Banking
UBA Remains Financially Strong—Elumelu
**Shareholders Laud Management, Seek Better Results
By Modupe Gbadeyanka
Chairman of United Bank for Africa (UBA) Plc, Mr Tony Elumelu, says the pan-African financial institution remains financially strong despite the harsh operating environment.
Mr Elumelu, who once served as the Group Managing Director of the lender, made this disclosure on Monday at the bank’s 56th Annual General Meeting (AGM) held in Lagos.
The chairman said he was impressed with the strong growth and performance recorded by the lender last year, which saw improvements in both the top and bottom lines.
According to him, “Overall, our bank grew profit before tax by 16.1 percent to N105.3 billion.
“More importantly, the bank remains financially strong, our balance sheet is well protected and our commitment to exceeding regulatory requirements remains.”
He informed the shareholders that the bank recently “opened for operations in Mali, because that economy is a viable one and would contribute to our bottom-line.”
He said operations in “Mali will benefit from UBA’s presence there while UBA will also benefit from Mali.”
On his part, the GMD of UBA, Mr Kennedy Uzoka, assured shareholders of the management’s commitment to building a stronger brand.
According to him, “UBA has built a great brand that is recognised all over the world, and because of this, we have decided to be outside-focused rather than inside-focused.”
“Being outside focused means we are concentrating on putting our customers first in all we do by making sure that we do things from the customers’ standpoint,” he further said.
Meanwhile, shareholders of the financial institution have commended the staff, management and the board for putting up an impressive performance in 2017, which led to a better dividend payout.
Chairman of Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, said at the AGM that, “I want to especially commend the management of UBA, especially the Chairman, Tony Elumelu, and GMD/CEO, Kennedy Uzoka, who have been managing activities of this great institution for the past two years.
“We the shareholders are impressed at results that you have recorded so far and the achievements that the bank has recorded under your leadership, especially the sterling contributions of our subsidiaries in Africa.
“We are especially impressed about what the bank has been doing in Africa. It has gone a long way to show that good things can come from Africa.
“UBA has showcased a high level of ingenuity in the banking space, and we are glad for how this is translating into gains for our business.
“And so, we the shareholders urge you to continue to do more and would advise Uzoka and his management team not to rest on their oars but to work harder in ensuring that this momentum is sustained and even surpassed in the coming year.”
Business Post reports that the board of UBA proposed the payment of total dividend per share of 85 kobo comprising of N0.20 interim dividend which was already paid by mid-2017 and a final dividend of 65 kobo which was ratified by shareholders during yesterday’s meeting.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
