Who is the Owner of UBA Bank?

Who is the Owner of UBA Bank?


The ‘owner’ of UBA bank is Tony Elumelu. However, this is not how the business industry operates. One person can be the founder, but no specific person is usually called the owner of an establishment.


Among the shareholders, the person with the most amount of shares may be the CEO, or major shareholder, but can not exactly be considered the owner.

The United Bank for Africa Plc (UBA) stands as a beacon of financial strength and innovation in Africa. Recognized as Africa’s Global Bank, UBA’s influence isn’t restricted to Africa. With an impressive global footprint spanning London, Paris, and New York, UBA is truly an international brand with African roots.

Historical Background

Origins and Founding

UBA began its journey as the British and French Bank Limited (BFB) in 1948, taking its first steps in Nigeria. As a subsidiary of Banque nationale pour le commerce et l’industrie (BNCI) in Paris, BFB was strategically positioned in the Nigerian financial landscape. With backing from Banque Nationale de Credit and British investment firms, it was primed for success.

Key Milestones in UBA’s Journey

UBA took on a distinctly Nigerian identity post-independence. Incorporated in 1961, it marked the transition from BFB to UBA. UBA was the pioneer in 1970, listing its shares on the Nigerian Stock Exchange, the first bank to undertake such an initiative. A significant evolution came with the merger between UBA and the progressive Standard Trust Bank in 2005. This move amplified its presence and capabilities.

Post-merger, UBA further expanded, acquiring banks like Continental Trust Bank, Trade Bank, City Express Bank, Metropolitan Bank, African Express Bank, and several others. With a vision of dominating the African banking landscape, UBA expanded its horizons, establishing its footprint across Africa.

UBA’s Current Ownership Structure

Majority Shareholders

While UBA is a publicly traded entity with myriad shareholders, the central figures shaping its direction are undoubtedly worth noting. The Group Chairman, Tony Elumelu, plays a pivotal role, alongside GMD/CEO Oliver Alawuba, in defining UBA’s trajectory.

Institutional Investors and Their Stakes

Numerous institutional entities have entrusted their investments in UBA, contributing significantly to the bank’s governance and strategic direction.

Leadership and Governance

Role of the Board

UBA’s leadership compass is its diverse board of directors. Entrusted with guiding and overseeing strategic decision-making, they are the guardians of UBA’s legacy and future.

Incumbent Leaders of UBA over the Years

The table below shows the current Group Board of United Bank for Africa:

S/NName of executiveTitle/designation
1Tony O. Elumelu, C.F.R.Chairman
2Amb Joseph C. Keshi O.O.NVice Chairman
3Oliver AlawubaGroup Managing Director/CEO
4Muyiwa AkinyemiDeputy Managing Director
5Abiola BawuahExecutive Director, CEO Africa
6Alex AlozieExecutive Director, Group Chief Operating Officer
7Ugochukwu NwagodohExecutive Director, Finance and Risk Management
8Emem UsoroExecutive Director, North Bank, Nigeria
9Sola Yomi-AjayiExecutive Director, Treasury & International Banking
10Isaac Olukayode FasolaNon-Executive Director
11Owanari DukeNon-Executive Director
12Samuel Oni, FCANon-Executive Director
13Erelu Angela AdebayoNon-Executive Director
14Alhaji Abdulqadir Jeli Bello (LATE)Non-Executive Director
15Angela AnekeNon-Executive Director
16Aisha Hassan Baba, OONNon-Executive Director
17Caroline AnyanwuNon-Executive Director
Credit: Wikipedia

Bank’s Vital Statistics

  • Type: Public limited company
  • Traded as: NGX: UBA
  • Industry: Financial services, Banking, Investment services
  • Founded: 1949
  • Headquarters: Group Headquarters – UBA House, 57 Marina, Lagos, Lagos State, Nigeria
  • Key People:
    • Tony Elumelu – Group Chairman
    • Oliver Alawuba – Group Managing Director & Group CEO
  • Products: From internet banking and mobile banking to treasury, trade finance, and debit cards, UBA offers a wide array of financial solutions.
  • Financials: As of 2021, UBA reported a before-tax revenue of ₦153 billion (approximately US$373.8 million). Their total assets were valued at a staggering ₦8.5 trillion (around US$20.1 billion).
  • Number of Employees: 20,000+ (2021)
  • Website: UBA Official Website

List of All UBA Subsidiaries

  1. Nigeria (originally established in 1948)
  2. United States (established in 1984)
  3. Ghana (2005)
  4. Cameroon (2007)
  5. Burkina Faso (2008)
  6. Chad (2008)
  7. Côte d’Ivoire (2008)
  8. Liberia (2008)
  9. Senegal (2008)
  10. Sierra Leone (2008)
  11. Uganda (2008)
  12. Gabon (2009)
  13. Kenya (2009)
  14. Tanzania (2009)
  15. Republic of Guinea (2010)
  16. Mozambique (2010)
  17. Zambia (2010)
  18. Congo Brazzaville (2011)
  19. Democratic Republic of the Congo (2011)
  20. Benin (2012)
  21. United Kingdom (2018)
  22. Mali (2019)
  23. Dubai (2022) – Specifically, the United Arab Emirates

UBA’s Impact in Africa

Financial Inclusion Initiatives

UBA’s commitment to financial inclusivity is unwavering. With operations in over 20 African nations, UBA is at the forefront, championing financial accessibility for all.

UBA Foundation and CSR

Beyond business, the UBA Foundation underscores the bank’s commitment to societal well-being. Focusing on education, health, and other pivotal sectors, the foundation ensures UBA’s positive footprint is felt beyond banking halls.

UBA Today: A Pan-African Giant

Branches and Presence

UBA’s dominance is palpable. From its beginnings in Nigeria in 1948 to its most recent operations commencement in Dubai in 2022, its growth is testimony to its unwavering commitment to delivering superior financial solutions.

Digital Innovations

In today’s tech-driven world, UBA isn’t left behind. The bank continually evolves, leveraging technology to offer innovative financial solutions that resonate with its diverse clientele.


The United Bank for Africa isn’t just a financial institution; it’s an embodiment of African ambition, resilience, and innovation. From its roots in Nigeria to its presence in global financial hubs, UBA remains committed to redefining banking in Africa and beyond.


  1. When and where did UBA commence its operations?
    • UBA began its operations in Nigeria in 1948.
  2. Who is the Group Chairman of UBA?
    • The Group Chairman of UBA is Tony O. Elumelu, C.F.R.
  3. How many countries does UBA operate in?
    • UBA has operations in over 20 African countries and has global offices in the United States, United Kingdom, France, and most recently, UAE.
  4. What was UBA’s origin?
    • UBA originated as the British and French Bank Limited (BFB) in 1948.
  5. Has UBA made any significant mergers or acquisitions?
    • Yes, a landmark merger occurred between UBA and Standard Trust Bank in 2005, among several other acquisitions.

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