UBA Abolishes “Kobo Kobo”Dividend….Despite the GMD’S Protestations

The board and shareholders of United Bank For Africa(UBA) Plc has in a voice vote ,if it could be described as such ,resolved that going forward the bank will no longer be paying “kobo kobo” dividends but will join the league of those paying N1 and above.

Even as the Group Managing Director,Kenedy Uzoka reminded all gathered at its Annual General Meeting(AGM)Tuesday at Eko Hotel and Suites,V.I.Lagos that UBA will not depart from the presidents set by the Chairman of the Bank,Tony Elumelu while he was CEO, in ensuring that it focuses on the balance sheet and the future rather than paying hefty dividends.

He said that most of the strategies being employed by the bank today is to ensure a great future for the bank which is being built to last.

But the CEO for Africa,Victor Osadolor said with the opportunities across Africa that UBA has abolished” kobo kobo” dividends and urged investors with foresight to invest in the bank in their overall interest.

He disclosed that branches across the continent contributed 42% of its bottom line in 2018 and that going forward that much more would be derived from the continent to further boost the bank’s earnings.

Apparently CEO UBA Africa’s comments was music to the ears of the Chairman of the bank as he cheered it as did the shareholders in unism and laughter.

The shareholders approved the board’s recommended N65kobo dividend.The group recorded a profit after tax of N106.8billion.