E-Financial
UBA Shareholders Commend 2023 Superlative Performance, Dividend Payout
Shareholders of United Bank for Africa (UBA) Plc, Africa’s Global Bank, have praised the board, management and staff of the Bank on the impressive performance recorded over the past years and especially in 2023, culminating in the payout of N78.7bn as final dividend for the 2023 financial year.
l-r Group Managing Director/CEO, Mr. Oliver Alawuba: Group Chairman, Mr. Tony O. Elumelu,CFR; Company Secretary and Legal Counsel, Mr. Bili Odum; Group Deputy Managing Director, Mr. Muyiwa Akinyemi; and Non-Executive Director, Ms Angela Aneke, at the 62nd Annual General Meeting of United Bank for Africa (UBA), coinciding with the Bank’s 75th Anniversary, held at Transcorp Hilton, Abuja, on Friday
The shareholders took turns to express their delight during the bank’s 62nd Annual General Meeting which was held at the Congress Hall of Transcorp Hotels in Abuja on Friday.
The shareholders overwhelmingly approved the Board of Director’s proposal to raise additional capital through the issuance of securities comprising ordinary shares, preference shares, convertible and/or non-convertible notes, bonds or any other instruments in the Nigerian and/or international capital market.
Addressing shareholders at the event, Mr. Tony Elumelu, group chairman, appealed to shareholders to participate fully and re-invest their dividends in the bank’s recapitalisation drive as this will ensure that they continue to enjoy even higher returns from their investments.
He said, “I call on you shareholders to re-invest a substantial part of your dividends in our rights issues which will be announced soon, as we will be giving you the first opportunity to own a share in all the countries where we operate, I am advising shareholders, as you get your dividends, reinvest a significant part of it. As for my board members and I, we would be investing 100% of the dividends we get, because If we don’t do so, it means we would be leaving food on the table for others who did not labour for it,” Elumelu stated.
In the year under consideration, UBA had declared an interim dividend of N17.1bn representing a pay-out of 50kobo per share for the first half of 2023, thus bringing the total dividend for the 2023 financial year to N95.8bn, representing N2.80 per share.
Surprisingly and in another first, dividend payouts were received while the meeting was still on just seconds after the resolution on dividend payments were passed at the meeting by the shareholders, resulting in open excitement from the shareholders.
They also commended the bank’s management over the impressive performance for the 2023 financial year, which resulted in the large payout of dividend to its investors, and highlighted its thriving business in its African subsidiaries, which continues to contribute significantly to the Group’s total income.
Alhaji Mukhtar Mukhtar, one of the shareholders who spoke at the meeting, commended Tony Elumelu, group chairman, and Oliver Alawuba, group managing director, for their concerted effort towards ensuring that the performance of the bank reached unprecedented heights in the year under consideration.
He said, “I want to specially commend the management and Board of UBA, especially the Chairman, Tony Elumelu and the GMD/CEO, Oliver Alawuba, who have been managing activities of this great institution over the past few years.
“We are impressed at the results that you have recorded so far, how you have managed to maintain a well-structured balance-sheet and diversified balance sheet with total Assets growing to over N20trn. The achievement that the bank has recorded under your leadership, especially the sterling contributions of our subsidiaries in Africa deserves accolades,” Muktar stated.
Another shareholder, Patrick Ajudo, also commended Elumelu for keeping the promise made to shareholders a few years ago to begin to pay increased dividend.
“Our Chairman, Tony Elumelu, promised shareholders a few years ago in this same hall, that he will move from ‘kobo-kobo’ dividends to naira dividends, and he has kept that promise. We are very excited, because, not only have you kept that promise, but you have backed it up by even matching the industry standards. Indeed, we are proud to be associated with such a brand that has integrity, and we highly commend you for this,” he stated.
