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The selloff coincides with Nigeria’s decision to reject Shell’s plan to offload its onshore oil assets to a consortium that includes Aradel, alongside ND Western and Waltersmith.
This listing expands investment opportunities for Nigerians, aligning with Aradel’s mission of enabling broader participation in the oil and gas sector.
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.