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Tony Elumelu Presents Transcorp Group’s Strong 2021 Performance and ESG Blueprint to Shareholders

Shareholders of Nigeria’s leading listed diversified conglomerate, Transnational Corporation Plc (“Transcorp”), met today for the Group’s 16th Annual General Meeting, held at the Group’s hospitality flagship, Transcorp Hilton Abuja.

The Group saw significant growth across all metrics. Group Gross Earnings increased to N111.2 billon in 2021, from N75.3 billion in 2020. Profit Before Tax increased to N27.99 billon, from N1.6 billon. Profit After Tax recorded in 2020 was N3.8 billion, while 2021 saw an increase by N23.8 billion and total assets grew to N416 billion in 2021 from N319.2 in 2020.

Group Chairman, Tony Elumelu expressed his delight in the positive performance, across all sectors within the Group.

“Shareholders, I am sure you will share with me the considerable satisfaction of knowing that our company has continued to surpass its past performance, despite the macroeconomic difficulties. Our priority in 2022, is to continue optimising our existing assets and pursuing growth opportunities. This is critical to ensure sustainable growth in an ever-changing operating landscape.”

He continued by underlining the Group’s corporate responsibility to its communities. “At the core of Transcorp’s purpose is a commitment to building socially responsible and impactful businesses, in key strategic economic sectors that serve our diverse stakeholders. Transcorp, as a responsible corporate citizen, has consistently embraced and sustained a corporate culture and social commitment by driving the integration of Environmental, Social and Governance (ESG) criteria in all aspects of the business’ dealings and investment decisions. As a Group, we remain unwavering in our commitment to sustainable growth, driven by a mission to delivering long-term value and good to all our stakeholders.”

The Chairman showed appreciation by thanking shareholders, for their valuable support during the year. He also thanked all members of the Transcorp Group for their utmost dedication towards the vision of creating sustainable value for their stakeholders.

The President of Transcorp Group, Mrs. Owen Omogiafo, also spoke to the Group’s innovation in the hospitality business demonstrated by the launch of its digital hospitality platform, Aura by Transcorp Hotels in 2021, and highlighted the ongoing investment in assets in 2022, with the commissioning of a best-in-class Spa, and a 3,000 person capacity multipurpose hall, both at the Transcorp Hilton Abuja.

“We are optimistic about the Group’s strategic direction and ability to deliver value. Our performance underlines the success of our long-term strategy of sustainable growth, diversifying our revenues, and accessing new business opportunities to deliver superior returns to all our stakeholders.” Omogiafo said.

The shareholders also approved the change of the company’s name to Transnational Corporation Plc to reflect its new commitment to expanding its impact beyond Nigerian.

Special Tawaf: Tinubu Thanks Obasa, Wants More Prayers For Nigeria

– Urges Nigerians to pray for Buhari, other leaders

– Seeks Allah’s intervention in Nigeria’s challenges

National Leader of the All Progressives Congress (APC) and top presidential aspirant on the party’s platform, Asiwaju Bola Ahmed Tinubu, has thanked the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, for the special Tawaf held for him and in favour of his ambition in Mecca.

Tinubu also commended the Lagos State House of Assembly for the successes so far recorded under the leadership of Dr. Obasa just as he appreciated the members of the House who took part in the Tawaf.

The special Tawaf held on Thursday around Kaabah at the centre of Islam’s most important mosque, the Masjid al-Haram in Mecca, Saudi Arabia.

While expressing gratitude to the participants, Tinubu, a former Governor of Lagos, urged Nigerians to use the opportunity to pray for a better Nigeria.

He encouraged the citizens to pray for President Muhammadu Buhari and other leaders of the country as they make efforts to resolve the country’s challenges.

“As Muslim faithful continue their fasting and supplications to Allah in this Holy month of Ramadan, I express my gratitude to the Lagos State House of Assembly for their decision to organise a special Tawaf (circumambulation of Holy Kaabah) and prayer session for me today (Thursday) in Mecca.

“I’m most honoured by this gesture purposed to be in furtherance of similar prayers seeking God’s blessings for my aspiration to lead our country from 2023.

“However, while thanking Speaker Mudasiru Obasa and all members of the Lagos State House of Assembly for this important decision, I enjoin the Speaker and his colleagues to go beyond my ambition and pray for Nigeria as well.

“I urge them to intercede on behalf of the nation and beseech Almighty Allah for an end to the challenges besieging our country.

