United Bank of Africa approves N 22 billion dividend payment but share price plummets

UBA bank (United Bank of Africa held its annual shareholder’s meeting at Eko hotel to discuss Dividends approval, company growth, and other forward-looking business plans.

The CEO of the company, Mr Tony Elumelu hosted many shareholders along with the board members. He promised growth and assured the shareholders that the group was on a stronger footing to gain market share in Nigeria and 19 other African countries where it operated. However, the growth did not reflect on the share price. UBA Stock price fell more than 50 percent from its 2017 high.

The board members of the United Bank for Africa (UBA) has approved N22 billion final dividend payment. It was declared at the meeting by the spokesperson of the board, the dividend is for the financial year ended December 31, 2018.

This means that investors will receive a payment of 65 Kobo dividend for every ordinary share of 50 Kobo each with the total dividend of N0.85 per share.

While the bank recorded record revenue, the United Bank of Africa has a negative return for the period of January 2018 to December 2018.