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.
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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