“I urge them to pray for President Muhammadu Buhari and his administration in their efforts to surmount these challenges,” he appealed.

He further urged for prayers to Allah to touch the hearts of bandits and criminal elements in the country so that they toe the path of goodness in the blessed month of Ramadan.

“I also enjoin everyone organising or holding similar prayers either for themselves or for some particular causes to also remember to pray for our country in this sacred month,” he said.

The Tawaf was attended by political and business leaders as well as Islamic schorlars.

COURT ORDERS BANKS TO FREEZE SUSPECTED DRUG BARONS’ ACCOUNTS

A Lagos Federal High Court, has ordered Zenith Bank Plc and United Bank for Africa, UBA, to place a lien, also known as Post No Debit (PND) on the accounts of two suspected drug barons, Basil Okafor Onochie (SIR) and Okwuchukwu Edwin Izuchukwu.

Justice Tijjani Ringim, who presided over the court, issued the directive to the two banks, while granting a motion Exparte marked FHC/L/CS/694/2022, for such orders, by the anti-narcotic agency, the National Drug Law Enforcement Agency (NDLEA).

Apart from ordering placing liens on the said accounts, Justice Ringim also directed the two bank to allow the NDLEA to inspect and make Certified True Copies (CTC) of Account Opening Packages, Statements of accounts and any relevant documents in their custody in compliance with section 84 of the Evidence Act 2014, for purposes of investigation.

NDLEA had approached the court for the orders, through its counsel, Barrister Umar Hussaini, pursuant to sections 6(6) B, 44(1) and (2)(K) of the constitution of the federal republic of Nigeria 1999, (as amended), sections 41 and 42(2) of the NDLEA Act Cap. N30 Laws of the Federation of Nigeria, 2004 (As amended); Section 13(1) FHC Act 2004, Order 26(6-10); 28(1)and(2) and 30(A) of the Federal High Court Civil Procedure Rules 2019 and under the Court’s inherent jurisdisction.

NDLEA lawyer, Umar when moving the Exparte application, asked the court to order Zenith Bank to freeze account numbers: 1001203139, 1010359483 belonging to Onochie and his company, Optional Business Bureau Limited, and account number: 1001464228 belonging to Okwuchukwu Edwin Izuchukwu.

He also asked the court to direct UBA Plc to place a lien on account numbers: 1008374573 belonging to Onochie.

He said the order sought for is for the period of 90 days, which the agency would have concluded it’s Investigation.

Justice Ringim after listened to the submissions of the counsel and perused all the processes before her said: “I have carefully perused the motion Exparte, supported with 18 paragraphs affidavit, Written address and exhibits attached.

“I’m of the firm view and satisfied that the orders sought for deserved to be granted and same are accordingly granted.”

NDLEA in an affidavit in support of the Summons Exparte, deposed to by Kareem Olayinka Musibau, an Investigating Narcotic Officer, stated that on March 28, 2022, the NDLEA Operatives arrested both Onochie and Izuchukwu, at 26, Akpomuje Street, Isolo-Okota Area of Lagos State, in connection with the seizures Of 2.169 kilograms of Heroin.

He stated that both Onochie and Izuchukwu are prominent transnational drug traffickers across the world and that following their arrest, the NDLEA is now investigating the level of their involvement in respect of the seizures of the hard drugs made on March 28, 2022, at their above stated address.

The deponet further stated that in the course of investigation, the NDLEA discovered the stated bank accounts, being used by both Onochie and Izuchukwu to launder the proceeds from their illicit drug dealings and that they both admitted the commission of the said offence in their respective written statements.

He stated that it has become necessary for the NDLEA to freeze the accounts temporarily pending the final investigation of this case.

He also avered that it would be expedient and for the court to place a Post No Debit status on the said account numbers, domiciled with Zenith Bank Plc and UBA Plc, operated by both Onochie and Izuchukwu.

The deponet also stated that order of the court is necessary to require the Zenith Bank and UBA Plc, to give the NDLEA access to inspect and make certified true copies of statement of accounts in compliance with section 84 of the Evidence Act 2011, copies of all the account opening decuments and other relevant documents in respect of the accounts aforementioned to enable the applicant conduct and complete investigation in this case.

He averred that the order of the court is urgently required to carry out this of investigations and that no one will be prejudiced by the grant of the application, as it was in the interest of justice to grant the order sought for.

Easter: Let God’s unending love reign supreme – Obasa Urges Nigerians

The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has sent greetings to Christians in the State and Nigeria as they join the world in the celebration of this year’s Easter.

