The Chairman of the United Bank for Africa Plc, Mr. Tony
Elumelu, has strongly commended the Federal Government and the Central Bank of
Nigeria (CBN) for their efforts in stimulating the Nigerian economy, and
bringing to bear a coordinated policy response that will positively jumpstart
the Nigerian economy.
According to Mr Elumelu, recent actions by the Federal
Government, including greater liquidity in the foreign exchange markets, have
already had a positive impact on the economy, giving Nigerians and foreign
investors alike hope that the nation’s economy is on the road to recovery.
Group Managing Director/CEO, UBA Plc, Mr. Kennedy Uzoka and Group Chairman, Mr. Tony O. Elumelu, at the 55th Annual General Meeting of UBA Plc, held in Lagos on Friday. |
Speaking during 55th Annual General Meeting of the United
Bank for Africa Plc, Elumelu said, "I would like to commend the Federal
Government of Nigeria and President Buhari on the launch of the economic
recovery programme. The Economic Recovery and Growth Plan is a robust call to
action and we look forward to its rapid implementation. We were honoured to be
consulted before the launch, and I believe, as a significant investor in
Nigeria, that if we all give our support to the programme, the country will quickly
recover."
Mr Elumelu added that the CBN had also implemented decisions
that have helped strengthen the nation’s economy. "I also commend the CBN
for the decisive way they have been managing the economy, especially the way
the foreign exchange regime is responding to their targeted intervention."
The UBA Group Chairman used the opportunity to highlight the
Group’s commitment to customer service. Our Customer First programme is central
to the Bank’s ambition to be the Bank of choice for all Africans. He also
applauded staff and shareholders on the performance of the Bank and for their
loyalty, adding that the results show that UBA had made a wise decision, by
investing in other African countries outside of Nigeria. Addressing the
shareholders at the AGM he said: "Many said we are too bold in ambitions in
Africa. It is clear from these results that our strategy has been proved
correct. I want you to know that by investing in UBA, you have diversified your
portfolio, you have not just invested in a Nigerian bank, but have invested in
a bank with earnings now coming from across Africa".
Mr Elumelu also praised UBA’s new leadership team. "Last
year we had a leadership change and a new CEO, Kennedy Uzoka was appointed,
which we are formally introducing today. Let me say that Kennedy and his team
have hit the ground running. At the board level, we are extremely impressed by
the financial performance that they are already delivering. We all have great
faith in their ability to deliver."
Group Managing Director/Chief Executive Officer, UBA Plc,
Mr. Kennedy Uzoka said: "As we deliver our Customer First Philosophy, we are
approaching 2017 with stronger optimism, especially with the outlook remaining
positive in most of our markets. We are aware of the macro economic challenges,
competition and constantly changing customer preferences. However, we believe
we are well equipped to win in the market. We will further develop 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 continue to build on our strong governance culture, zero-tolerance for
infractions and transparency in furthering our frontiers of leadership in the
African market."
United Bank for Africa Plc is a leading pan-African
financial services group, with presence in 19 African countries, as well as the
United Kingdom, the United States of America and France.
UBA was incorporated in Nigeria as a limited liability
company after taking over the assets of the British and French Bank Limited who
had been operating in Nigeria since 1949. The United Bank for Africa merged
with Standard Trust Bank in 2005 and from a single country operation founded in
1949 in Nigeria - Africa's largest economy - UBA has become one of the leading
providers of banking and other financial services on the African continent. The
Bank provides services to over14 million customers globally, through one of the
most diverse service channels in sub-Saharan Africa, with over 1,000 branches
and customer touch points and robust online and mobile banking platforms.
UBA was the first Nigerian bank to make an Initial Public
Offering, following its listing on the NSE in1970. It was also the first
Nigerian bank to issue Global Depository Receipts. The shares of UBA are
publicly traded on the Nigerian Stock Exchange and the Bank has a
well-diversified shareholder base, which includes foreign and local
institutional investors, as well as individual shareholders.
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