Elumelu confident UBA will meet CBN’s new capital requirement

Chairman, United Bank for Africa (UBA) Group, Mr. Tony Elumelu, has given the assurance that the bank will meet the new minimum capital requirement set by the Central Bank of Nigeria (CBN) within the stipulated time frame.

The chairman who spoke at the 62nd Annual General Meeting (AGM) of the bank in Abuja, over the weekend, said his optimism was hinged on the fact that some of its shareholders have indicated their interest to reinvest significant stakes in the bank.

Elumelu said there are customers from 19 other African countries where UBA currently operates, who have been yearning to become shareholders of the bank.

This came as shareholders authorised the bank to raise additional capital through issuance of securities comprising ordinary shares, preference shares, convertible and/or non-convertible notes, bonds, or any other instruments, in the Nigerian and/or international capital markets, among others.

Elumelu who addressed journalists shortly after the meeting,  said, “I would say recapitalisation is something that UBA will accomplish before the stipulated time frame. The Reason being that we have shareholders who want to reinvest in their bank.

“We have customers who want to become shareholders of the bank, and remember that UBA not only operates in Nigeria; it operates 19 other African countries and they’ve been yearning to become shareholders of the bank.