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UBA shareholders approve N1.00 dividend, N5bn commitment to fight COVID-19

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UBA records double-digit earnings Q1 growth

By Peter Egwuatu

Shareholders of United Bank for Africa, UBA Plc have endorsed the N1.00 per share dividend proposed by its Board of Directors for the financial year ended December 31, 2020, just as they commended the Board for committing N5 billion in the fight against coronavirus, COVID-19 pandemic.

The shareholders who attended the online meeting of the Annual General Meeting, AGM in accordance with Guidelines issued by the Corporate Affairs Commission, CAC commended the Bank’s total performance for the year under review in view of the inclement environment it operated upon.

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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. We 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.”

The President,  Association for the Advancement of the Rights of Nigeria Shareholders, Dr Umar Farouk applauded the Group for the contribution of N5billion (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.

Detailing how UBA has reacted effectively during the pandemic, the Group Managing Director, 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.”

Vanguard

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