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At UBA’s 60th AGM, Elumelu Upholds Commitment To Exceed Growth Trajectory, Create Value For Shareholders

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At UBA’s 60th AGM, Elumelu Upholds Commitment to Exceed Growth Trajectory, Create Value For Shareholders
Pix 4: l-r: Group Managing Director/CEO, United Bank for Africa(UBA) Plc, Mr. Kennedy Uzoka; Group Chairman, Mr Tony Elumelu, CON; and Company Secretary, Mr. Bili Odum at the 60th Annual General Meeting of the Bank held in Abuja on Thursday
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has assured shareholders and investors of its unwavering commitment to sustain its current growth trajectory even as its efforts at business diversification across Africa and beyond continues to yield increasing returns.

The Group Chairman, Tony Elumelu, who made this declaration at UBA’s 60th Annual General Meeting, which was held at the Transcorp Hilton Hotel, Abuja on Thursday April 7, 2022, noted that the bank’s strategic investment decisions over the past few years have indeed translated to huge returns for its investors, despite the challenging business environment witnessed in the last two years.

“I am proud of how as a group, we have been able to further consolidate on the new capabilities we have built, novel customer solutions we have deployed, efficiency gains recorded and the growth prospects we have leveraged from a recovering world,” Elumelu stated, adding “These were the building blocks for the very strong financial performance and the growth delivered by your Group in 2021, further confirming the wisdom of the investments we made and the strategy we have pursued, to ensure the diversification and sustainability of our business model.”

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Pic 5: l-r: Non-Executive Directors – Erelu Angela Adebayo, Ms Angela Aneke, Mrs Owanari Duke; Group Managing Director/CEO, Mr. Kennedy Uzoka; Group Chairman, Mr Tony Elumelu, CON;  Non-Executive Directors –Hajia Aisha Hassan Baba and Mrs Caroline Anyanwu, at the 60th Annual General Meeting of the Bank held in Abuja on Thursday

Whilst expressing his delight to shareholders and customers who have stood with UBA for almost eight decades, Elumelu remained confident of the bank’s capacity to sustain this momentum especially as economic activities recover from the impact of the Covid -19 pandemic.

“Our goal is to continue to build strong brand loyalty with our customers and create additional value for our shareholders, whose underlying support has positioned UBA for continued growth,” the Chairman noted.

UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who went into details about the improved performance of the bank’s subsidiaries in the financial year under consideration, said, “We are happy that the global community recognises the role our group is playing in the transformation of the African economic landscape through innovative and customer-focused banking services.”

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Pix 7:  l-r: Group Managing Director/CEO, United Bank for Africa(UBA) Plc, Mr. Kennedy Uzoka; Group Chairman, Mr Tony Elumelu, CON; and Company Secretary, Mr. Bili Odum at the 60th Annual General Meeting of the Bank held in Abuja on Thursday

He pointed out that the bank’s business in the United Kingdom had specifically witnessed remarkable expansion, adding “As from July 2021, UBA UK started making profit, and even to date, they are still doing well, and the same can be said for many of our African subsidiaries. The truth is that we are driven by the opportunities and potential in each of the geographies that we invested in, and we are happy with what we have achieved so far’.

READ ALSO: CBN Fines Access, Stanbic IBTC, UBA N800m For Allowing Customers’ Crypto Deals

  Shareholders who spoke at the meeting including Sir Sunny Nwosu, Alhaji Farouk Umar, Mr. Nonah Awoh, Mr. Patrick Ajuda, Mrs. Bisi Bakare and Chief Timothy Adesiyan, were unanimous in their commendation of the board and management of UBA, for the impressive financials which have translated to higher dividends for shareholders.

“Despite the economic situation UBA has been able to grow profitability and increase its customer base. If you compare the dividend with the share price of UBA, you will see that our dividend yield is very high. No bank in Nigeria has been able to achieve this, and I therefore commend the UBA board,” Umar noted in his remarks.

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Pix 8: l-r: Group Managing Director/CEO, United Bank for Africa(UBA) Plc, Mr. Kennedy Uzoka and Group Chairman, Mr Tony Elumelu, CON., at the 60th Annual General Meeting of the Bank held in Abuja on Thursday

At the end of the 2021 financial year, UBA’s Profit Before Tax was impressive with a 20.3 percent growth to N153.1 billion, compared to N127.3 billion at the end of the 2020 financial year; while Profit After Tax rose grew by 8.7 percent to N118.7 billion in 2021, compared to N109.2 billion recorded the previous year. As a result, the bank proposed a final dividend of 80 kobo for every ordinary share of 50 kobo for the financial year ended December 31, 2021, bringing the total dividend for the year to N1.00 as the bank had earlier paid an interim dividend of 20kobo.

United Bank for Africa Plc is Africa’s global bank, offering banking services to more than twenty seven million customers, across over 1,000 business offices and customer touch points in 20 African countries. With a presence in the United States of America, the United Kingdom and France and its more recent operating license in the United Arab Emirates, 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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Outage Looms As Electricity Workers Threaten To Shut Down National Grid

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BREAKING: National Grid Collapses Again, Triggers Nationwide Outage

Nationwide outage may soon occur as the National Union of Electricity Employees (NUEE) has again threatened to shut down the national grid.

The electricity employees are disappointed that the two-week given to the Federal Government to resolve the crisis has elapsed.

While briefing reporters in Kaduna on Thursday, Comrade Dukat Ayuba, the zonal organizing secretary, North West of NUEE, explained that while negotiation was still on-going, the shutdown of the national grid was imminent.

