The Vice-Chancellor of the University of Lagos (UNILAG), Professor Folasade Tolulope Ogunsola, OON, FAS, has described the enduring relationship between the University and the United Bank for Africa (UBA) as a model of how strategic collaboration between academia and industry can drive innovation, empower young people, and advance Africa’s development.
She made the remark on Monday, May 25, 2026, during the commissioning of the newly completed UBA Business Office and Innovation Hub at the Akoka campus of UNILAG.
The ceremony brought together banking executives, University leaders, staff, students, and distinguished guests in a celebration that blended history, progress, and forward-looking ambition.
Celebrating a Shared Vision
Welcoming guests to the event, Professor Ogunsola described UNILAG as “the premier university of Nigeria and the university of choice for Africa’s most transformative minds,” while reflecting on the significance of the occasion.
“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.”
According to her, the newly commissioned facility represents far more than a banking and administrative space. Rather, it symbolises trust, shared vision, and a partnership that has matured over decades.
A Shared History of Growth and Purpose
In a reflective address, the Vice-Chancellor revisited the origins of the relationship between both institutions, placing it within the broader narrative of Nigeria’s post-independence development.
She recalled that the University of Lagos, established in 1962, was founded with a mandate to produce graduates capable of driving national development and intellectual advancement across Africa. Within that vision, she noted, UBA became the first banking institution to establish operations within the University, a milestone that continues to define the relationship between both institutions.
Professor Ogunsola also traced UBA’s evolution from its beginnings as the British and French Bank in 1949 to its current position as a leading pan-African financial institution operating in 24 African countries across four continents.
According to her, both institutions have grown side by side, united by shared values of excellence, ambition, and commitment to human capital development.
Tribute to Tony Elumelu and His Legacy
A particularly emotional moment during the ceremony came when Professor Ogunsola paid tribute to UBA Group Chairman, Mr. Tony Elumelu, whom she described as “a true son of the University.”
She noted that his Master’s degree in Economics from UNILAG played a formative role in shaping the discipline, vision, and leadership philosophy that later defined his rise as one of Africa’s most influential business leaders and philanthropists.
“His journey is living proof of what UNILAG produces, not just graduates, but world changers,” she stated.
The Vice-Chancellor also acknowledged the achievements of his wife, Dr. Awele Vivien Elumelu, highlighting her professional accomplishments and longstanding connection to the University through the Lagos University Teaching Hospital (LUTH).
Enduring Investments in Academic Excellence
Beyond the celebration, Professor Ogunsola highlighted UBA’s longstanding contributions to the University’s development.
She referenced the establishment of the UBA Professorial Chair in Finance in 1972 during the administration of former Vice-Chancellor, Professor Jacob Festus Adeniyi Ajayi. The Chair, regarded as the oldest endowment of its kind in Nigeria, later became instrumental in the establishment of the Department of Finance in 1973 a defining milestone in the University’s academic expansion and its enduring relationship with UBA.
She also commended the bank’s wider interventions through initiatives such as the UBA Park, scholarship programmes, essay competitions, and other student-focused projects delivered through the UBA Foundation and Tony Elumelu Foundation.
A Call for Deeper Collaboration
While acknowledging these milestones, Professor Ogunsola emphasised the need to move the partnership into a deeper and more transformational phase.
She proposed the establishment of a structured annual UBA–UNILAG internship programme aimed at exposing students to practical experience within the banking and financial ecosystem.
The Vice-Chancellor also advocated for joint research initiatives in areas such as digital banking, financial inclusion, African trade, and economic integration, alongside stronger 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.”
UBA Reaffirms Commitment to Education and Innovation
In his response, the Group Managing Director and Chief Executive Officer of UBA, Mr. Oliver Alawuba, reaffirmed the bank’s commitment to education, innovation, and youth development.
He described the commissioning as another milestone in a relationship that continues to grow stronger with time, assuring the University community that UBA remains committed to doing even more in the years ahead.
Among the initiatives announced was the provision of internet connectivity around the UBA facility to support students’ research, learning, and digital engagement with the global community.
₦60 Million Endowment Enhancement
In fulfilment of what he described as UBA’s mandate to “do more,” Mr. Alawuba presented a cheque of ₦60 million to the Vice-Chancellor as an enhancement to the UBA Professorial Chair in Finance endowment.
The presentation, witnessed by members of the Professorial Chair and led by the Board of Trustees Chairman, Professor Wakeel Ishola, underscored the bank’s renewed commitment to strengthening academic research and sustaining the enduring intellectual legacy of the Chair.
The upgraded endowment is expected to further support high-level research in finance and related disciplines, reinforcing UBA’s long-term investment in academic excellence.
Ribbon-Cutting and Facility Tour
The highlight of the event was the official ribbon-cutting ceremony, which marked the formal unveiling of the UBA Innovation Hub and Business Office.
Following the ceremony, dignitaries embarked on a guided tour of the facility, moving through its modern spaces amidst visible excitement and admiration from staff and observers gathered at the banking hall. Cheers and applause filled the atmosphere as the significance of the moment resonated across the campus.
Courtesy Call
Earlier in the day, the Group Managing Director of UBA, Mr. Oliver Alawuba, paid a courtesy visit to the Vice-Chancellor in her 11th-floor office, accompanied by members of his delegation, marking a cordial opening to the day’s activities.
He was received by the Vice-Chancellor, Professor Folasade Ogunsola, alongside members of the University Management, including the Deputy Vice-Chancellor (Management Services), Professor Muyiwa Falaiye; the Registrar, Mrs. V. Abosede Wickliffe; the Bursar, Mrs. Funmilola Adekunle; the University Librarian, Professor Christopher Olatokunbo Okiki; the Provost, College of Medicine, Professor Ademola Oremosu; the Director, Academic Planning Unit, Professor Olufunlayo Bammeke; and the Acting Director, Works & Physical Planning, Mr. Olaniyi Ayeye.
The occasion reflected more than ceremonial formality; it embodied shared pride, institutional continuity, and a deepening bond between both organisations.
Report: Bayo Salau
Photographs: Ayo Oloyede
