Shareholders of United Bank for Africa (UBA) have applauded the lender’s financial performance, even as they approved the payment of N22.23 billion final dividend declared by the board for 2017.
The shareholders gave the approval at the bank’s 56th yearly general meeting held in Lagos on Monday.
The final dividend translated to 65 kobo per share when compared to the final dividend of 55 kobo declared in the corresponding period of 2016.
The bank had earlier paid an interim dividend of 20 kobo per share to the shareholders for the period under review.
Specifically, the National Chairman of Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie, commended the board for the dividend declared amid harsh operating environment.
Okezie lauded the bank for maintaining a consistent dividend policy and increasing its footprint across sub-Saharan Africa.
According to him, the bank has portrayed a good image of Africa and contributed immensely to the growth of the continent.
Furthermore, he urged shareholders to leverage the e-dividend initiative of the Securities and Exchange Commission (SEC) to reduce the bank’s unclaimed dividend in the nation’s capital market.
An independent shareholder, Nona Awo, advised the bank’s management to enlighten investors more on the benefits of e-dividend.
Awo said that the bank should engage the company secretary and the registrars to reduce the bank’s unclaimed dividend figure.
He also commended the bank’s subsidiaries for improved contribution to the company’s “bottom line.”
The Grand Patron of Noble Shareholders Association, Timothy Adesiyan, appreciated the bank for the dividend and performance during the year under review.
Adesiyan urged the bank to ensure that it conforms to regulatory rules to avoid unnecessary fines.