UBA Board Meets to Discuss Dividend Recommendation, Others

Board of Directors of United Bank for Africa Plc will meet on Monday, January 27, 2020, to discuss the audited financial statements and report for the year ended December 31, 2019, as well as proposal for the final dividend

In a notification  to  the Nigerian Stock Exchange (NSE), UBA said the results would only be published after relevant regulatory approval.

“In compliance with the post listing requirements of the NSE for quoted companies, UBA hereby declares the commencement of the closed period for trading in the bank’s shares from January12, 2020, in respect of the reports and financial statements for the period ended December 31, 2019, as well as the final dividend. Accordingly, no director, person discharging managerial responsibility, employee with sensitive information, adviser, and consultant of the bank and their connected persons may directly or indirectly deal in the securities (shares and bonds) of the bank until 24 hours after the release of the audited reports and financial statements of the group for the period ended December 31, 2019 to the NSE,” the bank said.

Shares of UBA were most active last week and gained 13.8 per cent to close at N10.25 per share. Investors had increased demand for the shares ahead of the release of the 2019 results and declaration of  dividend for the full year.

The bank paid a total dividend of N29 billion in respect  of 2018, which translated to 85 kobo per share. Already, UBA had paid an interim dividend of   20 kobo per share for the half year ended June 30, 2019 and investors are bullish that the bank, in its traditional way of rewarding shareholders, an impressive final dividend would be recommended for the year.

The bank recently made some top  executive management appointments as part of efforts to improve its performance and strengthening its pan-African mission.

For instance, Mr.  Oliver Alawuba was appointed as Chief Executive Officer of  UBA Africa, overseeing the bank’s  20 African country operations, ex-Nigeria.

A Senegalese, national, Abdoul-Aziz Dia  was appointed as  Executive Director for Treasury and International Banking while Chukwuma Nweke, currently the Executive Director Operations, was confirmed by the Board as the Group Executive Director, Retail and Payments, demonstrating the Group’s commitment to its retail offering.  The board also announced the appointment of Chiugo Ndubisi as Group Executive Director and the Group Chief Operating Officer.

Commenting on the peaking on the appointments, Tony Elumelu, group chairman, UBA, said: “These appointments emphasise the Group’s commitment to our pan-African and global network, our huge retail client base and our operational infrastructure.  We are focused on improving our efficiency and further strengthening our pan-African mission, using the extraordinary pool of talent and experience available in the Group.”