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UBA Remains Financially Strong—Elumelu

**Shareholders Laud Management, Seek Better Results

By Modupe Gbadeyanka

Chairman of United Bank for Africa (UBA) Plc, Mr Tony Elumelu, says the pan-African financial institution remains financially strong despite the harsh operating environment.

Mr Elumelu, who once served as the Group Managing Director of the lender, made this disclosure on Monday at the bank’s 56th Annual General Meeting (AGM) held in Lagos.

The chairman said he was impressed with the strong growth and performance recorded by the lender last year, which saw improvements in both the top and bottom lines.

According to him, “Overall, our bank grew profit before tax by 16.1 percent to N105.3 billion.

“More importantly, the bank remains financially strong, our balance sheet is well protected and our commitment to exceeding regulatory requirements remains.”

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He informed the shareholders that the bank recently “opened for operations in Mali, because that economy is a viable one and would contribute to our bottom-line.”

He said operations in “Mali will benefit from UBA’s presence there while UBA will also benefit from Mali.”

On his part, the GMD of UBA, Mr Kennedy Uzoka, assured shareholders of the management’s commitment to building a stronger brand.

According to him, “UBA has built a great brand that is recognised all over the world, and because of this, we have decided to be outside-focused rather than inside-focused.”

“Being outside focused means we are concentrating on putting our customers first in all we do by making sure that we do things from the customers’ standpoint,” he further said.

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Meanwhile, shareholders of the financial institution have commended the staff, management and the board for putting up an impressive performance in 2017, which led to a better dividend payout.

Chairman of Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, said at the AGM that, “I want to especially commend the management of UBA, especially the Chairman, Tony Elumelu, and GMD/CEO, Kennedy Uzoka, who have been managing activities of this great institution for the past two years.

“We the shareholders are impressed at results that you have recorded so far and the achievements that the bank has recorded under your leadership, especially the sterling contributions of our subsidiaries in Africa.

“We are especially impressed about what the bank has been doing in Africa. It has gone a long way to show that good things can come from Africa.

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“UBA has showcased a high level of ingenuity in the banking space, and we are glad for how this is translating into gains for our business.

“And so, we the shareholders urge you to continue to do more and would advise Uzoka and his management team not to rest on their oars but to work harder in ensuring that this momentum is sustained and even surpassed in the coming year.”

Business Post reports that the board of UBA proposed the payment of total dividend per share of 85 kobo comprising of N0.20 interim dividend which was already paid by mid-2017 and a final dividend of 65 kobo which was ratified by shareholders during yesterday’s meeting.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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