- UBA billionaire investor and chairman Tony Elumelu will receive dividend expenses of 12.71 billion guild in fiscal 2024.
- Spending is the result of UBA’s outstanding financial performance.
- Elumelu is a major shareholder in UBA, with a total of 2,542,511,824 shares.
Billionaire investor and chairman of United Bank of Africa (UBA) (UBA) is preparing to receive a dividend payment of 127.1 billion guild in fiscal 2024 after the bank’s outstanding performance.
As a major shareholder of UBA, Elumelu holds 2,542,511,824 shares, divided between direct ownership and indirect ownership. His direct shares account for 195,124,581 shares, while the rest are distributed among the three entities:
- HH Capital Limited – 302,296,875 shares
- Heir Holdings Limited – 1,814,003,900 shares
- Heirs Alliance Co., Ltd. – 231,086,468 shares
With this huge holding, Elumelu is one of the highest earners in UBA’s latest dividend distribution.
UBA announces record dividend payments
The bank announced a total dividend of N5.00 per share, reflecting a significant increase in the previous year. This includes a final dividend of N3.00 per share and a temporary dividend of N2.00 per share. As a result, the payment ratio soared to 26.6%, a sharp increase from 16.32% in 2023.
As a result, UBA’s total dividend distribution to shareholders was upgraded to 14.75 billion guild, exceeding the 47.88 billion guild paid in the previous year. However, investors will impose a 10% withholding tax on their income.
UBA’s outstanding financial growth
The huge dividend hike is backed by UBA’s strong financial results. The bank reported a pre-tax profit of N803.7 billion, a 6% increase from the 757.6 billion recorded in 2023. In addition, after-tax profits rose 26.14% to 76.665 billion guild, the highest in the bank’s history.
The consistent growth of UBA has strengthened its reputation as Nigeria’s leading financial institution. With strong revenue and increased dividends, the bank continues to bring value to its shareholders while strengthening its foothold in the financial sector.
