United Bank for Africa (UBA) Plc has unveiled plans to leverage the proceeds of its ₦239.4 billion rights issue to expand digital capabilities and grow its business footprint across Africa and beyond. This strategic initiative aims to further cement UBA’s position as a top-tier pan-African banking leader with over seven decades of exceptional performance. UBA is offering 6.84 billion ordinary shares of 50 kobo each at ₦35 per share to existing shareholders. This offer is allocated on a 1:5 basis, meaning one new ordinary share for every five shares held as of November 5, 2024. The rights issue is scheduled to close on December 24, 2024. Enhancing Shareholder Value Tony Elumelu, the Group Chairman of UBA Plc, emphasized that the primary objective of the rights issue is to strengthen the bank’s pan-African dominance while maintaining its legacy as a highly rewarding institution for shareholders. He reassured shareholders that the bank remains committed to delivering consistent and enhanced returns. “This rights issue will help ensure our shareholders continue to reap undiluted benefits from a stronger, more innovative, and resilient financial institution,” Elumelu stated. UBA has consistently outperformed market expectations, delivering a remarkable 375% capital gain to investors over the past five years. This far exceeds the average performance of the Nigerian stock market and the financial services sector. Additionally, UBA boasts one of the highest dividend payouts, with an interim dividend of ₦2 per share, reinforcing its reputation as a shareholder-friendly institution. Driving Growth and Innovation Proceeds from the rights issue will be used to drive organic growth, enhance international operations, and support expansion into new markets. Notably, UBA recently signed an agreement to commence full banking operations in France, a move that underscores its global ambitions. Retail shareholders have expressed confidence in the initiative, pointing to UBA’s consistent track record of strong financial performance and investor-focused policies. With the planned investments in digital technology and expanded operations, UBA is poised to strengthen its competitive edge and deliver even greater value to stakeholders. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
The Nigerian government has praised Moniepoint Inc, Africa’s fastest-growing financial institution, for its significant contributions to financial technology and its commitment to advancing financial inclusion. The commendation came from Vice President Kashim Shettima during a courtesy visit by Moniepoint’s leadership team, led by CEO Tosin Eniolorunda, at the Presidential Villa. Shettima expressed appreciation for Moniepoint’s efforts to enhance Nigeria’s financial landscape, emphasizing the company’s role in supporting underserved communities and empowering small and medium-sized enterprises (SMEs) through digital banking solutions. The Vice President also acknowledged Moniepoint’s strategic partnerships with law enforcement agencies like the Nigeria Police Force, EFCC, and the Nigerian Financial Intelligence Unit (NFIU), aimed at combating financial fraud and promoting transparency in the digital payments sector. CEO Tosin Eniolorunda, who thanked Shettima for his time, shared Moniepoint’s growth story, highlighting its achievement as Africa’s latest unicorn in 2024. He stressed that Moniepoint’s success is rooted in resilience and innovation, emphasizing the company’s commitment to Nigeria’s digital ecosystem. Moniepoint’s collaboration with the Nigerian government has expanded beyond financial inclusion, with notable projects like the onboarding of over two million businesses in partnership with the Corporate Affairs Commission. The company has also launched the Informal Economy Report, aimed at boosting Nigeria’s informal sector, which contributes significantly to the country’s GDP. Vice President Shettima praised Moniepoint’s success and innovative approach, noting its workforce of over 3,000 employees and its contribution to Nigeria’s goal of becoming a $1 trillion economy. He also highlighted the diversity within Moniepoint’s team, celebrating its representation of Nigeria’s multicultural identity, including strong female leadership. While applauding Moniepoint’s achievements, Shettima urged the company to remain vigilant in preventing misuse of its platform by fraudsters, calling for stronger auditing measures. He promised continued support for Moniepoint’s global expansion, assuring them of his role as a “chief promoter” of the brand’s international visibility. The visit further solidified the partnership between the Nigerian government and private sector innovators like Moniepoint, who are crucial in driving the country’s digital economy and promoting financial inclusion nationwide. READ ALSO:
