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E-Financial

UBA Envisions Footprint in over 100 Countries

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Oliver Alawuba, group managing director/chief executive officer, UBA,
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United Bank for Africa (UBA) Plc has unveiled an ambitious vision to expand its presence to over 100 countries worldwide in the next 75 years, deepening its role as a truly global African institution.

UBA Envisions Footprint in over 100 Countries

Looking ahead, UBA also plans to grow its customer base from over 45 million at present to more than one billion customers within the next 75 years.

The bank aims to achieve this by leveraging cutting-edge technology, customer-first innovation, trusted relationships, and collaborations to meet the evolving needs of individuals, businesses, and governments.

The bank projects to accomplish more, driven by its unwavering Customer 1st philosophy, the vast and untapped potential across Africa, and the deeply held belief that UBA possesses the capacity, resilience, and responsibility to confront and overcome the continent’s most pressing challenges while unlocking sustainable opportunities for future generations.

This vision was unveiled by Dr Oliver Alawuba, GMD/CEO of UBA Plc, over the weekend during his opening remarks at the UBA @ 75 anniversary gala dinner in Abuja.

Speaking during the celebration, themed “UBA @ 75 – A Legacy of Excellence… A Future of Impact,” Alawuba said, “At UBA, we are building more than a bank; we are building a future for the next generation of Africans—one defined by opportunity, inclusion, and transformation.

 

 

“In the next 75 years, we envision a UBA with a presence in every African country and an expansion to over 100 countries worldwide, deepening its role as a truly global African institution.

“In the next 75 years, UBA will serve more than one billion customers, leveraging cutting-edge technology, customer-first innovation, and trusted relationships and collaborations to meet the evolving needs of individuals, businesses, and governments.

“In the next 75 years, UBA will be more than a part of Africa’s economic renaissance—it will shape its trajectory and champion its transformation.”

Alawuba highlighted that 75 years ago, UBA commenced operations in 1949 on Kakawa Street, Lagos Island, as the British and French Bank. Today, through the strength and resilience of its people and the unwavering trust of its customers, the bank operates in 20 African countries and four global financial centres—New York, London, Paris, and Dubai.

“We are serving over 45 million customers through 1,000 business offices and a diverse array of channels: more than 430,000 POS terminals, 2,600 ATMs, and 21 million cardholders, powered by a workforce of over 25,000 staff across our network,” he stated.

UBA has consistently recorded numerous achievements, delivering an impressive performance in the 2024 fiscal year, with gross earnings soaring by 53.6% to ₦3.19 trillion ($2.14 billion)—underscoring the bank’s strong earnings momentum.

Furthermore, total assets expanded by 46.8% to ₦30.32 trillion ($19.58 billion), and shareholders’ funds strengthened by 68.39% to ₦3.42 trillion ($2.21 billion)—reflecting UBA’s growing balance sheet and unwavering resilience.

The GMD/CEO said, “These milestones stand on the pillars of stability, resilience, and excellence—pillars that have anchored UBA’s growth over the last seven and a half decades.”

Earlier,  Senator Kashim Shettima, vice president, extolled what he termed the staying power of the United Bank for Africa (UBA Group) over the past 75 years, describing the financial institution as a pacesetter in innovation, emerging markets, and generational ambition.

“Seventy-five 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,” he declared.

Senator Shettima said the celebration of an institution like UBA “that has outlived generations and still pulses with the vibrancy of youth” is not something that happens every day.

“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.

“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.”

The Vice President acknowledged the leadership ability of Mr Tony Elumelu, group chairman, UBA, whom he described as one of the finest sons of the African continent, noting 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.”

He continued, “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.”

The Vice President 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,Tony Elumelu, group chairman of UBA, 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.

The Chairman 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.

 

 

 

 

 

 


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E-Financial

Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges

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Eight leading Nigerian banks collectively set aside N156 billion as impairment charges on their credit and financial assets, marking a significant financial impact amidst a challenging economic environment, in the opening quarter of 2025.

Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges

Known commonly as loan losses or credit impairments, these charges highlight the banks’ defensive measures against risks arising from inflation, naira depreciation, and tightened liquidity affecting consumers and businesses alike.

The level of impairment varied considerably across institutions, reflecting divergent risk appetites and credit management practices.

Zenith Bank led with the highest provision of N49.38 billion, an 11.8 percent reduction from the previous year’s N55.97 billion.

This decline may suggest enhanced asset quality or more rigorous loan recovery tactics.

Broken down, loans and advances contributed N35.95 billion to impairments, while investment securities and treasury bills added N7.1 billion and N2.16 billion respectively.

