UBA SOCIETY
GMD/CEO, Mr. Kennedy Uzoka; Director, Mrs Rose Okwechime; Group Chairman,
Mr. Tony O. Elumelu; Directors, Mrs. Onari Duke; Ambassador Joe Keshi; Mrs.
Foluke Abdulrazaq and Deputy Managing Director, Mr. Victor Osadolor
Director, Chief Kola Jamodu; GMD/CEO, Mr. Kennedy Uzoka; Group Chairman, Mr. Tony O. Elumelu;
DMD, Mr. Victor Osadolor; Directors, Ambassador Adekunle Olumide and Chief Samuel Oni
L-R: GMD/CEO, Mr. Kennedy Uzoka; Group Chairman,
Mr. Tony O. Elumelu and DMD, Mr. Victor Osadolor
April - June 2017 •
The Lion King
• 37
Our Group further achieved a
significant 32 percent growth in profit
before tax to N91 billion, compared
to N68 billion profit recorded over the
same period of 2015. UBA’s profit after
tax grew by 22 percent to N72 billion,
from N60 billion recorded the previous
year.
President of the Association for
the Advancement of the Rights of
Nigerian Shareholders, Alhaji Farouk
Umar, said, “It is obvious from the
faces of shareholders that all of us are
happy with the performance of the
bank. We did not expect anything less
because we know that our chairman
is an achiever not only locally but
also internationally. We have seen the
African expansion and its contribution
to our earnings and I believe this is also
commendable.”
Speaking at the event, the Group
Chairman, UBA Plc, Mr. Tony Elumelu,
emphasized the importance of the
Bank’s geographical diversification, as
it will enhance the sustainability of the
Group’s growth trajectory over the
medium to long term; he said.
“Our results show the tenacity and
enterprise of our management
team, staff and our ability to give our
customers what they want. It is without
an iota of doubt that UBA maintains
some of the best prudential ratios in
the industry, as our capital adequacy
ratio of 20% and 39% liquidity ratio
are well above the 15% and 30%
regulatory requirement respectively,”
he added.
He also used the occasion to
commend the Federal Government
as well as the Central Bank of Nigeria
for their collective efforts aimed at the
nation’s economic recovery in the
past few months. He said, “I will like to
commend the Central Bank of Nigeria
for the way they have managed the
economy, especially the way the
foreign exchange regime is now being
run. We want to encourage them
to continue along this path which
we believe will stabilize the country’s
economy very strongly in the shortest
possible time. Also, worthy of mention
applaud the Federal Government of
Nigeria on the launch of the Economic
Recovery Programme in which we
were consulted before its launch. I
believe as an investor in Nigeria and
as a key stakeholder in the Nigerian
economy, we will give our support to
the government’s economic recovery
programme which we firmly believe
will resuscitate the economy within a
short time.
Also speaking, the GMD, Kennedy
Uzoka assured UBA’s shareholders of a
better2017.“AswefurtherourCustomer
First Philosophy, we will approach 2017
with stronger optimism, especially as
the outlook remains positive in most
of our markets. We are not unaware
of the macro challenges, competition
and constantly changing customer
preferences. Rather, we believe we
are well equipped to win in the market.
We will further sweat our unique
Pan- African platform to improve
productivity, extract efficiency gains
and grow our share of customers’
wallet across all business lines and
markets. We will build on our strong
governance culture, zero-tolerance
for infractions and transparency in
furthering our frontiers of leadership in
the African market. Even as the macro
risks subside, we will remain prudent in
our risk management practice, as we
are committed to sustaining our asset
quality and broader health of the
institution,” said KU.
