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.
“I’m advising shareholders, as you get your dividends, reinvest a significant part of it,” Tony Elumelu 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.
Under Elumelu’s leadership, UBA’s total comprehensive income for the period also rose, from N51.03 billion ($36.56 million) to N581.47 billion ($416.7 million).
The impressive performance is attributed to a significant revenue increase of 173 percent to N88.55 billion ($62.9 million) compared to N32.4 billion ($23 million) in Q1 2023.
In addition to the Ikoyi hotel development, Transcorp Hotels is nearing completion of a state-of-the-art event center with a 5,000-person capacity, slated for inauguration in August.
Transcorp Power’s journey in Nigeria’s energy sector commenced in 2013 with the acquisition of the Ughelli Power Plant under the leadership of Elumelu.
The recent decision to sell Transcorp Hotels Calabar exemplifies a wider consolidation trend within the Nigerian hospitality sector.