United Bank of Africa (UBA) has promised that it will use its digital transformation, along with strategic investment and development into Africa and beyond, to generate higher returns to shareholders in the form of dividend payout.
Oliver Alawuba, the new group managing director, said 90% of the bank’s banking activity is done digitally, which has helped the bank reduce costs and increase income creation yesterday while speaking to stockbrokers on the floor of the Nigerian Exchange Limited (NGX) in Lagos.
He claims that the bank has had phenomenal growth in all of its African markets.
He said: “We are expanding our services beyond Africa, bringing in capital inflow and investment into Nigeria and Africa. Africa constitutes over 50 per cent of our revenue and we will do more. We will pay more dividends and grow our capital base. The bank has a future and we will continue to ensure that the shares of UBA continue to grow.”
“We will pay more dividends and grow our capital base. The bank has a future and we will continue to ensure that the shares of UBA continue to grow.”
Earlier, Temi Popoola, the Chief Executive Officer of NGX, congratulated Alawuba on his appointment as the bank’s Group Managing Director/Chief Executive Officer and expressed confidence that Alawuba would lead the bank to greater heights given his more than 25 years of work experience in the banking sector.
He invited the bank and other private issuers to use the NGX platform to satisfy their future funding needs in order to assist their corporate strategy-aligned business expansion.
Popoola emphasized the Exchange’s digital strategy and commitment to using technology to boost market liquidity and encourage customer participation.
He claimed that the initial digital offer platform’s successful launch, which drew a sizable amount of retail interest, inspired UBA to use the digital platform for future equity capital formations and to diversify its shareholding structure.
Erelu Angela Adebayo, chairman of NGX Real Estate, thanked the new UBA leadership and said that Alawuba’s dedication to the financial services industry over the past 20 years has resulted in a significant transformation of the economy.
“I trust you will deliver on this mandate that you have received and continue to promote Africa capitalism,” she said.
By utilizing opportunities with shareholders, stakeholders, the government, policymakers, and capital market operators to ensure issuers deliver value from their interactions with the capital market, she claimed that NGX has been at the forefront of the continued development of the Nigerian capital market.
“At the exchange, we will continue to provide a platform in supporting our clients, in meeting the strategic business objectives.”
