UBA’s drive for strategic investment, expansion will boost revenue ― New GMD, Alawuba

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3 years ago

United Bank of Africa (UBA) has assured that the bank’s strategic investment and expansion into Africa and beyond would boost its revenue, as well as translate into a robust dividend payout to shareholders.

The new Group Managing Director of UBA, Oliver Alawuba stated this at the Bank closing gong ceremony on the floor of the Nigerian Exchange Limited on Wednesday.

He said the bank is well positioned to leverage its increased visibility and pan-African features to increase shareholders’ value on a consistent basis.

According to him, we are expanding our services beyond Africa, bringing in capital inflow and investment into Nigeria and Africa. Africa constitutes over 50 per cent of our revenue and we will do more.

“We will pay more dividends and grow our capital base. The bank has a future and we will continue to ensure that the shares of UBA continue to grow.”

The CEO of NGX, Mr Temi Popoola congratulated Alawuba on his recent appointment as the Group Managing Director/Chief Executive Officer of UBA, saying Alawuba on his illustrious career, having acquired over 25 years of work experience in the banking industry.

He encouraged UBA and other private issuers alike to utilise the NGX platform in meeting future financing needs to support their business expansion in line with their overall corporate strategy.

He emphasised the digital strategy of the Exchange and its commitment to leveraging technology to drive retail participation and increase liquidity in the market.

He said the successful introduction of the first digital offer platform attracted a large amount of retail participation, encouraging UBA to take advantage of the digital platform for future equity capital formations and to broaden its shareholding structure.

The chairman of NGX Real Estate, Erelu Angela Adebayo, also congratulated the new team of UBA, saying that Alawuba’s commitment to the financial service sector over the last two decades has brought about a great transformation in the economy.

“I trust you will deliver on this mandate that you have received and continue to promote Africa capitalism,” she said.

She stated that NGX has been at the forefront of the continued development of the Nigerian capital market by leveraging opportunities with shareholders, stakeholders, government, policymakers and capital market operators to ensure issuers deliver value from their interactions with the capital market.

“At the exchange, we will continue to provide a platform in supporting our clients, in meeting the strategic business objectives.”

The Board of Directors of UBA announced the appointment of Mr Oliver Alawuba as the GMD/CEO of the company effective 1st of August, 2022.

Alawuba has acquired 25 years of work experience in the banking industry after his short foray into academia. Prior to his current appointment as the Group Managing Director/CEO of UBA Banking Group, Oliver was at various times country CEO and Regional CEO in the Rest of Africa, Executive Director, East Bank (Nigeria) and later Group Deputy Managing Director/CEO, covering Nigeria and other 19 subsidiaries in the Rest of Africa. He also worked in another bank and rose to the position of Executive Director. Oliver is an effective and self-motivated professional.

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