Tony Elumelu, Uba Executives Spend 19 Million On Travel In 2024
Tony Elumelu and senior staff spent 19 million on business travels in 2024, more than doubling 2023s 9.3 million.
UBAs expenses surged to 682 million in 2024, driven by rising staff costs and depreciation, despite double-digit profit growth.
The banks total assets grew from 13.4 billion to 20 billion in 2024, while shareholders' equity climbed to 2.23 billion.
Nigerian businessman Tony Elumelu, along with other executive directors and senior staff of United Bank for Africa UBA Plc, spent 19 million on business travels in 2024, according to the banks recently published financial statements.
The report shows that Elumelu, four independent non-executive directors, five non-executive directors, and other executives and senior staff collectively spent N29.13 billion 19 million on travel, more than doubling the N14.2 billion 9.3 million spent in 2023.
Lavish spending by Nigerian banks growsThis expense was part of the N682.9 billion 445 million classified under other operating expenses in 2024an increase from N372.8 billion 242.7 million the previous year. The rising costs have weighed on profitability, limiting returns that would have otherwise gone to shareholders and adding to concerns about uncontrolled spending.
The surge in travel expenses comes amid growing criticism of Nigerian banks for their lavish spending, including private jet purchases. Reports indicate that four banks have collectively spent over 500 million on nine private jets. Critics argue that such extravagance erodes public trust in financial institutions and diverts resources from critical economic sectors.
UBAs operating costs surge past N1 trillionUBA, one of Nigerias leading lenders, operates in 24 countries across four continents, including major hubs in the UK, the U.S., France, and the UAE. Under Elumelus leadershiphe holds a 6.86 percent stake in the bank, amounting to 2.35 billion sharesUBA has struggled to rein in costs. The groups operating expenses, which include employee benefits, depreciation, amortization, and other costs, soared past N1 trillion 650 million in 2024.