VP Shettima Extols UBA’s Dedication To Innovation, Emerging Markets At 75

** Says bank has shaped narrative of what African institutions can become

By: Our Reporter

The Vice President, Senator Kashim Shettima, has extolled what he termed the staying power of the United Bank of Africa (UBA Group) in the past 75 years, describing the financial institution as a pacesetter in innovation, emerging markets and generational ambition.

“Seventy-five years is not something you pick up at a supermarket. It is earned. It’s through risks and calculations, through storms and sunshine, through mergers and acquisitions, and through the brainpower and courage of those who believe in its promise of a new world. That is what leadership means,” he declared.

Senator Shettima, who spoke on Friday evening during the UBA 75th Anniversary Dinner at Transcorp Hilton Hotel in Abuja, noted that the celebration of an institution like UBA “that has outlived generations and still pulses with the vibrancy of youth” is not something that happens everyday.

He said, “The United Bank for Africa, or simply UBA, is not what it is because of the age of its ideas. It is what it is because of the attention it pays—attention to innovation, attention to emerging markets, attention to shifting dreams, and attention to the changing contours of generational ambition.

“UBA has remained a pacesetter because it is led by people who do not just manage capital, but manage curiosity”.

Applauding UBA for outliving all its contemporaries, VP Shettima attributed its staying power to its passion for relevance, even as he described the bank as a quintessential specimen of what an African institution could become by institutionalizing excellence.

His words: “UBA’s staying power is owed to its pursuit of relevance. It has stood as a reward for new thinking, expanding not just across geography, but across ideas.

“It serves millions, it shapes economies, and it influences the narrative of what an African institution can become when excellence is institutionalised and when well-intentioned dream-makers are in charge.”

The Vice President did not celebrate UBA without acknowledging the leadership ability of the bank’s Chairman, Mr Tony Elumelu, whom he described as one of the finest sons of the African continent, just as he observed that no institution writes its history without the signature of those who believe in it.

According to him, Elumelu has “become a bridge between the old and the new, between the outdated and the emerging,” adding that he “has won the trust of even the Gen Zs, or whatever this brilliant, digital generation calls itself.”

The Gen Zs, VP Shettima noted, have absolute trust in Elumelu “not because of the era he was born in, but because of the attention he pays to theirs,” observing further that he is being heard across generations because he listens across generations.

He continued: “Tony Elumelu is not a dreamer. Dreamers are those who are stuck in the bubble. Mr Elumelu is a dream-maker. He has made true the imagination of those who wish for an empire from the comfort of their homes. He has taught us that it is possible to build without breaking, to lead without losing touch, and to dream without borders.

“One thing that has amused me about Mr Elumelu over the years is that he has cracked a code many still struggle to decipher—the delicate art of balancing the boardroom with the living room, of being a captain of industry and still a commander at home.

“Not many men have managed a balance between building empires and building families, between saving the world and being present at Christmas in their village. But this man, this maverick, this dream-maker, has shown us that you can help move the continent forward without losing touch with home and family.”

The VP also lauded Elumelu’s wife, Dr Awele Elumelu, saying she is not just a spouse, “but an Amazon—a matriarch who gathers the kith and kin under her warm canopy,” as well as the quiet strength behind the force that is her husband.

Earlier, Group Chairman of UBA, Tony Elumelu expressed profound gratitude to the Vice President while acknowledging the bank’s foundational history.

“This is a night of celebration, gratitude to God and to customers and shareholders who have made it possible,” Elumelu stated.

The Chairman emphasised the importance of honouring those who established UBA’s foundation, saying, “We all today are under the shields because someone planted the tree. The foundation of UBA was laid by people before us, we are only taking it further.”

Looking toward the future, Elumelu expressed confidence in the bank’s continued success, tying it directly to Nigeria’s economic environment.

“On the vision of the next 75 years, just keep transforming our domestic economy as President Bola Ahmed Tinubu is doing, and UBA will keep roaring,” he affirmed.

In his welcome address, UBA’s Group Managing Director, Dr. Oliver Alawuba, expressed gratitude to attendees while highlighting the bank’s remarkable journey since its inception.

“75 years ago, UBA commenced operations at Kakawa Street in Lagos as British & French Bank (BFB),” he said.

The GMD emphasised UBA’s impressive expansion over the decades, noting the bank now operates in 24 countries with 1,000 business offices, over 25,000 staff members, and a customer base exceeding 45 million people.

