Nigerian businessman Tony Elumelu's UBA targets $20-trillion revenue in 25 years

Omokolade Ajayi -
Key Points
  • United Bank for Africa aims to grow revenue from $20 billion to $20 trillion by 2049, celebrating its 75th anniversary.
  •  UBA plans to expand its presence from 24 to over 100 countries, positioning itself among the world’s top 10 banks.
  • Under Tony Elumelu, UBA supports SMEs to foster generational wealth, enhancing Africa's role in the global financial landscape.

United Bank for Africa (UBA) Plc, a pan-African financial services group led by Nigerian businessman Tony Elumelu, has unveiled an ambitious plan to reach a revenue target of $20 trillion by 2049 as it marks its 75th anniversary.

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.

“Our current revenue base stands at $20 billion, but we aim to grow this to over $20 trillion by the time UBA celebrates its 100th anniversary,” Alawuba said during the unveiling of the UBA Time Capsule and a commemorative Tribe Photo Wall in Lagos.

Global expansion on the horizon

The bank, which currently operates in 24 countries, has set its sights on expanding its reach to over 100 countries by 2049, further solidifying its position as a global leader in financial services. “The future of the world is Africa, and the future of Africa is UBA,” Alawuba added, emphasizing UBA’s strategic focus on Africa’s economic potential.

Tony Elumelu’s leadership and UBA’s legacy

Under the leadership of Nigerian businessman Tony Elumelu, who holds a 7.39-percent stake in the lender, UBA has experienced significant growth. The bank has been a champion of entrepreneurship, notably supporting small and medium-sized enterprises (SMEs) across Africa to foster multi-generational wealth creation.

As part of its 75th-anniversary celebration, UBA unveiled a time capsule symbolizing its journey and aspirations for the future. The capsule will be preserved for future generations, encapsulating its commitment to innovation and Africa’s growing influence in the global economy.

With a customer base of 45 million worldwide and operations spanning four continents, UBA is positioning itself to take advantage of Africa’s economic growth, aiming to be at the forefront of the global financial ecosystem