Tony Elumelu’s UBA Crosses N1 Trillion Market Capitalization Mark 

The bank achieved N1.02 trillion in market capitalization at the close of trading on Monday at the Nigerian Exchange Ltd. (NGX), solidifying its ranking as the third-most capitalized financial institution in Nigeria, behind GTCO Holdings and Zenith Bank.

Compared to the N283.8 billion the bank reported at the start of 2023, when 34.19 billion shares were in issue, this is a notable increase.
The price of UBA shares has increased from N7.60 per share to over 250 percent as of January 2023.

The achievement was announced by Tony Elumelu, Chairman of UBA Group, who also emphasized the bank’s solid development trajectory and persistent market trust. The bank’s shares were named the best-performing stock in the banking industry for 2023.

Elumelu concluded, “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 our diverse clientele across Africa.”
“We are seeing the results of UBA’s well-executed business transformation initiative, which was started years ago. Of course, the market has noticed and is appropriately 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 said.

Oliver Alawuba, UBA’s Group Managing Director and Chief Executive Officer, also voiced his happiness with the bank’s recent performance.
According to Alawuba, the bank keeps setting standards in the banking industry, solidifying its standing as Africa’s go-to international bank.

According to him, “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,”

“People, procedures, and technology combine to give it a distinct competitive advantage. UBA is the only African bank licensed to take deposits in the United States, and it has activities and offices across four continents and 24 countries.”