Tony Elumelu Set To Add N1.2bn to His Wealth As UBA Announces Huge Rewards for Shareholders

• Nigerian billionaire Tony Elumelu is set to pocket over N1 billion from his investments in the United Bank of Africa
• This follows the impressive performance of UBA in the first half of 2021, where he is the highest single shareholder
• United Bank of Africa is one of Nigeria’s biggest bank by market capitalisation on the Nigerian exchange

Tony Elumelu will receive a whopping N1.26 billion in interim dividends from his stake in United Bank for Africa Plc (UBA).

The bank reported a strong financial performance for the first half of 2023, resulting in an attractive dividend for its shareholders.

Under Elumelu’s leadership, UBA has grown to become one of the most important financial institutions in Nigeria.

This impressive growth continued the first half of 2023 as UBA recorded a 437.8% jump in profit, increasing from N70.34 billion in H1 2022 to a staggering N378.23 billion during the same period in 2023.

UBA dividends payout

Following the strong performance, the bank announced an interim dividend of N0.50 per share.

This represents a remarkable 150% increase from the N0.30 per share interim dividend distributed to shareholders in 2022.

The dividend payment announced totals N2.14 billion for the bank’s shareholders.

From this amount, the largest shareholder Elumelu, who owns 2.25 billion (2,527,372,285) bank shareholdings, will receive N1.26 billion.

The payment is expected to be deposited into his account on Friday, October . 6, 2023.

UBA financials breakdown

Data from UBA financials shows a substantial increase in its total assets, increasing from N10.85 trillion on Dec. 31, 2022, to an impressive N15.38 trillion as of June 30, 2023.

Simultaneously, the bank’s retained earnings have soared from N429.53 billion to N683.02 billion during the same period, underscoring the bank’s remarkable growth trajectory.

Furthermore, the banks’ customer deposit is currently one of the biggest in the industry at N11.13 trillion as at June 2023.

Billionaire pays over N16bn to buy out Ardova shareholders

Meanwhile, in another report, TopLatestNews revealed that Ardova PLC has decided to become a private company.

The owner, Abdulwasiu Sowami, has decided to buy out minority shareholders to take complete control.

The deal failed to materialise for months because minority shareholders were unhappy with the amount their shares were bought for

Source: TopLatestNews