- Assures Shareholders of sustained, higher dividend in 2026
Group Chairman United Bank for Africa (UBA) Mr. Tony Elumelu has reassured shareholders of the bank of its commitment to meeting the new N500 billion capital base requirements as stipulated by the Central Bank of Nigeria (CBN).
Elumelu gave the assurance at the 65th Annual General Meeting of the Group which was held in Abuja, even as he reiterated the board’s commitment is to continually render increasing returns to shareholders through sustained improved financial performance and dividend payments.
Speaking on the need for the remaining 144.8 billion required to meet the regulatory threshold, UBA Group Chairman, Tony Elumelu, first lauded shareholders for their overwhelming participation in the recently concluded rights issues.
He said in his address to shareholders at the AGM, that the 2024 financial year was closed with N116 billion capital base, adding “However, following the rights issue that we launched in November last year, which was oversubscribed, 251 billion has been verified and approved by the Central Bank of Nigeria”
He further explained that, given that because it was a rights issue, the group could only take up N240 billion in the amount it set out to raise in the rights issue, adding that as, a result, an oversubscribed position of N11.6 billion naira, had to be returned to the shareholders. So, we thank you, shareholders, for your unprecedented confidence and commitment to UBA.
According to him, “With this success, our new capital is now N355.2 billion. The remaining 144.8 billion required to meet the regulatory threshold will be raised later this year, and the proceeds from the rights issue will be duly invested in additional technologies and Busi- ness Growth in Nigeria, across Africa and the globe. This will further strengthen our group’s seven decades of impressive performance
Recommended for you
Leave a Reply
Leave a Reply
