UBA Capital shareholders task new GCEO on performance
Shareholders of UBA Capital Plc have called on the new Group Chief Executive Officer of the bank, Mrs. Oluwatoyin Sanni, to ensure that the company sustains and surpass its present performance.
The shareholders stated this in Lagos on Tuesday at the company’s Annual General Meeting. They also advised the CEO to develop policies and strategies that would boost the activities of the bank. Speaking on behalf of shareholders, the president of Independent Shareholders Association of Nigeria, Mr.
Sunny Nwosu, said they expect a better performance from Mrs. Sanni, adding that the company must remain an investment banking institution to be reckoned with within and outside the country.
“Our CEO must work tirelessly to increase our profitability and ensure that the bank returns increased performance in the coming years. This will translate to more dividends for the shareholders,” he stated.
Nwosu, who was happy with the 25 kobo declared as dividend in the 2013 financial year end, called on the management to do more for shareholders at the end of the next financial year.
The shareholders approved the appointment of Mrs. Oluwatoyin Sanni as the CEO of the company with effect from January, 2014. They also approved the dividend payout of 25 kobo per share, amounting to N1.5bn.
In her remarks, Sanni said that the bank would focus on strategic and key areas to improve upon its activities in the coming years.
She said, “We are confident of the ability of the leadership of your company to optimise market conditions to deliver consistent results in achieving sustainable growth in 2014 by leveraging on the strength of the management team as well as our new products, improved processes and systems.”
She pointed out that 2013 financial year would not have been achieved without the efforts of the past CEO, Mr. Rasheed Olaoluwa, and other members of board.
The company’ gross earnings increased by 241 per cent to N4.6bn in 2013 while its profit after tax went up by 24.33 per cent to N1.763 in 2013.