E-Financial
UBA Shareholders Commend 2023 Superlative Performance, Dividend Payout
Shareholders of United Bank for Africa (UBA) Plc, Africa’s Global Bank, have praised the board, management and staff of the Bank on the impressive performance recorded over the past years and especially in 2023, culminating in the payout of N78.7bn as final dividend for the 2023 financial year.
l-r Group Managing Director/CEO, Mr. Oliver Alawuba: Group Chairman, Mr. Tony O. Elumelu,CFR; Company Secretary and Legal Counsel, Mr. Bili Odum; Group Deputy Managing Director, Mr. Muyiwa Akinyemi; and Non-Executive Director, Ms Angela Aneke, at the 62nd Annual General Meeting of United Bank for Africa (UBA), coinciding with the Bank’s 75th Anniversary, held at Transcorp Hilton, Abuja, on Friday
The shareholders took turns to express their delight during the bank’s 62nd Annual General Meeting which was held at the Congress Hall of Transcorp Hotels in Abuja on Friday.
The shareholders overwhelmingly approved the Board of Director’s proposal to raise additional capital through the issuance of securities comprising ordinary shares, preference shares, convertible and/or non-convertible notes, bonds or any other instruments in the Nigerian and/or international capital market.
Addressing shareholders at the event, Mr. Tony Elumelu, group chairman, appealed to shareholders to participate fully and re-invest their dividends in the bank’s recapitalisation drive as this will ensure that they continue to enjoy even higher returns from their investments.
He said, “I call on you shareholders to re-invest a substantial part of your dividends in our rights issues which will be announced soon, as we will be giving you the first opportunity to own a share in all the countries where we operate, I am advising shareholders, as you get your dividends, reinvest a significant part of it. As for my board members and I, we would be investing 100% of the dividends we get, because If we don’t do so, it means we would be leaving food on the table for others who did not labour for it,” Elumelu stated.
In the year under consideration, UBA had declared an interim dividend of N17.1bn representing a pay-out of 50kobo per share for the first half of 2023, thus bringing the total dividend for the 2023 financial year to N95.8bn, representing N2.80 per share.
Surprisingly and in another first, dividend payouts were received while the meeting was still on just seconds after the resolution on dividend payments were passed at the meeting by the shareholders, resulting in open excitement from the shareholders.
They also commended the bank’s management over the impressive performance for the 2023 financial year, which resulted in the large payout of dividend to its investors, and highlighted its thriving business in its African subsidiaries, which continues to contribute significantly to the Group’s total income.
Alhaji Mukhtar Mukhtar, one of the shareholders who spoke at the meeting, commended Tony Elumelu, group chairman, and Oliver Alawuba, group managing director, for their concerted effort towards ensuring that the performance of the bank reached unprecedented heights in the year under consideration.
He said, “I want to specially commend the management and Board of UBA, especially the Chairman, Tony Elumelu and the GMD/CEO, Oliver Alawuba, who have been managing activities of this great institution over the past few years.
“We are impressed at the results that you have recorded so far, how you have managed to maintain a well-structured balance-sheet and diversified balance sheet with total Assets growing to over N20trn. The achievement that the bank has recorded under your leadership, especially the sterling contributions of our subsidiaries in Africa deserves accolades,” Muktar stated.
Another shareholder, Patrick Ajudo, also commended Elumelu for keeping the promise made to shareholders a few years ago to begin to pay increased dividend.
“Our Chairman, Tony Elumelu, promised shareholders a few years ago in this same hall, that he will move from ‘kobo-kobo’ dividends to naira dividends, and he has kept that promise. We are very excited, because, not only have you kept that promise, but you have backed it up by even matching the industry standards. Indeed, we are proud to be associated with such a brand that has integrity, and we highly commend you for this,” he stated.
Barrister (Mrs) Adetutu Siyanbola, another shareholder, took time to commend the bank’s management for its operations over the decades, especially as it celebrates its landmark 75th year anniversary, praising the gender balance and high female representation on the bank’s board, which according to her, is a feat worth emulating by other financial institutions in Africa.
While commending the GMD for wining several awards in the 2023 financial year, she expressed satisfaction that the bank did not incur any penalty in the year under consideration, which meant that UBA had zero infractions and didn’t run foul of any regulations.
At the end of the 2023 financial year, UBA recorded an impressive leap in gross earnings, as it grew from N853.2 billion recorded at the end of 2022 to close at N2.07tn; representing a strong 143 percent growth; total assets also rose remarkably by 90.22 percent, to close at N20.65 trillion up from N10.86 trillion in 2022
Profit before tax, also grew exponentially by 277 percent, to close at N758billion, up from N200.88 billion recorded in 2022; while profit after tax (PAT) grew by 257 percent from N170.2 billion in 2022, to N607 billion.
