Business

UBA Delights Shareholders; Distributes N27.2bn in Dividends

Published

9 years ago

April 10, 2017

The shareholders of the pan-African financial institution, the United Bank for Africa (UBA) Plc applauded the Board, Management and Staff at the 55^th Annual General Meeting of the Bank, held in Lagos on Friday April, 7, 2017. UBA shareholders approved the payment of N19.9 billion as final dividend for the financial year ended 31^st December 2016, in addition to N7.3 billion interim dividend paid after the audit of its 2016 Half Year Results.

The shareholders, who unanimously approved the N0.55/share final dividend on every ordinary share of N0.50 each were particularly impressed by the new Group Managing Director/CEO, Mr. Kennedy Uzoka, who delivered unprecedented results to shareholders at his inaugural AGM. UBA had earlier paid an interim dividend of N0.20/share to shareholders, bringing the total dividend for the 2016 financial year to N0.75kobo, an impressive 25% growth over the total dividend of N0.60/share paid for the 2015 financial year. Furthermore, the total dividend of N0.75/share translates to an unparalleled yield of 14.3% when put in the perspective of UBA’s share price of N5.26 on the Nigerian Stock Exchange, as at the close of market on Friday, April 07, 2017.

The Shareholders were excited at the sterling performance of the Group, an impressive 22% year-on-year growth in gross earnings and an outstanding 32% year-on-year growth in profit to N91 billion, in what analysts described as an attestation to UBA’s resilience and enhanced productivity.

Worthy of note to the shareholders is the contribution from the Group’s African subsidiaries, emphasizing its earnings diversification, across geographies which reduces the Group’s vulnerability to macroeconomic pressures in any single market. The Group’s ex-Nigeria subsidiaries contributed 32% of the Group’s profit in 2016, compared to a quarter of profit contribution in the 2015 financial year.

Notwithstanding the challenging operating environment, the Group recorded an impressive 22% growth in gross earnings to N384 billion in 2016, from N315 billion in the 2015 financial year, illustrating the Bank’s resilience and tenacity to generate earnings even in periods of economic slowdown.

The Group further achieved a significant 32 percent growth in profit before tax to N91 billion, compared to N68 billion profit recorded over the same period of 2015. UBA’s profit after tax grew by 22 percent to N72 billion, from N60 billion recorded the previous year.

President of the Association for the Advancement of the Rights of Nigerian Shareholders, Alhaji Farouk Umar, said at the AGM, “It is obvious from the faces of shareholders that all of us are happy with the performance of the bank. We did not expect anything less because we know that that our chairman is an achiever not only locally but also internationally. We have seen the African expansion and its contribution to our earnings and I believe this is also commendable.”

The Group Chairman, UBA Plc, Mr. Tony Elumelu, gave credit to the chairpersons of UBA subsidiary Boards across Africa saying ‘these hard working men and women, who chair the Boards across our businesses in Africa, have helped contribute a third of the overall profit of the Group. I believe they deserve commendation. They are strengthening UBA brand across Africa, in line with our aspiration.” He was particularly pleased with the Bank’s new CEO, Kennedy Uzoka. ‘At the Board level, we are extremely pleased by the financial performance that Kennedy and his team delivered in 2016. Kennedy and his team prioritize the Customer and they are diligently executing the Customer First project, which the Board believes will sustainably enhance the performance of the Group’ said Elumelu.

“Our results show the tenacity and enterprise of our Management team and Staff. More importantly is our ability to proactively meet customers’ need. I am pleased that UBA maintains some of the best prudential ratios in the industry, as our capital adequacy ratio of 20% and 39% liquidity ratio are well above the 15% and 30% regulatory requirement respectively. We will be prudent in lending to critical growth sectors of the African economies, as we remain upbeat on the huge banking opportunities in Africa’, he added.

He also used the occasion to commend the Federal Government of Nigeria and Central Bank of Nigeria on their concerted policy actions aimed at reflating the Nigerian economy. ‘I will like to encourage them to continue along this path, which I believe willstimulate the country’s economy in the shortest possible time’.

