Oliver Alawuba, CEO of United Bank for Africa Plc (UBA), has strengthened his financial position by acquiring further shares in the Nigerian banking company, increasing the market value of his ownership to $1.44 million (N2.36 billion).
This year, Alawuba, who controls one of Africa’s most revolutionary financial organizations, has seen both the bank’s activities and his personal fortune expand.
UBA’s interim financial records for the six months ending June 30, 2023 show that Alawuba purchased an extra 39.38 million shares for N964.84 million ($589,900) between January and June.
His overall stake now stands at 96.41 million shares, solidifying his position among the lender’s 283,068 stockholders.
The recent purchase values his stock at N2.36 billion ($1.44 million), increasing his influence among the lender’s 283,068 shareholders and confirming his position as a prominent participant on the Nigerian Exchange (NGX).
UBA, one of Nigeria’s top 15 most valuable firms, with a market capitalization of more than $500 million, thanks to strong fundamentals and expansion into new markets across Africa.
Alawuba has more than 25 years of banking experience, specializing in corporate and institutional banking, consumer banking, project management, corporate governance, and operations.
His career started in 1997 with Standard Trust Bank, which later merged with UBA. Since then, he has held various prominent positions, including Country CEO and Regional CEO of UBA’s African activities.
Before becoming group managing director and CEO in 2022, he served as deputy group managing director, in charge of UBA’s Nigerian operations and 19 African subsidiaries.
Since taking over the helm, Alawuba has guided UBA to significant financial achievements.
The lender’s comprehensive income increased by 25.5% to N1.03 trillion ($619.42 million) in the first half of 2024, from N821.04 billion ($492.01 million) the previous year.
The bank, which now operates in 24 countries across four continents, including the United Kingdom, the United States, France, and the UAE, saw total assets increase to N28.34 trillion ($16.98 billion) by June 30, 2024, up from N20.65 trillion ($12.38 billion) at the end of 2023.
Retained earnings also increased to N1.10 trillion ($661.67 million) from N919.87 billion ($551.25 million), demonstrating the bank’s long-term prosperity under Alawuba’s leadership.
With Alawuba at the head, UBA remains dedicated to promoting financial inclusion and innovation throughout Africa.
The CEO’s strategy focus on digital banking products, cross-border payments, and public-sector partnership has established UBA as one of the continent’s most forward-thinking banks.
Alawuba’s personal investment in the bank is consistent with UBA’s growth strategy, demonstrating his commitment to increasing shareholder value while maintaining the bank’s pan-African dominance.
His efforts have not only secured his position among Nigeria’s wealthiest banking executives, but also demonstrate his long-term belief in UBA’s future.
UBA, under Alawuba’s leadership, is well-positioned to capitalize on new growth opportunities in Africa and beyond by improving financial metrics, expanding market reach, and offering innovative products.
