Shareholders laud UBA’s corporate governance principles



…Approve N14.5 billion total dividend

Shareholders of United Bank for Africa Plc, yesterday commended the bank’s adherence to corporate governance, especially in its succession plan, even as they endorsed the bank’s N14.5 billion dividend, translating to N0.40 kobo per share for the 2015 financial year.

The bank had earlier paid an interim dividend of 20 kobo in September 2015, bringing the total dividend paid in respect of its 2015 financial year to 60 kobo per share.

Besides, the Group Managing Director/Chief Executive of the bank, Philip Oduoza assured shareholders that the growth currently seen in the bank would be sustained and surpassed by the incoming Chief Executive.

Speaking at the bank’s yearly general meeting in Lagos at the weekend, Oduoza, who is expected to step down as the Group’s Chief Executive Officer in a couple of months, thanked the bank’s shareholders and other stakeholders for their support over the years while assuring them that the bank has put in place a strong succession plan, expressing confidence that the growth currently seen in the bank will be sustained and surpassed by the incoming Chief Executive.

“A very strong foundation has been laid for your bank and you are going to see a good result that we would achieve going forward. They will take the bank to the next level.

Oduoza added that the management rigorously identified and eliminated fats in the system, improved on contract negotiations, eliminated overlapping functions and structures and continued to leverage technology in its operations, particularly in servicing its over 8 million customers through low cost service channels, which ensured it delivered improved performance to shareholders in 2015.

On the bank’s strategies to consolidate on their performance, Oduoza noted that the bank has invested massively in the development of its e-banking services as a substitute for COT contributions.

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