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A Promise Fulfilled: UBA Shareholders Commend 2023 Superlative Performance, Dividend Payout
….Shareholders Give Approval to recapitalise as Directed by the Regulators
….UBA Pays Total Dividend of N95.8bn, translating to N2.80 per share in 2023.
Shareholders of Africa’s Global Bank, United Bank for Africa (UBA) Plc, have praised the board, management and staff of the Bank on the impressive performance recorded over the past years and especially in 2023, culminating in the payout of N78.7bn as final dividend for the 2023 financial year.
The shareholders took turns to express their delight during the bank’s 62nd Annual General Meeting which was held at the Congress Hall of Transcorp Hotels in Abuja on Friday.
The shareholders overwhelmingly approved the Board of Director’s proposal to raise additional capital through the issuance of securities comprising ordinary shares, preference shares, convertible and/or non-convertible notes, bonds or any other instruments in the Nigerian and/or international capital market.
Addressing shareholders at the event, the Group Chairman, Mr. Tony Elumelu, appealed to shareholders to participate fully and re-invest their dividends in the bank’s recapitalisation drive as this will ensure that they continue to enjoy even higher returns from their investments.
He said, “I call on you shareholders to re-invest a substantial part of your dividends in our rights issues which will be announced soon, as we will be giving you the first opportunity to own a share in all the countries where we operate, I am advising shareholders, as you get your dividends, reinvest a significant part of it. As for my board members and I, we would be investing 100% of the dividends we get, because If we don’t do so, it means we would be leaving food on the table for others who did not labour for it,” Elumelu stated.
In the year under consideration, UBA had declared an interim dividend of N17.1bn representing a pay-out of 50kobo per share for the first half of 2023, thus bringing the total dividend for the 2023 financial year to N95.8bn, representing N2.80 per share.
Surprisingly and in another first, dividend payouts were received while the meeting was still on just seconds after the resolution on dividend payments were passed at the meeting by the shareholders, resulting in open excitement from the shareholders.
They also commended the bank’s management over the impressive performance for the 2023 financial year, which resulted in the large payout of dividend to its investors, and highlighted its thriving business in its African subsidiaries, which continues to contribute significantly to the Group’s total income.
Alhaji Mukhtar Mukhtar, one of the shareholders who spoke at the meeting, commended the Group Chairman, Tony Elumelu, and the Group Managing Director, Oliver Alawuba, for their concerted effort towards ensuring that the performance of the bank reached unprecedented heights in the year under consideration.
He said, “I want to specially commend the management and Board of UBA, especially the Chairman, Tony Elumelu and the GMD/CEO, Oliver Alawuba, who have been managing activities of this great institution over the past few years.
“We are impressed at the results that you have recorded so far, how you have managed to maintain a well-structured balance-sheet and diversified balance sheet with total Assets growing to over N20trn. The achievement that the bank has recorded under your leadership, especially the sterling contributions of our subsidiaries in Africa deserves accolades,” Muktar stated.
Another shareholder, Patrick Ajudo, also commended Elumelu for keeping the promise made to shareholders a few years ago to begin to pay increased dividend.
“Our Chairman, Tony Elumelu, promised shareholders a few years ago in this same hall, that he will move from ‘kobo-kobo’ dividends to naira dividends, and he has kept that promise. We are very excited, because, not only have you kept that promise, but you have backed it up by even matching the industry standards. Indeed, we are proud to be associated with such a brand that has integrity, and we highly commend you for this,” he stated.
Barrister (Mrs) Adetutu Siyanbola, another shareholder, took time to commend the bank’s management for its operations over the decades, especially as it celebrates its landmark 75th year anniversary, praising the gender balance and high female representation on the bank’s board, which according to her, is a feat worth emulating by other financial institutions in Africa.
While commending the GMD for wining several awards in the 2023 financial year, she expressed satisfaction that the bank did not incur any penalty in the year under consideration, which meant that UBA had zero infractions and didn’t run foul of any regulations.
