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United Bank for Africa (UBA) has said, it will, this Friday, seek shareholders’ approval on its recapitalisation plans, assuring that, as a bank with international licence, it will recapitalise to the tune of N500 billion before the deadline.

This is even as the bank kicked off its yearlong 75 year anniversary activities in Lagos yesterday.

Speaking at a global press conference to mark the commencement of the celebrations at the UBA head office yesterday, the group managing director of the bank, Oliver Alawuba, applauded the steps taken by the Central Bank of Nigeria (CBN) to recapitalise the entire banking industry.

He added that the sector is critical to the realisation of the $1 trillion economy by current administration at the federal level, stressing that, this exercise will make the banking system stronger to play a major role in economic growth.

Oliver Alawuba assured UBA’s stakeholders that the financial institution will scale through the exercise as it plans to expand its operations internationally stressing that the bank will be getting shareholders’ approval for its recapitalisation plan this weekend.

Meanwhile, he restated the commitment of the bank to the $6 billion SME funding agreement signed with the African Free Trade Area (AfCFTA) which, he said, will be instrumental in achieving UBA’s strategic objectives.

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