United Bank of Africa (UBA) has assured that the bank would leverage its digital transformation, coupled with strategic investment and expansion into Africa and beyond, to deliver increased returns to shareholders, in the form of dividend payout.
The incoming Group Managing Director, Oliver Alawuba, while addressing stockbrokers on the floor of the Nigerian Exchange Limited (NGX) in Lagos yesterday, said 90 per cent of its banking business is in the digital space which has helped the bank to optimise cost and strengthen its revenue generation.
According to him, the bank has achieved tremendous growth in its various markets in Africa.
He said that African business constitutes 50 per cent of its total revenue, adding that the bank would consolidate its expansion beyond Africa, as a means of attracting capital inflow into Nigeria and the continent.
He said: “We are expanding our services beyond Africa, bringing in capital inflow and investment into Nigeria and Africa. Africa constitutes over 50 per cent of our revenue and we will do more. We will pay more dividends and grow our capital base. The bank has a future and we will continue to ensure that the shares of UBA continue to grow.
“We will pay more dividends and grow our capital base. The bank has a future and we will continue to ensure that the shares of UBA continue to grow.”
Earlier, the Chief Executive Officer of NGX, Temi Popoola congratulated Alawuba on his appointment as the Group Managing Director/Chief Executive Officer of the bank, expressing optimism that Alawuba, having acquired over 25 years of work experience in the banking industry would take the bank to greater heights.
He urged the bank and other private issuers to utilise the NGX platform in meeting future financing needs to support their business expansion in line with their overall corporate strategy.
Popoola emphasised the digital strategy of the Exchange and its commitment to leveraging technology to drive retail participation and increase liquidity in the market.
He said the successful introduction of the first digital offer platform attracted a large amount of retail participation, encouraging UBA to take advantage of the digital platform for future equity capital formations and to broaden its shareholding structure.
Chairman, NGX Real Estate, Erelu Angela Adebayo, also congratulated the new team of UBA, saying that Alawuba commitment to the financial service sector over the last two decades has brought about a great transformation in the economy.
“I trust you will deliver on this mandate that you have received and continue to promote Africa capitalism,” she said.
She stated that NGX has been at the forefront of the continued development of the Nigerian capital market by leveraging opportunities with shareholders, stakeholders, government, policymakers and capital market operators to ensure issuers deliver value from their interactions with the capital market.
“At the exchange, we will continue to provide a platform in supporting our clients, in meeting the strategic business objectives.”