Dr. Alawuba shared financial metrics demonstrating the bank’s robust performance, including a profit after tax of N766.6 billion and total assets reaching N30.4 trillion.

He said shareholders have been rewarded with a dividend of ₦5 per share, representing a dividend yield of 14.5% – the highest among industry peers.

He also pointed out that the group’s shareholders’ funds rose significantly to N3.419 trillion in 2024 from N2.030 trillion in December 2023.

“The 2024 financial performance demonstrated the bank’s continued focus on driving earnings growth, preserving asset quality, expanding business operations and deepening market share,” Alawuba said.

Looking to the future, the GMD outlined an ambitious vision for UBA to establish a presence in every African country and expand to over 100 countries worldwide within the next 75 years.

VP Shettima Extols UBA’s Dedication To Innovation, Emerging Markets At 75

At World Bank/IMF Spring Meeting, VP Shettima Pushes For Nigeria’s HCD 2.0 Agenda

** Calls for evidence-based interventions, stronger global partnerships in education, health, labour sectors

By: Our Reporter

Vice President Kashim Shettima has called for stronger international collaboration to advance Nigeria’s Human Capital Development 2.0 (HCD 2.0) strategy.

He reaffirmed the commitment of the administration of President Bola Ahmed Tinubu to positioning human potential at the heart of national development.

Speaking virtually at a high-level roundtable on the sidelines of the 2025 World Bank/IMF Spring Meetings, VP Shettima said the success of HCD 2.0 will hinge on data-driven, evidence-based interventions and sustained political will.

The HCD 2.0 programme is designed to elevate Nigeria’s Human Capital Index (HCI) and equip Nigeria to face both national and global challenges, including climate change and digital transformation.

The Vice President pointed out that the meeting was necessitated by the urgency to invest in the Nigerian people and by the recognition that true national wealth is found not in natural resources, but in human potential.

“This meeting, for us, is not just another item on our global agenda. It is a continuation of a journey whose beginnings I had the privilege of witnessing about seven years ago. True national wealth is found not in natural resources, but in human potential.

“We will offer our HCD 2.0 Strategy the political backing it deserves to be the priority of our nation, and His Excellency, President Bola Ahmed Tinubu, has never wavered on this,” he said.

The session featured key stakeholders from the World Bank, including Executive Director, Zainab Shamsuna Ahmed; Regional Director for Human Development in the Western and Central Africa, Trina Haque; Senior Social Protection Specialist and Regional Task Team Leader, Africa West & Central region, Tina George, and Chief Economist for Human Development in the World Bank Group, Norbert Shady.

The Nigerian delegation included the Deputy Chief of Staff to the President/ Chair of the HCD Core Working Group, Senator Ibrahim Hassan Hadejia and Special Adviser to the President on National Economic Council & Climate Change/National Coordinator of HCD programme, Rukaiya El-Rufai.

VP Shettima reiterated the federal government’s determination to ensure the continuity and deepening of the HCD agenda.

“Government is a continuum. Nowhere is this truer than in programmes that demand patience, vision, and long-term commitment—programmes such as our Human Capital Development programme,” he noted.

He revealed that under HCD 2.0, six priority indicators from the health, education, and labour force sectors have been selected as “quick wins” to guide policy interventions and track measurable progress.

“We have carefully curated priority indicators and an HCD Dashboard to track them. This allows us to make informed policy decisions and measure our progress against tangible benchmarks,” Senator Shettima said.

The Nigerian Vice President also reaffirmed the administration’s resolve to remain transparent and results-oriented to achieve measurable outcomes.

“We will continue to hold ourselves accountable and press forward toward our bold goal to elevate Nigeria among the top 80 countries in Human Capital Index rankings,” he said.

Senator Shettima also called on the World Bank and other development partners to support the availability of disaggregated, state-level Human Capital Index (HCI) data to enable more targeted interventions.

Stressing the need for equity and inclusiveness in implementing the HCD 2.0 strategy, he said, “We are leaving no sub-national in Nigeria behind. Some of the states have already set a template for the others, having localised the HCD strategies to align with the peculiarities of their people while, of course, aligning them with the national strategy.”

The World Bank representatives at the meeting committed to strengthening the bank’s partnership with Nigeria to improve the country’s Human Capital Index and proposed senior-level stakeholder engagement to identify optimal areas for technical support.

There were also several speeches from representatives of Nigerian state governments, including Akwa Ibom and Lagos, as well as representatives of other local and international development organisations.

