Investors at UBA Business Series Identify Africa’s Next Billion-Dollar Opportunities

… Spotlight financial inclusion, others as sectors poised for exponential growth

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has hosted another impactful edition of its quarterly UBA Business Series, bringing together entrepreneurs, investors, innovators and business leaders to explore how customer insights and technology is shaping Africa’s next generation of high-growth businesses.

Held at the Bank’s corporate headquarters in Lagos under the theme, “Building for Africa’s Realities: Turning Consumer Feedback into Technology-Driven Solutions,” the event examined how African entrepreneurs are leveraging data, consumer behaviour and innovation to build scalable businesses tailored to the continent’s unique realities.

A major highlight of the discussion was the consensus among panellists that financial inclusion, the creative economy, sports, and small and medium enterprises (SMEs) represent the sectors most likely to produce Africa’s next billion-dollar companies.

They agreed that the businesses most likely to succeed will be those that remain deeply connected to the needs and behaviours of their customers.

Moderated by media entrepreneur and founder, Adaora Mbelu, the conversation featured an accomplished panel comprising Co-founder and Chief Executive Officer of Chowdeck, Femi Aluko; acclaimed rapper and entrepreneur, M.I Abaga; and Venture Capitalist/ Co-founder of Octerra Capital, Ashim Egunjobi.

Opening the conversation, Mbelu challenged entrepreneurs to pay closer attention to the realities around them.

“Building is not reserved for the smartest person in the room. It is about being observant enough to understand people, behaviour and context. The greatest opportunities often emerge from paying attention to what others overlook.”

Sharing the Chowdeck growth story, Aluko explained that some of the company’s biggest innovations emerged directly from analysing customer behaviour. He revealed that purchasing patterns within the platform inspired the creation of Chowstore, demonstrating how data can uncover entirely new business opportunities.

“Customers constantly tell you what they need. If you listen carefully, they will show you what to build next.”

Speaking on artificial intelligence, M.I Abaga described AI as a transformative opportunity for Africa’s creative industry rather than a threat. He noted that emerging technologies would enable African creators participate more competitively in the rapidly expanding global creative economy.

“Technology has always been part of creativity. AI gives African creators the opportunity to compete globally, solve bigger problems and build businesses that serve international markets.”

He also observed that the digital era has fundamentally changed how audiences are reached, enabling creators to build direct relationships with their communities while creating demand for stronger financial and business support systems.

Offering an investor’s perspective, Egunjobi emphasised that successful investing begins with backing resilient founders rather than impressive presentations.

By Eric Elezuo

Premier commercial bank, the United Bank of Africa (UBA) has announced the retirement of its chairman, Mr. Tony Elumelu after 12 years of meritorious service. The retirement notice will take effect from August 21, 2026.

The announcement was made on Monday after a meeting of the Board of Directors, according to a statement titled NOTIFICATION OF RETIREMENT OF GROUP CHAIRMAN OF UNITED BANK FOR AFRICA AND APPOINTMENT OF SUCCESSOR, and made available to The Boss.

Elumelu will be replaced by Non-Executive Director of the bank, Mr. Emmanuel N. Nnorom, chartered accountant with over forty years’ experience in banking, finance and audit.

Expressing his appreciation for the privilege of serving the bank for 12 years as Chairman, Elumelu noted: that “Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position, across Africa and globally, and I leave the Board with great confidence in UBA’s future. Emmanuel Nnorom is a leader of integrity, experience and sound judgement, and I am confident that the Bank will continue to thrive under his leadership.”

In his acceptance speech, the incoming Chairman, Emmanuel Nnorom remarked that “I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the Board, Management and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders.”

The statement quoted the Board as placing on record “its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.”

It added that “Mr. Elumelu’s tenure has been a defining chapter in the Group’s history. Under his stewardship, UBA was transformed into a pan African institution, operating in 20 African countries and 4 global financial centres and serving over 50 million customers.”

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has reaffirmed its commitment to sustainability, employee wellbeing, and community development by mobilising thousands of employees across its operations in 20 African countries for the latest edition of its flagship wellness initiative, “Jogging to Bond.”

This year’s event held special significance as it coincided with the 60th birthday of UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who chose to celebrate the milestone in the company of staff and colleagues.

Held under the theme, “The Power Within U,” the quarterly initiative brought together employees from across the Group’s African network for a day dedicated to fitness, teamwork, creativity, community service, and environmental responsibility.

A major highlight of the event was a coordinated environmental clean-up exercise carried out simultaneously across UBA’s markets. From Lagos to Accra, Nairobi, Dakar, and other cities where the Bank operates, employees took to streets and public spaces to clean their surroundings, demonstrating UBA’s unwavering commitment to environmental stewardship and sustainable development.

The exercise underscored the Bank’s belief that corporate success must go hand-in-hand with positive social and environmental impact. By integrating community service into employee engagement activities, UBA continues to strengthen its Environmental, Social and Governance (ESG) agenda while creating meaningful value in the communities it serves.

Speaking during the event, Alawuba emphasised the importance of wellness, teamwork, and social responsibility in building a strong institution.

“There is no place I would rather be on my birthday than here, surrounded by the incredible people who make UBA what it is today. Our greatest strength lies in our people, in the passion, energy, and sense of purpose that unite us across Africa.

When we run together, serve together, and work together to make our communities cleaner and healthier, we are doing more than promoting fitness. We are demonstrating our shared values and our commitment to the people and communities that place their trust in us every day,” Alawuba said.

In Lagos, the event featured a variety of wellness activities, including spinning bike sessions, fitness challenges, relaxation therapies provided by Oriki, and an exercise station hosted by iFitness, which also offered exclusive discounts to UBA employees.

Commenting on the significance of the initiative, UBA’s Group Head, Marketing and Corporate Communications, Alero Ladipo, said the programme reflects the Bank’s holistic approach to employee welfare and sustainable development.

“At UBA, our people are at the heart of everything we do. We believe that creating a thriving workforce requires investing in their wellbeing while also encouraging them to make a positive difference in society.

‘Jogging to Bond’ embodies our commitment to fostering a healthy workplace culture, strengthening team spirit, and contributing meaningfully to environmental sustainability. It is one of the many ways we continue to create value for our employees, customers, shareholders, and communities across Africa.”

As part of its broader Employee Value Proposition and ESG strategy, UBA continues to implement programmes that promote wellness, engagement, volunteerism, and environmental responsibility across its operations. Through initiatives such as “Jogging to Bond,” the Bank reinforces its position not only as a leading financial institution but also as a responsible corporate citizen committed to building a more sustainable future for Africa.