The United Bank of Africa has offered reasons for its decision to expand across Africa.
Its new Group Managing Director, Oliver Alawuba, offered the reasons on the floor of the Nigerian Exchange Limited.
Alawuba, who spoke at the NGX on Tuesday in Lagos, said the bank’s strategic investment and expansion into Africa will translate into enhanced dividend payout to shareholders in the years ahead.
According to him, the strategic investment in African countries and others would boost the bank’s revenue.
He said the bank was well positioned to leverage its increased visibility and pan-African features to increase shareholders’ value on a consistent basis.
Alawuba said: “We are expanding our services beyond Africa, bringing in capital inflow and investment into Nigeria and 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.”
The Chief Executive Officer of NGX, Temi Popoola, congratulated Alawuba on his new appointment.
Popoola expressed optimism that Alawuba, with over 25 years of work experience in the banking industry, would take the bank to the next level.
He encouraged UBA and other private issuers alike to utilise the NGX platform in meeting future financing needs to support their business expansion in line with their overall corporate strategy.
He said: “The Exchange is positioned to solve challenges in the capital market, a step we believe sets us ready for the future.
“Through technology, we are repositioning the Exchange in our interaction with issuers and other capital market stakeholders.
“In December 2021, we successfully introduced the first digital offer platform that attracted a large amount of retail participation from the younger Nigerian demography.
“We are, therefore, encouraging UBA to take advantage of this digital platform for future equity capital formations and broaden its shareholding structure.”
The Director of NGX and Chairman of NGX Real Estate Limited, Angela Adebayo, congratulated Alawuba on his new appointment.
Adebayo said the NGX would continue to stimulate the growth of the Nigerian economy while pursuing strategic partnerships with both public and private sector stakeholders.
She said 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.
She added: “At the exchange, we will continue to provide a platform in supporting our clients, in meeting the strategic business objectives.”
