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United Bank for Africa: Shareholders approve payment of N78.7 billion dividend

LAGOS, June 3, 2024 The shareholders of the United Bank for Africa [UBA] Plc, have congratulated the Board of Directors, management and staff of the Bank for the impressive performance recorded over the past few years and particularly in 2023, culminating with the payment of N78.7 billion as final dividend for the 2023 financial year.

According to a press release, shareholders took turns to express their joy during the bank’s 62nd annual general meeting held last Friday in Abuja. “The shareholders have overwhelmingly approved the proposal of the Board of Directors to raise additional capital through the issuance of securities comprising ordinary shares, preferred shares, convertible and/or non-convertible notes, bonds or any other instrument in the Nigerian and/or international capital market,” the statement said.

Addressing shareholders at the event, the Group Chairman, Tony Elumelu, called on shareholders to fully participate and reinvest their dividends in the bank’s recapitalization drive as this will enable them to continue to enjoy returns even higher levels of their investments.

“I call on you, shareholders, to reinvest a substantial portion of your dividends in our soon-to-be-announced rights issues, as we will give you the first opportunity to own a share in every country where we operate. I advise shareholders, as you receive your dividends, to reinvest a significant portion of them,” he said. “As far as my board members and I are concerned, we would invest 100% of the dividends we receive, because if we don’t do that, it means we would be leaving food on the table for others who have not worked for it,” added Elumelu.

During the financial year under review, Uba had declared an interim dividend of N17.1 billion representing a payout of 50 kobo per share for the first half of 2023, thereby bringing the total dividend for the financial year 2023 to 95.8 billion naira, or 2.80 naira per share.

According to the same source, surprisingly and in another first, dividend payments were received while the meeting was still in progress just seconds after the resolution on dividend payments was adopted at the meeting by the shareholders, which aroused open enthusiasm from shareholders.

Alhaji Mukhtar Mukhtar, one of the shareholders who spoke at the meeting, commended the Group Chairman, Tony Elumelu, and the Group Managing Director, Oliver Alawuba, for their concerted efforts to ensure that the bank’s performance reached unprecedented heights during the year under review.

“I would like to particularly commend the management and Board of Directors of Uba, particularly the Chairman, Tony Elumelu, and the Group CEO, Oliver Alawuba, who have managed the activities of this great institution over the past few years. We are impressed with the results you have recorded so far, how you have managed to maintain a well-structured balance sheet and a diversified balance sheet with total assets exceeding N20trn,” he noted.

Another shareholder, Patrick Ajudo, also commended Elumelu for fulfilling the promise made to shareholders a few years ago to start paying an increased dividend.

Lawyer Adetutu Siyanbola, another shareholder, took time to commend the bank’s management for its operations over the decades, especially as it celebrates its historic 75th anniversary, praising the gender balance and the strong representation of women on the board of directors of the bank, which she said is a feat worth emulating by other financial institutions in Africa.

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