The United Bank for Africa (UBA) on Monday handed over a new innovation hub and business office to the University of Lagos (UNILAG) and committed an additional ₦60 million to the institution’s Professorial Chair in Finance.
Constructed on 1,400 square metres of land, the building is shared between the university and the bank, with 52 per cent allocated to the university and 48 per cent to UBA.
The Vice Chancellor of UNILAG, Folasade Ogunsola, a Professor of Medical Microbiology, received the facility alongside the management team. UBA’s Group Managing Director and Chief Executive Officer, Oliver Alawuba, and Chairperson of the UBA Foundation, Bola Atta, led the bank’s delegation while student representatives also witnessed the ceremony.
UBA-UNILAG partnership, model for university-industry collaboration
Mrs Ogunsola said the commissioning of the innovation hub marked the deepening of a relationship that began in 1969 when UBA opened the first bank branch on any Nigerian university campus at UNILAG.
“Today is a day I have long anticipated. It is a day that affirms what I have always believed, that the enduring development of this university and indeed this great nation is not achieved by government alone, but through genuine, structured and visionary partnerships between academia and industry,” she said.
She traced UBA’s origins to the British and French Bank, which commenced operations in Nigeria in 1949 and was incorporated as UBA in 1961, one year before UNILAG was established.
“That such an institution chose the University of Lagos as its first campus home is a source of tremendous pride,” Mrs Ogunsola said.
The vice chancellor noted that UBA Group Chairman, Tony Elumelu, earned his Master of Science degree (MSc) in Economics from UNILAG, while his wife, Awele Elumelu, completed her residency training at the Lagos University Teaching Hospital (LUTH).
“The Elumelu family story is, in many ways, woven into the fabric of the University of Lagos,” she said.
The story of UBA’s finance professorial chair
On 13 January 1972, UBA established the Professorial Chair in Finance at UNILAG, the oldest endowed chair in finance in Nigeria. The initiative led to the establishment of the Department of Finance in 1973.
Three academics have occupied the chair including Green Nwankwo from 1974 to 1998, John Ezekiel from 2018 to 2020, and the current occupant, Ishola Lawal, all professors.
The endowment remained dormant for 17 years between 1998 and 2015 due to disruptions within the university system. UBA revived it in 2015 with a ₦52 million endowment.
The ₦60 million injection and what it funds
The current chair occupier, Mr Lawal, a professor, explained the purpose of the fresh funding.
He said the chair has four mandates including visibility drive, which entails research; mentoring, which involves knowledge transfer to the next generation; product development for UBA and curriculum development for finance education in Nigeria.
His team has developed four curricula in financial technology: BSc, MSc and PhD programmes in FinTech, as well as one for finance programme. “We want to prepare young people through curriculum development to fill these gaps,” Mr Lawal said.
According to him, the office budget now stands at about ₦150 million, including the new ₦60 million.
Calls for deeper collaboration
The vice chancellor used the occasion to call for stronger collaboration. She proposed a structured annual UBA-UNILAG internship programme, joint research drawing from UBA’s data across 24 African countries, and collaboration with the university’s innovation hubs.
“We believe that the future of African higher education lies in universities and industry growing together, where research conducted in laboratories solves real-life problems for Nigerian businesses, and where students undertake meaningful rather than ceremonial internships,” she said.
Mr Alawuba welcomed the proposal, saying, “We will do those and more. Let the ideas come. I say that as a challenge to the university community. Let us pursue those areas of collaboration and provide the necessary support,” he said.
Connectivity and innovation drive
Mr Alawuba announced that UBA would install strong Wi-Fi connectivity around the hub.
“This will be a centre where students can access the rest of the world,” he said.
He also highlighted UBA’s artificial intelligence banking product, Leo, noting that the bank pioneered AI adoption in Africa.
“We live in a world driven by technology today, especially artificial intelligence. I am pleased that the University of Lagos is already emerging as a hub for AI. We can collaborate in this area of technology and move the institution forward,” he said.
The GMD noted that the UBA branch on campus, established in 1969, now serves more than 80,000 customers. “That represents the shared trust and friendship between us,” he said.
Expanding education support
Mr Alawuba further mentioned that the UBA Foundation organises an annual National Essay Competition for secondary school students and donates books across Africa.
Responding to concerns about support for tertiary students, he said: “I believe the UBA Foundation can look into this and see what more can be done for students in tertiary institutions.”
He also confirmed that the bank would continue the annual Christmas lighting of the UBA Park built on campus.
Students seek partnership drive
Delivering the vote of thanks, Students’ Union President, Bolaji Akinpelu thanked attendees. He said, “We hope this continues to inspire creativity, innovation and enterprise within our university community. As a student body, we are open to partnerships that will support students because we have several ideas and solutions we would like to develop with UBA.”
Addressing the students, Mr Alawuba said, “Your ideas matter. Your dreams are valid and your future is worth investing in. Use this environment to think boldly, learn deeply, innovate, and develop solutions for Nigeria, Africa and the world.”
Campus image restored
According to Mr Alawuba, he had received calls from professors and students who felt that the old building previously on the site did not reflect UBA’s image.
“I told them to hold on, we were coming. I think today we have restored that image,” he said, explaining that the facility goes beyond banking operations.
“This is only the foundation for the things we will achieve together,” he said.
He thanked AfriLand Properties Plc and the project consultants for completing the project within record time.
The building, he said, will serve as a shared facility, accommodating two floors for the university’s academic and operational activities, alongside a banking facility and an innovation hub.
The vice chancellor told students the spaces belonged to them. “They are a reminder that this university has strength, that excellence is recognised, and that the world beyond these gates is waiting for you,” she said.
