Following its recently released half-year financials, Africa’s Global Bank – United Bank for Africa (UBA) Plc, has announced its audited results for the third quarter ended September 30, 2025, where it recorded strong and impressive growth across all its key indicators.

As in the first two quarters of the current fiscal year, the bank’s gross earnings grew by 3.0 per cent to N2.469 trillion up from N2.398 trillion recorded in September last year, while its net Interest income which stood at N1.103 trillion at the end of the third quarter in 2024, rose by 6.2 per cent to N1.172 trillion in the period under consideration.

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The bank’s financial report filed with the Nigerian Exchange Limited on Thursday also indicated a slight drop by 4.1 per cent in Profit before Tax (PBT) to N578.59 billion compared to N603.48 recorded at the end of the third quarter of 2024, while profit after tax rose by 2.3 per cent from N525.31 billion recorded a year earlier to N537.53 billion at the end of September 2025.

As in the preceding two quarters this year, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N32.492 trillion, representing a 7.2 per cent increase over the N30.323 trillion recorded at the end of December 2024, just as total deposits rose by 7.7 per cent from N24.651 trillion at the end of last year to N26.54 trillion in September 2025.

UBA shareholders’ funds remained very strong at N4.301 trillion rising by 25.8 per cent from N3.418 trillion recorded in December 2024 again reflecting a strong capacity for internal capital generation and growth.

Commenting on the result, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, said the bank continues to demonstrate the strength, resilience, and diversification of its business in a dynamic operating environment.

“We delivered solid performance supported by prudent balance sheet management, innovation, and a well-diversified earnings base across all our markets,” he stated.

According to him, with profit After tax rising to N538 billion, from N525 billion, the bank continues to reflect consistent earnings momentum and its commitment to sustainable growth, with strength in Nigeria, African network and global presence amidst persistent macroeconomic headwinds.

Updating shareholders and investors on its recent recapitalisation efforts, the GMD said, “I am pleased to report that we have made significant progress on our capital raising, as part of the mandated industry wide recapitalization exercise with the successful completion of the final phase II of the Rights Issue. This has strengthened our capital base and will support the continued, prudent expansion of our operations across our markets.”

Alawuba emphasised UBA’s unwavering focus on disciplined execution and strategic growth, ensuring the delivery of sustainable returns and long-term value to all shareholders.

UBA’s Executive Director, Finance & Risk, Ugo Nwaghodoh, who also spoke on the result, pointed out that the Group delivered steady growth in earnings, with gross earnings rising to N2.47 trillion, driven by a 10.1% increase in interest income and a 6.2% uplift in net interest income.

He noted that total assets grew by 7% to N32.5 trillion, supported by focused deposit mobilisation and increased investment in earning assets.

“Shareholders’ funds expanded by 26% to N4.3 trillion, underscoring the continued confidence of investors in the Group’s strategy, while capital adequacy and liquidity ratios remain well above regulatory thresholds and provide significant buffers to support continued growth,” he explained.

Speaking on the bank’s efforts to consolidate its performance for the rest of the 2025 financial year and beyond, Nwaghodoh said, “We remain focused on sustaining profitability, expanding our digital income streams, and delivering long-term value to our shareholders.”

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

Aliko Dangote, founder of the Dangote Group, says his petroleum refinery will expand its processing capacity from 650,000 barrels per day (bpd) to 1.4 million bpd — a move that would make it the largest refinery in the world.

The billionaire industrialist announced the planned expansion at a press conference on Sunday, describing the project as a defining milestone for Africa’s industrial and energy future.

“This expansion reflects our belief in Africa,” Dangote said.
“It is also about confidence in Nigeria, in the leadership of President Bola Tinubu, in Africa, and in our capacity to shape our own energy future.”

Dangote said the expansion project, which will take three years to complete, will leverage lessons from the first phase of the refinery’s construction.

