Group Managing Director of United Bank of Africa (UBA), Oliver Alawuba has revealed that the plans of the tier one bank is to further expand beyond Africa its services to increase capital inflow into Nigeria.
Alawuba who disclosed this at the bank’s closing gong ceremony on the floor of the Nigerian Exchange Limited (NGX) recently, said UBA is well positioned to leverage its increased visibility and pan-African features to increase shareholders’ value consistently.
“We are expanding our services beyond Africa, bringing in capital inflow and investment into Nigeria and Africa, Africa constitutes over 50 percent of our revenue and we will do more” he said.
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“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.”
On his part, Temi Popoola, CEO of NGX, encouraged UBA and other private issuers 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.
UBA has subsidiaries in 20 African countries and offices in London, Paris and New York. In December 2021, UBA received its banking license to commence operations in the UAE.