Again, Tony Elumelu Resigns From UBA: 10 Things His 12-Year Tenure Did to the Bank
- Tony Elumelu is leaving UBA after 12 years, transforming it into a continental financial powerhouse
- UBA's total assets grew by over 1,100% as its digital banking operations flourished
- Customer deposits surged over 1,000%, showcasing UBA's expanded reach across Africa
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Sixteen years after leaving the United Bank for Africa Plc, the institution he helped transform into one of Nigeria’s leading financial groups, Tony Elumelu has exited the bank once again.
This time, Elumelu is leaving after a 12-year tenure as group chairman, during which UBA recorded massive growth in its balance sheet, customer deposits, earnings, digital operations and continental footprint.
Source: Instagram
On August 21, 2026, Elumelu’s tenure officially ended, bringing to a close a period that saw UBA evolve into a much larger pan-African financial institution.
Between 2015 and 2025, the bank’s total assets increased by 1,106.18 per cent, customer deposits rose by 1,051.44 per cent, while annual profit increased by 578.33 per cent, according to a report by TechCabal.
Here are 10 major changes recorded during the period.
1. UBA became more than 11 times bigger
UBA’s total assets rose from ₦2.75tn in 2015 to ₦33.17tn in 2025, representing growth of more than 1,100 per cent.
The expansion reflected stronger deposits, lending, investments and the growth of its operations across several African markets.
2. Customer deposits exploded
Customer deposits jumped from their 2015 level to ₦23.95tn in 2025, representing a 1,051.44 per cent increase.
The surge gave UBA a significantly larger pool of funds to deploy through lending, investments and other banking activities.
3. Loans grew, but much slower
UBA’s loans and advances increased by 575 per cent over the decade.
While this represented substantial growth, it was considerably slower than the increase in deposits and total assets.
The figures suggest that UBA’s expansion was driven by a broader combination of banking, investment and other income-generating activities rather than lending alone.
4. Revenue climbed almost ninefold
UBA’s total revenue increased by 881.48 per cent between 2015 and 2025.
The growth reflected the expansion of the bank’s balance sheet and income-generating operations, although inflation, interest rates and exchange-rate movements also significantly influenced the figures.
5. Profit surged by 578 per cent
UBA’s profit increased by 578.33 per cent during the decade.
However, profit growth lagged behind revenue growth, highlighting the impact of operating expenses, credit losses, taxes and other costs on the bank’s bottom line.
Despite this, the bank remained profitable while becoming substantially larger.
6. Earnings per share jumped
UBA’s earnings per share attributable to shareholders rose from ₦1.79 in 2015 to ₦9.66 in 2025.
However, the latest figures also exposed the pressure created by rising credit costs. EPS had reached ₦21.73 in 2024 before falling in 2025 as higher loan impairment costs affected profitability.
7. UBA shares became far more valuable
UBA’s share price increased from about ₦4.32 at the beginning of 2015 to ₦41.65 by the end of 2025.
Dividend payments also increased significantly, rising from 60 kobo per share in 2015 to ₦3.25 in 2024.
However, shareholders did not receive a final dividend for 2025 after the bank recorded significant credit losses and adjusted to stricter loan-classification and provisioning requirements.
UBA provided about ₦1.02tn for credit losses in 2025, pushing its bad-loan ratio above the threshold for dividend payments.
8. UBA became a bigger African powerhouse
One of the most significant changes was UBA’s continental expansion.
The bank grew from 17 subsidiaries to 21 and now operates across 20 African countries and four global financial centres.
That expansion reduced UBA’s dependence on Nigeria while giving it access to customers and economic opportunities across multiple markets.
9. Technology became a huge part of the business
Digital banking transformed from a supporting function into a major component of UBA’s operations.
E-banking expenses rose from ₦8.32bn in 2015 to ₦177.37bn in 2025, while IT support and related expenses reached ₦42.96bn.
Combined, the two categories exceeded ₦220bn in 2025.
At the same time, e-business income grew by 1,212.71 per cent, showing how digital banking became increasingly important to the group’s revenue.
10. UBA got bigger with fewer employees
UBA had 12,770 employees in 2015. By 2025, that number had fallen to 10,821.
Yet employee benefit expenses increased from ₦57.45bn to ₦123.49bn over the same period.
On a simple cost-per-worker basis, annual employee benefit expenses more than doubled, from about ₦4.5m to ₦11.4m per employee.
The figures point to a major transformation in the bank’s workforce, with a smaller employee base supporting a dramatically larger institution.
A transformed UBA
Elumelu’s second major chapter at UBA ends with the bank looking very different from the institution he left in 2015.
Source: Getty Images
Its balance sheet is more than 12 times larger, its deposits have exploded, its African operations have expanded, and digital banking has become central to its business.
But the decade also came with challenges, including rising credit losses, higher operating costs and the pressure of navigating Nigeria’s volatile economic environment.
Elumelu therefore leaves behind a UBA that is considerably bigger and more geographically diversified, but also operating in a banking environment where scale, technology and risk management are becoming increasingly important.
Tony Elumelu becomes dollar billionaire
Legit.ng earlier reported that Tony Elumelu’s investment in Seplat Energy has delivered a remarkable paper gain, with his 20.07 per cent stake now worth more than $1 billion.
His stake, held through Heirs Holdings, was acquired for approximately $500 million in December 2025, following the investment company's purchase of Maurel & Prom’s holding in Seplat.
Source: Legit.ng
