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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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BREAKING:CBN Orders Banks To Pay New Naira Notes Over The Counter

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BREAKING: Old Naira Notes Deadline Stays - Emefiele
CBN Governor Emefiele

Contrary to its earlier directive, the Central Bank of Nigeria (CBN) on Thursday ordered commercial banks to begin the payment of the new naira notes to customers over the counter.

This is according to a Thursday statement signed by the Bank’s Director, Corporate Communications Osita Nwanisobi. According to him, it is part of moves to ameliorate the plight of Nigerians who are finding it hard to get the new notes.

“In line with this resolve, the Governor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned naira notes over the counter, subject to a maximum daily payout limit of N20,000,” the statement added.

While admitting the difficulties Nigerians have faced in trying to get money through Automated Teller Machines (ATMs), the apex bank reassured citizens of its commitment to making the process seamless.

It also vowed to prosecute racketeers of the new naira notes, saying it was working with relevant agencies to make that happen.

“We have equally noticed the queues at Automated Teller Machines (ATMs) across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them. Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN,” it warned.

“We wish to state unequivocally that, contrary to the practice of these unpatriotic persons, it is unlawful to sell the naira, hurl (spray), or stamp on the currency under any circumstance whatsoever.

“For the avoidance of doubt, Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended) stipulates that ‘spraying of, dancing or matching on the naira or any note issued by the bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the naira or such note and shall be punishable under the law by fines or imprisonment or both.’

“Similarly, Section 21(4) states that ‘It shall also be an offence punishable under Sub-section (1) of this section for any person to hawk, sell or otherwise trade in the naira notes, coins or any other note issued by the bank.’”

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BREAKING:Emefiele Assures Nigerians Of Banks Accepting Old Notes After Deadline

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BREAKING: Old Naira Notes Deadline Stays - Emefiele

Central Bank of Nigeria (CBN) Governor Godwin Emefiele on Tuesday assured Nigerians that commercial banks  will still accept old naira notes from customers after the February 10 deadline.

The assurance came as he met with the ad hoc committee set up by the House House of Representatives on the CBN naira redesign policy.

The lawmakers had accused Emefiele of breaching section 20 of the CBN act.

READ ALSO: Gbajabiamila Threatens To Arrest Emefiele Over Old Naira Notes’ Deadline

The Speaker of the House, Femi Gbajabiamila, had accused the CBN governor of breaching Section 20 of the CBN Act which, according to him, mandates commercial banks to accept old notes even after the deadline.

“After the expiration date, such naira notes changed will no longer be legal tender but it also says that even five months, three months, or two months after, even in June, all the old notes presented to the bank shall be redeemed by the bank,” Gbajabiamila had stated in a Thursday speech.

Emefiele, while addressing the ad hoc committee, said he agreed with the lawmakers on Section 20 of the CBN Act.

“Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this,” he stated, adding that, “if you have your money that you have not been able to send to the bank, we will certainly give you the opportunity to bring it back into the CBN to redeem it. Either you pay it to your bank account or you want to do an exchange — we give you. You will not lose your money. This is the assurance I give to Nigerians.”

 

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BREAKING: Gbajabiamila Threatens To Arrest Emefiele Over Old Naira Notes’ Deadline

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BREAKING: Gbajabiamila Threatens To Arrest Emefiele Over Old Naira Notes' Deadline

Five days to the deadline for the old naira notes to cease being valid, Central Bank of Nigeria Governor Godwin Emefiele is still in trouble over the policy.

House of Representatives Speaker Femi Gbajabiamila on Thursday threatened to order the arrest of Emefiele to appear before the committee investigating the old naira notes withdrawal.

Gbajabiamila said this on Thursday after the Majority Leader of the House, Ado Doguwa informed him that Emefiele and others shunned the invitation to a meeting on Wednesday.

Responding to the statement, Gbajabiamila said he would not hesitate to order the Inspector General of Police, Akali Baba to issue an arrest warrant to compel Emefiele to appear before the committee.

READ  ALSO: Old Naira Notes Deadline Stays – Emefiele

Gbajabiamila added that the House ought to adjourn today to prepare for the elections, however, they will stay back to resolve the currency swap crisis.

“I will, pursuant to the authority conferred by Section 89 (1)(d) of the Constitution of the Federal Republic of Nigeria and Order 19 (2)(1) of the Standing Orders of the House of Representatives, not hesitate to issue a warrant to the Inspector General of the Nigeria Police Force to compel the attendance of the CBN or Managing Directors who fail, refuse or neglect to respond to the summons by the House of Representatives,” he said.

He also stated that Emefiele’s deadline is not consistent with section 20 of the CBN Act, noting that the banks are compelled to accept the old notes even after the expiration of the deadline.

The Presidential candidate of the APC, Bola Tinubu, who is believed to be The Godfather of Gbajabiamila, also spoke against the policy on Thursday during a rally.

Tinubu alleged that the policy is targeted at his presidential ambition.

 

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