The Chairman of the United Bank for Africa (UBA) Mr. Tony Elumelu has taken his gospel of Africapitalism to the Caribbean region. Speaking at the Jamaican Stock Exchange 17th regional investments and capital markets conference, Mr. Elumelu who is also the Chairman of Heirs Holdings Limited said that UBA has been recognised as the only African bank with a deposit taking license in the United States of America (USA) adding that the Bank was able to scale the most stringent regulatory requirements of the US financial services regulators.
UBA is present in 20 African countries and in key financial centres of New York, Paris, London, Grand Cayman Island and most recently, Dubai.
According to the UBA chairman, when he started his own entrepreneurial journey long ago, the Nigerian banking system was not what it was today. He further stated, “We had over 100 banks all fighting for supremacy in a regulatory environment that was not as specialised as it is today.
“I took a bank that was distressed and immediately set out three bold and audacious strategic intents in our turnaround strategy.
“Our number one intent at the time was to become financially viable because we were a distressed bank. Our number two intent was to become one of the top 10 banks in Nigeria, and we fixed timeframes to achieve this.
“Number three – and then to become one of the top three banks in Nigeria. These strategic intentions helped to shape our activities and actions and accomplishments. I dare say we were bold but disciplined.”
According to Elumelu, “We have a customer base in excess of 25 million customers and counting across the world.
“We are not yet in the Caribbean, but this is something that we will explore when I come to Jamaica physically with the CEO of our UBA America’s operations.”
However, Elumelu said he has resolved to travel to Jamaica in the first quarter of 2022 to physically visit the Prime Minister and others to further explore ways in which “we can further accelerate cooperation between Africa, the Caribbean, and the black diaspora” because he added, “we share so much, in terms of history and opportunity.”
Having traveled widely across the world, Elumelu observed that collaboration is important in trying to achieve goals and objectives.
He said that the capital market is the engine of capitalism and that a well regulated, responsible capital market is of positive benefit to an economy.
Properly run, it can democratise wealth and sustain growth, he said. Whilst acknowledging the role of the state to provide an enabling environment, Elumelu added that the private sector prosperity leads to wealth creation for all, and that such wealth creation is for social benefit for all.
“In what I do, this is what I call Africapitalism. Africapitalism positions the private sector, and most importantly entrepreneurs as the catalyst for the social and economic development of the African continent.
“This is why we must commend Dr Forrest-Street and her team for the impressive work they have done in raising the profile of the Jamaican Stock Exchange. They have helped over 80 companies raise capital through the Exchange and have a Stock Exchange valued at over USD16 billion. They have helped develop entrepreneurs and their businesses.
“I speak today as an entrepreneur that has benefitted from the capital markets, the Nigerian stock exchange to be precise.”
He warned against the tendency to overlook things during small beginnings, such as corporate governance by seeing it as a fanciful thing reserved for large corporates.
In his recommendation he said that often the foundations built at the early stages of a business determine the trajectory of that company and this is a message to all entrepreneurs.
“Ensure you get your corporate governance right; it is most important to address these issues when you are small as opposed to when you are a larger organisation.
“In due time we took the distressed bank and merged with a historically significant Nigeria bank to become today’s UBA, a truly pan-African institution.”
“As an entrepreneur, he said, ” wealth creation for me came from following my philosophy of Africapitalism, having invested long-term in strategic sectors of the economy.”