The number of female board members at UBA surpasses that of Lafarge, Guinness, and others

United Bank for Africa (UBA) has achieved a significant milestone by surpassing prominent Nigerian companies like Lafarge, Guinness, BUA, Stanbic IBTC, and Nigerian Breweries to lead in female board membership.

With eight out of its 15 board members being women, UBA has become the first major Nigerian firm to exceed the 50% mark, boasting a remarkable 53% female board membership in 2022. 

The other companies that make up the top five in terms of female representation on their boards in 2022 are Lafarge Africa Plc (45%), Guinness Nigeria Plc (45%), Stanbic IBTC Holdings Plc (42%), and Nigerian Breweries Plc (42%).

On the other end of the spectrum, FBN Holdings Plc (9%), BUA Cement Plc (13%), Geregu Power Plc (11%), Union Bank of Nigeria Plc (14%), and Okomu Oil Company Plc (15%) recorded the lowest proportions of female board members. 

This achievement reflects the overall positive trend observed in gender diversity among Nigeria’s most valuable companies.

A report by Agusto Consulting, a subsidiary of Agusto & Co, a pan-African credit rating agency, revealed that the share of women on boards reached an all-time high in 2022. Agusto analyzed the boards of the 25 most valuable companies in Nigeria based on their market capitalization at the end of 2022. 

The report indicates a steady increase in the proportion of female board members over the past five years, rising from 18% in 2018 to 25% in 2022. However, in comparison to other countries, Nigeria still has room for improvement, as South Africa, the United Kingdom, and the United States have higher percentages of female board members, with 36%, 41%, and 35%, respectively.