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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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Bitcoin Value Drops By 50% Since November Peak

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Bitcoin Value Drops By 50% Since November Peak

The value of Bitcoin has dropped below $31,000 (£25,140) – less than half of what it was at its peak last November, according to the Coinbase cryptocurrency exchange.

The fall of the world’s largest cryptocurrency by market value comes as stock markets around the world have also tumbled in recent days.

On Monday, key European, Asian and US indexes slid lower again.

Investors are fleeing riskier assets for safe havens like the dollar.

On Monday, Japan’s Nikkei index dropped 2.5%, while London’s FTSE 100 closed down more than 2%. In the US, the Dow fell nearly 2%, the S&P 500 dropped 3.2% and Nasdaq lost 4.3%, deepening the falls in recent weeks.

READ ALSO: Why It Is Unsafe To Invest In Bitcoin Now – American Billionaire

Uber was among the companies driving the declines.

Shares in the company dropped more than 11% on Monday after media outlets reported that chief executive Dara Khosrowshahi had warned staff that investors were becoming more cautious about investments. He said Uber would respond by cutting costs and slowing its hiring.

“It’s clear that the market is experiencing a seismic shift and we need to react accordingly,” he wrote in the letter.

“The average employee at Uber is barely over 30, which means you’ve spent your career in a long and unprecedented bull run. This next period will be different, and it will require a different approach.”

In times of market uncertainty traditional investors will often sell what they see as riskier assets – like digital currency – and move their money into safer investments.

Moves in cryptocurrency markets have increasingly followed wider trends, as professional investors, such as hedge funds and money managers, become more active in trading what was once the domain of individual investors and enthusiasts.

Bitcoin, which accounts for about a third of the cryptocurrency market with a total value of close to $570bn, has seen its price plunge more than 10% in the last day and more than 20% in the last week.

READ ALSO: Ukraine Becomes Latest Country To Legalize Bitcoin

Ethereum, the second biggest cryptocurrency in the world, has also fallen in value, down by more than 20% in the last week.

Volatile trading in digital assets has not been unusual in previous years, but much of 2022 had been relatively quiet for the cryptocurrency market.

Last week, central banks around the world, including the US, UK and Australia, raised interest rates as they attempt to tackle rising prices.

The US Federal Reserve raised its key lending rate by half a percentage point, marking its biggest rate hike in more than 20 years.

That has triggered more concerns among some investors that inflation and the higher cost of borrowing could have a major impact on global economic growth.

Investors are also worried about the impact of the war in Ukraine on the world economy.

READ ALSO: CAR Becomes First African Country To Adopt Bitcoin

Meanwhile, in the last year Bitcoin has become legal tender in two countries – El Salvador and the Central African Republic.

Since El Salvador said it would allow consumers to use the cryptocurrency in all transactions, alongside the US dollar, the International Monetary Fund has urged it to reverse its decision.

. BBC

 

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BREAKING: Disputed Oil Wells Belong To Rivers – Supreme Court

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Supreme Court Grants Rivers' Request To Join Electoral Act Suit

The Supreme Court on Friday declared that Rivers State owns the 17 oil wells being disputed with Imo State.

The ruling has ended the political arrangement on the sharing of revenue.

In its verdict delivered on Friday, the Supreme court decided that the oil wells located in Ndoni and Egbema communities belong to Rivers State.

There was previously a political arrangement put in place by the federal government for the revenue from the disputed wells to be shared equally between the two states.

However, when Emeka Ihedioha became governor in 2019, a presidential memo directed that all the revenue should go to Imo.

READ  ALSO: Supreme Court Voids Buhari’s Executive Order 10

The Rivers State government swiftly filed a suit against the presidential directive.
This ruling by the court has now put an end to the equal sharing of the revenue from the oil wells with everything now going to Rivers.

 

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Transcorp Delivers Solid Q1 Performance As Profit Leaps By 147%

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Transcorp Delivers Solid Q1 Performance As Profit Leaps By 147%
Transcorp President/Group Chief Executive Officer, Owen Omogiafo

Transnational Corporation Plc, (Transcorp Group) has reported significant and impressive returns in all its major financial indices for the first quarter ended March 31, 2022.

Its unaudited results filed with the Nigeria Exchange Limited, showed that the conglomerate with interests in the power, hospitality, and energy sectors recorded a profit after tax of N5.0bn rising significantly by 147% up from N2.0bn recorded in March 2021; while profit before tax which stood at N2.5bn in March last year, gained 129% to N5.7bn in the same period under consideration.

A further look at the results showed that revenue increased by 28% from N24.4bn at the end of the first quarter of 2021; to N31.4bn as at March 2022, while operating income followed the same pattern as it grew by 45% to N10.0bn up from N6.9bn reported the previous year.

An increase in expenses such as inventories, prepayments, trade and other receivables, however, did not dampen the group’s total assets which rose to N417bn in the period under review, up from N416bn recorded at the end of the 2021 financial year; just shareholders’ funds also rose by 3% to N151.0bn, up from N146.3bn.

Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, who was excited at what she described as a great start to a rewarding year, expressed satisfaction with the performance for the first quarter 2022, and noted that the result is in line with the group’s strategy.

READ ALSO: Transcorp Group’s Profit After Tax Hits N27.9b

She stated: “This laudable performance was achieved as a result of the improved activities across all our businesses. We are excited with the results for the first quarter of 2022; delivering 28% rise in revenue and 129% rise in profit before tax; and we are confident in the strategic direction for the group as it underlines the success of our long-term objectives of diversifying revenues and accessing new business opportunities to deliver superior values to all our stakeholders.”

Omogiafo re-emphasised the brand’s commitment towards producing long-term value and sustainable impact, adding that already, this has been evident from the results churned out by the business in the full year 2021, and Q1 2022, despite the unstable operating environment, adding, “We will continue to work diligently as we remain well-positioned to provide significant value for our stakeholders.”

Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate, with a diversified shareholder base of over 300,000. Our portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Our notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, TransAfam Limited and Transcorp Energy.

 

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