Nigerian businessman Tony Elumelu’s UBA distributes $53.4-million dividend to shareholders

Omokolade Ajayi -

Key Points:

  • UBA Group announces record $53.4-million dividend payout, reflecting strong financial performance in 2023.
  • Bank’s assets reach $14 billion, solidifying its position as Nigeria’s second-largest lender by total assets.
  • UBA commits $6 billion to support SMEs across Africa and invests in youth development programs.

UBA Group, under the leadership of influential Nigerian businessman Tony Elumelu, has distributed a final dividend payout of N78.66 billion ($53.4 million) to its shareholders. This final dividend for the 2023  fiscal year was approved at the group’s 62nd Annual General Meeting (AGM) held at the Transcorp Hilton Hotel in Abuja.

Shareholders unanimously supported the resolution to distribute a final dividend of N78.66 billion ($53.4 million) — N2.3 ($0.00156) per share — which is significantly higher than the N30.8 billion ($20.9 million) paid out in 2022. This decision highlights UBA’s robust financial health and commitment to rewarding its investors.

Impressive financial performance

During the AGM, the board presented UBA Group’s outstanding financial performance for 2023, which saw the bank become Nigeria’s second-largest lender by assets. As of Dec. 31, 2023, UBA’s total assets reached N20.65 trillion ($14 billion).

The group reported gross earnings of over N2.08 trillion ($14.11 million) and a 100-percent increase in total deposits from N9 trillion ($6.1 billion) to N18 trillion ($12.2 billion).

Chairman Tony Elumelu attributed the growth to the dedication and customer-focused approach of the UBA team. “In 2023, UBA delivered gross revenue of N2.08 trillion and profit after tax of N607.69 billion ($412.4 million), demonstrating its capacity for profitability,” Elumelu said.

Future investments and youth empowerment

Elumelu highlighted UBA’s historic partnership with the Africa Continental Free Trade Area (AfCTA) secretariat, pledging up to $6 billion in financing for SMEs across Africa over the next three years. The focus will be on agro-processing, automotive, pharmaceuticals, and transport and logistics sectors.

He also emphasized UBA’s commitment to youth development, noting that 1,100 young graduates completed the UBA Academy Graduate Management Accelerated Program in the past year.

Record-Breaking Q1 Profits

UBA Group continues to expand its presence globally, operating in 24 countries across four continents, including key markets such as the UK, the United States, France, and the United Arab Emirates. Tony Elumelu, with a 7.39-percent stake in UBA, remains a leading investor on the Nigerian Exchange and one of Nigeria’s wealthiest individuals.

The group’s first-quarter profit surged 166 percent year-over-year to N142.6 billion ($102.25 million) in 2024, driven by substantial growth in interest and non-interest income. Interest income soared from N191.9 billion ($137.6 million) to N440.76 billion ($316 million), while fees and commission income rose from N52.2 billion ($37.7 million) to N113.65 billion ($82 million).