United Bank for Africa (UBA) has inaugurated a four-storey Innovation Hub and Business Office at the University of Lagos (UNILAG), in a move aimed at strengthening collaboration between industry and academia while promoting innovation, research and youth development.
The facility, located within the university campus, was officially unveiled on Monday and is designed to serve both banking operations and academic activities.
According to reports, two floors of the building will house UBA operations, while the remaining two floors will be used by University of Lagos.
Vice-Chancellor of UNILAG, Prof. Folasade Ogunsola and Group Managing Director/Chief Executive Officer, UBA, Mr Oliver Alawuba, during inauguration of the bank’s four-storey innovation hub and business iffice at UNILAG on Monday in Lagos
Speaking at the inauguration, UBA Group Managing Director, Mr Oliver Alawuba, described the project as a strategic investment in education, innovation and Africa’s future.
He said stronger collaboration between universities and industry is essential for driving economic transformation across the continent.
“This building is more than a banking office. It symbolises a renewed and enduring relationship between UBA and the University of Lagos,” he said, adding that the bank is committed to investing in African youths and supporting innovation.
Alawuba noted that UBA, which established the first bank branch in a Nigerian university in 1969, currently serves more than 80,000 customers within the campus community.
He also disclosed plans to enhance digital connectivity around the facility through improved Wi-Fi access to support learning, research and innovation.
According to him, the bank’s foundation will also expand its education initiatives, including scholarships and essay competitions for tertiary institutions.
The UBA chief stressed the growing importance of Artificial Intelligence (AI) in global development, stating that the bank remains a leader in AI adoption across Africa.
He encouraged students to embrace innovation and develop solutions that address societal challenges.
“We live in a world driven by technology and artificial intelligence,” he said. “Your ideas matter, your dreams are valid and your vision is worth investing in.”
Vice-Chancellor of UNILAG, Prof. Folasade Ogunsola, described the project as a significant milestone in strengthening partnerships between academia and industry.
She said the initiative reflects a shared vision of advancing education, enterprise and national development.
She commended UBA Chairman, Mr Tony Elumelu, an alumnus of the university, for his continued support through infrastructure projects, research funding and student-focused programmes, including scholarships and a professorial chair in finance.
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Ogunsola also called for expanded collaboration in areas such as internships, financial inclusion research, digital banking innovation and entrepreneurship development.
President of the UNILAG Students’ Union, Mr Bolaji Akinpelu, also welcomed the project, describing it as a valuable platform for students to test ideas, develop solutions and enhance their creativity.
He said the innovation hub would significantly contribute to student development and prepare them for future opportunities in a technology-driven economy.
