United Bank for Africa (UBA) Plc yesterday held its first ever virtual Annual General Meeting by proxy since it began operations 71 years ago.
The meeting, which had in attendance, shareholders, management and staff members and representatives of key regulatory bodies, was held virtually via an online meetings platform in line with guidelines issued by the Corporate Affairs Commission. Shareholders at the meeting commended the board and management of the bank for the proactive role they have been playing in helping to lessen the negative effects of the Coronavirus pandemic across the African continent. UBA Shareholder and President of Association for the Advancement of the Rights of Nigeria Shareholders, Dr Umar Farouk, who spoke at the meeting, applauded the bank for the contribution of N5billion ($14 million) to the fight against Covid19, adding that the move was unprecedented and will certainly go a long way to support governments as they work hard to tame the scourge. He also hailed the 20 per cent increase in dividends that the bank proposed to pay to shareholders.
“I am also happy that you fulfilled the promise you made at the AGM last year to pay dividend in Naira and not Kobo, by paying N1 per 50 kobo shares to shareholders in this difficult economy. We have seen the first quarter results, and we are happy about the performance of our subsidiaries across Africa.” Also speaking, the President of Pacesetters Shareholders Association of Nigeria, Alex Adio, stated how impressed he was at how the bank’s indices were looking up, despite challenging times.
“This shows that we are making good use of the technology we have invested in, over the years. UBA has done very well and we commend the management and staff and hope that you will keep the flag flying,” he said.
On his part, the National Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, who lauded the initiative of the bank to conduct the meeting virtually, advised on steps to ensure that more activities are carried out by customers without the need to visit the banking halls.