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.
Access Bank Plc and one of its employees are enmeshed in legal troubles after a four-count charge was filed against them at the Federal High Court over the alleged diversion of N825.9 million in state funds into a fraudulent account.
According to Premium Times, the e charges, filed by the federal government, followed an investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
The charges, filed at the Sokoto Judicial Division, accused Abdulmalik Abubakar, a relationship manager at Access Bank’s Sokoto branch, and the bank itself of conspiracy, money laundering, and concealment of stolen funds.
The state counsel in count one alleged that the defendants created a fake “Internal Revenue Service Account” with number 1873016763, through which they received N825.9 million between May 2024 and January 2025, in violation of Nigeria’s Money Laundering Act of 2022 and the Corrupt Practices Act of 2000.
The second count accuses them of allegedly concealing the same funds through the same fraudulent account, said to have been created at Access Bank’s Sokoto branch.
According to the court, the bank and Abubakar committed an offence contrary to section 18 (2)(a) and punishable under sections 18(3), 18 (4), 22(1) and 22(2) of the Money Laundering (Prevention and Prohibition) Act, 2022.
In count three, prosecutors say the money was fraudulently received through the fake account, “thereby committing an offence contrary to section 13 and punishable under section 68 of the Corrupt Practices and Other Related Offences Act, 2000”.
Count four alleges that Abubakar and the bank directly concealed the laundered funds, “thereby committing an offence contrary to and punishable under section 24 of the Corrupt Practices and Other Related Offences Act, 2000”.
The federal government said the money was diverted without authorisation and concealed in breach of anti-corruption and money laundering laws.
According to a hearing notice signed on May 2, the case had been moved from the General Cause List to a hearing set for May 19 (yesterday).
It will be heard on that date if the court’s schedule allows.
Otherwise, it will be postponed without further notice.
The hearing may last up to two days.
The notice said either party wishing to postpone must apply to the court promptly and provide proof if the reason involves factual matters.
At the hearing, both parties must present all evidence, including witnesses and documents.
Evidence must be submitted during the hearing.
Failure to do so may result in exclusion or costs.
It said parties wanting witnesses to attend should immediately request the court to issue summons, allowing enough time to notify them.
If witnesses must bring documents, these must be clearly specified.
The party requesting witnesses must pay reasonable fees for their expenses and loss of time, as fixed by the court.
Attendance may be refused if fees are not deposited.
If either party wishes to use documents held by the other, they must notify them in writing ahead of the hearing.
Otherwise, they cannot present secondary evidence.
The notice was issued by order of the court.
When contacted, Kunle Aderinokun, Access Bank spokesperson, said the bank would issue an official statement on the matter, according to Premium Times.
Federal High Court in Abuja on Monday fixed 26 May to hear a suit filed by the Nigeria Inter-Bank Settlement System (NIBSS) Plc against the Central Bank of Nigeria (CBN) and others.
NIBSS, in the suit, is seeking an order to prevent any institution from challenging its statutory authority to maintain and manage the Bank Verification Number (BVN) database in Nigeria.
BVN is a unique number that allows individual accounts to be verified across the Nigerian banking industry.
Judge James Omotosho fixed the date after dismissing an application for joinder filed by Data Privacy Lawyers Association (DPLAN).
The News Agency of Nigeria (NAN) reports that NIBSS, through its lawyer, Ademolai Esan, a Senior Advocate of Nigeria (SAN), had sued the Digital Rights Lawyers Initiative (ITDRLI), the CBN and the Attorney-General of the Federation (AGF), seeking the court’s declaration that it is the body statutorily empowered to maintain and manage the BVN database.
The BVN is an identification number which holds an individual’s bank account details. The number is also connected to an individual’s National Identification Number (NIN).
Both the BVN and the NIN are key identity numbers that hold sensitive biometric imprints virtually all important personal information of millions of Nigerians.
With the diverse uses of digital platforms for daily routines such as banking and accessing the internet as well as well registration for various government and many private bodies’ services, including acquiring a passport or a SIM card, it is increasingly difficult to live in Nigeria without NIN.
No one can legitimately operate a bank account in Nigerian without BVN, and by extension NIN. You cannot also use a mobile phone without having NIN.
The dispute over the control and management of the BVN raises data privacy and surveillance concerns.
