United Bank for Africa, UBA, plans to expand its operations beyond its present 18 African countries to 25, its Group Chairman, Tony Elumelu, has said.
Elumelu, who spoke on the outcome of the first meeting of Senior Leadership of the Group in Lagos, which brought together 90 participants, including the entire Board of the bank, chairmen and all the CEOs of UBA subsidiaries across Africa and the United Kingdom, said the Group has made impressive growth in its 11 years of operation in the Africa region.
”We are one bank, the United Bank for Africa,” Elumelu said as he opened the Forum, adding that bringing together the senior leadership talent from across the continent and the distinguished leaders who chair the subsidiary businesses is a powerful demonstration of the Group’s commitment to forge one bank for Africa.
He said UBA subsidiaries operate in 18 African countries and now contribute more than 25 per cent to the Group’s operating revenue, adding that the bank, beyond being recognised as a strong pan-African brand, is also hailed for democratising banking in its countries of operation whilst participating in landmark financial transactions.
He said: “As long-term investors and pioneers in pan-African commercial and investment banking, we are deeply committed to the markets in which we operate and to harnessing the potential represented by the wider African economy; our intention is to be the leader in African financial services, and our recent transactions showed this.”
He listed the $1.2 billion oil financing agreement with the Nigerian National Petroleum Corporation, NNPC, and Chevron, where UBA would provide funding for Chevron and NNPC to develop 36 new oil wells expected to significantly expand Nigeria’s oil production capacity, a ‘$315 million facility to the government of Ghana for road projects, a $250 million crude pre-payment facility for Democratic Republic of Congo-based Orion Oil representing the largest reported transaction structured by an African investment bank last year involving fresh capital within the African market and a 234 million euro oil and gas financing deal with Société Africaine de Raffinage (SAR) of Senegal, are among several projects that underscored UBA’s capacity to fund big ticket transactions across Africa
“We have done a lot but in many senses we are only beginning to reap the rewards of our network and potential goals.”
Elumelu also said the bank will continue to invest in areas that are considered profitable, but stressed that the financial institution will continue to uphold the code of corporate good governance principles. “We will never compromise that,” the chairman said.
Also speaking on the importance of consolidating pan-African financial expertise and exporting the successful Nigerian model, incoming Group Managing Director/CEO and previous head of UBA Africa, Kennedy Uzoka said: “I have experienced the potential of our pan-African businesses. I know that we can and I commit to ensuring our leadership across Africa.
“The Senior Leadership Forum reaffirms UBA’s ambition to be the leading pan-African Bank across key indices – brand equity, human capital, customer service and profitability.”


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