Nigerian tycoon Tony Elumelu's UBA posts $189.6-million profit in H1 2024
The double-digit decline in profits can be attributed to UBA’s higher expenses, coupled with a drop in trading and foreign exchange gains.
The double-digit decline in profits can be attributed to UBA’s higher expenses, coupled with a drop in trading and foreign exchange gains.
The goal, announced by UBA Group Managing Director and CEO Oliver Alawuba, underscores the bank’s vision to become one of the world’s top 10 banks over the next 25 years.
The acquisition marks a significant expansion for the integrated energy group.
The EFCC upheld the forfeiture of 20 properties, 10 vehicles, and luxury watches to Eze, dismissing appeals by his brothers.
“The retirement age is actually 70, but I believe 35 years is enough, and the succession plans have worked well,” he said.
During the AGM, the board presented UBA Group’s outstanding financial performance for 2023, which saw the bank become Nigeria’s second-largest lender by assets.
Elumelu has solidified his position as a titan of African commerce, transforming UBA Group from a domestic bank into a continental powerhouse.
The substantial surge in profit was driven by higher interest income and a notable increase in foreign exchange earnings throughout the year.
This was driven by a combination of surging interest income and substantial gains from foreign exchange portfolio revaluations.
Ovia, ranked among Africa’s affluent individuals, has seen an impressive increase in the market value of his stake in Zenith Bank.
The partnership marks a milestone for Mastercard, as it introduces its first domestic card in Africa and debuts the World Elite Credit Card in West Africa.