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UBA Emerges Best Performing Banking Stock in 2023, Surpasses N1tn Market Capitalisation Mark

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, on Monday joined the elite group of companies with market capitalisation of over N1tn just as its share price value hits N29.90 per share.

At the close of trading on Monday, the Bank’s market capitalization hit N1,022,562,698,843, making it the 3rd most capitalized financial institution in Nigeria, a remarkable lift from N283.8bn at the beginning of the 2023.

The Bank has 34,199,421,366 shares in issue,

UBA’s N1tn market capitalisation mark comes amidst the bank’s share being named as the highest performing stock in the banking sector in 2023, which underscores the bank’s robust growth trajectory and unwavering market confidence.

Specifically, between the start of January 2023 and today, the price of UBA shares has appreciated by over 250 per cent from N7.60 per share.

Chairman, UBA Group, Tony Elumelu, said that the bank’s remarkable journey in 2023 culminated with its shares being acclaimed as the highest performing stock within the banking sector, as he pointed out that this not only highlights the bank’s strategic prowess but also reflects its commitment to delivering unparalleled value to shareholders and stakeholders alike.

“As UBA celebrates these significant milestones, we will like all our stakeholders to know that we remain steadfast in our mission to drive sustainable growth, foster innovation, and create value for its diverse clientele across Africa,” Elumelu said.

“We are witnessing the impact of the business transformation drive UBA embarked on years ago and executed well. Naturally, the market has taken note of and is duly rewarding our efforts. To our stakeholders, our promise is that we will continue to work harder, deliver on what we know how to do well and create impacts across geographies where we currently operate.” he further said.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who expressed delight at the bank’s performance in the past few months, said with its unwavering commitment to excellence and execution, the bank continues to set benchmarks in the banking sector, reinforcing its position as Africa’s global bank of choice.

“Market participants have begun to appreciate the latent capacity in UBA’s business model as the bank unlocks enormous potentials in its pan African and international operations. Its unique competitive advantage lies in people, processes, and technology. With Operations and offices in 24 countries and on 4 continents, UBA is the only African bank with deposit-taking license in the USA. The Bank’s fundamentals remain strong with impressive financial results that have continued to deliver sustainable value for its shareholders. At current price, UBA trades at price-to-earning (P/E) and price-to-book (P/B) multiples of 2.27 and 0.59 which are a reflection of the market’s expectations of the Bank’s future growth potentials,” Alawuba said

UBA is listed on the Premium Board of the Nigerian Stock Exchange in recognition of the Bank’s strong adherence to international best practices on corporate governance and remains committed to creating value for its over 275,000 esteemed shareholders spread across the globe.

The outgone year, 2023, has been a splendid year for United Bank for Africa, becoming the most profitable bank in Nigeria in 2023, with a Shareholders’ Fund that has grown from 992bn as at Full year 2022 to N1.8trn as of September 2023. UBA was also appointed as the Local Arranger and Local Depository Bank for the $3.3bn FX Liquidity support facility for Nigeria in partnership with Africa Export and Import Bank (Afreximbank), providing solutions to economic solutions in Nigeria characterized by shortage of Fx liquidity.

Likewise, in 2023, UBA won the 2023 FMDQ Gold Awards in three Categories including the Best FX Liquidity Provider; Dealing Institution of the Year and Best Money Market Liquidity Provider. This recognition is a testament to UBA’s impressive capital strength.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris, and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

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₦20m Prize Pool: Ecobank’s Top 20 InnovateX Finalists Emerge

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Ecobank Nigeria has announced the Top 20 finalists for InnovateX 2026, its flagship youth innovation challenge powered by Blaze by Ecobank in partnership with Verve. The finalists emerged from a competitive selection process involving 168 teams, comprising 672 undergraduate students from 90 universities across Nigeria.

The grand finale, scheduled for October 30, 2026, at the Ecobank Pan African Centre (EPAC), Lagos, will see the finalists compete for top honours and a share of the ₦20 million prize pool. Five teams will emerge as winners, while the remaining 15 teams will receive consolation prizes and further exposure within Nigeria’s innovation ecosystem.

InnovateX is a youth innovation and entrepreneurship challenge designed to empower young Nigerians to develop and pitch innovative solutions to real-world challenges across banking, technology, business and society. The initiative provides a platform for young innovators to showcase their ideas, compete for financial support and access opportunities for mentorship, skills development and career advancement.

The Top 20 finalists represent diverse sectors, including financial technology, artificial intelligence, sustainability, digital services, education, and enterprise solutions. Among the selected teams are IncluFi, Aselabs, Team Vhorde, Jolt, Kredo, Levromat, Konvoy, Impact, Barrow and Leopard Skin.

Designed for young people aged 16 to 25, InnovateX 2026 attracted aspiring entrepreneurs and innovators seeking to develop practical solutions to real-world challenges. Beyond financial support, participants stand to benefit from mentorship, skills development, industry exposure, networking opportunities and national recognition.

The selection process culminated in regional hackathons held in Lagos, Port Harcourt and Abuja, where participating teams pitched their ideas before panels of industry experts, technology leaders and innovation mentors.

InnovateX provides a platform for engaging emerging talent and encouraging entrepreneurship, connecting Ecobank with promising young Nigerians while reinforcing the Bank’s commitment to digital transformation, innovation and youth empowerment.

Speaking on the initiative, Victor Yalokwu, Head, Products & Analytics, Ecobank Nigeria, said: “InnovateX reflects our commitment to nurturing the next generation of innovators by providing access to the resources, networks, and opportunities they need to transform bold ideas into scalable and impactful ventures.”

Through initiatives such as InnovateX and Blaze by Ecobank, the Bank continues to create opportunities for young people to develop entrepreneurial skills, advance innovative ideas and contribute to economic growth across Nigeria and Africa.

