The University of Lagos (UNILAG) and the United Bank for Africa (UBA) have deepened their long-standing relationship with the unveiling of a new Innovation Hub and Business Office at the university’s Akoka campus, in a move both institutions say will strengthen innovation, digital learning, and student development.
The commissioning ceremony, held on Monday, May 25, 2026, brought together top executives from UBA, members of the university management, academic staff, students, and industry stakeholders, highlighting what both sides described as a strategic partnership between academia and the private sector.
Speaking during the unveiling, UNILAG Vice-Chancellor, Professor Folasade Tolulope Ogunsola, described the relationship between the university and UBA as a model for how collaboration between higher institutions and industry players can support innovation and youth empowerment across Africa.
According to her, the newly completed facility is more than a banking office within the university environment. She said the project represents decades of trust, shared growth, and a joint commitment to developing future leaders.
“Today is a day I have long anticipated,” she said. “It affirms my long-held belief that the development of this University, and indeed our nation, cannot be achieved by government alone, but through structured and visionary partnerships between academia and industry.”
Professor Ogunsola noted that UNILAG has consistently positioned itself as a centre for academic excellence, innovation, and transformational leadership in Nigeria and across the continent. She added that partnerships such as the one with UBA are becoming increasingly important as universities seek stronger connections with industry and technology-driven sectors.
She also reflected on the historical relationship between both institutions, explaining that UBA was the first banking institution to establish operations within UNILAG after the university was founded in 1962.
According to the Vice-Chancellor, both institutions have evolved side by side over the decades while maintaining a shared focus on excellence, leadership, and human capital development.
She traced UBA’s journey from its roots as the British and French Bank in 1949 to its current position as one of Africa’s largest financial institutions operating in 24 African countries and across four continents.
The Vice-Chancellor used the occasion to pay tribute to UBA Group Chairman, Mr. Tony Elumelu, describing him as one of the university’s most distinguished alumni.
She said his educational background at UNILAG played a major role in shaping the leadership style and vision that later defined his rise in the African business community.
“His journey is living proof of what UNILAG produces, not just graduates, but world changers,” she said.
She also acknowledged the role of Dr. Awele Vivien Elumelu and her connection to the university through the Lagos University Teaching Hospital (LUTH), while commending the wider contributions of the Tony Elumelu Foundation to youth and entrepreneurship development across Africa.
Beyond the unveiling of the Innovation Hub, Professor Ogunsola highlighted several interventions previously delivered by UBA within the university ecosystem.
Among them is the UBA Professorial Chair in Finance, established in 1972, which she described as the oldest endowment of its kind in Nigeria. According to her, the initiative contributed significantly to the establishment of UNILAG’s Department of Finance in 1973.
She also mentioned the UBA Park, scholarship support, essay competitions, and other student-focused initiatives carried out through the UBA Foundation.
The Vice-Chancellor, however, stressed that there is still room for deeper collaboration between both institutions, especially in areas linked to technology, digital finance, research, and innovation.
She proposed the introduction of a structured annual internship programme between UBA and UNILAG to provide students with practical exposure within the banking and financial services industry.
Professor Ogunsola also advocated for stronger collaboration around digital banking research, financial inclusion, African trade, and economic integration.
She further called for increased engagement with the university’s innovation ecosystem, including the Entrepreneurship and Skills Development Centre, innovation hubs, and the expanding UNILAG AI UniPod.
“These are not impossible dreams,” she said. “They are practical ambitions worthy of two institutions with the history and capacity that UBA and UNILAG so clearly share.”
Responding during the ceremony, UBA Group Managing Director and Chief Executive Officer, Mr. Oliver Alawuba, reaffirmed the bank’s commitment to education, innovation, and youth development.
He described the unveiling of the Innovation Hub as another major milestone in the relationship between UBA and the university community.
According to him, the bank remains committed to supporting learning, research, and innovation-driven development in Nigerian universities.
As part of the newly announced support initiatives, Alawuba revealed that UBA would provide internet connectivity around the facility to support students’ academic research, learning activities, and digital engagement.
The internet support initiative is expected to improve access to online educational resources and strengthen the digital learning environment within the campus community.
In another major announcement during the event, Alawuba presented a cheque of ₦60 million to the university as an enhancement to the UBA Professorial Chair in Finance endowment.
He described the additional funding as part of the bank’s commitment to sustaining academic excellence and strengthening finance-related research within the university.
The cheque presentation was witnessed by members of the Professorial Chair’s Board of Trustees led by Professor Wakeel Ishola.
University officials noted that the upgraded endowment would further support high-level academic research in finance and related disciplines while preserving the intellectual legacy attached to the Professorial Chair.
The official ribbon-cutting ceremony later marked the formal unveiling of the UBA Innovation Hub and Business Office.
Following the commissioning, guests toured the facility, with many describing it as a modern space designed to support innovation, collaboration, and student engagement.
Students and staff members gathered around the banking hall as dignitaries moved through the facility, with applause and excitement reflecting the significance of the development within the university community.
Earlier in the day, Oliver Alawuba had paid a courtesy visit to the Vice-Chancellor at her office before the commencement of the main event.
He was received alongside members of the university management, including the Deputy Vice-Chancellor (Management Services), Professor Muyiwa Falaiye; Registrar, Mrs. V. Abosede Wickliffe; Bursar, Mrs. Funmilola Adekunle; University Librarian, Professor Christopher Olatokunbo Okiki; Provost of the College of Medicine, Professor Ademola Oremosu; Director of Academic Planning, Professor Olufunlayo Bammeke; and Acting Director of Works and Physical Planning, Mr. Olaniyi Ayeye.
For both institutions, the unveiling of the Innovation Hub represented more than the opening of a physical structure. It reinforced a decades-long partnership built around education, enterprise, innovation, and the development of young Nigerians prepared for an increasingly digital and competitive economy.
