The Chairman, United Bank for Africa Plc, Mr Tony Elumelu, glowingly commended the Federal Government as well as the Central Bank of Nigeria for their concerted reforms toward reflating the Nigerian economy. According to Elumelu, recent initiatives of the Federal Government are restoring investor confidence and stimulating productive activities, needed for economic 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 recent launch of the Economic Recovery and Growth Plan. It is laudable that the Government widely consulted with the private sector in putting together this economic plan, which I believe should help address the immediate critical need of the Nigerian economy. As a stakeholder in Nigeria, I enjoin everyone to support these lofty agenda of the Government, which hopefully should see the economy return to its deserved high growth path. No doubt, the fundamentals of the Nigerian economy remains strong and we all must work with the government to harness the potentials, not only for today but also for the benefit of our future generations.”
Elumelu added that the Central Bank of Nigeria (CBN) must be applauded, especially for its exchange rate management at this challenging time. More importantly, recent policy actions of the Central Bank are particularly impressive, as we have seen notable increase in foreign currency supplies and the spread between the interbank market and parallel market exchange rates have moderated. We must commend our policy makers and encourage them to do even more.”
Speaking on the impressive results of the Group, the Chairman poured accolades on the Staff and Management of the Bank saying; “on behalf of the shareholders, I appreciate the commitment and enterprise of our staff and commend the Management for the exceptional leadership, which resulted into the sterling performance of the Bank amidst the challenging operating environment in 2016.” He also emphasized the proactive diversification of UBA Group across the African continent, noting that the subsidiaries outside of Nigeria contributed a third of the Group’s profit in 2016, thus reflecting the benefit of the Bank’s geographic diversification. Addressing the shareholders at the AGM he said: “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 diversified reach, given our operations in Nigeria and 18 other African countries.”
“Last year we had a leadership change. Following the retirement of the former Group Managing Director, a new CEO, Kennedy Uzoka was appointed, which we are formally introducing today. I am pleased to report that Kennedy and his team have been doing an excellent job, as it evident in the 2016 results; a strong 32% growth in profit before tax to N91 billion. At the Board level, we are extremely impressed by the financial performance.
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