Chairman of United Bank for Africa Plc (UBA), Mr Tony Elumelu, has disclosed his bank’s pathway to meeting the Central Bank of Nigeria, CBN, directive to banks on recapitalize by March 2026, saying the bank would carry out the recapitalization majorly by right issues and private placement.
Speaking to journalists at the end of the bank’s Annual
General Meeting in Abuja last week, he stated: “Recapitalization is something
UBA will accomplish before the stipulated timeframe, the reason being that we
have shareholders who want to re-invest in the bank and we have customers who
want to become shareholders of the bank. Remember that UBA operates not just in
Nigeria but in 19 other African countries and they have been yearning to become
shareholders of the bank.
“We, the board approved and today shareholders supported it
that we do private placement and this private placement will give opportunity
to our customers and friends across Africa to invest in United Bank for Africa.
When all of these investments come in from the rights (issuance) and
re-investments by these shareholders, it will be an easy accomplishment”.
Despite strong economic headwind last year, UBA declared
gross revenue of N2.1trillion for the year ended December 31, 2023 with profit
after tax hitting N607.69 billion during the period.
Speaking at the AGM, the Chairman of the Bank, Mr. Tony
Elumelu attributed the performance to the daily hard work put in by its staff
that provided “tangible solution to real-world needs, delivering value to
consumers, businesses, and government”.