Business

Recapitalisation: Alawuba Wets Investors Appetite Ahead of UBA’s Capital Raising

Published

2 years ago

October 3, 2024

OCHEFA

578 Views

By Ichaburu Ochefa

Oliver Alawuba, Group Managing Director/CEO of UBA Group, says towards meeting the Central Bank of Nigeria’s (CBN) new minimum capital requirement of N500 billion, the bank will soon roll out its rights issue and public offers for the recapitalisation.

Alawuba gave this hint during the presentation of the bank’s H1 2024 Financial Year Investors’ Conference.

“We are at advanced stage with our recapitalization process. Our application has been submitted to the Securities and Exchange Commission (SEC) and we expect their approval in the next couple of weeks following which the market will be advised,” said Alawuba.

He told the existing and prospective investors that inspite of the difficulties of operating challenges internally and externally, UBA closed the H1 2024 strong across its financials.

“We enter the second half of 2024 from a position of strength. Our proven resilience, strong capital position, and market-leading capabilities position us to continue our growth trajectory. “EXECUTION” will remain our driving force as we focus on market leadership and delivering excellent customer experiences at every touchpoint,” he said.

FINANCIAL HIGHLIGHTS
In H1 2024, UBA Group delivered strong double-digit growth across high-quality and sustainable revenue streams. This performance reflects our disciplined execution of strategic goals, focusing on balance sheet expansion, transaction banking, and digital banking businesses across our markets.

• Profit before Tax: We achieved a robust Profit Before Tax of N401.6 billion, reflecting our ability to manage risks effectively amidst macroeconomic volatility.

• Customer Deposits: Our deposits grew by 34%, from N17.4 trillion at year-end 2023 to N23.2 trillion in H1 2024, demonstrating the trust and loyalty of our customers.

• Total Assets: We saw a 37% growth in total assets, reaching N28.3 trillion, up from N20.7 trillion at FYE 2023. This growth was driven by strong customer relationships and our ability to capitalize on opportunities across geographies.

• Net Interest Income: Our intermediation business posted impressive growth, with net interest income expanding by 143% year-on-year to N675 billion, further underlining the strength of our core banking operations.

• Digital Banking & Payments: Digital Banking income surged by 107.8% YoY to N106 billion, while funds transfer and remittance fees rose 188.7% and 228%, respectively. We continue to lead in digital banking and payment solutions, helping drive financial inclusion across Africa.

• Trade Facilitation: Income from trade transactions grew 83% to N18 billion as we strengthened our role in facilitating intra-regional and international trade.

Our strategy of investing in technology, innovation, and data analytics continues to yield significant returns, positioning us as a leader in digital transformation. ▪︎

Related Topics:Featured H1 2024 Financial Year Investors Conference UBA financials

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Business

Cybercriminals cloning DStv, other brands to steal bank accounts across Africa

According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.

Published

3 days ago

August 21, 2026

OCHEFA

37 Views

Cybercriminals are impersonating popular companies and government agencies across Africa in a campaign designed to take over smartphones and bank accounts.

More than 100 fake websites linked to the malware campaign have been identified since August 2025.

Brands including DStv, Takealot and South African Airways, as well as the South African Revenue Service (SARS), are being used to make fraudulent messages and websites appear legitimate.

The attacks are particularly concerning in South Africa, where Android dominates the mobile operating system market.

NordVPN said the attacks typically begin with social engineering, where criminals send convincing messages through SMS, WhatsApp or social media.

The messages may contain urgent offers or requests involving job opportunities, tax refunds, identity renewals or pension verification.

Victims are then directed to fake websites designed to closely resemble the official websites of trusted organisations.

The sites encourage users to download an Android application. Once installed, the malicious software can operate quietly in the background, including after the smartphone is restarted.

Business

Cement price hits N16,000 per bag

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

Published

3 days ago

August 21, 2026

OCHEFA

43 Views

• Chairman of BUA cement, Abdul Samad Rabiu (ASR)

Cement dealers across Nigeria have announced fresh price increases, with a 50kg bag now selling for as much as N16,000 in some markets, up from N13,000 recorded by buyers just days earlier.

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

By the third quarter of 2025, that had risen to about N9,000 before reaching the N12,000 to N16,000 range now seen across different locations.

Other building materials have followed a similar upward path. Blocks have climbed from around N600 to N1,100 each.

Sand has gone from N165,000 to N250,000 per 30 tonnes. Granite has risen from N530,000 to N780,000 per 30 tonnes.

Reinforcing steel now costs N1.15 million per tonne, up from N850,000.