Business
UBA Grows Profit to ₦804bn, Declares N3.00 As Final Dividend for 2024
Solid core earnings drive growth in profitability and returns…
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2024, with all its major indicators witnessing significant improvement.
The 2024 financials, filed with the Nigerian Exchange Limited (NGx) on Monday, showed an impressive rise in the bank’s profit after tax which went up by 26.14 percent to close the year at N766.6 billion, up from N607.7 billion recorded at the end of the 2023 fiscal year.
The Bank’s gross earnings also grew significantly from N2.08tn recorded at the end of the 2023 financial year to N3.19tn in the period under consideration, representing a 53.6 percent growth.
Like in the previous years, the banks’ total assets also rose remarkably by 46.8 percent, from N20.65 trillion in 2023, to close at N30.4 trillion in December 2024; signifying a milestone leap for the bank with the largest spread across the continent.
Despite the highly challenging global economic and business environment, UBA recorded a profit before tax of N803.72 billion representing a 6.1 percent increase from N757.68 billion recorded at the end of the 2023 financial year.
Consequently, UBA Group Shareholders’ Funds rose from N2.030 trillion as at December 2023 to close the 2024 financial year at N3.419 trillion, achieving an impressive growth of 68.39 percent.
As a result of the impressive performance and in fulfilment of the promise made by the UBA Group Chairman, Tony Elumelu, to shareholders at the last Annual General Meeting, the Bank proposed a final dividend of N3.00 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2024. This brings the total dividend in the year to N5.00. The final dividend is subject to the ratification of the shareholders during its upcoming Annual General Meeting (AGM).
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who expressed excitement at the results, stated that the 2024 financial performance demonstrates the bank’s continued focus on driving earnings growth, preserving asset quality, expanding business operations and deepening market share.
“Our continued investment in our highly diversified global network allows UBA to deliver high quality, consistent earnings. Our businesses have been able to grow product and service income and expand our deposit base, allowing the Group to increase earnings, while maintaining strong spreads and margins,” Alawuba highlighted.
According to him, “With total deposit increasing by 42.03 percent from N17.4 trillion in 2023 to N24.7 trillion and total assets hitting N30.4 trillion from N20.7 trillion, the just released results reflect broad-based growth across all core businesses and were achieved despite prevailing macroeconomic challenges, geopolitical uncertainties, and exchange rate volatilities.”
The GMD expressed excitement at the marked improvement recorded in the bank’s core earnings profile, as he explained that the profit is derived from high-quality income streams from funding intermediation, fees and commissions, thus reflecting strong long-term, sustainable revenues generation capacity.
“Our ex-Nigeria (Rest of Africa & International) operations have expanded significantly over the past five years, now contributing 51.7% of Group revenue, up from 31% in 2019, delivering diversification benefits and further boosting long-term shareholder value. This will continue to grow, as we further explore strategic markets that align with our overall vision. We are currently upgrading our business scope and authorization in France, and considering other viable markets in the short to medium term,” Alawuba noted.
He pointed out the bank’s resolve to invest continuously in technology, data analytics, product innovation, staff training and development, which, according to him, will collectively enhance our customers’ experience.
On his part, UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the bank recorded triple digit growth in net interest income, resulting in remarkable improvement in net interest margin from 6.83 percent in 2023 to 9.02 percent, while also recording strong double-digit growth in fee and commission income lines of 91.66 percent.
“UBA Group continues to demonstrate strong capital levels, with shareholders’ funds growth of 68.4% to N3.42 trillion and a solid capital adequacy ratio of 31.0%., and as we defensibly position the portfolio to navigate prevailing global and regional macroeconomic upheavals, asset quality improved, with NPL ratio moderating to 5.58%, with strong provision coverage at 81%”, Nwaghodoh noted.
He explained that as the bank navigates evolving risks, its management remains focused on responsible growth, delivering customer-focused value propositions, whilst ensuring compliance with regulatory requirements in all jurisdictions.
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 45 million customers globally. Operating in twenty African countries and 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.
Nigeria’s leading telecommunications company, Globacom, has announced enhancement of its data bundles to give subscribers more data volume at the same affordable prices.
The upgrade reinforces the company’s commitment to providing superior value and exceptional customer satisfaction.
The upgraded Glo Data Bundles are enhanced versions of the existing daily, weekly, and monthly plans, giving subscribers more data at no additional cost.
These improvements offer users greater freedom and convenience to enjoy their favourite online activities from streaming and gaming to social media, video calls, and more.
For daily users, the ₦100 plan has been upgraded from 105MB to 125MB, giving light internet users even more data to browse, chat, and stream short videos conveniently.
The weekly bundles have also received notable boosts, such as the ₦1,500 plan, which now offers 6GB instead of 5.9GB, enabling subscribers to stay connected longer.
Heavy data consumers will also enjoy remarkable value on the monthly plans. The ₦2,000 bundle now gives 6.25GB, while the ₦10,000 package has been enhanced from 38GB to 42GB, allowing users to do more from video streaming and large file downloads to remote work and virtual meetings.
Students are not left out, as the Campus Booster Plan has been upgraded with higher data allowances, ensuring seamless access to academic resources and social networks while on campus.
Globacom noted that the revised bundles are available to all Glo customers prepaid, postpaid, and hybrid and can be activated by dialing *312#, using the Glo Café app (available on Android and iOS), or visiting hsi.glo.com.