“We know now where all the dead bodies are buried, and we will try and avoid all those areas,” he said jokingly.
“Also, we already have the infrastructure, so it will take us a very short period of time.”

He said the project aligns with President Tinubu’s broader energy hub vision for Nigeria and aims to meet Africa’s growing petroleum needs while cutting dependence on imported fuel.

“It is President Bola Tinubu’s dream for Nigeria to emerge as one of the major petroleum hubs in the world,” Dangote added.

Energy security and economic impact

Dangote noted that the expansion is designed not only to meet Africa’s energy demand but also to “save and generate billions of dollars” for Nigeria, ensuring energy security and a sustainable petroleum future.

He revealed that at least 65,000 workers will be engaged during the expansion phase, with over 85 percent of the workforce being Nigerian.

“Our goal has always been to find opportunities for our people,” he said.
“We are investing heavily in skills development and technology transfer as part of this expansion.”

Refinery to list on Nigerian Exchange in 2026

The industrialist also announced that the Dangote Petroleum Refinery will be listed on the Nigerian Exchange Limited (NGX) in 2026, allowing Nigerians to own part of the company.

“We want to give all Nigerians the opportunity to own a part of the refinery,” Dangote said.
“They can buy as many shares as they need.”

He explained that the expansion will be financed primarily through cash flow, alongside contributions from one or two strategic investors.

The refinery, located in the Lekki Free Trade Zone in Lagos, began operations earlier this year and has been touted as a game changer for the continent’s oil and gas sector.

Dangote said the vision is to build legacy assets that “define generations and empower Africa’s industrial base.”

“This is not just about oil,” he said.
“It’s about transformation — creating jobs, deepening value chains, and positioning Africa as a serious global energy player.”

Some engineers recently dismissed by the Dangote Refinery have denied claims that there were 22 incidents of sabotage at the multibillion-dollar facility, including attempts to set it on fire.

The sacked workers, who spoke anonymously due to the sensitivity of the issue, insisted that the allegations were false and accused the refinery of punishing them for joining the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

According to them, if the refinery truly recorded several sabotage attempts, “someone would have been arrested or prosecuted by now.”

“From media reports, they said they have evidence. How can there be evidence without suspects?” one of the engineers asked.

The group said no member of the refinery’s technical team ever attempted to destroy or damage the facility, adding that many of them were part of the core professionals who built the plant.

“Some of us helped build this refinery. How could we turn around to destroy it? We love the project and want it to succeed,” a dismissed worker said.

During a media tour of the refinery last Friday, Devakumar Edwin, Vice President of the Dangote Group, had said the sacked engineers were dismissed for acts of sabotage, not union activities.

Edwin maintained that the company had documented “22 cases of sabotage,” including incidents where some workers allegedly attempted to set fire to certain sections of the refinery or tamper with key equipment.

“We have been under repeated attacks. Fortunately, it’s an ultramodern refinery. Whenever someone tries to start a fire or tamper with a system, our safety mechanisms respond automatically,” he stated.

He added that the company embarked on a massive reorganisation to protect its operations and dismissed suggestions that the exercise was linked to pressure from PENGASSAN.

However, the sacked engineers insist their dismissal was a direct response to unionisation efforts, noting that they had merely volunteered to join PENGASSAN before their contracts were abruptly terminated.

The dispute had led to a strike by oil and gas workers three weeks ago, which disrupted operations and affected national oil output and power generation.

The Federal Government later intervened, directing the Dangote Group to recall or redeploy the affected staff.

Although sources within the company hinted at plans to redeploy the engineers to other business units such as the Dangote Sugar and Dangote Cement plants, the workers told reporters they had not been contacted since their September salary was paid on October 6.

“We are still at home; no communication so far. We’re waiting for the next decision of the company,” one of them confirmed.

The Dangote Refinery, commissioned in 2023, remains one of Africa’s largest industrial projects, but recent labour tensions have renewed debates over workers’ rights and corporate accountability within the private sector.