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JUST IN: UBA Surpasses N1tn Market Capitalisation Mark Amidst Impressive Financials, Recognitions

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, on Monday joined the elite group of companies with market capitalisation of over N1tn just as its share price value hits N29.90 per share.

At the close of trading on Monday, the Bank’s market capitalization hit N1,022,562,698,843, making it the 3rd most capitalized financial institution in Nigeria, a remarkable lift from N283.8bn at the beginning of the 2023.

The Bank has 34,199,421,366 shares in issue,

UBA’s N1tn market capitalisation mark comes amidst the bank’s share being named as the highest performing stock in the banking sector in 2023, which underscores the bank’s robust growth trajectory and unwavering market confidence.

Specifically, between the start of January 2023 and today, the price of UBA shares has appreciated by over 250 per cent from N7.60 per share.

Chairman, UBA Group, Tony Elumelu, said that the bank’s remarkable journey in 2023 culminated with its shares being acclaimed as the highest performing stock within the banking sector, as he pointed out that this not only highlights the bank’s strategic prowess but also reflects its commitment to delivering unparalleled value to shareholders and stakeholders alike.

“As UBA celebrates these significant milestones, we will like all our stakeholders to know that we remain steadfast in our mission to drive sustainable growth, foster innovation, and create value for its diverse clientele across Africa,” Elumelu said.

“We are witnessing the impact of the business transformation drive UBA embarked on years ago and executed well. Naturally, the market has taken note of and is duly rewarding our efforts. To our stakeholders, our promise is that we will continue to work harder, deliver on what we know how to do well and create impacts across geographies where we currently operate.” he further said.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who expressed delight at the bank’s performance in the past few months, said with its unwavering commitment to excellence and execution, the bank continues to set benchmarks in the banking sector, reinforcing its position as Africa’s global bank of choice.

“Market participants have begun to appreciate the latent capacity in UBA’s business model as the bank unlocks enormous potentials in its pan African and international operations. Its unique competitive advantage lies in people, processes, and technology. With Operations and offices in 24 countries and on 4 continents, UBA is the only African bank with deposit-taking license in the USA. The Bank’s fundamentals remain strong with impressive financial results that have continued to deliver sustainable value for its shareholders. At current price, UBA trades at price-to-earning (P/E) and price-to-book (P/B) multiples of 2.27 and 0.59 which are a reflection of the market’s expectations of the Bank’s future growth potentials,” Alawuba said

UBA is listed on the Premium Board of the Nigerian Stock Exchange in recognition of the Bank’s strong adherence to international best practices on corporate governance and remains committed to creating value for its over 275,000 esteemed shareholders spread across the globe.

The outgone year, 2023, has been a splendid year for United Bank for Africa, becoming the most profitable bank in Nigeria in 2023, with a Shareholders’ Fund that has grown from 992bn as at Full year 2022 to N1.8trn as of September 2023. UBA was also appointed as the Local Arranger and Local Depository Bank for the $3.3bn FX Liquidity support facility for Nigeria in partnership with Africa Export and Import Bank (Afreximbank), providing solutions to economic solutions in Nigeria characterized by shortage of Fx liquidity.

Likewise, in 2023, UBA won the 2023 FMDQ Gold Awards in three Categories including the Best FX Liquidity Provider; Dealing Institution of the Year and Best Money Market Liquidity Provider. This recognition is a testament to UBA’s impressive capital strength.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) 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.

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Business

Oil Rises As US Rejects Iran Proposal

Iran said it is waiting for a definitive US response to its seven-day proposal to reopen the strait and other demands, adding that it will not ease its conditions after Trump rejected Tehran’s latest plan.

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Brent crude climbed above $106 per barrel on Monday, recovering losses from the previous session after President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, raising concerns that the restoration of oil flows through the critical waterway could face further delays.

Trump also said Tehran had overplayed its hand and expects negotiations to resume this week.

Meanwhile, Iran said it is waiting for a definitive US response to its seven-day proposal to reopen the strait and other demands, adding that it will not ease its conditions after Trump rejected Tehran’s latest plan.

Elsewhere in the Middle East, tensions remain high as Saudi Arabia intercepted Houthi drones heading toward Riyadh, along with a missile targeting Khamis Mushait in the south.

Alerts were also issued in Abha and Jazan, where Aramco operates energy facilities.

In the US, Trump is considering a ban on diesel exports as part of efforts to address elevated fuel prices.

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NGX Debuts Invest WhatsApp Channel

The channel provides investors with an additional, convenient way to participate in public offers.

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Nigerian Exchange Group (NGX Group) has expanded access to its NGX Invest platform with the launch of a WhatsApp subscription channel.

The channel provides investors with an additional, convenient way to participate in public offers.

Investors can begin the subscription process by sending “Invest” to NGX Invest on WhatsApp at +234 812 731 9521.

They can then follow the prompts to view eligible offers and complete the required subscription steps without downloading a separate application.

As part of the process, investors will select a stockbroker through whom their application will be processed, ensuring that brokers remain an integral part of the investment journey.

(VANGUARD)

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SEC Highlights Focus of National Capital Market Conference 2026

The conference will be declared open by the Vice-President of the Federal Republic of Nigeria, Senator Kashim Shettima.

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The Securities and Exchange Commission (SEC) says that its forthcoming National Capital Market Conference 2026 will be used to officially launch the Nigerian Capital Market Master Plan 2.0 (NCMMP), and the National Savings Scheme, among other activities.

The conference will be declared open by the Vice-President of the Federal Republic of Nigeria, Senator Kashim Shettima, and hosted by the Honourable Minister of Finance and Coordinating Minister of the Economy, Professor Taiwo Oyedele.

In a statement , SEC Director -General, Dr. Emomotimi Agama, disclosed that the conference scheduled for 19 October, in Abuja, will bring together key stakeholders from the public and private sectors to discuss strategic initiatives aimed at further deepening the Nigerian capital market, enhancing domestic resource mobilization, strengthening investor participation, and supporting sustainable economic growth and national development.

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