The Group Managing Director/Chief Executive Officer of the United Bank for Africa (UBA) Plc, Oliver Alawuba, has said that the bank is well positioned to lead the African banking market and increase capital inflows into Nigeria.
Mr. Alawuba said this during the visit of the bank’s new executives to the Nigerian Exchange Limited’s head office in Lagos.
He explained that the bank’s consistent investment in strengthening its digital channels has placed it in the right position to meet the growing demand of its customers across Africa and beyond.
He explained that the bank’s foray into the larger African market continues to yield largely for the organisation, as activities in the African market account for over 50% of the banks’ profitability, with room for more opportunities.
“As it stands, UBA can lead in Nigeria and in Africa, and we the new management are here to ensure that UBA takes the leadership position in every country we operate in,” he said.
The bank CEO also informed the Stock Exchange of the bank’s willingness to partner with the NGX to achieve its goals of unifying Africa, adding that other African countries look to Nigeria to play a significant role in the continent’s developmental journey.
“As a bank, we can do a lot together with the NGX in the area of making sure that millennials and GenZ can key into the opportunities we have,“ he said.
While welcoming the newly appointed executives to the Exchange, the Chief Executive Officer, Nigerian Exchange Limited, Temi Popoola, commended the UBA Board, led by its Chairman, Tony Elumelu for doing an amazing job with his board composition.
He urged the bank 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.
Popoola 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.
Chairman, NGX Real Estate, Erelu Angela Adebayo, also congratulated the new team of UBA, saying that Alawuba 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.”
