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UBA Benefits from Tech Investment, Assures Shareholders of Better Returns

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The Group Managing Director/CEO of United Bank for Africa Plc, Mr. Kennedy Uzoka, yesterday said all the investments made by bank over the years in the area of technology are now yielding positive results.

He also assured shareholders of the bank that its management and board would continue to meet the needs of customers in terms of digital patronage in the period of COVID-19 pandemic.

Speaking at annual general meeting of UBA in Lagos, which was held virtually, Uzoka said the pan-African bank operating in 20 African countries and also in the United Kingdom, the United States and France, was prepared for all situation.

“When we learnt about this pandemic, we immediately activated our business continuity plan. We will continually do business in a way to ensure that customers do not have to physically be in the bank. We are set to take our business to the customers wherever they are and however they want it. Our commitment to our loyal shareholders is amply demonstrated in our progressive dividend policy,” he said.

In his address, the Group Chairman, UBA, Mr. Tony Elumelu, said their commitment to improve lives in Africa remains a long-term one, hence they are assisting governments in Africa to curb this pandemic and help sustain employment across the continent.

“I want to also thank the UBA Board of Directors, who have been responsive in this time of crisis, as the group donates $14 million to assist governments to fight the COVID-19 pandemic in Nigeria and Africa,” he said.

Elumelu, thanked executive management and members of staff and assured shareholders, that despite the pandemic, UBA had delivered an impressive performance in its just released first quarter results.

Shareholders at the meeting commended the board of directors and management for the proactive role that the Group has been playing in helping to lessen the negative effects of the coronavirus pandemic across the African continent and its robust financial performance, despite a difficult macroeconomic outlook.

For instance, President of Association for the Advancement of the Rights of Nigeria Shareholders, Dr Faruk Umar said: “I am also happy that you fulfilled the promise you made at the AGM last year to pay dividends in Naira and not kobo, by paying N1.00 per 50 kobo shares to shareholders, in this difficult time. We have seen the first quarter results, and we are particularly happy about the performance of our subsidiaries across Africa.”

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