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Green Finance and Sustainability: UBA Launches Group-Wide Climate Action Week

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, has launched a Group-wide Climate Action Week to deepen climate awareness, promote responsible environmental practices and advance sustainable finance across its African and international operations.

The five-day campaign, running from October 26 to 30, 2026, is themed “Banking on Africa’s Climate Future” and reflects the Bank’s commitment to integrating environmental responsibility into its operations, customer engagement and financing solutions.

The initiative commenced with the deployment of waste segregation bins across UBA offices and measures to reduce the use of single-use plastics at the Bank’s head offices. These activities underscore UBA’s commitment to translating sustainability principles into practical actions within its workplace and across its wider ecosystem.

Throughout the week, UBA will disseminate educational content across its media and digital platforms to highlight the causes and consequences of climate change, including its impact on food prices, energy consumption and urban flooding. The campaign will also promote responsible plastic disposal, recycling and the critical role of financial institutions in financing clean energy, sustainable agriculture and other environmentally responsible businesses.

As part of the campaign’s community engagement component, UBA staff volunteers will participate in a Group-wide clean-up exercise on Saturday, November 7, in major cities across its markets. In Nigeria, the exercise will take place in Lagos, Kano and Port Harcourt, mobilising employees to contribute directly to cleaner and healthier communities.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, emphasised the importance of collective responsibility in addressing the growing impact of climate change.

“Climate change is no longer a distant environmental concern; it is increasingly shaping everyday life across Africa. We see its effects in rising food costs, increased energy demand and flooding that disrupts homes, businesses and livelihoods.

“At UBA, we believe that building a sustainable future requires collective action, beginning with the choices we make at work, at home and in our communities. Through this Climate Action Week, we are encouraging every member of the UBA Tribe, alongside our customers and other stakeholders, to embrace practical, sustainable habits and inspire others to do the same,” Alawuba said.

As part of its stakeholder engagement activities, UBA will sponsor Climate Convergence Week in Lagos on Friday, October 30, where the Bank will deliver a speaking session and participate in a panel discussion. The engagement will provide an opportunity to showcase UBA Green Finance, highlight the Bank’s sustainability initiatives and explore how financial institutions can support Africa’s transition to a more sustainable and climate-resilient economy.

Alawuba, noted that climate considerations were increasingly important to business resilience, risk management and long-term economic growth.

“Climate change presents significant risks to businesses, communities and economies. These risks can affect business continuity, operating costs and financial performance, making sustainability an increasingly important consideration for both businesses and the financial institutions that support them.

“Through UBA Green Finance, we seek to support eligible businesses investing in cleaner technologies and more sustainable operations. By helping customers explore financing solutions aligned with their needs, we can contribute to a more resilient private sector while unlocking opportunities for sustainable economic growth across Africa,” Alawuba further said.

In a further step towards strengthening its sustainability capabilities, UBA is set to join the Sustainability Professionals Institute of Nigeria (SPIN). The move is expected to deepen the Bank’s environmental, social and governance (ESG) expertise and support the continued professional development of its employees in sustainability-related disciplines.

The Climate Action Week forms part of UBA’s broader sustainability strategy, which integrates environmental responsibility into its Customer First philosophy through responsible business practices, employee engagement, community initiatives and green finance. By combining awareness, practical action and financing solutions, the Bank aims to encourage more sustainable choices while supporting businesses and communities in navigating the challenges and opportunities of climate change.

United Bank for Africa is one of Africa’s leading financial institutions and one of the largest employers in the continent’s financial sector, with approximately 25,000 employees and over 45 million customers globally. Operating in 20 African countries, as well as the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, advancing financial inclusion and leveraging technology to deliver innovative financial solutions.

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UBA Secures Court Order Against Vitol, Four Others in $242m Petroleum Products Diversion Claim

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A Lagos State High Court, last Thursday, granted interim preservative orders of Mareva Injunction against Vitol SA – a Switzerland based Energy Trading company, and four other shipping companies in favour of United Bank for Africa Plc.

The bank alleged Vitol of wrongful release of cargoes of petroleum products which were consigned to the order of United Bank for Africa Plc in the Bills of Lading.

Addressing the Court, Bode Olanipekun, SAN, lead counsel for United Bank for Africa, urged the Court to grant the interim preservative orders against Vitol and the other shippers.

In a ruling on the application, the presiding judge, Honourable Justice K. A. Jose (Mrs.) granted three prayers in UBA’s application, including requests to restrain the dissipation of assets and dealings with funds up to the disputed amount by Vitol S.A.

“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.

The application was brought pursuant to Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.

UBA is seeking to contend in the substantive proceedings that Vitol SA and the owners of the vessels, are liable for alleged conversion, misrepresentation and negligence arising from the non-delivery of the petroleum products.

UBA also cited 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service, in connection with the application.

In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, stated that the bank issued a letter of credit for the benefit of Vitol SA to facilitate a petroleum products transactions.

UBA alleged that the cargo was transported to Nigeria and that the vessels’ masters issued several bills of lading.

The bank further alleged that Vitol subsequently endorsed the bills of lading “to the order of” UBA and handed over the original copies to it.

UBA maintained that the endorsement entitled it to take possession of the cargo upon completion of the voyage.

However, Chilaka stated that the bank had not received the gasoil despite the completion of the voyage.

“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.

UBA alleged that the cargo was instead, applied to the use of another party, contending that the respondents’ failure to deliver it amounted to conversion and negligence.

The bank argued that the respondents had obligations arising from the transaction and the endorsement of the shipping documents, which it claimed were not fulfilled.

The bank alleged that the cargoes associated with those transactions were also diverted to the use of other parties after their voyages, rather than delivered to UBA.

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