Bank of a total package of $2.25bn of what you can call ‘the closest you can get to a free lunch’; virtually a grant. It’s for about 10 to 20 years moratorium and about one per cent interest,” Edun said, adding “In addition, there is a similar budgetary support – low-interest funding – from the African Development Bank (AfDB).”

Recall that, on August 9, 2023, Tinubu inaugurated a tax committee with mandate to raise revenue because his government inherited a ‘bad government’ and he will not continue with the “circle of debt”.

Days later, Edun, also emphasised the President’s position on loans at the Federal Executive Council (FEC) meeting held on August 28, 2023.

He said, “The federal government is not in a position to borrow at this time. Rather, the emphasis has to be on creating a stable, macroeconomic environment, stable inflation, stable exchange rate, an environment within which people can come and invest and thereby increase production and further grow the economy.

“So that is the plan. That is the expectation and it is that there will not be a reliance on borrowing.”

As part of its Corporate Social Responsibility (CSR) initiatives, leading financial institution, Fidelity Bank Plc, has renovated the Primary Healthcare Clinic along the Workers Village in the Tudun Amba Community of Lafia Local Government Area of Nasarawa State.

The bank also provided water facilities to ameliorate issues of water scarcity being experienced in the community in recent times.

Speaking at the inauguration ceremony, the Divisional Head, Brand and Communication Plc, Fidelity Bank, Meksley Nwagboh, said the dignity of every human person is a shared responsibility. The bank decided to embark on the project as a means of improving the living condition of people in the community and as part of the bank’s social responsibility to its host community.

Expressing gratitude to the leadership of the community for giving the bank the opportunity to execute the project, Nwagboh said, “What we are doing today is not different from what we have been doing in communities, local governments and states across the country over the years. As a socially responsible organisation, we take it upon ourselves to impact our host communities positively through developmental initiatives such as these.

“On behalf of the management and staff of Fidelity Bank, I want to say thank you to everyone who made it possible for us to touch the lives of the people positively in this community and we remain committed to playing our part in helping individuals grow, thrive and prosper”.

On his part, the Honourable Commissioner of Health, Nasarawa State, Gaza Gwamna, while commending Fidelity Bank for the donation of a water facility and the renovation works at the Primary Healthcare Clinic, reiterated the state government’s commitment to continue to support commercial banks to boost the economy of the state.

The Commissioner who was represented by the Permanent Secretary of the ministry, John Damina, further called on the Nasarawa State Primary Healthcare Development Agency to utilise the upgraded facility with care to encourage the bank and other private investors to continue to support the less-privileged people of the state.

“I want to use this opportunity to call on the management of the NAPHDA to ensure proper utilization of this facility for the good of the host community and beyond. This will go a long way in encouraging other private sector players to extend the same gesture to other communities in the state,” he said.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.