Tony Elumelu To Pocket N3.5billion Dividends From UBA April, 14

Tony Elumelu, the Nigerian billionaire and a business Tycoon is set to pocket 3.5 billon naira ( $4.65 million) in dividends from United Bank of Africa, UBA.

The dividend by is expected to be credited to his account on the 14th of April, 2023.

Tony who is also a philanthropist and a loving father is set to receive a significant sum of 3.5 billion naira( $4.65 million) in final dividends from United Bank for Africa (UBA), a prominent financial services group headquartered in Lagos State.

This impressive payout from the giant financial institute forms a substantial portion of the N30.78 billion recommended by UBA’s board of directors. The dividend translates to N0.9 ($0.00196) per share and is expected to be credited to Elumelu’s bank account this Friday, 14th of April, 2023.

The $4.65-million dividend that the business Mogul is set to receive from his UBA stake is 12.5-percent higher than the N1.9-billion ($4.13 billion) dividend that he received in the year 2022 when the leading banking group rewarded shareholders with a final dividend payout of N0.8 ($0.00174) per share.

The United Banks of Africa, as one of Nigeria’s leading financial services and institute groups, is a pan-African bank with operations in 24 countries across four continents, including the United Kingdom, the United States of America, USA , France, and, most recently, the United Arab Emirates, UAE.

The popular bank is known to be one of the continent’s leading financial institutions and a major player in the Nigerian financial services industry.

At the end of its 2022 fiscal year, the leading financial services group reported an outstanding 43.5-percent increase in profit, which rose from N118.68 billion ($257.6 million) in 2021 to N170.28 billion ($369.6 million), despite incurring a N17.3-billion ($37.5 million) impairment loss due to its exposure in Ghana investment market, “which significantly lost its value due to Domestic Debt Exchange Program (DDEP) launched by Government of Ghana on December 5, 2022.”, report stated.

UBA’s resilient performance translated into a surge in total assets, which increased to N10.85 trillion ($23.5 billion) from N8.54 trillion ($18.54 billion).

Its retained earnings witnessed a noteworthy increase from N335.84 billion ($729 million) to N429.53 billion ($932.2 million), showcasing the group’s steady growth and robust financial position.

Tony Elumelu, who is widely known as one of the most influential business executives on the continent, owns a significant 6.9-percent stake in UBA.

Tony Elumelu is also the majority shareholder as well in the bank, UBA.