By PETER EGWUATU

Shareholders of Union Bank of Nigeria (UBN) Plc have demanded for dividend payout from the Board of Directors of the bank, even as they approved the bank’s 2013 full year results and various resolutions. The shareholders made the demand at the bank’s 45th Annual General Meeting (AGM) held in Lagos,stressing that it has been long they have endured without dividend.

File photo: The floor of Stock exchange

Addressing shareholders , the Chairman of Union Bank, Senator Udoma Udo Udoma said, “In December 2013, Union Bank finalised its three year strategy, which provides a clear direction for our future growth, in line with the ongoing transformation programme. Union Bank aspires to be a highly respected provider of quality banking services, and to achieve this, the Bank has identified six core areas which are pivotal to its success , the quality of our customer experience, the quality of client base, the quality of our talent, the quality of banking platform ,our professional standards, and the quality of earnings

Speaking at the AGM,  Mr Shola Aboderin, President, Ibadan Zone Shareholders Association, urged UBN to implement strategic plans that would leverage returns on investments for retail investors in 2014. Aboderin said the shareholders had waited long for UBN dividend payment and needed to be compensated adequately. He said that contrary to other opinions, UBN minority shareholders invest mainly for the annual dividend payment. Aboderin, however, commended the bank for the impressive growth posted in the 2013 financial year in spite of the nation’s challenging operating environment.

He also urged the bank to intensify efforts aimed at increasing its deposit base to enhance profit and shareholders’ future dividends. Mr Bayo Adeleke, Secretary, Independent Shareholders Association of Nigeria, called for the rebranding of the bank to boost customers’ confidence. Adeleke said that UBN’s service delivery needed to be overhauled and repackaged with new products lines to meet the dynamic needs of Nigerians. According to him, the board and management of the bank need to be more innovative in their approach to modern banking and the changing national business environment. Mr Matthew Akinlade, Vice-President, Nigeria Shareholders Solidarity Association, said that the bank needed to invest in technology to ensure efficient service delivery.