In an Easter message released by his media office, Dr. Obasa noted the divine love of God for mankind as confirmed by the death and resurrection of Jesus Christ which is celebrated by Christians all over the world at Easter.

He argued that such love, spread among neighbours, will help to put Nigeria in an enviable position among the comity of nations.

According to Obasa, love comes before other considerations for a society’s existence or progress.

“It is love that propels peace. It is love that makes leaders want to act right, it is love that helps the followers to live in unity. Even Jesus noted that loving your neighbour is one of the most important commandments of God.

“It is love that will help us build faith in our country and grow it further from where it currently stands. With love, there can’t be cases of man’s inhumanity to man.

“Just as Easter allows us to understand the importance of love and forgiveness, I want to urge Nigerians to celebrate the resurrection of Jesus with sober reflection on His virtues and the lessons He left behind,” Obasa said.

The Speaker further urged Christians to use the opportunity of the celebration to pray for a better Nigeria, a peaceful 2023 election as well as divine wisdom for the leaders of the country.

He promised that the Lagos State House of Assembly will continue to promote peaceful co-existence among residents by passing pro-people laws, motions and resolutions.

2023: Tinubu Rallies APC Speakers, Ex-Legislators Ahead of Primary Election

– Says Nigeria Is In Need Of Drastic Solutions To Challenges

+ Mentions Qualities Needed By Nigeria’s Next President

The National Leader of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, has declared that Nigeria needs a courageous leader to urgently meet the desire of citizens for drastic solutions to the challenges facing the country.

Tinubu also described himself as the most qualified for the position of President in 2023 adding that his aspiration is for a nation that would not be an index of poverty.

The presidential aspirant said this at a one-day parley held for serving Speakers and former Speakers and deputies held in Lagos with the theme: The Legislature, Changing Times and Nigeria’s Democratic Journey.

“We have the brilliance, the resources, the focus. We don’t just know how to run the race and take care of the gear of progress,” Tinubu said at the event hosted by the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa.

Tinubu further described himself as brilliant, courageous and sound enough to know the solutions to Nigeria’s problems adding: “Just as I need Nigeria, Nigeria needs me.”

Noting his can-do attitude, he recalled how he changed the fortunes of Lagos when he became governor of the State at a time of its challenge.

“In the face of tyranny, I have survived, struggled for democracy, I have endured the bush path, lived without a family, spent resources.

“To make Nigeria one is a task and who could do it? I am one. I am the first governor to grant autonomy to the House of Assembly. I survived non-allocation of local government funds. We didn’t suffer, we didn’t retrench. We made progress out of adversity.

“I inherited N600m as Internally Generated Revenue (IGR) with zero allocation from Federal Accounte Allocation Committee (FAAC). But we survived and today, Lagos is number one economy.

“That is why I am begging you to do me a favour so that I can do Nigeria a favour.

“It is a very challenging time for us in the country and we have to get it right. We need to intellectually interogate ourselves.

“I am the first governor to bring Independent Power Project (IPP) to Nigeria. It was 300 megawatts. If they had followed my advice then, Nigeria will not be facing epileptic power supplies,” he said recalling how he brought major investors to Nigeria and promising that he is ready to do it again.

Tinubu also said he believed in religious tolerance and women’s participation in politics.

Governor Babajide Sanwo-Olu, who was a guest of honour at the parley, described Tinubu as his mentor and benefactor.

He also urged the legislators to key into the desire to make Nigeria a better country with Tinubu as President.

Speaking with his colleagues, Dr. Obasa described Tinubu as a true democrat.

“I am standing here before you because Asiwaju is a talent hunter. He is someone that would support you, raise you to a point of leadership and give you room to excel.

“I can confirm that he is the brain behind the legislative autonomy that we enjoy today at the Lagos State House of Assembly and he did this far before the clamour for it by other states.

“So we can see that he is a person that will support the legislative arm of government to remain strong. Dear colleagues, let us all stand with him and support him,” he said.

2023: Community Leaders, APC Chieftains Endorse Speaker Obasa

The Speaker of the Lagos State House of Assembly, Rt Hon. (Dr) Mudashiru Obasa, on Sunday evening got the endorsements of respected leaders of the State from Agege and Orile-Agege for a return to the House.

The leaders all agreed that the Speaker has an unbeatable chance of winning if he vied for a seat in the Senate ahead of the 2023 election, but said their appeal for his return to the House of Assembly was in the interest of the entire Agege people and Lagos state, which he has made better through effective legislations and related activities.