At World Bank/IMF Spring Meeting, VP Shettima Pushes For Nigeria’s HCD 2.0 Agenda

NEC Okays New Textile Dev. Board, $90B Agribusiness, Livestock Development Plan

** Observes one minute’s silence for victims of Benue, Plateau attacks

*** We’re architects of a sustainable future, not mere responders to crises, VP Shettima tells council members

By: Our Reporter

To reposition Nigeria’s economy and tackle insecurity at its roots, the National Economic Council (NEC) has approved the establishment of a Cotton, Textile and Garment Development Board, alongside new strategies for agribusiness expansion and livestock transformation projected to generate up to $90 billion in economic value by 2035.

Other initiatives approved by council included the establishment of the Green Imperative Project (GIP) national office in Abuja and regional offices across the six geopolitical zones, as well as addressing the crises fuelled by the current system of animal husbandry in the country.

At its 149th NEC meeting held on Thursday at the Presidential Villa, Abuja, NEC also observed a minute of silence for victims of the recent killings in Benue and Plateau States, while expressing its condolences for the people and governments of the affected states.

NEC, chaired by Vice President Kashim Shettima, with Governors of the 36 states of the federation, the Governor of the Central Bank of Nigeria (CBN), the Minister of Finance, and other co-opted government officials as members, approved the proposal for the establishment of the Cotton, Textile and Garment Development Board.

As the regulatory body for the cotton, textile and garment sector of Nigeria, the Board will have governors representing the six geo-political zones, with Ministers of Agriculture and Food Security, Budget and Economic Planning, and Industry, Trade and Investment as members.

The board, when set up, will be domiciled in the Presidency, private sector-driven, with representation of the relevant public sector stakeholders, and funded from the Textile Import Levy being collected by the Nigeria Customs Service (NCS).

NEC also approved the establishment of the Green Imperative Project (GIP) national office in Abuja and regional offices across the six geopolitical zones, as well as the request for support for the formal launch of the National Agribusiness Policy Mechanism.

Addressing issues of empowerment and food security, Vice President Shettima implored members of the Council to be courageous in taking decisions, saying they must “resist the temptation of grand rhetoric and embrace the hard work of reform.

“The nation is watching. Our citizens are not waiting for another speech. They are waiting for results. This Council must remain a meeting point of ideas that move the nation forward. Let us rise above partisan interests and regional divisions and focus on what truly matters—building a nation that delivers for all,” he stated.

VP Shettima reminded members that they were not at the council meeting as a mere routine but by “the resolve to confront the pressing realities that define the lives” of the Nigerian people”, even as he urged them not to just respond to crises, but work as architects of a sustainable future for the nation.

He stated: “Governance, in truth, is not the theatre of promises. It is the solemn business of fulfilment. Today, as always, we are not here to admire the beauty of policy design but to ensure the substance of its execution.

“The task before us is monumental, but it is not unfamiliar. At our last meeting, we launched bold initiatives and reawakened our sense of duty to the nation. Today, we return with even greater clarity about what lies ahead. We must always bear in mind that we are not merely responders to crises. We are architects of a sustainable future.”

On the establishment of a Cotton, Textile and Garment Development Board, the Vice President said it aligns with the economic revival agenda of President Bola Ahmed Tinubu, recalling that the initiative “is a call to resuscitate a sector that once clothed the people and powered the nation’s economy.

Nigeria is a nation where cotton can thrive in 34 states. Yet our production level remains a fraction of our potential. We currently produce only 13,000 metric tons, while we continue to import textiles worth hundreds of millions of dollars. This is not just an economic imbalance. It is an invitation to act,” he added.

Cotton, Textile and Garment Development Board, according to him, will be funded by the textile import levy and will have a presence in all geopolitical zones in the country.

“Our goal is not just regulation. It is a revival. This is our opportunity to re-industrialise, to empower communities, and to restore pride in local production,” he explained.

On strengthening the nation’s food security, the Vice President said even though it is a vital follow-up to the Nutrition 774 Initiative, it is also basically about building an inclusive, efficient and sustainable national food economy.

“We are building a national food economy that is inclusive, efficient and sustainable,” he noted.

VP Shettima maintained that deliberations by NEC must inspire action, deepen unity and uplift the lives of the citizens, and to actualise this, he pushed for the consideration of a “field visit by the NEC Implementation Monitoring Committee.

“This is a critical step in bridging the gap between policy and performance. Our people do not evaluate us by the elegance of our policies, but by the evidence of their impact,” he added.

