Africa’s Global Bank, the United Bank for Africa, on Monday commissioned the UBA Innovation Hub and Business Office at the University of Lagos in a move aimed at strengthening innovation, youth empowerment and institutional collaboration in Nigeria’s education sector.
The commissioning ceremony held at the University of Lagos (UNILAG), Akoka, brought together senior executives of the bank and university leadership led by Vice Chancellor, Professor Folasade Tolulope Ogunsola, marking another milestone in the long-standing partnership between both institutions.
UBA UNILAG Innovation Hub represents a renewed commitment by the bank to deepen its footprint in the academic space and support the development of future entrepreneurs and leaders across Africa.
Representing the Group Chairman, Tony Elumelu, the Group Managing Director and Chief Executive Officer, Oliver Alawuba, described the project as a strategic investment in human capital and innovation.
“Universities remain the birthplace of ideas, innovation, and future leadership. Through this investment, UBA is reaffirming its belief in young people and in the role institutions like the University of Lagos will continue to play in shaping Africa’s future,” Elumelu said.
He noted that the initiative reflects UBA’s philosophy of empowering people and building institutions across Africa, adding that the bank remains committed to long-term developmental impact rather than short-term gains.
The Vice Chancellor of UNILAG, Professor Folasade Ogunsola, praised the bank’s contribution to the university’s growth, describing Elumelu as a “son of the university” whose success story reflects the institution’s intellectual legacy.
She said the partnership demonstrates how academia and industry can collaborate effectively to produce innovation-driven outcomes that benefit society.
The newly commissioned four-floor facility is designed as a shared platform where academia and industry converge, with UBA operating a dedicated Business Office to provide financial services, advisory support and enterprise engagement opportunities for students and staff.
The remaining sections of the building will be used by the university for broader academic and developmental purposes, further strengthening institutional capacity.
According to the Group Managing Director/CEO of UBA, Oliver Alawuba, the UBA UNILAG Innovation Hub is aimed at bridging knowledge with opportunity in a rapidly evolving global economy.
“This facility will provide students and the university community access to ideas, networks, innovation support, and financial services that help unlock potential and prepare future leaders,” he said.
A major highlight of the event was the renewal of UBA’s support for the Professorial Chair in Finance at UNILAG, including an additional ₦61.67 million endowment to strengthen research and academic excellence in financial studies.
The bank also reiterated its historic contribution to academia, noting that it established the first Finance Professorial Chair in a Nigerian university in 1972, a milestone it continues to sustain.
UBA UNILAG Innovation Hub is expected to reinforce the bank’s broader strategy of supporting education, entrepreneurship and technological advancement across Africa’s fast-growing youth population.
With operations in multiple countries and millions of customers globally, UBA continues to position itself as a leading driver of financial inclusion and innovation-led growth across the continent.