At an Iftar programme that inadvertently provided an opportunity for the leaders to speak about Obasa’s achievements so far, the leaders said the Speaker had become a pride, not only to Agege, but to Lagos State.

At least 80 leaders, political appointees and chieftains of the All Progressives Congress (APC), including Dr. Babatunde Adejare of the House of Representatives; Wale Ahmed, Lagos Commissioner for Local Government and Chieftaincy Affairs; Afolabi Ayantayo, Special Adviser to Governor Babajide Sanwo-Olu, Parastatals Monitoring Office; and Oba Ambaliu Hakeem Agbedeyi, the Alaige of Orile Agege supported that the Speaker return to the House.

Some of the others who gave their support included Chief Safari Adaranijo, APC Apex Leader in Agege; Gani Owolabi Dada, leader; Elder Rotimi Adesina; Olaniyi Salau Ojo APC chairman in Orile-Agege, Alhaji Tunde Azeez; APC chairman in Agege; former and current local government council chairmen; vice chairmen; councillors; supervisory councillors and Special Advisers of the two council chairmen.

While urging that the Speaker be asked to return to the House, Adejare said Agege is now noted for good road networks with the help of Obasa.

“Days ago, during the 80th birthday of Ebenezer Obey, a visiting Senator was marvelled that Agege now has very good roads. I told him not to forget that we have the Speaker of Lagos here,” he said while praying for more wisdom for Obasa in his leadership position.

Wale Ahmed who said he expects Obasa to be unopposed, added: “My prayer is that after the elections next year, we would all gather here to celebrate again.”

Oba Agbedeyi, while thanking Obasa for positively making Agege a place to reckon with, urged the Speaker to return so as to bring more developments to the area.

Mr. Johnson Sunday Babatunde, chairman of Orile-Agege LCDA, who led the conversation, warned that Agege must not lose all that it had gained through Speaker Obasa. Rather, he said, the area should experience more dividends of democracy.

“A lot of people from Agege have been employed because of Obasa. A lot of infrastructure have come to us because of Obasa. There should be no vacancy in Agege Constituency 1,” he said.

He noted that one way Agege can appreciate Obasa’s love for the area is to ask him to return and work for him to occupy the position again.

Supporting the collective decision by the leaders, Ganiyu Egunjobi, chairman of Agege local government council, said the Speaker had brought glory to Agege and that he should be encouraged to return to the House unopposed.

Earlier, the Islamic clergy at the Iftar, Chief Imam Quadri Abdul Ganiu Ayorinde, harped on love and the importance of Ramadan.

He prayed for Asiwaju Bola Tinubu, National Leader of the APC, and Obasa and described those who invite Muslim faithful to break fast with them as blessed.

Nedro warm up for Unique Celebrity Nite honour

Sensational Afro-pop singer, Mamah Stanley Emeka popularly known as Nedro (D Fireboy), is currently warming up to grace this month’s edition of Unique Celebrity Nite (UCN) as a special guest. The multi-talented singer will be hosted alongside crew members of 03 Media, a top notch entertainment outfit.

Unique Celebrity Nite is a night of complete entertainment package where Nigeria’s finest talents from all walks of life are celebrated every last Wednesday of the month. It will hold on 27 April, 2022.

The monthly event is hosted by Unique Gentlemen’s Club, located at 37, Ogundana Street, Allen Avenue, Ikeja-Lagos.

Speaking on the choice of Nedro and 03 Media Crew as the special guest of UCN, the Chairman, Mr Tony Ojo, said the honour is overdue.

“At UCN, we strictly celebrate unique people, who have broken barriers and carved a niche for themselves. Nedro perfectly fits into this category because we have been monitoring his progress over the years. He’s a unique and outstanding talent.

“On the other hand, we are all aware of the exploits of 03 Media Inc. an entertainment company that has effortlessly promoted Nigerian culture and artistes all over the world. Many A-list artistes have benefited from their international tours. It’s payback time for their hard work and diligence,” Mr Ojo said.

Nedro can simply be described as a complete entertainer. With his excellent vocal ability, electrifying stage craft and appealing physique, he is definitely a star to behold.

He has performed on big stages within and outside the shores of Nigeria and has worked with the likes of Patoranking, Skuki, Tosyn Bucknor (now late) N6 and DJ Secxy to mention a few.

