Nigeria, April 26 -- United Bank for Africa (UBA) says it will meet the Central Bank of Nigeria's (CBN) new capital requirement of N500 billion by the third quarter of 2025, well ahead of the March 2026 deadline set by the central bank.

This comes after UBA reported a profit after tax (PAT) of N767 billion for 2024, driven by robust revenue growth and strategic investments.

The assurance was made by UBA Group chairperson Tony Elumelu at the bank's 65th Annual General Meeting (AGM) held in Abuja.

"We are committed to meeting the CBN's N500 billion minimum capital requirement ahead of schedule," Mr Elumelu said. "We expect to complete the final phase of our recapitalisation process in the third quarter of 2025, well before the March 2026...