UBA CEO Oliver Alawuba’s stake tops $1.4 million after new acquisition
Key Points
- UBA CEO Oliver Alawuba boosts his stake in the bank to $1.44 million, acquiring an additional 39.38 million shares in H1 2024.
- Under Alawuba's leadership, UBA reported a 25.5% rise in comprehensive income, reaching N1.03 trillion ($619.42 million) in the first half of 2024.
- Alawuba's strategic focus on digital banking and financial inclusion enhances UBA's pan-African dominance, positioning the bank for growth across the continent.
United Bank for Africa Plc (UBA) Group CEO Oliver Alawuba has boosted his financial position by acquiring more shares in the Nigerian banking group, raising the market value of his stake to $1.44 million (N2.36 billion).
Alawuba, who leads one of Africa's most transformative financial institutions, continues to grow both the bank's operations and his personal fortune this year.
Share acquisition expands Alawuba’s portfolio
UBA's interim financial statements for the six months ending June 30, 2023, reveal that Alawuba acquired an additional 39.38 million shares worth N964.84 million ($589,900) between January and June.
His total holding now stands at 96.41 million shares, reinforcing his position among the lender's 283,068 shareholders.
The latest purchase lifts the market value of his stake to N2.36 billion ($1.44 million), strengthening his influence among the lender's 283,068 shareholders and solidifying his position as a key player on the Nigerian Exchange (NGX).
UBA, one of Nigeria’s top 15 most valuable companies, maintains a market cap above $500 million, supported by robust fundamentals and expanding operations across Africa.
Extensive leadership background
Alawuba has over 25 years of experience in banking, with expertise in corporate and institutional banking, consumer banking, project management, corporate governance, and operations.
His career began in 1997 at Standard Trust Bank, which later merged with UBA. Since then, he has held several high-profile roles, including Country CEO and Regional CEO for UBA’s African operations.
Before becoming group managing director and CEO in 2022, he was deputy group managing director, overseeing UBA’s business in Nigeria and 19 African subsidiaries.
UBA’s financial performance under Alawuba
Since taking over the reins, Alawuba has steered UBA toward impressive financial milestones.
The lender reported a 25.5-percent rise in comprehensive income to N1.03 trillion ($619.42 million) in the first half of 2024, up from N821.04 billion ($492.01 million) a year earlier.
The bank, now operating in 24 countries across four continents, including the UK, U.S., France, and UAE, saw total assets climb to N28.34 trillion ($16.98 billion) by June 30, 2024, from N20.65 trillion ($12.38 billion) at the end of 2023.
Retained earnings also rose to N1.10 trillion ($661.67 million) from N919.87 billion ($551.25 million), reflecting the bank's sustainable profitability under Alawuba’s leadership.
Strategic vision and impact
With Alawuba at the helm, UBA remains committed to driving financial inclusion and innovation across Africa.
The CEO’s strategic focus on digital banking solutions, cross-border payments, and public sector collaboration has positioned UBA as one of the most forward-thinking banks on the continent.
Alawuba’s personal investment in the bank aligns with UBA’s growth strategy, reinforcing his commitment to both enhancing shareholder value and sustaining the bank’s pan-African dominance.
His efforts have not only secured his place among Nigeria’s most affluent banking executives but also reflect his long-term confidence in UBA’s future.
With improving financial metrics, expanding market reach, and innovative product offerings, UBA under Alawuba’s stewardship is well-positioned to capitalize on new growth opportunities across Africa and beyond.