Nigeria Police Force And Actors Guild Partner To Promote Value

In a bid to standardize the portrayal of the Nigeria Police Force in movies and other creative content produced by the Nigeria movie and entertainment industry, the Police has partnered with the leadership of the Nigeria Guild of Actors, and other relevant associations in the Nigeria entertainment industry.

This was made known on Sunday in a statement signed by CSP Olumuyiwa Adejobi, acting Force Public Relations Officer and made available to the National Association of Online Security Reporters, NAOSRE.

According to the statement, the NPF met with the leadership of the guild of actors recently at the Louis Edet House, Force Headquarters, Abuja, to critically deliberate on topical issues of national security viz-a-viz intelligence gathering and community partnership.

The meeting also discussed areas of possible collaboration to shape positive thoughts and narratives, portray good values, and resuscitate Nigerian cultures through movies, skits, creative content, which would impress positively on the Nigerian public, add value to our system, provide police officers with modern innovations to actively carry out policing duties and on-screen role models who would influence their lives and career, and consequently improve security mechanisms in Nigeria.

The President of the Guild of Actors, Ejezie Emeka Rollas, who was at the meeting in the company of his Senior Special Adviser on Military, Police, and other security agencies, Mr. Steve Eboh, appreciated the current leadership, especially the Inspector-General, IGP Usman Alkali Baba, for the opportunity to collaborate and promote good and meaningful ideals after twenty-four years of the Guild’s existence.

The NPF authority reiterated the readiness of the Nigeria Police Force to brainstorm alongside the guild in harnessing the potentials within Nollywood to achieve seamless synergy aimed at building a change in narratives with regards to police portrayals in movies, skits, etc and other ideological perspectives that can improve internal security. The NPF equally assured that it has set up mechanisms to ensure prompt approvals of requests for uniforms, kits, and other police props in movie productions to stimulate required and seamless collaboration.

NDLEA Intercepts Cocaine In Children Duvets, Seizes Drugged Milo Beverage

No less than 101 parcels of Cocaine concealed in eight children duvets have been intercepted by operatives of the National Drug Law Enforcement Agency, NDLEA, at the Murtala Muhammed International Airport, MMIA, Ikeja, Lagos.
According to a signed statement by Femi Babafemi, NDLEA Director, Media & Advocacy and made available to the National Association of Online Security Reporters, NAOSRE, the illicit drug was brought into the country by a 52-year-old Brazilian returnee, Akudirinwa Hilary Uchenna who hails from Oru East Local Government area of Imo state.

He was arrested on Saturday 9th April at the D-Arrival Hall of the Lagos airport upon his return from Sao Paulo, Brazil via Doha aboard Qatar Airline flight, while the 101 parcels of the class A drug with a gross weight of 13.2 kilogram were recovered from his only check-in bag.

During preliminary interview, Uchenna who claimed to be a carpenter confessed that he was to be paid N5million for trafficking the drug after successfully delivering the consignment in Lagos.

In a related development, big pellets of skunk concealed in detergent containers have been intercepted at the Akanu Ibiam International Airport, AIIA, Enugu. A 37-year-old South African returnee, Ezekwesili Afamefune brought in the consignment weighing 730grams aboard Ethiopian Airline flight from Johannesburg, South Africa via Addis Ababa, Ethiopia. Ezekwesili is from Awka south local government area of Anambra state.

In Edo state, a 24-year-old drug dealer Christian John was arrested by NDLEA operatives in Egbeta, Ovia North East LGA for selling assorted illicit drugs which include sachets of drugged Milo beverage, cannabis sativa, swinol and tramadol tablets, while in Zamfara state, one Chibuzor Uba, 30, was arrested on Friday 8th April with 1,955 ampules of pentazocine at Kaura Namoda area of Zamfara state.

A cross-border drug trafficker, Stanley Chibuzor, 21, was on Friday 8th April arrested by officers of the Marine Unit of NDLEA stationed at Oron beach, Oron, Akwa Ibom state. The suspect who hails from Ihiala, Anambra state was nabbed with 11,190 tablets of Tramadol during the outward clearance of passengers traveling to Cameroon.

In Ondo state, a drug dealer who produces and sells skuchies, Oluwaseun Agboola, 25, was arrested on Thursday 7th April, at his Igoba, Second Gate, Akure residence where 73 bottles of skuchies weighing 77kg stocked in his kitchen were recovered. Skuchies are usually a mixture of Tramadol, Cannabis sativa, Codeine, Black Currant (popularly called Zobo) and water.

In Lagos, an early morning raid in the notorious Akala, Mushin area of the state on Saturday 9th April led to the seizure of 746.25 kilograms of cannabis.

