Business
Full Year 2023: UBA Gross Earnings Rises by 143% YoY, Profit hits N757.7bn

….Declares N2.30 kobo Final Dividend
….Total Assets Rise by 90.2% to N20.65 trillion
….Shareholders’ Funds Hits N2.0tn, achieving an impressive growth of 120.2%.
In another unprecedented performance, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2023, showing exceptional and impressive performance across all its major indicators.
The 2023 financials, filed by the Bank at Nigerian Exchange Limited (NGx) on Monday, showed an impressive leap in gross earnings, as it grew from N853.2 billion recorded at the end of 2022 to close at N2.08tn; representing a strong 143 percent growth.
The banks’ total assets also rose remarkably by 90.22 percent, doubling the N10 trillion mark, to close at N20.65 trillion in December 2023; up from N10.86 trillion in 2022. This leap remains a very significant achievement and milestone in the history of the financial powerhouse.
Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with an exponential growth of 277 percent, to close the year under review at N758billion, rising from N201 billion recorded at the end of the 2022 financial year; while profit after tax (PAT) grew by 257 percent from N170 billion in 2022, to N608 billion in the year under consideration.
Consequently, UBA Group Shareholders’ Funds rose from N922 billion as at December 2022 to close the 2023 financial year at N2.0tn, achieving an impressive growth of 120.2%, compared to prior year.
In the year under consideration, UBA Group cost-to-income ratio dropped from 59.2%, in 2022, to 37.2 per cent pointing at the Group’s improving efficiency.
In fulfilment of the promise made by the UBA Group Chairman, Tony Elumelu, to shareholders at the last Annual General Meeting, the Bank proposed a final dividend of N2.30 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2023. The final dividend is subject to the ratification of the shareholders during its upcoming annual general meeting (AGM).

Also worthy of note, UBA recorded a 61.3 percent growth in loans to customers, moving up to N5.5 trillion in 2023, whilst customer deposits improved by 90.31 percent to N14.9 trillion, compared to N7.8 trillion recorded in the corresponding period of 2022, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise.
Commenting on the results, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said: “I am very pleased with the unprecedented results achieved by our Group in FY2023. The Group made a profit before tax of N758billion, from N201 billion in the prior year. The balance sheet also grew to N20.7trillion from N10.8trillion in the previous year.

He said, “The Group’s shareholder’s funds crossed N2trillion from N922bn in 2022, whilst total assets crossed the N20 trillion mark (90.2% YoY growth). The Group is well positioned for further business expansion in FY2024 having closed FY2023 with Capital Adequacy Ratio of 32.6%.”
He added that the bank’s diversified business model (Pan-African and International strategy) is justified by the contribution of its Ex-Nigeria business to the Group’s results and reinforces its resolve to expand our market share of customers, funding, digital and transaction banking businesses across Africa.
“Driven by our customer service and execution-led delivery model, we will continue to expand our market share and create value for our shareholders and meet the expectations of our various stakeholders,” the GMD stated.
UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the 2023 full year was a particularly eventful year, with galloping inflation and currency depreciation ravaging key markets, amidst pockets of regional conflicts and security challenges.
“I am delighted however at the strong growth in earnings and profitability recoded in the year. The Group conservatively set up significant impairment reserves against its overall risk assets portfolio considering the latent impact of the macroeconomic headwinds on our credit portfolio. Consequently, Cost of Risk grew to 3.09% from 0.63% in the prior year,” Nwaghodoh noted.
On the expectation for the 2024 financial year, he said, “The Group remains fervently committed to sustainable growth and maintaining its strong compliance and risk management practices culture even as we drive our business through the next phase of growth.”
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than thirty-five (35) million customers, across 1,000 business offices and customer touch points in 20 African countries.
With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
Business
USSD Charges: Telcos threaten to withdraw services over banks’ misinformation
“If you do not wish to continue using USSD banking under this new model, you may choose to discontinue use of the USSD channel.”

The telecom operators in Nigeria, including MTN Nigeria, Airtel, Globacom and 9Mobile have threatened to withdraw network support for banks’ Unstructured Supplementary Services Data, USSD.
This follows what they described as gross misinformation of subscribers on the mode of deduction for transaction fees.
USSD, commonly known as ‘bank transfers’, is done through shortcodes on mobile phones.
Yesterday, the banks issued a notice to their customers that the Nigerian Communications Commission (NCC) has directed them to stop deducting charges for USSD transactions directly from customers’ accounts, and that telecoms will now deduct charges from users’ mobile airtime.
The notice from the banks read in part:
“In line with the directive of the Nigerian Communications Commission (NCC), please be informed that effective June 3, 2025, charges for USSD banking services will no longer be deducted from your bank account.
Going forward, these charges will be deducted directly from your mobile airtime balance in accordance with the NCC’s End-User Billing (EUB) model.
“Under this new billing structure, each USSD session will attract a charge of ?6.98 per 120 seconds, which will be billed by your mobile network operator.
“You will receive a consent prompt at the start of each session, and airtime will only be deducted upon your confirmation and availability of the bank to fulfil this service.
“If you do not wish to continue using USSD banking under this new model, you may choose to discontinue use of the USSD channel.”
However, in a swift reaction, the telcos under their umbrella body, the Association of Licensed Telecom Operators of Nigeria, ALTON said the banks’ notice is a gross misinformation deliberately hatched to suit their selfish interests.
Hence they threatened to withdraw network support to the banks’ USSD services.
Chairman of ALTON Engr Gbenga Adebayo told Vanguard: ” I don’t understand why the banks are twisting agreements and distorting information just to favour their selfish interests.
In the first place, the information wasn’t a directive from the NCC but a joint regulatory agreement between the NCC and the Central Bank of Nigeria, CBN witnessed by the telcos and the banks.
The agreement was that if the banks finally cleared all USSD debts owed to the telcos by June 2, 2025, they would be free to migrate to the end-user billing method, so long as the model of migration is transparent and agreed upon by the telcos.
Source: Vanguard
Business
“Only 37% of Nigerian roads are in good condition ” – MAN
The Nigerian government holds the primary responsibility for creating an enabling environment to unlock the manufacturing sector’s potential.