 READ ALSO: Why Shutdown Of Electricity Nationwide Will Continue – Workers

According to him, the so-called privatization of the sector was a scam, explaining that nine (9) years after, nothing has changed to improve its activities, especially to the consumers of electricity.

He added: “That was why we kicked against privitazing the distribution sector, because the investors don’t have the capacity and expertise. As committed Nigerians, we advised government against it. But the government was hell- bent on doing so.”

He noted that the investors were still operating with obsolete equipment dating back to 35, 40, and 50 years, stating that one would expect that with the coming of the investors, they would replace the obsolete equipment but nothing had been done.

He regretted that the nation still generates 5,000 megawatts of electricity, saying that it is the same 5,000 megawatts that they used to generate, with no benefit from privitazation.

He added that the company now generates megawatts with higher tariffs, bringing hardships to the homes of millions of Nigerians and that is what all Nigerians are experiencing at the moment.

According to Wisdom Nwachukwu, a member of Central Executive Committe, the federal government now wants to sell the Transmission Company of Nigeria (TCN).

He stated that they were going behind meeting with some stakeholders and that they would not allow that, as they were patriotic Nigerians that want the best for the country.

READ ALSO: Nationwide Blackout Begins As Grid Collapses

Ado Gaya, the Vice President, North West, NUEE, while elaborating further, revealed that the 16 months remunerations demanded by the electricity workers are their legitimate earnings which involved 55,000 workers.

He explained that nine years after, the workers have not received a dime, regretting that many of the workers have died, while those who were laid off are suffering with their families receiving nothing to help them make a living.

 

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BREAKING: Nigeria’s Debt Hits N42.84 Trillion

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BREAKING: Nigeria's Debt Hits N42.84 Trillion

Nigeria’s total public debt stock is now N42.84 trillion ($103.31 billion), according to the Debt Management Office (DMO).

It was N41.60 trillion ($100.07 billion) in March.

According to a statement from DMO’s website on Tuesday, the total debt represents the domestic and external debt stocks of the federal government, the 36 states and the Federal Capital Territory (FCT).

It noted that while the foreign component of the debt remained at the same level of N16.61 trillion ($39.96 billion), the local component increased to N26.23 trillion ($63.24 billion).

The local component of the country’s borrowings was N24.98 trillion ($60.1 billion) as of March 30. The DMO said a larger percentage of the external debts were concessional and semi-concessional loans.

READ ALSO: Nigeria’s Public Debt Hits N38.005 Trillion

“Over 58 per cent of the external debt stock are concessional and semi-concessional loans. They were obtained from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim and African Development Bank, and bilateral lenders including Germany, China, Japan, India and France,” explained the DMO.

It added that the total domestic debt stock increased from N24.98 trillion ($60.1 billion) in March to N26.23 trillion ($63.24 billion) in June, pointing out that it “is due to new borrowings by the FGN to part-finance the deficit in the 2022 Appropriation (Repeal and Enactment) Act, as well as new borrowings by state governments and the FCT.”

The DMO further mentioned that the total public debt-to-GDP ratio remained within limits, at 23.06 per cent, while debt-service-to-revenue was still high.

It, however, assured that President Muhammadu Buhari’s regime is committed to increasing revenue to reduce the amount that went into debt servicing.

“The debt-to-GDP as of June 30 was 23.06 per cent compared to the ratio of 23.27 as of March 30. It remains within Nigeria’s self-imposed limit of 40 per cent,” the DMO noted.

“While the federal government continues to implement revenue-generating initiatives in the non-oil sector and block leakages in the oil sector, debt service-to-revenue ratio remains high.”
(NAN)

 

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23 Million Jobs Lost Under Buhari – Abubakar Atiku

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Only Ayu Can Decide To Resign As PDP Chair - Atiku

Over 23 million Nigerians have lost their jobs since Muhammadu Buhari became the nation’s president, according to former Vice President Atiku Abubakar.

Abubakar, the presidential candidate of the Peoples Democratic Party, also lamented that Nigeria’s economy was “crawling” instead of growing, and Nigerians were miserable under Buhari’s rule.

“The Nigerian economy is crawling rather than growing,” the PDP standard-bearer stated.

The former vice president noted that per capita income, “a measure of citizens’ well-being, has progressively fallen since 2015 because of declining output and a fast-growing population.”

He added, “Nigerians are worse off today than they were in 2015.”

READ ALSO: Keyamo Once Sued Tinubu For Certificate Forgery – Atiku Campaign Spokesman

“More Nigerians are poorer and more miserable today than in 2015,” Abubakar further stated.

“Basic commodities are now beyond the reach of the average Nigerian. A loaf of bread costs 100 per cent more today than it did in 2020.”

Abubakar, Nigeria’s vice president between 1999-2007, disclosed this while speaking on Tuesday at the Private Sector Economic Forum organised by the Lagos Chamber of Commerce and Industry (LCCI) in Lagos.

“Under the present administration, our people are not working. More than 23 million people are out of jobs,” Abubakar claimed. “In just five years between 2015 and 2020, the number of fully employed people dropped by 54 per cent, from 68 million to 31 million people.”

The opposition presidential candidate was once in the same party, APC, as Buhari.

On Friday, however, Buhari claimed the Nigerian economy was growing under his leadership despite the COVID-19 pandemic disruption, Russia-Ukraine war and internal crises besetting the country.

“In this period, challenges faced by the world have been many, including lockdowns as COVID-19 raged; disruptions to supply chains around the world, and sharp fluctuations in prices,” the Nigerian leader explained.

“Our economy continues to grow despite the adverse effects of rising interest rates, a stronger U.S. dollar and higher inflation across the world.”

 

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