At the end of the 2023 financial year, UBA recorded an impressive leap in gross earnings, as it grew from N853.2 billion recorded at the end of 2022 to close at N2.07tn; representing a strong 143 percent growth; total assets also rose remarkably by 90.22 percent, to close at N20.65 trillion up from N10.86 trillion in 2022.
Profit before tax, also grew exponentially by 277 percent, to close at N758billion, up from N200.88 billion recorded in 2022; while profit after tax (PAT) grew by 257 percent from N170.2 billion in 2022, to N607 billion.
The Group Managing Director/CEO, Mr. Oliver Alawuba, explained that despite being a year of significant geopolitical and economic challenges, UBA’s strength, the effort and dedication of the team, and its leadership in strategic areas such as innovation and sustainability, helped the bank to grow in a profitable and sustainable manner,
Looking ahead, he said, “The outlook is great because we are diversified. Our African subsidiaries contributed over 55% to the bank’s profit this year, and we will do more. Already, the Bank entered 2024 from a position of strength, with proven resiliency, a powerful brand and a strong capital position.
“As we begin 2024, “execution” will continue to be on the front burner, with an unrelenting focus on market leadership and excellent customer experience at all touch points,” Alawuba explained.
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 35 million customers globally. Operating in twenty African countries and in 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.
U, B A: Group Chairman, Mr. Tony O. Elumelu, CFR and Group Managing Director/CEO, Mr. Oliver Alawuba, at the 62nd Annual General Meeting of United Bank for Africa (UBA held at Transcorp Hilton, Abuja, on Friday
[5/26, 4:13 PM] U, B A: Group Chairman, Mr. Tony O. Elumelu, CFR and Group Managing Director/CEO, Mr. Oliver Alawuba, at the 62nd Annual General Meeting of United Bank for Africa (UBA held at Transcorp Hilton, Abuja, on Friday
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U, B A: l-r Group Managing Director/CEO, Mr. Oliver Alawuba: Group Chairman, Mr. Tony O. Elumelu,CFR; Company Secretary and Legal Counsel, Mr. Bili Odum; Group Deputy Managing Director, Mr. Muyiwa Akinyemi; and Non-Executive Director, Ms Angela Aneke, at the 62nd Annual General Meeting of United Bank for Africa (UBA), coinciding with the Bank’s 75th Anniversary, held at Transcorp Hilton, Abuja, on Friday
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ZENITH BANK REINFORCES COMMITMENT TO AFRICA’S CREATIVE ECONOMY THROUGH CONTINUED SPONSORSHIP OF ART X LAGOS 2026
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Building on its support for ART X Lagos’ landmark tenth anniversary, the Bank continues its partnership with the fair, championing African artistic excellence, cultural heritage and emerging creative talent.
Zenith Bank Plc has reaffirmed its commitment to advancing Nigeria’s creative and cultural landscape through its continued sponsorship of ART X Lagos 2026, taking place from November 5-8, 2026, at Federal Palace, Lagos.
Building on its support for the fair’s landmark tenth-anniversary edition in 2025, the Bank returns as a Silver Sponsor for the 11th edition, reinforcing its commitment to platforms that celebrate African artistic excellence, preserve cultural heritage and create opportunities for emerging creative talent.
Founded by Tokini Peterside-Schwebig in 2016, ART X Lagos is a leading international cultural platform dedicated to showcasing contemporary art from Africa and its diaspora. Through its multidisciplinary programming, the fair has become an important platform for connecting artists, galleries, collectors and cultural institutions while promoting African creativity on the global stage. Since its inception, ART X Lagos has brought together artists and galleries from over 70 countries, welcoming participants from 170 nations worldwide.
The 11th edition of ART X Lagos will hold under the theme: A New Chapter, A New Decade, reflecting on the artists, architects, educators and thinkers who shaped modernism in Nigeria. The theme explores how cultural inheritance can inspire new forms of artistic expression and possibilities for the future.
Through its sponsorship, Zenith Bank supports the continued growth of ART X Lagos as an international platform for artistic exchange, cultural preservation and creative enterprise, strengthening connections across Africa’s creative ecosystem and fostering opportunities for growth and collaboration.