Mr. Oliver Alawuba, group managing director/CEO, explained that despite being a year of significant geopolitical and economic challenges, UBA’s strength, the effort and dedication of the team, and its leadership in strategic areas such as innovation and sustainability, helped the bank to grow in a profitable and sustainable manner,
Looking ahead, he said, “The outlook is great because we are diversified. Our African subsidiaries contributed over 55% to the bank’s profit this year, and we will do more. Already, the Bank entered 2024 from a position of strength, with proven resiliency, a powerful brand and a strong capital position.
“As we begin 2024, “execution” will continue to be on the front burner, with an unrelenting focus on market leadership and excellent customer experience at all touch points,” Alawuba explained.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 35 million customers globally.
Operating in twenty African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
Federal High Court in Abuja has rejected the request to stop the Central Bank of Nigeria (CBN) from using the e-naira trademark for the growth of the country’s economy.
Justice James Omotosho refused to grant the request brought before him by E-naira Payment Solutions Limited, a private company, which had dragged the CBN before the court, praying for an order of interim injunction restraining the apex bank from using the e-naira trademark on the grounds of lack of ownership.
It claimed that the disputed e-naira trademark was its sole property based on the acceptance of its application for registration by the Trade Marks Registry of Nigeria.
The plaintiff claimed that its ownership of the trademark was being threatened by the CBN’s bid to hijack the mark, adding that it would suffer irredeemable damages if the apex bank were allowed to assume ownership of the mark.
In a motion on notice marked FHC/ABJ/CS/2021, E-naira Payment Solutions Limited asked the court to stop the CBN from communicating with the United States Patent and Trademark Office regarding the disputed trademark until the dispute is fully resolved.
It also pleaded with the court to stop the United States from processing the CBN’s application for the formal registration of the e-naira trademark for use by the CBN and the federal government of Nigeria.
However, the CBN, in its defence, pleaded with the court to reject the request on the grounds that the e-naira trademark is a national asset that can only be owned and used by the federal government of Nigeria and itself.
The apex bank claimed that the letter of acceptance of registration issued to the plaintiff in error by the Trade Marks Registry of Nigeria had since been voided and withdrawn through a letter dated 15 November 2021.
CBN, while describing the e-naira trademark as national intellectual property, informed the court of its possession of a registration certificate from the Trade Marks Registry of Nigeria in line with Section 22 of the Trade Marks Act and that it was on the verge of securing registration from the United States Patent and Trademark Office.
The bank maintained that the e-naira trademark cannot be owned by an individual or private corporate body such as E-naira Payment Solutions Limited and faulted the ownership claims of the plaintiff, adding that there was no proof of its claim in Class 36 that it had registered the mark with the Trade Marks Registry of Nigeria.
Contrary to the plaintiff’s claim, the CBN, in its defence, insisted that Nigeria would suffer huge losses in its economy and reputation in the international community.
In his ruling on the motion, Justice James Omotosho agreed with the CBN that Nigeria’s economy would suffer greater damage than the plaintiff if the request were granted.
The judge held that the letter written by the CBN to the United States Patent and Trademark Office, advising it not to accept the plaintiff’s application, was a preservatory measure aimed at protecting Nigeria’s interests, not a malicious act as claimed by the plaintiff.
Justice Omotosho, while rejecting the request, awarded costs of N50,000 against the plaintiff, to be paid to the CBN before the adjourned date for the hearing of the substantive suit. He fixed 26 June for the hearing of the substantive matter.
The Federal Ministry of Industry, Trade and Investment (FMITI), under the leadership of Honourable Minister Dr. Jumoke Oduwole, MFR, has reaffirmed its commitment to Nigeria’s economic transformation through a robust partnership with the Nigerian Exchange Group (NGX Group).
This collaboration was highlighted during the distinguished Closing Gong Ceremony at the NGX, Lagos, where Dr. Oduwole outlined FMITI’s ambitious target to facilitate $6 billion in foreign investment into Nigeria’s productive economy in 2025.
Oduwole was at the Nigeria Stock Exchange (NGX) on invitation by the Board and Management of Nigerian Exchange Group Plc (NGX Group) to perform the distinguished Closing Gong Ceremony on Nigerian Exchange, Lagos.
This symbolic ceremony, held on trading days, marks the formal close of the market and provides an excellent platform to showcase leadership, inspire stakeholders, and address critical economic issues.
Of the $6 billion target, $3 billion is projected to come from Foreign Direct Investment (FDI) into key sectors such as infrastructure, manufacturing, agribusiness, technology, and renewable energy.
These sectors are pivotal to creating jobs, promoting exports, and enhancing Nigeria’s productive capacity. Another $3 billion will be mobilized through Foreign Portfolio Investment (FPI) by leveraging innovative financial instruments like green bonds, diaspora-linked securities, and SME-focused platforms.