The Group CEO, Kennedy Uzoka assured the shareholders of a better 2017. “As we further our Customer First Philosophy, we are approaching 2017 with stronger optimism, especially as the outlook remains positive in most of our markets. We are not unaware of the macro economic challenges, competition and constantly changing customer preferences. Rather, we believe we are well equipped to win in the market. We will further sweat our unique Pan- African platform to improve productivity, extract efficiency gains and grow our share of customers’ wallet across all business lines and markets. We will continue to build on our strong governance culture, zero-tolerance for infractions and transparency in furthering our frontiers of leadership in the African market.

United Bank for Africa Plc (UBA) is a leading pan-African financial services group with presence in 19 African countries, as well as the United Kingdom, the United States of America and France.

UBA was incorporated in Nigeria as a limited liability company after taking over the assets of the British and French Bank Limited who had been operating in Nigeria since 1949. The United Bank for Africa merged with Standard Trust Bank in 2005 and from a single country operation founded in 1949 in Nigeria – Africa’s largest economy – UBA has become one of the top providers of banking and other financial services on the African continent. The bank provides services to about 14 million customers globally, through one of the most diverse service channels in sub-Saharan Africa with over 1,000 branches and customer touch points and a robust online and mobile banking platform.

UBA was the first Nigerian bank to make an Initial Public Offering (IPO), following its listing on the NSE in1970. It was also the first Nigerian bank to issue Global Depository Receipts (GDRs). The shares of UBA are publicly traded on the Nigerian Stock Exchange (NSE) and the bank has a well-diversified shareholder base which includes foreign and local institutional investors, as well as individual shareholders.

Business

ADVAN Wins Global Honour at WFA Awards for “Project Freedom” Initiative

Published

3 days ago

April 25, 2026

Sahara Weekly

ADVAN Earns Global Recognition As WFA President’s Award Winner For “Project Freedom”

The Advertisers Association of Nigeria (ADVAN) has been recognised on the global stage as a recipient of the prestigious WFA President’s Award, presented by the World Federation of Advertisers during its Global Marketer Week in Stockholm. The recognition places ADVAN among a select group of leading industry associations worldwide acknowledged for driving meaningful impact in marketing and society.

The WFA President’s Awards, established in 2010, celebrate national industry associations whose initiatives advance the marketer’s agenda and contribute to positive change. This year’s honours were awarded following a rigorous selection process involving 38 submissions from associations across the WFA’s global network, with winners chosen for their measurable impact and potential for replication across markets.

ADVAN’s recognition comes through its advocacy initiative, Project Freedom, a bold and strategic effort focused on addressing the challenges of stifling, non–data-driven regulations affecting businesses in Nigeria and across Africa. The initiative underscores the importance of evidence-based policymaking while championing the constitutional right to freedom of commerce.

Through Project Freedom, ADVAN has taken a proactive leadership role in engaging key stakeholders and shaping conversations around fair, balanced, and transparent regulation. The initiative reflects a shift toward constructive dialogue and collaboration, ensuring that regulatory frameworks support innovation, protect consumer interests, and enable sustainable business growth.

By earning this global recognition, ADVAN reinforces the growing influence of African marketing institutions in shaping international discourse. Its work highlights how local advocacy, when rooted in data and guided by clear principles, can deliver impact not just within national borders but across the global marketing ecosystem.

The award also affirms ADVAN’s commitment to strengthening self-regulation within the industry, fostering accountability, and promoting standards that align with global best practices while remaining relevant to local realities.

As the marketing landscape continues to evolve, ADVAN’s recognition by the World Federation of Advertisers signals a strong endorsement of its leadership and vision. It positions the association as a key voice in advancing responsible marketing, advocating for enabling policies, and ensuring that businesses can operate in an environment that supports both innovation and economic freedom.

Business

PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status

Published

3 days ago

April 24, 2026

Sahara Weekly

***PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status**

To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.

UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.

In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.

Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.

We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.

Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.

Thank you.

Business

Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

Published

3 days ago

April 24, 2026

Sahara Weekly

Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”

Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.

The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.

This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.

Speaking on the collaboration, the Laffmattazz team stated:

“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”

As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.

With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.

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About Laffmattazz

Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.

About First Bank of Nigeria Limited

First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.