Union Registrars Company Limited, a subsidiary of Union Bank of Nigeria PLC, has earmarked the sum of N720 million as dividend payment to its shareholders and a bonus issue of one new share for every 10 ordinary shares held at the close of register of members.

At the fifth Annual General Meeting held in Lagos on Wednesday, to receive and adopt the company’s audited accounts for the financial year ended December 31, 2009, the Chairman of the company, Mrs. Funke Osibodu, also Group Managing Director/Chief Executive of the parent company, said the dividend payment translated to a dividend of 60 kobo for every 50 kobo ordinary share.

She stated that despite the difficult operating environment, the company maintained a steady growth and consistent performance during the last financial year, achieving a turnover of N3.01 billion compared to N3.33 billion recorded in the preceding financial year, a decrease of 9.6 per cent.

The pre_tax profit stood at N1.36 billion at the end of the 2009 financial year from N1.92 billion, showing a decline 28 per cent, while post_tax profit was N1.10 billion as against N1.31 billion achieved in the preceding year, representing a slight drop of five per cent.

“This performance is considered fair in view of the fact that the result for the financial year ended December 31, 2009 is for nine months whereas that of the preceding financial year was for 12 months,” Osibodu explained.
She attributed the impressive result to the hard work by the Board, Management and staff, and pledged to commit more efforts towards ensuring delivery of improved performance in the current year. She also urged the shareholders as well as clients to sustain their loyalty and confidence in the company.

Meanwhile, the new Managing Director of the company, Mr. Tunde Ayeni, informed the shareholders of the introduction of two products aimed at improving its services.  These are web portal and M_Register.

The Union Registrar Limited web portal is an advanced web technology that incorporates an IM (Instant Messenger) chat services where client/shareholder interactively log and receive responses to complaints via a live chat messaging service.  It also allows for live streaming (podcast) of Annual General Meetings and other corporate events as an optional service.

The M_Register is an m_commerce adoption for the deployment of mobile phone technology to provide service in a single affordable and readily accessible technology.  This service resolves basic enquiries relating to unclaimed dividends/certificates, confirmation of addresses and shareholding would be automatically treated via SMS from secured registered mobile lines.  Some issues would also be monitored and logged for later response via SMS.

In their separate remarks, the shareholders represented by their leaders across the country commended the Board and management for the company’s successful financial performance and encouraged them to be pro_active, especially in the light of new legislation and SEC rules which may negatively impact on earnings and profitability, if not well managed by the company.  They applauded these products which would form the industry benchmark.

Union Registrars Company Limited has 19 branch offices across the country and currently handles the registers of 32 top companies.