These efforts aim to deepen market liquidity and align capital flows with national priorities.
Oduwole emphasised the integral role of capital markets in driving economic resilience and sustainable growth, stating: “Deepening Nigeria’s capital markets is fundamental to improving investment flows, creating jobs, and sustaining long-term economic resilience.”
Ahonsi Unuigbe, Chairman of Nigerian Exchange Limited (NGX), reinforced the importance of this collaboration, noting that, “capital markets are powerful engines of innovation, business expansion, and economic inclusion, all of which are essential to advancing Nigeria’s industrialisation objectives.”
Temi Popoola, Group Managing Director/CEO of NGX Group, high – lighted the Exchange’s technologydriven vision.
“We are building a next-generation exchange ecosystem designed to de – mocratise investment opportunities, enhance market liquidity, and position Nigeria as a competitive destination for both domestic and international capital,” he said.
Partnership Opportunities and Achievements The engagement brought together key stakeholders from the capital market ecosystem, all of whom reaffirmed their commitment to supporting FMITI’s initiatives.
Notable areas of collaboration include: Strategic Listing of State Owned Enterprises (SOEs): Building on the successful corporatization of the Nigerian National Petroleum Company (NNPC), the listing of SOEs is expected to unlock significant value, enhance transparency, and deepen market liquidity.
Empowering SMEs: Efforts are underway to establish a dedicated capital market platform for small businesses, providing access to funding, capacitybuilding programs, and pathways for sustainable growth.
Green and Sustainable Finance: The NGX Impact Board is set to mobilize capital for high-impact projects through instruments like green and sustainability bonds, supporting climate resilience and infrastructure development.
The NGX Group also emphasized its role as a gateway to capital markets, offering a robust platform for cross-border investments.
This aligns with FMITI’s vision to restore investor confidence and attract foreign capital, as evidenced by the recent rebound in Foreign Direct Investment (FDI), which rose to $2.6 billion by Q2 2024.
A Shared Ambition for Nigeria’s Prosperity Speaking at the ceremony, Alhaji (Dr.) Umaru Kwairanga, Chairman of NGX Group, commended the Ministry’s leadership and bold reforms, which have set the stage for inclusive growth.
“By fusing policy innovation with market infrastructure, we can catalyze a new era of sustainable growth and national development,” he stated.
As Nigeria moves toward its $1 trillion GDP target by 2030, FMITI and NGX Group remain steadfast in their shared ambition to build a prosperous, inclusive, and resilient economy.
Together, they aim to align investments with national priorities, unlock the full potential of Nigerian enterprise, and create tangible opportunities for all Nigerians.
Fidelity Bank Plc has recorded gross earnings of N315.4bn for the first quarter ended 31 March 2025, representing a 64.2 per cent increase from the N192.1bn reported in the corresponding period in 2024.
Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank,
According to the bank’s unaudited financial statements filed with the Nigerian Exchange Limited, the impressive performance was driven by significant growth in interest income, foreign exchange revaluation gains, and higher fee and commission income.
Interest and similar income calculated using the effective interest rate method rose by 58.1 per cent to N256.1bn in the period under review, up from N161.9bn in the same quarter of 2024.
Additionally, the bank earned N25.4bn from other interest and similar income, compared to N8.2bn in the corresponding quarter of the previous year.
Despite a 28.5 per cent increase in interest expense to N90.7bn from N70.5bn, net interest income climbed to N190.8bn, reflecting a 91.5 per cent growth from N99.6bn in the same quarter last year.
Fidelity Bank recorded a credit loss expense of N6.3bn, a decline of 49.2 per cent compared to the N12.4bn reported in Q1 2024. Consequently, net interest income after credit loss expense rose to N184.5bn from N87.3bn.
The bank also saw growth in its non-interest income. Fee and commission income increased to N23.8bn, up from N18.3bn in Q1 2024.
Foreign currency revaluation gains contributed N9.8bn to earnings, representing a 200.8 per cent increase from N3.3bn in the same period last year.
On the cost side, operating expenses remained elevated. Personnel expenses rose to N19.7bn from N14bn, while depreciation, amortisation, and impairment increased significantly to N8.7bn from N2.2bn. Other operating expenses also grew to N87.5bn from N52bn.
Despite the cost pressures, the bank posted a profit before income tax of N105.8bn, more than doubling the N39.5bn recorded in the same period last year. After a tax charge of N14.7bn, profit for the period stood at N91.1bn, marking a 190 per cent increase compared to N31.4bn reported in Q1 2024.
Earnings per share rose to 181 kobo from 98 kobo in the corresponding quarter.
The bank’s total comprehensive income for the period rose to N101.6bn, up from N35.8bn in Q1 2024, bolstered by exchange differences on translation of foreign operations and revaluation gains on debt instruments.
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