The company added that subscribers can use, share, or gift data through *312# or the Glo Café app. Customers will also continue to receive data usage alerts at 75% and 100% consumption levels to help monitor usage effectively.
Unused data is automatically rolled over upon renewal before expiry or when a new plan is purchased within the grace period (ranging from one to seven days, depending on the plan).
Globacom reaffirmed its commitment to empowering Nigerians with reliable and affordable data access, urging customers to take advantage of the revised data bundles that combine affordability, quality, and more browsing power ensuring every Glo subscriber enjoys more data without paying more.
Fidelity Bank Plc has congratulated Air Peace on the successful launch of its maiden direct flight from Lagos to London Heathrow, describing the milestone as a significant achievement for Nigeria’s aviation sector and a testament to the power of indigenous partnerships.
The commendation was delivered by Dr. Nneka Onyeali-Ikpe, managing director of Fidelity Bank, during a special event held in Lagos to celebrate the airline’s expansion into the European market.
“This is not just a win for Air Peace, but a win for Nigeria,” Onyeali-Ikpe said. “It reflects the strength of home-grown businesses and the impact of strategic financial support in enabling national champions to thrive on the global stage.”
Nigeria CommunicationsWeek reports that Fidelity Bank has played a pivotal role in Air Peace’s growth, providing early financial backing and advisory services that helped the airline become the largest carrier in West Africa. The bank continues to support Air Peace through payment processing and other financial services
The launch of the London route marks a new chapter for Air Peace, which now joins a select group of African airlines operating direct flights to Heathrow.
The development is expected to boost tourism, trade, and connectivity between Nigeria and the United Kingdom.
Speaking at the event, Allen Onyema, Chairman of Air Peace, expressed gratitude to Fidelity Bank for its unwavering support and reaffirmed the airline’s commitment to excellence and service.
“This partnership has been instrumental in our journey,” Onyema said. “We are proud to fly the Nigerian flag across international skies.”
Industry stakeholders present at the event praised the collaboration between the two companies as a model for sustainable business growth and national development.
The Group Chairman, United Bank for Africa (UBA) Plc, and Heirs Holdings Limited, Tony Elumelu, CFR has challenged African policymakers to create environments that reward enterprise and unlock the continent’s vast potential. He said this much while delivering a keynote address during the Abuja Business & Investment Summit & Expo 2025, which held at the Bola Ahmed Tinubu International Conference Centre Abuja on Wednesday, said “Predictable regulation attracts long-term investment, while inconsistency drives it away. He therefore urged governments to see private sector success as the foundation of national prosperity.
Elumelu who underscored the critical role of the private sector as the true engine of transformation, accounting for over 70% of Africa’s GDP and 80% of employment, also urged African leaders to create a sustainable environment to attract long-term investment.
Elumelu who was speaking while delivering the keynote address during the Abuja Business & Investment Summit & Expo 2025, which held at the Bola Ahmed Tinubu International Conference Centre Abuja on Wednesday, said “Predictable regulation attracts long-term investment, while inconsistency drives it away. He therefore urged governments to see private sector success as the foundation of national prosperity.
Citing his group’s transformative investments in the Federal Capital Territory, including the revitalisation of the Transcorp Hilton Abuja, the launch of the Transcorp Event Centre, and ongoing reforms in the Abuja Electricity Distribution Company (AEDC), Elumelu pointed out that these projects illustrate how purposeful private capital can power real development.
Speaking on the theme, “Empowering Sustainable Growth: Unlocking Potential in Emerging Markets”, he called for a new social contract between business and government, grounded in trust, transparency, and partnership, adding that sustainable progress requires policies that convert investor confidence into nation-building.
While advocating policy stability to champion the pivotal role of the private sector in unlocking Africa’s vast economic potential, Elumelu, who is also the Founder of the Tony Elumelu Foundation, reiterated that no nation has ever achieved sustained prosperity without a vibrant and virile private sector.
“Across Africa, the private sector contributes over 70% of our continent’s GDP and over 80% of total employment. But this is not just about numbers; it’s about influence and initiative. The private sector is reimagining what is possible on our continent,” he stated.
He noted that Africa’s transformation will be led by investing long-term in critical sectors to unlock and catalyze prosperity and opportunities for all.
“How can we expect foreign investors to invest in us, in our economies and countries, if we don’t invest in our own economies? Make your money, but please bring it and invest locally. It will be a huge disservice and act of unpatriotism to save your money in economies that already have so much,” Elumelu challenged participants during the event.
He took time to commend the Minister of the Federal Capital Territory, Nyesom Wike, and Minister of State FCT, Dr. Mahmoud Mariya, for the infrastructural drive within the FCT, emphasizing the importance of collaboration.
In her presentation, the Minister of State for the FCT, Dr. Mariya Mahmoud who expressed profound gratitude to Tony Elumelu and fellow investors for their faith in Abuja, reiterated the FCTA’s unwavering determination to intensify its infrastructural drive, ensuring the capital remains the premier investment destination in Nigeria and across the continent.
The annual ABISummit2025 serves as a critical platform to turn this ambitious vision into concrete partnerships and actionable strategies for empowering sustainable growth across Nigeria and the wider African continent.
