United Bank for Africa (UBA) is setting its sights on the vast economic potential of Africa’s diaspora community while deepening its strategic presence across Asia, particularly in Dubai, marking another bold step in the bank’s pan-African and global expansion strategy.
Speaking at a recent event in Lagos for participants of the bank’s Graduate Management Accelerated Programme (G-MAP) Cohorts 17 and 18, UBA Group Chairman, Tony Elumelu, unveiled the bank’s vision to unlock new opportunities through diaspora engagement and cross-continental expansion.
Elumelu, a globally celebrated advocate of Africapitalism, said UBA’s new focus will not only empower Africans abroad to invest back home but also position the bank as a key facilitator of trade and capital flow between Africa and Asia.
“We believe that the African diaspora and Asian markets offer significant opportunities for UBA to grow its business, while also contributing to the economic development of Africa,” Elumelu stated.
“Our presence in Dubai marks the first phase of this expansion. As we continue to build expertise and strengthen our systems, we are ready to take African excellence to more advanced markets.”
Elumelu explained that UBA’s diaspora banking initiative will include a range of innovative products designed to help Africans abroad invest, trade, and transact seamlessly with the continent. The bank’s approach, he said, is part of its broader mission to make African capital work for Africans everywhere.
The UBA Chairman, whose visionary leadership has seen the bank grow into a truly global institution with operations in over 20 African countries, Europe, the U.S., and now Asia, reaffirmed his commitment to building bridges of prosperity between Africa and the world.
“Right now, in the area of trade, we want to do more, that’s why we started in Dubai,” he added.
Elumelu also expressed strong support for the Federal Government’s new tax law, set to take effect on January 1, 2026, describing it as a bold and necessary step toward fiscal sustainability.
“I support it wholeheartedly. There might be areas that require fine-tuning, but the important thing is to get started. No policy is ever perfect, but this one is transformative,” he said.
He emphasized that while the new framework might impact individuals and businesses, including himself, the broader national interest must take precedence.
“Personally, it’s going to affect me very hard. But this is where personal interest gives way to national interest. Nigeria’s tax-to-GDP ratio is one of the lowest in the world, and this reform can help us redirect funds to the right purposes,” he explained.
The event also celebrated over 700 participants from across Africa who completed the 17th and 18th cohorts of UBA’s Graduate Management Accelerated Programme, an initiative designed to train and empower young African professionals for leadership roles within the bank and beyond.
Under Elumelu’s leadership, UBA continues to strengthen its position as Africa’s Global Bank, driving innovation, inclusion, and empowerment across continents, from Lagos to London, New York to Dubai.