Nigerian multimillionaire businessman and philanthropist Tony Elumelu will receive an interim dividend of N476.2 million ($1.11 million) from his stake in United Bank for Africa (UBA) after the Lagos-based financial services firm reported a profit of $164.6 million at the end of the first half of 2022.
One of Africa’s most powerful businessmen, Elumelu owns 6.96 percent of the bank, or 2,380,941,756 ordinary shares. Through the growth and expansion of UBA, he has played a critical role in transforming the Nigerian banking space.
The $1.11-million dividend from UBA, a pan-African banking group with operations in 24 countries including the United Kingdom, United States, France, and, most recently, United Arab Emirates, will bring his total dividend earnings from the bank this year to $4.7 million.
According to the bank’s announcement, his dividend will be deposited into his account electronically on Thurs., Sept. 29, 2022, along with the dividends of other shareholders.
The $1.11-million dividend will be paid into his account as part of a total dividend payout of N6.84 billion ($16 million) approved by the pan-African banking group’s board of directors.
The interim dividend payout approved by the bank’s board represents a fraction of UBA’s profits in the first six months of 2022.
UBA’s profits increased by 16.1 percent in the first half of 2022, according to figures from the group’s recently released interim results, rising from N60.58 billion ($141.7 million) in the first six months of 2021 to N70.33 billion ($164.6 million).
The double-digit earnings growth was driven by an increase in non-interest income from N74.08 billion ($173.4 million) to N96.4 billion ($225.6 million) during the period under review, as well as an increase in interest income from N222.63 billion ($521 million) to N257.36 billion ($602.3 million).