Barrister (Mrs) Adetutu Siyanbola, another shareholder, took time to commend the bank’s management for its operations over the decades, especially as it celebrates its landmark 75th year anniversary, praising the gender balance and high female representation on the bank’s board, which according to her, is a feat worth emulating by other financial institutions in Africa.
While commending the GMD for wining several awards in the 2023 financial year, she expressed satisfaction that the bank did not incur any penalty in the year under consideration, which meant that UBA had zero infractions and didn’t run foul of any regulations.
At the end of the 2023 financial year, UBA recorded an impressive leap in gross earnings, as it grew from N853.2 billion recorded at the end of 2022 to close at N2.07tn; representing a strong 143 percent growth; total assets also rose remarkably by 90.22 percent, to close at N20.65 trillion up from N10.86 trillion in 2022
Profit before tax, also grew exponentially by 277 percent, to close at N758billion, up from N200.88 billion recorded in 2022; while profit after tax (PAT) grew by 257 percent from N170.2 billion in 2022, to N607 billion.
Mr. Oliver Alawuba, group managing director/CEO, explained that despite being a year of significant geopolitical and economic challenges, UBA’s strength, the effort and dedication of the team, and its leadership in strategic areas such as innovation and sustainability, helped the bank to grow in a profitable and sustainable manner,
Looking ahead, he said, “The outlook is great because we are diversified. Our African subsidiaries contributed over 55% to the bank’s profit this year, and we will do more. Already, the Bank entered 2024 from a position of strength, with proven resiliency, a powerful brand and a strong capital position.
“As we begin 2024, “execution” will continue to be on the front burner, with an unrelenting focus on market leadership and excellent customer experience at all touch points,” Alawuba explained.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 35 million customers globally.
Operating in twenty African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
Federal government has said that it has begun a revalidation exercise of the National Social Register in a drive to strengthen the ongoing conditional cash transfer programme designed to ameliorate the impact of economic reforms.
Abisoye Coker-Odusote, DG/ CEO, NIMC
Up-to-date, a total of 2.3 million households have been confirmed and cleared for payment under the renewed scheme.
Abisoye Coker-Odusote, director general, National Identity Management Commission (NIMC), made this known at a recent press briefing held at the agency’s headquarters in Abuja.
The revalidation exercise comes amid concerns raised by the World Bank over the slow implementation of the cash transfer programme, which was launched in 2023, following the removal of petrol subsidy and unification of the foreign exchange market.
In its latest Nigeria Development Update report titled “Building Momentum for Inclusive Growth”, the global financial institution observed that only 37 per cent of the intended 15 million households, approximately 5.6 million had so far received payments two years after the programme was launched.
The World Bank had approved a $800m loan for the initiative, out of which $530m had been disbursed as of April 30, 2025.
The World Bank said, “Only 5.6 million households—around 37 per cent—have received at least one tranche of direct transfers. Further expansion of the programme remains dependent on biometrically verifying at least one adult member of the household with a foundational digital identity. Also, efforts to urgently provide support to the poorest and most economically at-risk households should be redoubled and expanded,” the bank noted.
Coker-Odusote, who is a member of the inter-agency task force managing the identity verification process for the programme, noted that the revalidation was being carried out under the National Social Safety Nets project to ensure that only eligible Nigerians benefit from the government’s palliative initiative.
“The Federal Government is currently conducting a revalidation exercise on the national social register under the National Social Safety Net, so that they are able to carry out the payment,” she said.
“As of Tuesday, we have been able to revalidate 2.3 million persons and will soon be able to start making the necessary payments. Our job is to ensure the number of people validated, and we are doing that in conjunction with other agencies to make sure that the money goes to the right people.”
She stressed the importance of accurate identity verification in delivering targeted interventions, noting that the exercise is rigorous to avoid misallocation of funds.
“We don’t want to pay people who no longer exist in this world. So, the right thing must be done, and I want to emphasise that.
“This is the reason for identity, ensuring there is a verifiable source of truth and identity credentials that you can use to validate the identity of someone, and that person can also use it to authenticate who he or she says, they are in real time,” she added.