As part of its broader sponsorship of ART X Lagos 2026, Zenith Bank will support two key programmes: ART X ICON and The Masterclass. While ART X ICON celebrates the achievements and enduring contributions of Nigeria’s artistic pioneers, The Masterclass creates opportunities for emerging creatives to learn, engage and develop their practice.
In this 11th edition, the focus of ART X ICON is turned to pioneering Nigerian potter Ladi Dosei Kwali (1925–1984) with Ladi Kwali: Beyond the Vessel, conceived and developed by curator Dr Jareh Das.
Widely recognised as the face on Nigeria’s 20-naira note, Ladi Kwali is celebrated for her extraordinary contribution to Nigerian ceramics and her role in bringing traditional Nigerian pottery to international prominence. Drawing on generations of indigenous pottery knowledge, she developed a distinctive artistic practice that earned her international recognition.
Bringing together ceramics and archival materials from the National Museum in Lagos, alongside works from private lenders, Ladi Kwali: Beyond the Vessel offers a deeper exploration of the artist’s life, practice and enduring influence.
The exhibition will also feature works by women potters who worked alongside and after Kwali, including Kande Ushafa and Asibi Ido, as well as traditional pottery by Gbari, Nupe and Bida potters. Together, these works illuminate the artistic traditions Kwali inherited, the innovations she introduced, and the knowledge carried forward by subsequent generations.
Complementing ART X ICON, The Masterclass will place emerging artists in dialogue with Ladi Kwali’s legacy, creating an opportunity to explore the relationship between traditional artistic knowledge and contemporary creative practice.
The programme will select 10 emerging artists from across disciplines including painting, sculpture, photography, film, textiles, digital practice, performance and ceramics, providing opportunities for intimate conversations and meaningful engagement with established creative practitioners.
Speaking on the partnership, Dame Dr. Adaora Umeoji, OON, Group Managing Director/CEO, Zenith Bank Plc, commented:
“At Zenith Bank, we recognise that the growth of the creative economy requires both the preservation of our cultural heritage and sustained investment in the talents shaping its future. Our continued partnership with ART X Lagos reflects our belief in the importance of supporting platforms that celebrate African artistic excellence, strengthen cultural institutions and create opportunities for emerging creatives. We remain committed to supporting initiatives that unlock the economic and cultural value of Nigeria’s creative industry and enable African creativity to gain even greater recognition on the global stage.”
Tokini Peterside-Schwebig, Founder and Director of ART X Lagos, said:
“As ART X Lagos enters its second decade, we are immensely grateful for the continued partnership of sponsors such as Zenith Bank, whose support reflects a shared commitment to advancing Nigeria’s creative and cultural landscape. Partnerships like this are instrumental in sustaining our vision, deepening our impact and creating lasting opportunities for African creativity to thrive on a global scale.”
Beyond ART X ICON and The Masterclass, ART X Lagos 2026 will feature 15 exhibitors across its Main and Spotlight sections, alongside a diverse programme of Special Projects, including Ndidi Dike’s Residues of Past Encounters: 2024–2026, The ART X Library and Speakers’ Corner.
The fair’s wider multidisciplinary programme will also feature ART X Cinema, ART X Live!, ART X Talks, Art Across Borders and the Schools’ Programme, celebrating the breadth and diversity of contemporary creativity from Africa and its diaspora.
ART X Lagos 2026 takes place from 5–8 November 2026 at Federal Palace, Victoria Island, Lagos.
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Fidelity Bank, Humanitarian Affairs Ministry Support Vulnerable Households in Abuja
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Leading financial institution, Fidelity Bank Plc, has partnered with the Federal Ministry of Humanitarian Affairs and Poverty Alleviation to provide support to vulnerable households in Abuja through its Food Bank programme.
Launched in April 2023, the Fidelity Food Bank is one of the bank’s flagship Corporate Social Responsibility (CSR) initiatives. The programme seeks to combat hunger and malnutrition by supporting communities affected by food insecurity. Since its introduction, more than 300,000 food packs have been distributed to beneficiaries across Nigeria’s six geopolitical zones.