Despite heavy provisioning, Zenith recorded a notable 20.7 percent increase in post-tax profit, soaring from N258.34 billion to N311.83 billion.

Similar trends emerged at First HoldCo, which posted N37.25 billion in impairment (down 11.2 percent), driven mainly by loans and advances provisions of N41.23 billion.

Offsetting this were write-offs and reversals that mitigated losses.

First HoldCo’s profit, however, fell to N171.10 billion from N208.11 billion.

Access Holdings and Guaranty Trust Holding Company also demonstrated reduced impairment charges, indicating stronger credit monitoring.

Access’s net provision dropped 4.5 percent to N21.77 billion, while Guaranty Trust’s impairment stabilized near last year’s N13.42 billion figure.

Yet, Guaranty Trust’s profit plunged 43.6 percent to N258.03 billion, a striking contrast to other banks’ profit growth.

On the other hand, United Bank for Africa (UBA) faced a staggering 332.2 percent surge in impairment, from N3.28 billion to N14.18 billion—pointing to amplified credit risks possibly driven by external economic pressures.

Nonetheless, UBA recorded a 33.1 percent profit uptick to N189.84 billion.

FCMB’s impairment charge fell notably by nearly 60 percent to N9.52 billion, aided by significant recoveries of previously written-off loans, boosting its profit to N32.23 billion.

Meanwhile, Fidelity Bank and Wema Bank posted sharp rises in impairment—285.8 percent and 64.7 percent increases respectively—reflecting heightened write-downs that underscore growing risk exposure amidst portfolio expansions.

Overall, while the cumulative impairment charge diminished by 5.2 percent compared to Q1 2024, individual bank results were mixed, embodying the varied strategies and external pressures in Nigeria’s banking sector.

 

 


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E-Financial

SEC Flags FF Tiffany as Ponzi Scheme

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Securities and Exchange Commission (SEC) has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.

SEC Flags FF Tiffany as Ponzi Scheme

A statement by SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.

The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.

The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.

According to SEC, those found culpable will be prosecuted in accordance with Investment and Securities Act (ISA) and regulatory provisions.

SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.

”These schemes are not registered with the SEC and do not offer investor protection under the law.

“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.

The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.

SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.

 

 

 

 


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AccionMonie App to Empower Low-Income Households

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Accion Microfinance Bank has unveiled AccionMonie, a next-generation digital financial services platform aimed at empowering individuals, micro, small, and medium enterprises (MSMEs), as well as low-income households across Nigeria.

Speaking at the official launch in Abuja, Chief Executive Officer of Accion MfB, Taiwo Joda, described the introduction of AccionMonie as a significant milestone and a testament to the bank’s culture of innovation, designed to meet the evolving needs of its customers.

“At Accion Microfinance Bank, we believe in the potential of every MSME to drive inclusive economic growth. That is why we are committed to empowering them with the financial support they need to grow, innovate, and make a lasting impact in their communities and beyond,” Joda said.

He added that the app provides instant access to essential services including loans, savings, and other forms of financial support.

According to Joda, AccionMonie is a strategic component of the bank’s “Always There to Lend You a Hand” campaign, which underscores its commitment to small business development and the economic upliftment of underserved households. The campaign positions Accion MfB as not only a financial institution but also a trusted partner in its customers’ journey to prosperity.

Highlighting the economic role of MSMEs in Nigeria, he noted that with an estimated 37 million MSMEs, the sector accounts for 86% of employment and contributes 48% to Nigeria’s Gross Domestic Product (GDP). However, these enterprises continue to face major challenges such as limited access to finance, inadequate infrastructure, and an unfavourable business environment.

Also speaking at the launch, the bank’s Chief Commercial Officer, Stephen Olalere, said the combination of AccionMonie and the bank’s expansive network of over 74 branches across 12 states will help bridge the gap in financial service delivery to small businesses.

“The platform’s user-friendly features are designed to simplify payments and offer vital support to businesses and individuals alike,” he said.

Paul Ehiagbonare, Chief Digital Officer of the bank, described the launch as a bold step toward digital leadership and financial empowerment.

“For us, AccionMonie reflects customer empowerment through digital tools and technologies. It offers a range of customer-focused features designed to promote financial inclusion,” he said.

One of its standout features is Save2Loan, which allows users to save between ₦50,000 and ₦250,000 over a 90-day period and become eligible for a loan worth twice their saved amount. This, Ehiagbonare explained, will help promote a savings culture while enhancing credit access.

In addition, customers can conveniently fund their AccionMonie accounts using any debit card, eliminating the need for physical visits or long queues in banking halls.

 


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