MTN’s BankTech platform disbursed $592 million in loans during the first quarter of 2025, setting a new record for the telecom operator’s digital lending business since its launch in August 2023.
MTN
The figures, released in MTN Group’s financial reports, highlight the accelerating adoption of mobile-based credit solutions across Africa.
The strong performance reflects growing demand for accessible financial services in markets where traditional banking penetration remains low.
BankTech operates as MTN’s banking-as-a-service platform, providing application programming interfaces that enable third-party fintech firms and businesses to integrate lending, savings and insurance products into their ecosystems.
Ghana, Uganda and Cameroon emerged as key growth markets, driving much of the platform’s expansion.
The Q1 results continue a consistent upward trajectory, building on disbursements of $371.7 million in the first quarter of 2024, followed by $359.9 million, $461.5 million and $546.8 million in subsequent quarters last year.
MTN’s move into digital lending follows earlier innovations by regional telecom operators including Safaricom’s M-Shwari in Kenya and Airtel Money Loans across East Africa.
These mobile-based services have collectively created a $247 million consumer lending marketplace, addressing portions of Africa’s estimated $782 billion credit gap.
The increasing loan volumes suggest shifting consumer attitudes toward telecom-driven financial solutions, which many now view as viable alternatives to conventional banking services.
This trend underscores the transformative role mobile networks are playing in financial inclusion across the continent.
As digital lending platforms gain traction, regulators face the dual challenge of fostering innovation while implementing safeguards for consumers.
The growth of services like BankTech indicates telecom companies will likely remain central to Africa’s financial services evolution, particularly for underserved populations and small businesses needing access to credit.
The platform’s expansion comes amid broader efforts to bridge Africa’s credit gap through technology-driven solutions. With mobile money adoption continuing to rise across the continent, digital lending services appear poised for further growth as they demonstrate their ability to reach customers traditionally excluded from formal financial systems.
As global financial fraud surges to over $485 billion in annual losses, Access Holdings PLC is setting a new standard in Africa’s banking industry through aggressive and strategic investment in technology aimed at combating the growing threat. With Nigeria’s financial sector experiencing a spike in digital fraud, particularly through mobile and online channels, Access Holdings has emerged as a front-runner in fraud prevention through innovation.
In 2024, Access Holdings, the parent company of Access Bank, recorded a landmark ₦193.5 billion ($120.5 million) in technology investments, a 147% increase over the previous year and the highest IT spend in Nigeria’s banking industry. This bold move has paid off significantly. The Group reported a 73% drop in fraud-related losses, falling from ₦6.15 billion in 2023 to just ₦1.64 billion in 2024.
“Our customers’ trust is our most valuable asset,” said Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc. “In a world of rising digital risks, we have chosen to lead with innovation and resilience. Our sustained investment in cybersecurity, AI-driven fraud detection, and biometric authentication is delivering real results, and reinforcing confidence in our digital banking platforms.”
Globally, banks like JPMorgan Chase are increasing technology budgets to combat fraud, with a record $17 billion in 2024. Nigeria is not left behind. Among local peers, Access Holdings has demonstrated the strongest correlation between strategic tech spending and measurable fraud reduction.
Access Holdings’ investments include AI-driven transaction monitoring, biometric verification systems, enhanced core banking upgrades, and real-time fraud analytics, all designed to detect and respond to threats with speed and precision.
While digital innovation is expanding access to banking, it has also exposed customers and institutions to evolving threats. According to Nigeria Inter-Bank Settlement System (NIBSS) data, fraud incidents in the country jumped 112% from 2019 to 2023, underscoring the urgent need for systemic countermeasures.
Access Holdings’ proactive stance not only affirms its leadership in Nigeria’s digital banking landscape but also offers a compelling model for financial institutions across Africa looking to secure trust in an increasingly digital world.
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