“Pursuant to the provisions of the framework, NIBSS, as a designated participant in BVN operations, is statutorily authorised to manage and maintain the BVN database and ensure its seamless operation, among other functions,” it added.
It, therefore, accused ITDRLI (1st defendant) of filing multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and alleging that such management violates constitutional privacy rights.
However, ITDRLI denied the allegations in its court processes, asking the court to dismiss the suit.
E-Financial
Fidelity Bank Seeks Supreme Court Judgement Interpretation, Condemns Malicious Publication
Fidelity Bank has applied for the interpretation of a Supreme Court judgement on a legacy transaction between the defunct FSB International Bank and Sagecom Concepts Limited.
FSB International Bank had granted a credit facility to G. Cappa Plc in 2002 for the sum of USD3 million.
The facility was secured with a mortgage on a property located in Ikoyi.
In a statement on Monday, Meksley Nwagboh, head of Brand & Communications, Fidelity Bank, said a publication on the Supreme Court judgement, and the claim of imminent bankruptcy was done in bad faith.
Nwagboh said G. Cappa defaulted on the loan repayment and in a bid to prevent FSB from selling the mortgaged property to repay the loan, it filed a lawsuit against FSB at the Federal High Court, Lagos, seeking inter-alia to restrain the Bank from selling the property.
The spokesperson noted that the Federal High Court, in its judgment, ruled that the Bank as legal mortgagor rightfully sold the leased interest in the property to Sagecom in 2011.
“The Court, however, declined to order vacant possession of the property and directed the issue of vacant possession to the Lagos State High Court. In the meantime, G. Cappa remained in possession of the property and kept collecting rents therefrom,” the statement reads.
“Sagecom then instituted an action against the Bank and G. Cappa at the Lagos State High Court in 2011, seeking damages against the Bank for breach of contract and for possession of the property. Sagecom’s claim against the Bank was essentially for liquidated damages calculated as rentals on the several component apartments in the property plus interest on the same over different time frames.
“In 2018, the Lagos High Court awarded judgment in favour of Sagecom against G. Cappa and the Bank, which judgment was challenged by the Supreme Court. The Bank is convinced that by remaining in possession of the property and continuing to collect rents therefrom, G. Cappa orchestrated all the losses suffered by Sagecom.
“However, having exhausted the appeal process, the Bank is willing to settle the obligation. Unfortunately, there are significant ambiguities in the judgment resulting in difficulties in calculating the actual financial liability to the G.Cappa and the Bank which is about N14billion from our computation based on the exchange rate as of 2005 when the incident and cause of action arose.
“Meanwhile, the Supreme Court in the case of Anibaba v Dana Airlines Limited delivered in January 2025 has clarified that foreign currency judgment debt must be converted to Naira at the exchange rate obtainable at the date of judgment of the trial Court which in this case was 30 January 2018.
“Even if the 2018 exchange rate supported by the Supreme Court is applied, the judgment debt will just be under N30.7 billion payable G.Cappa plc (who delayed delivery of possession of the apartments from 2005 till June 2018 when possession was eventually delivered) with contribution from the Bank.
“Consequently, the Bank has applied to the Court for a clarification and inquiry into the proper interpretation of the judgment and the computation of the actual quantum properly and lawfully payable by G.Cappa and the Bank.
“The Court has accordingly ordered Sagecom to maintain status quo pending the determination of pending motions and restrained Sagecom and all persons from publishing any material in the media as the matter is still pending in court.
“The implication of this order is that the instant publication by Peoples Gazette and any other media platform or persons contain false information and are wrongful, unlawful, and constitute a contempt of court. It is unfortunate that the above clear position and injunctive order made by the Court since 7th May 2025 were not adhered to.”
Nwagboh emphasised that Fidelity Bank remains a very strong and profitable financial institution and currently amongst the most capitalized banks in Nigeria with international operations.
The official insists Fidelity Bank is under no bankruptcy and has always been in a position to discharge its obligations, assuring depositors, customers, investors and the general public of its strong financial position as shown in the Q1 2025 financial results already made public.
The statement added that all necessary steps are being taken to “apprehend and prosecute any persons or platform directly or indirectly responsible for this wicked, malicious and sponsored publication aimed at embarrassing the Bank and causing panic to its stakeholders.”
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