UBA Distributes $53.4 Million Dividend to Shareholders

UBA Group, led by famous Nigerian billionaire Tony Elumelu, has issued a final dividend payout of N78.66 billion ($53.4 million) to its shareholders. The group’s 62nd AGM, held at the Transcorp Hilton Hotel in Abuja, approved the final dividend for the fiscal year 2023.


Shareholders unanimously endorsed a resolution to award a final dividend of N78.66 billion ($53.4 million), or N2.3 ($0.00156) per share. This is much larger than the N30.8 billion ($20.9 million) paid out in 2022. This move demonstrates UBA’s strong financial health and commitment to rewarding investors.


During the AGM, the board announced UBA Group’s remarkable financial performance in 2023, which saw the bank become Nigeria’s second-largest lender by assets. As of December 31, 2023, UBA’s total assets were N20.65 trillion ($14 billion).


The group recorded gross earnings of more than N2.08 trillion ($14.11 million) and a 100% rise in total deposits from N9 trillion ($6.1 billion) to N18 trillion ($12.2 billion).


Chairman Tony Elumelu attributed the UBA team’s success to their dedication and customer-focused attitude. “In 2023, UBA delivered gross revenue of N2.08 trillion and profit after tax of N607.69 billion ($412.4 million), demonstrating its capacity for profitability,” Elumelu stated.


Elumelu announced UBA’s engagement with the Africa Continental Free Trade Area (AfCTA) secretariat, promising up to $6 billion in funding for SMEs in Africa over the next three years. The sectors that will be prioritized are agro-processing, automotive, pharmaceuticals, and transportation and logistics.


He also stressed UBA’s commitment to youth development, stating that 1,100 young graduates had finished the UBA Academy Graduate Management Accelerated Program in the previous year.


UBA Group continues to grow its global presence, with operations in 24 countries across four continents, including significant markets such as the United Kingdom, the United States, France, and the United Arab Emirates. Tony Elumelu, who owns 7.39 percent of UBA, is still a top investor on the Nigerian Exchange and one of the country’s wealthiest persons.


In 2024, the group’s first-quarter earnings increased by 166 percent to N142.6 billion ($102.25 million), owing to significant rise in interest and non-interest revenue. Interest income increased from N191.9 billion ($137.6 million) to N440.76 billion ($316 million), while fees and commissions grew from N52.2 billion ($37.7 million) to N113.65 billion ($82 million).

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