Speaking at an event held recently in Abuja to commemorate the 2026 International Day for the Eradication of Poverty, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Nneka Onyeali-Ikpe, represented by the bank’s Divisional Head of Public Sector, Richard Madiebo, said the bank’s interventions extended beyond food distribution to entrepreneurship support and other empowerment programmes designed to help individuals and families achieve economic independence.
According to Onyeali-Ikpe, Fidelity Bank’s commitment to community development spans approximately three decades, reflecting its longstanding dedication to improving the wellbeing of its host communities.
“Fidelity Bank has always aligned its CSR programmes with the needs of its host communities. We understand the importance of private sector participation in addressing poverty and promoting inclusive development.
“We have delivered 2,000 food packs to residents of Abuja. There are several other initiatives that the ministry and the bank are discussing, and we will allow the ministry to provide further details at the appropriate time,” she said.
Also speaking at the event, the Minister of Humanitarian Affairs and Poverty Reduction, Bernard M. Doro, commended Fidelity Bank for contributing to efforts to improve the welfare of vulnerable Nigerians. He also called for stronger collaboration between the government and the private sector to address multidimensional poverty.
According to Doro, with 63 per cent of Nigeria’s population living in multidimensional poverty, a significant proportion of citizens remains excluded from economic activity, limiting businesses’ access to potential customers and employees.
“When 63 per cent of the population lives in multidimensional poverty, a substantial number of people are excluded from economic participation. This also means that businesses are unable to reach a large segment of their potential customers.
“Our responsibility as a ministry is to unlock partnerships with the private sector. Such collaboration is critical to expanding economic opportunities and bringing more people into productive economic activities. We are pleased that Fidelity Bank is fully committed to this effort,” Doro stated.
The minister urged stakeholders to move beyond declarations and ensure that poverty reduction initiatives deliver measurable and sustainable improvements in the lives of vulnerable households.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook; and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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FIDELITY BANK PLC REDEEMS US$400 MILLION EUROBOND AT MATURITY
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LAGOS, NIGERIA – Fidelity Bank Plc has successfully redeemed its 5-Year US$400 million Senior Unsecured Notes at maturity, reaffirming its commitment to meeting its obligations to investors and reinforcing its track record in the international debt capital markets.
Issued on 28 October 2021, the 5-year Eurobond matured on 28 October 2026 and carried an annual coupon of 7.625 per cent, payable semi-annually. Fidelity Bank met all scheduled coupon payments throughout the life of the instrument and has now fulfilled its final repayment obligation in full, covering both principal and accrued interest.
The redemption was funded from internally generated liquidity as part of the Bank’s forward-looking liquidity management strategy. Through a dedicated sinking fund, Fidelity Bank progressively provided for the maturing obligation, enabling the Bank to meet its commitment while maintaining business-as-usual operations and compliance with applicable regulatory liquidity requirements.
Commenting on the development, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr/Mrs Nneka Onyeali-Ikpe, said the successful redemption reflected the Bank’s disciplined approach to financial management and its commitment to delivering on its obligations.
“This successful redemption demonstrates the strength of our franchise, the discipline of our balance sheet management and our commitment to honouring our obligations to investors and other stakeholders. We anticipated this maturity from the outset and planned accordingly, which reflects our commitment to responsible financial management,” Onyeali-Ikpe said.
The redemption further strengthens Fidelity Bank’s record in the international debt capital markets. The 2021 issuance marked the Bank’s third Eurobond transaction, following earlier issuances in 2013 and 2017, wherein the Bank raised $300 million and $400 million respectively. The 2021 offer attracted investor orders exceeding US$700 million, reflecting strong demand for the Bank’s international debt offering.
The successful Eurobond redemption follows the completion of Fidelity Bank’s recapitalisation programme ahead of the regulatory deadline. The Bank’s capital-raising efforts increased its eligible regulatory capital to approximately ₦533 billion, exceeding the ₦500 billion minimum capital requirement for banks with international authorisation.
The completion of these milestones underscores Fidelity Bank’s strong capital position, prudent liquidity management and disciplined approach to financial execution. It also reinforces the Bank’s capacity to meet its financial obligations while pursuing its strategic growth objectives across domestic and international markets.
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