•Shareholders Applaud Support For Fight Against COVID-19
The management of the United Bank for Africa Plc, on Wednesday, April 29, 2020, said it is well prepared for challenges now being thrown up by the outbreak and spread of the Coronavirus (COVID-19) pandemic that has today shut down the global economy with dare consequences.
Following the outbreak of the pandemic, according to the Group Managing Director, Kennedy Uzoka, told shareholders at the virtual annual general meeting on Wednesday, UBA Plc “immediately activated (its) business continuity plan.”
This is why, he continued, “all the investments we have made over the years in the area of technology will begin to yield now, because already we have continued to meet the needs of customers in terms of digital patronage, owing to the growing traffic we have been receiving in the past few weeks. We are well prepared for all situations.” While expressing hope that a vaccine is found for the coronavirus, Uzoka disclosed that UBA is “set to take our business to the customers wherever they are and however they want it.
“As our first-quarter results indicate, we can produce robust results, despite the challenges. We are buoyed by our significant geographic diversification, our historic investment inefficiency, and the dedication of our staff. Our commitment to our loyal shareholders is amply demonstrated in our progressive dividend policy,” he stressed.
In his opening remark, UBA Group’s chairman, Tony Elumelu, described the meeting as very special, given the extraordinary circumstances under which it was holding, expressing the group’s deep appreciation to all the health workers across Africa at the forefront of fighting the deadly pandemic.
He also commended governments across the continent for their rapid actions to contain the threat, acknowledging the Central Bank of Nigeria (CBN) governor, Godwin Emefiele for rallying the nation’s private sector support, to provide medical facilities and palliatives in the fight against the scourge.
UBA Group’s “commitment to improving lives in Africa is a long-term one, which we do not take lightly, as we assist governments in Africa to curb this pandemic and help sustain employment across the continent.”
He appreciated the board of UBA Plc “who have been responsive in this time of crisis, as the Group donates $14m to assist governments to fight the COVID-19 Pandemic in Nigeria and Africa.”
Already, he said UBA had delivered an impressive performance in its just-released first-quarter results, noting that the group was well prepared for the crisis, having put in place effective measures to ensure that its operations continue smoothly.
Moreso, given the impact of the oil and gas industry, especially crude oil in the ongoing economic meltdown, he said the group’s exposure to the sector is well within prudential guidelines.
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 pandemic across the African continent and its robust financial performance, despite a difficult macroeconomic outlook.
A shareholder and President, Association for the Advancement of the Rights of Nigeria Shareholders, Dr. Umar Farouk applauded the group for the contribution of N5bn (USD14m) to the fight against Covid19. He said the unprecedented move will substantially support governments, as they work to tame the scourge, noting the 20% growth in dividends proposed by the board.
“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 per 50 kobo share 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,” he added.