Business - March 11, 2022

Nigerian Billionaire Tony Elumelu-led UBA made $283.6m Profit in 2021

March 11, 2022

3 min read

The Profit of the UBA increased by 8.7% from $260.9 million (N109.16 billion) in 2020 to $283.6 million (N118.68 billion) in 2021.

The financial institution, United Bank for Africa plc (UBA), chaired by Nigerian billionaire Tony Elumelu generated $283.6 million (N118.68 billion) at the end of 2021. The leading pan-African financial services group retained its growth and profit increase due to the business diversification.

Also, the cost-effective measures employed by the management enabled profits growth in the single digits by the end of 2021, as well as a 7% increase in gross earnings from $1.47 billion (N616.84 billion) to $1.58 billion (N660.22 billion).

As such, as the economy revived from the effect of the pandemic, the bank’s gross loans and client deposits grew from $6.28 billion (N2.63 trillion) and $14.55 billion (N6.09 trillion) in 2020 to $6.76 billion (N2.83 trillion) and $16.77 billion (N7.02 trillion) in 2021

Owing to growth in client deposits, UBA’s assets increased by 11%, from $18.4 billion (N7.69 trillion) in 2020 to $20.43 billion (N8.54 trillion) in 2021, while shareholder funds increased by 12% to $1.85 billion (N776.17 billion), owing to higher revenues.

According to the Consolidated and Separate Financial Statements for 2021, the Profit increased by 8.7% from $260.9 million (N109.16 billion) in 2020 to $283.6 million (N118.68 billion) in 2021.

Due to a good year’s financial performance, the bank’s directors suggested a final dividend of N0.80 ($0.00191) per share. This brings the total payout to shareholders to N1.0 ($0.00239) per share when combined with the interim dividend of N0.20 ($0.000478) per share.

Nigerian Billionaire: Tony Elumelu

Under Tony Elumelu’s leadership, UBA, a Nigerian financial services corporation, grew from a single-country banking group to a Pan-African bank, with a presence in 20 African countries and the United Kingdom, United States, and France.

Elumelu owns a sizable 6.39% stake in the company. From his interest in the pan-African bank, he gets a total fortune of $46.9 million (N18.4 billion).

Elumelu is the CEO of Heirs Holdings, a family-owned investment holding firm, and the Tony Elumelu Foundation.