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Home Business News

UBA Delivers Impressive Returns on Investment, as Shareholders Applaud Bank’s Support in Fight against COVID-19

NM Partners by NM Partners
April 30, 2020
in Business News, Company News, Corporate Updates
Elumelu’s HH Capital acquires additional 70 million units of shares in UBA Plc

Tony Elumelu, Chairman of UBA

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Leading African financial institution, United Bank for Africa Plc (UBA) held its Annual General Meeting virtually by proxy on Wednesday, April 29, 2020 – a first in UBA’s seventy-one-year history.

The meeting, which had in attendance shareholders, management, and staff members, together with representatives of relevant regulatory bodies, was held using an Online Meetings Platform, in accordance with Guidelines issued by the Corporate Affairs Commission.

Opening the meeting, UBA Group Chairman, Tony O. Elumelu noted this was a very special meeting, held in extraordinary circumstances. It was only right at the outset to express the Group’s deep appreciation to all the health workers across Africa, who are at the forefront of fighting the deadly pandemic. The Group Chairman also commended the Federal and State governments in Nigeria and governments across Africa, for their rapid actions against the threat. He acknowledged the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele for his various initiatives in mobilising the private sector to provide support, medical care and palliatives to reduce the effect of the scourge on citizens. Mr Elumelu said:

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“Our commitment to improving lives in Africa is a long-term one, which we do not take lightly, as we assist governments in Africa to curb this pandemic and help sustain employment across the continent. I want to also thank the UBA Board of Directors, who have been responsive in this time of crisis, as the Group donates $14m to assist governments to fight the COVID-19 Pandemic in Nigeria and Africa.”

READ MORE: Updated: Gender Balance, looking at the board composition of top banks on the NSE

He also thanked executive management and members of staff, as he assured shareholders, that despite the pandemic, UBA had delivered an impressive performance in its just released first quarter results. He also noted that the Group was well prepared for the crisis, having put in place effective measures to ensure that its operations continue smoothly. Mr Elumelu underlined the fact that the Group’s exposure to the oil and gas sector was well within prudential guidelines.

UBA
UBA House in Marina, Lagos

Shareholders at the meeting commended the Board of Directors and management for the proactive role that the Group has been playing in helping to lessen the negative effects of the coronavirus pandemic across the African continent and its robust financial performance, despite a difficult macroeconomic outlook.

READ MORE: UBA Records 13% Earnings Growth and Delivers N111billion Profit

UBA Shareholder and President of Association for the Advancement of the Rights of Nigeria Shareholders, Dr Umar Farouk applauded the Group for the contribution of N5bn (USD14 million) to the fight against Covid19, adding that the move was unprecedented and will substantially support governments, as they work to tame the scourge. He also hailed the twenty per cent increase in dividends that the Bank proposed to pay to shareholders. He said:

“I am also happy that you fulfilled the promise you made at the AGM last year to pay dividends in Naira and not kobo, by paying N1 per 50 kobo shares to shareholders, in this difficult time. We have seen the first-quarter results, and we are particularly happy about the performance of our subsidiaries across Africa.”

Detailing how UBA has reacted effectively during the pandemic, the GMD Kennedy Uzoka said, “As you know, UBA is a learning organisation, we are not a Nigerian bank, but a pan-African Bank operating in 20 African countries and also in the UK, the USA and France. When we learnt about this pandemic, we immediately activated our business continuity plan. All the investments we have made over the years in the area of technology will begin to yield now, because already we have continued to meet the needs of customers in terms of digital patronage, owing to the growing traffic we have been receiving in the past few weeks. We are well prepared for all situations.”

READ ALSO: Wema Bank Plc announces notice of board meeting, closed period

While expressing hope that a vaccine is found for the coronavirus, Uzoka disclosed that UBA will continually do business in a way to ensure that customers do not have to physically be in the bank.

“We are set to take our business to the customers wherever they are and however they want it,” he said. “As our first quarter results indicate, we can produce robust results, despite the challenges. We are buoyed by our significant geographic diversification, our historic investment in efficiency and the dedication of our staff. Our commitment to our loyal shareholders is amply demonstrated in our progressive dividend policy.”

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty million customers, across 1,000 business offices and customer touchpoints, in 20 African countries. With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.


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Tags: board of directorsBusiness NewsNigerian Business NewsTony ElumeluUBA 2020 AGMUnited Bank for Africa
NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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Comments 1

  1. anonymous says:
    May 1, 2020 at 1:52 pm

    when is UBA bank going to pay dividend

    Reply

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