UBA shareholders approve N16.49bn dividend

The shareholders of United Bank for Africa (UBA) on Friday approved N16.49 billion total dividend declared by the bank for the financial year ended Dec.31, 2013.

The shareholders gave the approval at the bank’s 52nd Annual General Meeting (AGM) in Lagos.

The News Agency of Nigeria (NAN) reports that the dividend translated to 50k per share, the same amount paid to shareholders in 2012.

Speaking at the AGM, Dr Farouk Umar, President, Association for the Advancement of the Rights of Nigerian Shareholders, commended the bank for its performance in spite of stringent regulatory environment.

Umar urged the bank to comply with all corporate governance rules in its operations.

Mr Sunny Nwosu, National Coordinator, Independent Shareholders Solidarity Association of Nigeria (ISAN), commended the dividend declared by the bank.

Nwosu said that the bank should strengthen its investment strategies to improve returns to shareholders.

He advised the bank’s new chairman, Amb. Joseph Keshi, to work closely with the management to move the bank forward.

Mr Phillips Oduoza, the bank’s Group Managing Director, said that the bank would continue with its “Project Alpha” strategy initiated in 2013 to deliver robust returns.

Oduoza said that the bank would in 2014 focus attention on African trade for market share growth and enhanced returns to all stakeholders.

He said that UBA was the only bank in Nigeria with visibility in 18 African countries.

The bank group managing director said that the bank’s subsidiaries contributed N11.4 billion to its profit against N5.4 billion in 2012.

Oduoza projected that the bank’s profit would increase in 2014 with more expected investments and strategies.

He said that revenue growth of its other African subsidiaries increased by 22 per cent to N49.9 billion in contrast with N41.5 billion in 2012.

NAN reports that the bank posted gross earnings of N264.7 billion in 2013 against N220.1 billion declared in 2012. (NAN)