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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.
With a strong revenue and profit trajectory, Transcorp Power remains well-positioned for continued growth and innovation within Nigeria’s energy sector.
The leading lender, led by Elumelu, one of Africa’s most influential business figures, reported a stellar 257 percent increase in profit to N607.7 billion ($468.8 million).
Elumelu, chairman of Heirs Holdings and United Bank for Africa (UBA), hinted at his intentions during a recent exchange on X, formerly Twitter.
The substantial surge in profit was driven by higher interest income and a notable increase in foreign exchange earnings throughout the year.
NERC levied a N200-million ($0.468 million) fine against AEDC for incorrectly billing customers outside Band A – those exempt from the tariff increase – at the higher rates.
The surge in the company’s revenue led to a significant 74.9-percent jump in profit, reaching N30.23 billion ($23.15 million) at the end of 2023.
As his stake in UBA approaches $50 million, Elumelu’s influence and commitment to Africa’s economic prosperity remain undeniable.
Each recipient is set to receive a $5,000 non-refundable seed capital to kickstart their entrepreneurial endeavors.
Heirs Technologies is set to play a pivotal role in shaping Africa’s digital future. The launch signifies a crucial moment in the continent’s technological advancement.