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At UBA’s 60th AGM, Elumelu Upholds Commitment To Exceed Growth Trajectory, Create Value For Shareholders

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…Shareholders Laud UBA’s Dividend Yield, Subsidiary Performance

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has assured shareholders and investors of its unwavering commitment to sustaining its current growth trajectory even as its efforts at business diversification across Africa and beyond continue to yield increasing returns.

The Group Chairman, Tony Elumelu, who made this declaration at UBA’s 60th Annual General Meeting, which was held at the Transcorp Hilton Hotel, Abuja on Thursday, April 7, 2022, noted that the bank’s strategic investment decisions over the past few years have indeed translated to huge returns for its investors, despite the challenging business environment witnessed in the last two years.

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“I am proud of how as a Group, we have been able to further consolidate on the new capabilities we have built, novel customer solutions we have deployed, efficiency gains recorded and the growth prospects we have leveraged from a recovering world,” Elumelu stated, adding “These were the building blocks for the very strong financial performance and the growth delivered by your Group in 2021, further confirming the wisdom of the investments we made and the strategy we have pursued, to ensure the diversification and sustainability of our business model.”

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Whilst expressing his delight to shareholders and customers who have stood with UBA for almost eight decades, Elumelu remained confident of the bank’s capacity to sustain this momentum especially as economic activities recover from the impact of the Covid -19 pandemic.

“Our goal is to continue to build strong brand loyalty with our customers and create additional value for our shareholders, whose underlying support has positioned UBA for continued growth,” the Chairman noted.

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UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who went into detail about the improved performance of the bank’s subsidiaries in the financial year under consideration, said, “We are happy that the global community recognizes the role our Group is playing in the transformation of the African economic landscape through innovative and customer-focused banking services.”

He pointed out that the bank’s business in the United Kingdom had specifically witnessed remarkable expansion, adding “As from July 2021, UBA UK started making a profit, and even to date, they are still doing well, and the same can be said for many of our African subsidiaries. The truth is that we are driven by the opportunities and potential in each of the geographies that we invested in, and we are happy with what we have achieved so far.

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Shareholders who spoke at the meeting including Sir Sunny Nwosu, Alhaji Farouk Umar, Mr. Nonah Awoh, Mr. Patrick Ajuda, Mrs. Bisi Bakare, and Chief Timothy Adesiyan, were unanimous in their commendation of the board and management of UBA, for the impressive financials which have translated to higher dividends for shareholders.

“Despite the economic situation, UBA has been able to grow profitability and increase its customer base. If you compare the dividend with the share price of UBA, you will see that our dividend yield is very high. No bank in Nigeria has been able to achieve this, and I, therefore, commend the UBA board,” Umar noted in his remarks.

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At the end of the 2021 financial year, UBA’s Profit Before Tax was impressive with a 20.3 percent growth to N153.1 billion, compared to N127.3 billion at the end of the 2020 financial year; while Profit After Tax rose grew by 8.7 percent to N118.7 billion in 2021, compared to N109.2 billion recorded the previous year. As a result, the Bank proposed a final dividend of 80 kobo for every ordinary share of 50 kobo for the financial year ended December 31, 2021, bringing the total dividend for the year to N1.00 as the Bank had earlier paid an interim dividend of 20kobo.

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United Bank for Africa Plc is Africa’s global bank, offering banking services to more than twenty-seven million customers, across over 1,000 business offices and customer touchpoints in 20 African countries. With a presence in the United States of America, the United Kingdom, and France and its more recent operating license in the United Arab Emirates, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

BIG STORY

‘Miracle Money’ Gospel Undermining Nigeria’s Development — Prof. Yemi Osinbajo

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Former Vice-President Yemi Osinbajo has cautioned Nigerian churches against promoting messages centred on miracles and prosperity without responsibility, saying such teachings undermine national development.

Osinbajo spoke in Lagos on Thursday at the 80th birthday lecture of Mike Okonkwo, presiding bishop of The Redeemed Evangelical Mission (TREM). The 24th edition of the Mike Okonkwo Annual Lecture was themed “The Nigeria Of Our Dream: Today’s Reality and a Responsible Pathfinder.”

