UBA Delivers Impressive Returns on Investment, as Shareholders Applaud Bank’s COVID-19 Response
Business News, Featured, Latest Headlines Wednesday, April 29th, 2020… Shareholders ratify N1.00 Total Dividend
(AFRICAN EXAMINER) – Leading African financial institution, United Bank for Africa Plc (UBA) held its Annual General Meeting virtually by proxy on Wednesday, April 29, 2020 – a first in UBA’s seventy-one year history.
The meeting, which had in attendance shareholders, management and staff members, together with representatives of relevant regulatory bodies, was held using an Online Meetings Platform, in accordance with Guidelines issued by the Corporate Affairs Commission.
Opening the meeting, UBA Group
Chairman, Tony O. Elumelu noted this was a very special meeting, held in
extraordinary circumstances. It was only right at the outset to express the
Group’s deep appreciation to all the health workers across Africa, who are at
the forefront of fighting the deadly pandemic. The Group Chairman also
commended the Federal and State governments in Nigeria and governments across
Africa, for their rapid actions against the threat. He acknowledged the Central
Bank of Nigeria (CBN) Governor, Godwin Emefiele for his various initiatives in
mobilising the private sector to provide support, medical care and palliatives
to reduce the effect of the scourge on citizens.
Mr Elumelu said “Our commitment to improving lives in Africa is a
long-term one, which we do not take lightly, as we assist governments in Africa
to curb this pandemic and help sustain employment across the continent. I want
to also thank the UBA Board of Directors, who have been responsive in this time
of crisis, as the Group donates $14m to assist governments to fight the COVID-19
Pandemic in Nigeria and Africa.” He also thanked executive management and
members of staff, as he assured shareholders, that despite the pandemic, UBA
had delivered an impressive performance in its just released first quarter
results. He also noted that the Group was well prepared for the crisis, having
put in place effective measures to ensure that its operations continue
smoothly. Mr Elumelu underlined the fact that the Group’s exposure to the oil
and gas sector was well within prudential guidelines.
Shareholders at the meeting commended the Board of Directors and management for
the proactive role that the Group has been playing in helping to lessen the
negative effects of the coronavirus pandemic across the African continent and
its robust financial performance, despite a difficult macroeconomic outlook.
UBA Shareholder and President of Association for the Advancement of the Rights
of Nigeria Shareholders, Dr Umar Farouk applauded the Group for the
contribution of N5bn (USD14 million) to the fight against Covid19, adding that
the move was unprecedented and will substantially support governments, as they
work to tame the scourge. He also hailed the twenty per cent increase in
dividends that the Bank proposed to pay to shareholders. He said, “I am
also happy that you fulfilled the promise you made at the AGM last year to pay
dividends in Naira and not kobo, by paying N1 per 50 kobo shares to
shareholders, in this difficult time. We have seen the first quarter results,
and we are particularly happy about the performance of our subsidiaries across
Africa.”
Detailing how UBA has reacted effectively during the pandemic, the GMD Kennedy
Uzoka said, “As you know, UBA is a learning organisation, we are not a
Nigerian bank, but a pan-African Bank operating in 20 African countries and
also in the UK, the USA and France. When we learnt about this pandemic, we
immediately activated our business continuity plan. All the investments we have
made over the years in the area of technology will begin to yield now, because
already we have continued to meet the needs of customers in terms of digital
patronage, owing to the growing traffic we have been receiving in the past few
weeks. We are well prepared for all situations,” Uzoka assured.
While expressing hope that a vaccine is found for the coronavirus, Uzoka
disclosed that UBA will continually do business in a way to ensure that
customers do not have to physically be in the bank. “We are set to take
our business to the customers wherever they are and however they want it,”
he said. “As our first quarter results indicate, we can produce robust
results, despite the challenges. We are buoyed by our significant geographic
diversification, our historic investment in efficiency and the dedication of
our staff. Our commitment to our loyal shareholders is amply demonstrated in
our progressive dividend policy.”
United Bank for Africa Plc is a leading Pan-African financial institution,
offering banking services to more than twenty million customers, across 1,000
business offices and customer touch points, in 20 African countries. With
presence in New York, London and Paris, 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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