United Capital PLC Holds 2021 AGM, Shareholders To Receive N4.2b Dividend
Following the release of its remarkable audited financial results for 2020, foremost pan-African financial services conglomerate, United Capital Plc, held its Annual General Meeting on Tuesday, March 23, 2021 at Lagoon Restaurant, Victoria Island, Lagos.
At the Annual General Meeting, which was held by proxy due to the COVID-19 pandemic, the company presented its financial performance for 2020 which shows a recorded revenue of N12.87Billion, N7.95Billion in Profit Before Tax and earnings per share of 130 Kobo. Shareholders in attendance commended the company for its transparency in the published financial statements, and its adherence to legal and ethical requirements as corroborated by the company’s auditors who were also present.
The Chairman of the Board of Directors, Mr. Chika Mordi, in his statement to shareholders noted that “Despite the macroeconomic pressure, United Capital Plc reported an outstanding financial performance in 2020. Total revenue was up 50% year on year to N12.87billion in 2020, from N8.59 billion earned in 2019. Profit Before Tax grew to N7.95billion in 2020, up 61% from N4.95billion in 2019, signifying solid growth in the overall profitability of the group. The group’s Return on Average Equity for the 2020 financial year stood at 35%, one of the highest among listed financial services institutions, highlighting strong value creation for our shareholders”.
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A pivotal moment at the meeting was the shareholders’ approval to pay a dividend of 70 kobo per share, totaling N4.2billion. The shareholders also approved the appointment of two new Independent Non-Executive Directors; Mr. Titus Oladipupo Fatokun and Hajiya Sutura Aisha Bello as directors of the company.
Speaking to the company’s outlook for the 2021 financial year, the Group CEO, Mr. Peter Ashade stated “Our financial performance, in what was a year of protracted disruptions, is a testament of our unwavering commitment to our clients’ needs, come what may. For us at United Capital, we are optimistic about the year 2021 as it presents greater opportunities for innovation, growth, and expansion beyond our current ecosystem”.
In addition to its outstanding financial performance, United Capital Plc recorded landmark achievements during the year. The company’s corporate ratings improved from BBB+ to A- with a stable short-term and long-term outlook reflective of an investment grade institution. Its flagship digital platform, InvestNow, recorded over N1billion in processed investors assets with its newly commissioned consumer finance business line disbursing 64,536 instant loans valued at N3.14billion, leveraging a 100% digital model.
Major contributors to the company’s overall performance are its subsidiary businesses – Investment Banking, Asset Management, Securities and Trustees. This was highlighted in the company’s emergence as top 3 largest Fund Manager from 10th position in 2019 with its Mutual Fund Assets Under Management exceeding N162billion at the end of 2020 from N39billion as at year-end 2019. The company also served as the lead issuing house and trustee on various high-profile public and private securities issuances with a total value exceeding N400 billion in 2020 among others.
About United Capital:
United Capital Plc is a leading pan-African financial and investment services group, providing bespoke value-added service to its clients. United Capital Plc is positioned to play a strategic role in helping African governments, corporates, and individuals achieve their strategic objectives, through a robust suite of financial and investment service offerings by the group companies: Investment Banking, Asset Management, Trusteeship, Securities and Consumer Finance. The group is regulated by the Securities and Exchange Commission.
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BREAKING:Nigeria Air Launch A Fraud – Reps
The House of Representatives on Monday faulted the purported launch of Nigeria Air in the last days of the administration of former President, Muhammadu Buhari.
The Chairman of the House Committee on Aviation, Nnolim Nnaji, declared the launch of Nigeria Air a fraud after the major stakeholders in the deal between the Federal Government and Ethiopian Airlines denied knowledge of the launch.
The Ministry of Aviation claimed Nigeria Air was only unveiled and not launched, which the committee dismissed as an attempt to divert the lawmakers’ attention.
Members of the committee were shocked when NAMA disclosed that the aircraft bearing Nigerian colours was on a chartered flight to Nigeria.
Other stakeholders who confirmed the disclosure noted that a chartered flight could be painted in any colour and with any inscriptions.
BREAKING: CBN Speaks On Devaluation Of Naira To N630/$1
The Central Bank of Nigeria ( CBN) on Thursday denied devaluing the naira .
This clarification came from the
Acting Director, Corporate Communication, Dr. Isa AbdulMumin, in a statement titled, “CBN Has Not Devalued the Naira”.
He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.
“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.
“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”
The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.
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BREAKING: After Subsidy Removal, NNPC Increases Petrol Price To Over N500
The Nigerian National Petroleum Company Limited (NNPC) on Wednesday adjusted the pump price of petrol by over 100% to between N488 and N557.
The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.
However, it was learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.
The prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.
For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.
In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.
For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.
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