Delivering a lecture titled “Church as a Responsible Pathfinder in Attaining the Nigeria of Our Dreams,” Osinbajo said only values of integrity, productivity, and responsibility can transform the nation and curb corruption.

“If the gospel is preached correctly, it will create renewed, regenerated men and women. We cannot build a nation on the doctrines of miracle money and shortcuts. True gospel preaching instils diligence, honesty, and responsibility. That is what changes societies,” he said.

The former vice-president warned that Africa’s failure to add value to its natural resources has kept it poor despite vast endowments. He cited cocoa production as an example, noting that while Africa grows the raw material, countries without cocoa dominate global profits by processing it into chocolate.

Osinbajo also drew lessons from the Puritans in Europe, who, he said, transformed their societies by emphasising integrity, hard work, and ethical living.

In his remarks, Bishop Okonkwo urged Nigerians to reflect on the country’s progress nearly 65 years after independence, stressing that every citizen has a role in nation-building.

“The Nigeria of our dreams can be realised, but every one of us must play our part. Responsibility cannot be shifted; we all must take it,” he said.

The chairman of the occasion, retired Major-General Ike Nwachukwu, described Nigeria as “a land of immense promise” constrained by poverty amidst plenty. He called for leaders and citizens who would rise above self-interest to pursue the common good.

At the event, Davina Phillips, winner of the Mike Okonkwo Essay Competition, received a cash prize of ₦1 million.

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BIG STORY

Nigeria Politics Is About Betrayal – I Witnessed It In 2015 — Goodluck Jonathan

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Former President Goodluck Jonathan has said that betrayal is a common feature of Nigerian politics, recalling his experience during the 2015 general elections.

Jonathan spoke on Thursday at the 70th birthday celebration of Mike Oghiadomhe, former Edo deputy governor, in Benin, the state capital.

“Politics in the Nigerian standard is about betrayals. I witnessed a lot of betrayal during the 2015 election,” Jonathan said.

He noted that many politicians lack consistency, adding that few can be trusted.

“You will find it difficult to see somebody who will say the same thing in the morning and say the same thing in the afternoon and in the evening,” he said.

“They will tell you something this minute, and in the next hour, they will say another. But, I am quite pleased to associate with Oghiadomhe.”

The former president praised Oghiadomhe as a dependable ally, describing him as someone who would “take a bullet” on his behalf.

“For me, he is somebody you can take his words to the bank. Most politicians, you cannot take their words to the bank,” Jonathan added.

Oghiadomhe, who served as Edo deputy governor between 1999 and 2007, was Jonathan’s chief of staff from 2010 to 2014.

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BIG STORY

FAAN Issues Travel Advisory As Reconstruction Of MMIA Terminal One Commences

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The Federal Airports Authority of Nigeria (FAAN) has announced the commencement of reconstruction works at Terminal One of the Murtala Muhammed International Airport (MMIA), Lagos.

In a travel advisory issued on Friday, the authority urged passengers to leave early for the airport to avoid missing their flights during the period of rehabilitation.

“To ensure a smooth travel experience, we kindly request that passengers leave early for the airport to avoid missing flights, obey all traffic instructions to aid traffic flow, and park vehicles properly in designated car park areas,” FAAN said.

The agency also advised that only travellers should come to the airport, citing limited space during the reconstruction process.

On August 1, the Federal Executive Council (FEC) approved contracts worth over ₦900 billion for infrastructure upgrades in the aviation sector. Festus Keyamo, minister of aviation, said at the time that the centrepiece of the projects would be the rehabilitation and modernisation of MMIA’s Terminal One.

According to him, the project will involve a complete overhaul of the terminal, including the rebuilding of its mechanical, electrical, and plumbing systems.

Keyamo disclosed that the rehabilitation of the Lagos airport terminal is expected to cost ₦712.25 billion, with a completion timeline of 22 months.

FAAN appealed for the cooperation of passengers and other airport users, adding that the reconstruction is part of broader efforts to modernise the country’s aviation infrastructure.

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