Sixteen years after leaving the bank he helped grow into one of Nigeria’s biggest financial institutions, Tony Elumelu has left United Bank for Africa Plc (UBA), again. But this time, he is leaving a bank whose assets have grown by 1,106.18% over the past decade, whose customer deposits have grown by 1,051.44%, and whose annual profit has grown by 578.33%.
On August 21, Elumelu’s 12-year stint as group chairman of UBA, a tier-one Nigerian bank valued at ₦1.97 trillion ($1.46 billion), ended. In that time, UBA expanded its footprint across Africa and made technology an increasingly important part of its business, even as loans grew far more slowly than deposits and its workforce shrank.
These 10 charts show what changed at UBA between 2015 and 2025, the first and last full financial years of Elumelu’s leadership.
1. UBA became a much bigger bank
Selected Year
2025
Total Assets
₦33.17 Trillion
YoY Growth Rate
+9.40%
Multiple vs 2015 Baseline
12.05×
Click any bar above to inspect specific financial year milestones.
Source: UBA Audited Financial Statements (2015–2025). Figures represent Consolidated Group Total Assets.
UBA’s balance sheet grew more than 11 times in a decade.
The bank had ₦2.75 trillion ($2.04 billion) in total assets in 2015. By 2025, that figure had reached ₦33.17 trillion ($24.63 billion).
That growth came from a combination of deposit accumulation, lending, investment, and the expansion of UBA’s operations across Africa.
2. Nigerians put much more money…
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Read Full Article by Temitayo Jaiyeola at techcabal.com
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