L-R: MD Coleman Wires and Cables industries limited, Mr. George Onafowokan, DG MAN, Mr. Segun Ajayi-Kadir, and Mr. Adetunji Aderinto, founder Zetamind consulting limited at a conference organized by Business Day in Lagos on Thursday.
“Only 37 percent of Nigerian roads are in good condition, which continues to increase production and transportation costs, making Nigerian products less competitive.”
“Segun Ajayi-Kadir, the Director – General of the Manufacturers Association of Nigeria (MAN), gave this statistics during the 2025 Manufacturing Conference organized by BusinessDay in Lagos, with the theme: “Unlocking Nigeria’s Manufacturing Potential: Strategies for Sustainable Growth Amid Economic Turbulence.”
Ajayi-Kadir noted that while recent improvements in infrastructure is commendable, there’s need for investing significantly in critical transport infrastructure — roads, ports, and industrial corridors — to reduce logistics bottlenecks and improve market access.
He stated, “The Nigerian government holds the primary responsibility for creating an enabling environment to unlock the manufacturing sector’s potential.
This requires strategic action across infrastructure, fiscal policy, and regional integration.”
Ajayi-Kadir acknowledged the passage of four tax reform bills aimed at streamlining the tax system and praised the government’s “Nigeria First Policy.”
However, he emphasized the need for swift and effective implementation.
He further recommended making the Nigeria First Policy a binding law, with penalties for violators, to ensure transparency, public awareness, and enforcement.
Ajayi-Kadir further called for establishing structured platforms for regular consultations with manufacturers to align policies with industry needs.
“There is need for setting up systems for timely and relevant export data sharing through embassies, trade attachés, and relevant agencies to help manufacturers access global markets.
Also ensuring consistent and transparent policy-making to boost investor confidence and foster long-term growth.”
The Managing Director of Coleman Wires and Cables Industries Limited, Mr. George Onafowokan, noted that more foreign investors are entering Nigeria to establish businesses despite prevailing economic challenges, even as some local businesses continue to complain about the operating environment.
He urged Nigerian manufacturers to look inward and explore the abundant opportunities within the country to boost their enterprises.
In the same vein, Adetunji Aderinto, founder of Zetamind Consulting Limited and a fellow panelist, remarked that foreign investors often recognize prospects in the Nigerian market that many local manufacturers overlook.
He advised manufacturers to reduce costs through technology adoption and data utilization.
“Some manufacturers shut down operations because they don’t understand what their customers need. They need to increase market share and strengthen their supply chains,” Aderinto added.
The Director -General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. Olusola Obadimu, called on the Federal Government and the Central Bank of Nigeria (CBN) to take urgent steps to curb inflation.
He also urged state governments to focus more on people-centric development rather than internally generated revenue alone.
The panelists collectively encouraged Nigerians to patronize locally made products and commended the Federal Government’s efforts in promoting the “Buy Nigeria” campaign.
Business
Complete List of Documents You Need to Buy Land in Lagos by Dennis Isong
And if you’re serious about doing it right, reach out to someone who knows the Lagos real estate landscape like the back of his hand. Someone like, well… me.