Other highlights of the meeting are as follows:

UPDATES ON ACCOUNT BALANCES

The Accountant-General of the Federation gave an update to Council on the under-listed accounts as follows:

1. EXCESS CRUDE ACCOUNT (ECA), Balance as at April 2025 – $473,754.57
2. STABILISATION ACCOUNT, Balance as at April 2025 – N63,535,835,786.60
3. NATURAL RESOURCES DEVELOPMENT ACCOUNT, Balance as at April 2025 – N72,858,962,913.29

PRESENTATION ON SKILL DEVELOPMENT IN NIGERIA BY HONOURABLE MINISTER OF EDUCATION TO EQUIP 5 MILLION YOUTH WITH INCOME-GENERATING, INDUSTRY-RELEVANT AND ENTREPRENEURIAL SKILLS BY 2030

The presentation by the Honourable Minister of Education informed the Council that the National Council on Skills had, at its last meetings, chaired by the Vice President, resolved to strengthen and streamline skills development efforts across the country, through the Technical and Vocational Education Training (TVET) initiative.

Council was informed that the TVET system will comprehensively transform skilled education to deliver quality and consistency across all levels. Through a standardised framework that ensures all training programs are properly accredited and certified in a seamless and orderly manner, supported by modernised colleges, an industry-relevant curriculum, sustainable funding and a strong governance structure.

Council was informed that the coordinated and integrated initiative will integrate partnerships with all MDAs, sub-national governments and the private sector.

Council lauded the federal government’s strong commitment to TVET by integrating skills development into national education policies and budgetary allocations.

COUNCIL RESOLUTION:

Council approved key recommendations in the presentation and urged State governors to take advantage of emerging opportunities under the new initiative to train and mentor youths in digital education and skill acquisition to add value to their lives.

Considering the benefits of the programme on job creation and youth empowerment, States were advised to also fully participate in the programme irrespective of political affiliations.

PRESENTATION ON NIGERIA LIVESTOCK GROWTH ACCELERATION STRATEGY BY THE MINISTRY OF LIVESTOCK DEVELOPMENT

The purpose of the presentation is to present the strategy of the newly created Federal Ministry of Livestock Development (FMLD) to the National Economic Council. The strategy is inherited and built on the National Livestock Transformation Plan, NLTP (2018 – 2028), which was focused on modernising Nigeria’s livestock sector, with an emphasis on cattle ranching and peacebuilding.

The strategy is also built on the National Livestock Growth Acceleration Strategy (NL-GAS), refined and extended to transform the sector into an intentional jobs, wealth, exports, and tax / IGR engine.

The presentation projected that the strategy will build a $74B – $90B sector by 2035 in direct partnership between States, the private sector, and foreign investors, under a sound federal regulatory umbrella.

Investments in the programme will prioritise 5 key pillars between 2025-2026. These critical areas of focus include Animal Health and Zoonoses Control, Feed and Fodder Development, and Water Resources Management.

Others are on Statistics & Information Systems and Breed Improvement initiatives as essential components of comprehensive Livestock Value Chain Development across the country.

Council considered several prayers related to livestock development initiatives in Nigeria. The first set of requests included formally endorsing FMLD’s inheritance of NLTP, its strategic priorities and associated implementing assets; transferring to FMLD the prior committed N100 billion in resources approved by NEC to support industry modernization; creating counterpart State Ministries of Livestock Development as appropriate; and gaining access to the pool of technical support and expertise available at the Federal Ministry, particularly for animal health support and disease eradication.

Additionally, the Council reviewed proposals to work together in delivering public good investments critical to transforming Nigeria into a red meat exporter with access to key Middle East and Asian markets. This included partnering with FMLD to attract private investors to the States as well as strengthening existing ones to build an IGR source, national job growth, and export engine.

The final considerations focused on collaboration with the NL-GAS Office to domesticate the new strategy and key into the growing pool of investor engagement. There was also discussion about partnering with sub-nationals to identify key areas of investment priority and positioning on the value chain accordingly via State Investment Companies to generate IGR and jobs.

COUNCIL RESOLUTION:

Council deliberated and endorsed key recommendations of the presentation, especially the focus on addressing the crises fuelled by the current system of animal husbandry in the country.

Council also urged active participation of the sub-nationals and the private sector in operationalising the priorities of the Ministry’s presentation on modern livestock production.

NEC Okays New Textile Dev. Board, $90B Agribusiness, Livestock Development Plan