While commending officers and men of the MMIA, AIIA, Edo, Zamfara, Akwa Ibom, Lagos and Ondo state Commands of the Agency for the arrests and seizures, Chairman/Chief Executive of NDLEA, Brig. Gen. Mohamed Buba Marwa (Retd) charged them and their colleagues across the country to remain focussed and abstain from acts capable of compromising or jeopardising the collective goal of ridding Nigeria of drug abuse and illicit drug trafficking.

UBA’s 60th AGM, Elumelu Upholds Commitment to Exceed Growth Trajectory, Create Value for Shareholders

+ Shareholders Laud UBA’s Dividend Yield, Subsidiary Performance

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has assured shareholders and investors of its unwavering commitment to sustain its current growth trajectory even as its efforts at business diversification across Africa and beyond continues to yield increasing returns.

The Group Chairman, Tony Elumelu, who made this declaration at UBA’s 60th Annual General Meeting, which was held at the Transcorp Hilton Hotel, Abuja on Thursday April 7, 2022, noted that the bank’s strategic investment decisions over the past few years have indeed translated to huge returns for its investors, despite the challenging business environment witnessed in the last two years.

“I am proud of how as a Group, we have been able to further consolidate on the new capabilities we have built, novel customer solutions we have deployed, efficiency gains recorded and the growth prospects we have leveraged from a recovering world,” Elumelu stated, adding “These were the building blocks for the very strong financial performance and the growth delivered by your Group in 2021, further confirming the wisdom of the investments we made and the strategy we have pursued, to ensure the diversification and sustainability of our business model.”

Whilst expressing his delight to shareholders and customers who have stood with UBA for almost eight decades, Elumelu remained confident of the bank’s capacity to sustain this momentum especially as economic activities recover from the impact of the Covid -19 pandemic.

l-r: Executive Directors, United Bank for Africa(UBA) Plc, Mr. Chiugo Ndubisi, Ibrahim Puri; Group Managing Director/CEO, United Bank for Africa(UBA) Plc, Mr. Kennedy Uzoka; Group Chairman, Mr Tony Elumelu, CON; Deputy Managing Director, Mr Oliver Alawuba; Executive Directors – Mr Chukwuma Nweke and Mr Ike Uche, at the 60th Annual General Meeting of the Bank held in Abuja on Thursday.

“Our goal is to continue to build strong brand loyalty with our customers and create additional value for our shareholders, whose underlying support has positioned UBA for continued growth,” the Chairman noted.

UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who went into details about the improved performance of the bank’s subsidiaries in the financial year under consideration, said, “We are happy that the global community recognises the role our Group is playing in the transformation of the African economic landscape through innovative and customer focused banking services.”

He pointed out that the bank’s business in the United Kingdom had specifically witnessed remarkable expansion, adding “As from July 2021, UBA UK started making profit, and even to date, they are still doing well, and the same can be said for many of our African subsidiaries. The truth is that we are driven by the opportunities and potential in each of the geographies that we invested in, and we are happy with what we have achieved so far’.

Shareholders who spoke at the meeting including Sir Sunny Nwosu, Alhaji Farouk Umar, Mr. Nonah Awoh, Mr. Patrick Ajuda, Mrs. Bisi Bakare and Chief Timothy Adesiyan, were unanimous in their commendation of the board and management of UBA, for the impressive financials which have translated to higher dividends for shareholders.

“Despite the economic situation UBA has been able to grow profitability and increase its customer base. If you compare the dividend with the share price of UBA, you will see that our dividend yield is very high. No bank in Nigeria has been able to achieve this, and I therefore commend the UBA board,” Umar noted in his remarks.

At the end of the 2021 financial year, UBA’s Profit Before Tax was impressive with a 20.3 percent growth to N153.1 billion, compared to N127.3 billion at the end of the 2020 financial year; while Profit After Tax rose grew by 8.7 percent to N118.7 billion in 2021, compared to N109.2 billion recorded the previous year. As a result, the Bank proposed a final dividend of 80 kobo for every ordinary share of 50 kobo for the financial year ended December 31, 2021, bringing the total dividend for the year to N1.00 as the Bank had earlier paid an interim dividend of 20kobo.

United Bank for Africa Plc is Africa’s global bank, offering banking services to more than twenty seven million customers, across over 1,000 business offices and customer touch points in 20 African countries. With a presence in the United States of America, the United Kingdom and France and its more recent operating license in the United Arab Emirates, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.