United Bank for Africa

United Bank for Africa
Type	Public
Traded as	NSE: UBA
Industry	Financial services; Banking; Investment services
Founded	1949; 72 years ago
Headquarters	UBA House, 57 Marina, Lagos, Lagos State, Nigeria
Areas served	Africa, Europe, United States
Key people	Tony Elumelu; Group Chairman; Kennedy Uzoka; Group Managing Director & Group CEO
Products	Internet banking ; Mobile banking ; Wholesale Banking; Corporate banking; Investment Banking; Consumer Banking; Collections ; Treasury; Trade finance; Savings Accounts; Current Accounts; Domiciliary Accounts; Non-Resident African Banking; Money Transfer ; Debit Cards
Revenue	Aftertax:NGN₦113.8 billion (US$284.3 million) (2020)
Total assets	NGN₦7.7 Trillion (US$19.2 billion) (2020)
Number of employees	20,000+ (2021)
Website	Website

United Bank for Africa Plc (UBA) is a Nigerian pan-African financial services group headquartered in Lagos. It has subsidiaries in 20 African countries and offices in London, Paris and New York.^[3] It is listed as commercial bank by the Central Bank of Nigeria.^[4] The shares of stock of the group are listed on the Nigerian Stock Exchange, where they trade under the symbol: UBA.^[5] The Group Chairman of the bank is Tony Elumelu and the GMD/CEO is Kennedy Uzoka.

Current executives[]

The table below shows the current Group Board of United Bank for Africa:

United Bank for Africa Group Board³
S/N	Name of executive	Title/designation
1	Tony O. Elumelu, C.O.N.	Chairman
2	Amb Joseph C. Keshi O.O.N	Vice Chairman
3	Kennedy Uzoka	Group Managing Director/CEO
4	Oliver Alawuba	Deputy Managing Director (Africa)
5	Liadi Ayoku	Deputy Managing Director (Nigeria)
6	Chiugo Ndubisi	Executive Director, Treasury & International Banking
7	Chukwuma Nweke	Executive Director, Group Chief Operating Officer
8	Uche Ike	Executive Director, Risk Management, Governance and Compliance
9	Ibrahim Puri	Executive Director, North 1 Bank, Nigeria
10	Isaac Olukayode Fasola	Non-Executive Director
11	Owanari Duke	Non-Executive Director
12	Samuel Oni, FCA	Non-Executive Director
13	Erelu Angela Adebayo	Non-Executive Director
14	Alhaji Abdulqadir Jeli Bello	Non-Executive Director
15	Angela Aneke	Non-Executive Director
16	Aisha Hassan Baba, OON	Non-Executive Director

Overview[]

United Bank For Africa is a large financial services group in Nigeria and on the African continent. As of December 2020, the group's financial assets were valued at NGN:7.7 trillion (US$19.2 billion), with shareholders' equity of NGN:724.1 billion (US$1.8 billion). At that time the group employed 20,000+ people.^[6] The group maintains subsidiaries in Nigeria, Ghana, Benin, Ivory Coast, Burkina Faso, Guinea, Chad, Cameroon, Kenya, Gabon, Tanzania, Zambia, Uganda, Liberia, Sierra-Leone, Mozambique, Senegal, DR Congo, Congo Brazzaville, Mali, the United States of America, the United Kingdom, and France.^[7]

History[]

The British and French Bank Limited (BFB) commenced business in Nigeria in 1948. BFB was a subsidiary of Banque Nationale de Credit (BNCI) Paris, which transformed its London branch into BFB as a separate subsidiary. Banque Nationale de Credit and two British investment firms, S.G. Warburg and Company and Robert Benson and Company, held shares in BFB.

Following Nigeria's independence from Britain, UBA was incorporated on 23rd, February 1961 to take over the business of BFB.

In 1970, UBA listed its shares on the Nigerian Stock Exchange and became the first Nigerian Bank to undertake an Initial Public Offering (IPO).

Today's UBA emerged from the merger of the dynamic and fast-growing Standard Trust Bank, incorporated in 1990, and UBA, one of the biggest and oldest banks in Nigeria. The merger was consummated on August 1, 2005, and was one of the largest mergers completed on the Nigerian Stock Exchange (NSE).

Following the merger, UBA further expanded its brand through acquiring Continental Trust Bank that same year. In 2006, UBA acquired Trade Bank, which was under liquidation by the Central Bank of Nigeria at the time.

UBA had another successful combined public offering rights issue in 2007 and made further acquisitions of three liquidated banks: City Express Bank, Metropolitan Bank, and African Express Bank. UBA also acquired Afrinvest UK, rebranding it UBA Capital, UK. The quest to build a strong domestic and African brand intensified in 2008 when UBA made further acquisitions of two liquidated banks: Gulf Bank and Liberty Bank.

UBA ha a broad footprint throughout Africa and the world. It maintains subsidiaries in the following countries*, listed in the order of their commencement of banking operations:

Order of UBA's Commencement of Banking Operations by Country hide
Commencement of Banking Operations	Countries
1948	Nigeria
1984	United States
2005	Ghana
2007	Cameroon
2008	Burkina Faso, Chad, Côte d'Ivoire, Liberia, Senegal, Sierra Leone, Uganda
2009	Gabon, Kenya, Tanzania
2010	Guinea, Mozambique, Zambia
2011	Congo Brazzaville, Democratic Republic of the Congo
2012	Benin
2018	United Kingdom
2019	Mali

*UBA maintains a representative office in Paris, France.

Subsidiaries[]

UBA Headquarters in Lagos, Nigeria

The table below illustrates the locations and Group shareholding in the subsidiary banks of the UBA Group Plc.^[6]^[7]

List of UBA Group Subsidiary Banks
Rank	Country	Subsidiary	Shareholding
1	United States	UBA America	100
2	United Kingdom	UBA United Kingdom Limited	100
3	France	UBA France S.A.	100
4	Nigeria	UBA Nigeria Limited	100
5	Benin	UBA Benin	84
6	Burkina Faso	UBA Burkina Faso	64
7	Cameroon	UBA Cameroon S.A.	100
8	Chad	UBA Chad S.A	89
9	Republic of the Congo	UBA Congo Brazzaville	100
10	Democratic Republic of the Congo	UBA Congo DRC	100
11	Ivory Coast	UBA Côte d'Ivoire	100
12	Gabon	UBA Gabon S.A.	100
13	Ghana	UBA Ghana Limited	91
14	Republic of Guinea	UBA Guinea Conakry S.A.	100
15	Kenya	UBA Kenya Limited	81
16	Liberia	UBA Liberia Limited	100
17	Mali	UBA Mali	100
18	Mozambique	UBA Mozambique	96
19	Senegal	UBA Senegal S.A.	86
20	Sierra Leone	UBA Sierra Leone Limited	100
21	Tanzania	UBA Tanzania	82
22	Uganda	UBA Uganda Limited	69
23	Zambia	UBA Zambia Limited	100