Always confirm documents from the Lagos State Land Registry and avoid cash-only deals without paperwork.
Buying land in Lagos can be a rewarding move—whether you’re planning to build a home, invest for the future, or start a commercial project.
But while the opportunities are exciting, the process isn’t as straightforward as just paying and getting a receipt.
Lagos, like many parts of Nigeria, has its peculiar legal and property documentation system, and understanding this system can be the difference between owning your land and losing your hard-earned money.
If you’re thinking about land ownership in this dynamic city, then knowing the documents you need to buy land in Lagos is not just helpful—it’s essential.
These documents are your only legal shield in a city where land disputes and multiple claims are far too common.
Let’s break it all down in a way that’s easy to understand.
First Things First: Why Documentation Matters
In Lagos, land ownership is often a maze.
There’s family land, government-acquired land, excised land, and committed land. Many buyers have found themselves entangled in court cases or financial loss simply because they didn’t know what papers to ask for.
Documents give your land transaction structure and legality. Without them, your ownership is shaky at best and fraudulent at worst.
Now let’s walk through the key documents you must check for—and get—before buying land in Lagos.
The Survey Plan
This is the starting point. A survey plan shows the exact location and measurements of the land. It tells you where the land is and how big it is.
More importantly, it helps confirm if the land falls within a government-acquired or committed area.
Government-acquired lands are off-limits unless the land has been officially released (excised).
A verified survey plan will also tell you whether the land has been registered before.
To be on the safe side, always take the survey plan to a registered surveyor or the Lagos State Surveyor General’s office for charting.
That way, you know you’re not buying into trouble.
The Deed of Assignment
when land changes hands—from seller to buyer—a Deed of Assignment is what captures that transfer.
This document states the details of the transaction: who sold it, who bought it, the size of the land, the location, and the terms of sale.
It must also indicate the history of ownership—how the seller came to own the land in the first place.
This document is legally powerful and must be prepared by a property lawyer. After signing, it should be submitted for Governor’s Consent, which we’ll explain shortly.
A Deed of Assignment without proper registration is like buying a car and not transferring the papers—ownership can easily be disputed.
The Certificate of Occupancy (C of O)
Now, this is one of the most talked-about property documents in Lagos.
The Certificate of Occupancy, often called the “C of O,” is proof that the government officially recognizes someone’s right to occupy a piece of land for 99 years.
If a land has a C of O, it means the land has been titled and recognized by the Lagos State Government.
Not all lands have this document, and that doesn’t always mean it’s illegal—but buying land with a valid C of O is the safest route.
It reduces the risk of future government interference and makes getting loans or building approvals easier. However, it’s important to confirm that the C of O truly belongs to the land you’re buying. Cross-check with the Ministry of Lands to be sure.
The Governor’s Consent
This one often confuses people. If a land already has a C of O and is being sold to someone else, the new buyer must obtain the Governor’s Consent.
Why? Because under Nigerian land law, no land transaction is considered fully legal without the consent of the Governor of the state.
The Governor’s Consent is not a casual formality—it’s a legal requirement. Without it, the sale remains incomplete in the eyes of the law. It’s part of what turns your Deed of Assignment into a fully recognized document.
The Gazette
Now, not all lands in Lagos are initially free from government acquisition. Some are acquired by the government but later released to the original landowners—often communities—through a formal process.
When this happens, the release is published in an official record called a Gazette.
A Gazette shows that the land has been excised, meaning it is no longer under government acquisition and can now be owned and sold legally. If the land you’re planning to buy falls under this category, ask for the Gazette and verify it.
Buying land with a valid Gazette is better than buying land with nothing at all, but still not as solid as a C of O.
The Receipt
Yes, it sounds basic, but the purchase receipt is also important. It shows that money has exchanged hands and helps to track the financial side of the transaction.
It includes the date of purchase, the amount paid, the names of both parties, and the description of the land.
While a receipt alone doesn’t mean you now own land, it complements your other documents—especially the Deed of Assignment.
The Contract of Sale
This is sometimes prepared before the Deed of Assignment. It outlines the agreement between both parties before the land is officially transferred. Think of it as a promise-to-sell document.
It usually spells out payment terms (e.g., installments), timelines, and other conditions of the sale.
It’s useful in cases where payment is staggered over time or where the buyer needs a few months to perfect documents.
However, it is not a substitute for the Deed of Assignment.
Family or Community Consent (if it’s family land)
If you’re buying land from a family or community—which is still common in Lagos—you must get the consent of all principal family members or the land-owning community heads.
This is very important. If just one person signs and others later disagree, your ownership could be challenged.
Many people have found themselves battling “omo onile” (land touts or family claimants) simply because they didn’t get proper family or community consent.
Ensure a family resolution or legal confirmation is obtained.
Government Allocation Letter (for government schemes)
If you’re buying land from a government housing scheme or state-owned development, you’ll receive a Government Allocation Letter. This letter assigns the land to you and states the terms under which you can occupy it.
This letter usually comes before the C of O is issued, and it’s your first legal evidence of land allocation.
It is very common in places like Lekki and other government-developed areas in Lagos.
Conclusion: Don’t Just Buy Land—Buy Peace of Mind
Buying land in Lagos is a serious investment. And while the market is full of promises, it’s also full of pitfalls. Knowing the documents you need to buy land in Lagos can help you avoid heartache and financial loss.
Whether you’re buying land with a C of O, a Gazette, or through a Deed of Assignment, make sure everything is checked, verified, and registered properly.
Don’t just depend on what the seller says. Involve professionals—real estate lawyers, surveyors, and agents who understand Lagos terrain.
Always confirm documents from the Lagos State Land Registry and avoid cash-only deals without paperwork.
The right documents protect your ownership today and into the future.
If you’re ever in doubt, ask questions.
And if you’re serious about doing it right, reach out to someone who knows the Lagos real estate landscape like the back of his hand. Someone like, well… me.
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