•Oliver Alawuba, GMD

Africa’s Global Bank – United Bank for Africa (UBA) Plc, has announced its audited results for the third quarter ended September 30, 2025, where it recorded strong and impressive growth across all its key indicators.

As in the first two quarters of the current fiscal year, the bank’s gross earnings grew by 3.0 percent to N2.469 trillion up from N2.398 trillion recorded in September last year.

Its net Interest income which stood at N1.103 trillion at the end of the third quarter in 2024, rose by 6.2 percent to N1.172 trillion in the period under consideration.

The bank’s financial report filed with the Nigerian Exchange Limited on Thursday also indicated a slight drop by 4.1 per cent in Profit before Tax (PBT) to N578.59 billion compared to N603.48 recorded at the end of the third quarter of 2024, while profit after tax rose by 2.3 per cent from N525.31 billion recorded a year earlier to N537.53 billion at the end of September 2025.

As in the preceding two quarters this year, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N32.492 trillion, representing a 7.2 per cent increase over the N30.323 trillion recorded at the end of December 2024, just as total deposits rose by 7.7 per cent from N24.651 trillion at the end of last year to N26.54 trillion in September 2025.

UBA shareholders’ funds remained very strong at N4.301 trillion rising by 25.8 percent from N3.418 trillion recorded in December 2024 again reflecting a strong capacity for internal capital generation and growth.

Commenting on the result, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, said the bank continues to demonstrate the strength, resilience, and diversification of its business in a dynamic operating environment.

“We delivered solid performance supported by prudent balance sheet management, innovation, and a well-diversified earnings base across all our markets,” he stated.

According to him, with profit After tax rising to N538 billion, from N525 billion, the bank continues to reflect consistent earnings momentum and its commitment to sustainable growth, with strength in Nigeria, African network and global presence amidst persistent macroeconomic headwinds.

Updating shareholders and investors on its recent recapitalisation efforts, the GMD said, “I am pleased to report that we have made significant progress on our capital raising, as part of the mandated industry wide recapitalization exercise with the successful completion of the final phase II of the Rights Issue.

This has strengthened our capital base and will support the continued, prudent expansion of our operations across our markets.”

Alawuba emphasised UBA’s unwavering focus on disciplined execution and strategic growth, ensuring the delivery of sustainable returns and long-term value to all shareholders.

UBA’s Executive Director, Finance & Risk, Ugo Nwaghodoh, who also spoke on the result, pointed out that the Group delivered steady growth in earnings, with gross earnings rising to N2.47 trillion, driven by a 10.1% increase in interest income and a 6.2% uplift in net interest income.

He noted that total assets grew by 7% to N32.5 trillion, supported by focused deposit mobilisation and increased investment in earning assets.

“Shareholders’ funds expanded by 26% to N4.3 trillion, underscoring the continued confidence of investors in the Group’s strategy, while capital adequacy and liquidity ratios remain well above regulatory thresholds and provide significant buffers to support continued growth,” he explained.

Speaking on the bank’s efforts to consolidate its performance for the rest of the 2025 financial year and beyond, Nwaghodoh said, “We remain focused on sustaining profitability, expanding our digital income streams, and delivering long-term value to our shareholders.”

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally.

Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

President Bola Tinubu has given the green light for the implementation of a 15 percent ad-valorem import duty on petrol and diesel brought into Nigeria.

The move is expected to protect domestic refineries and promote stability in the downstream oil sector.

In a directive dated October 21, 2025 — made public on Wednesday — Tinubu ordered the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to immediately begin enforcing the tariff. The decision, according to the government, forms part of a new “market-responsive import tariff framework.”

The letter, signed by the president’s private secretary, Damilotun Aderemi, confirmed Tinubu’s approval of a proposal submitted by FIRS Chairman Zacch Adedeji.

The plan recommends a 15 per cent duty on the cost, insurance, and freight (CIF) value of imported petrol and diesel to reflect true market conditions and encourage local production.

Adedeji explained in his memo that the initiative was designed to support Nigeria’s “Renewed Hope Agenda” for energy security and economic stability.

“The core objective of this initiative is to operationalise crude transactions in local currency, strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria,” Adedeji stated.

The FIRS boss cautioned that the disparity between locally refined fuel prices and import parity benchmarks has fueled market volatility.

“While domestic refining of petrol has begun to increase and diesel sufficiency has been achieved, price instability persists, partly due to the misalignment between local refiners and marketers,” he wrote.

Adedeji pointed out that import parity pricing often falls below cost recovery levels for domestic refiners, especially amid foreign exchange and freight fluctuations — a situation that threatens the viability of emerging local producers.

He added that the government now faces a “twofold” responsibility “to protect consumers and domestic producers from unfair pricing practices and collusion, while ensuring a level playing field for refiners to recover costs and attract investments.”

Adedeji emphasised that the new tariff system will prevent duty-free fuel imports from undermining local refineries and promote a fair, competitive downstream sector.

In a stunning development that’s sending ripples through the global energy market, the Dangote Refinery in Nigeria is dramatically expanding its production capacity.

Originally designed to process 650,000 barrels of crude oil per day, the refinery is now slated to reach a staggering 1.4 million barrels per day, making it, by far, the largest refinery in the world.

This ambitious expansion marks a significant milestone for the African continent and promises to reshape the landscape of oil refining.

The increased capacity is expected to:

***Boost Nigeria’s Economy

***Generate substantial revenue and create numerous jobs.

***Reduce Reliance on Imports

***Significantly decrease Nigeria’s dependence on imported refined petroleum products, saving billions of dollars

***Impact Global Oil Supply

***Contribute significantly to the global supply of refined products, potentially influencing prices and market dynamics

***Catalyze Industrial Growth

***Spur further industrial development and investment in related sectors.

The announcement has been met with excitement and anticipation, as the world watches the Dangote Refinery solidify its position as a key player in the global energy arena.