The United Bank for Africa Plc, UBA, has been applauded by its shareholders for donating $14 million to fight COVID-19 after delivering impressive returns on investment.

On Wednesday, April 29, UBA held its annual general meeting virtually by proxy for the first time in the company’s 71-year history and the shareholders had the opportunity of applauding the group.

The meeting, which had in attendance shareholders, management, staff, and representatives of relevant regulatory bodies, was held in accordance with guidelines issued by the Corporate Affairs Commission.

Opening the meeting, UBA Group Chairman, Tony Elumelu noted this was a very special meeting, held in extraordinary circumstances.

Mr Elumelu expressed the group’s deep appreciation to health workers across Africa, who are at the forefront of fighting the coronavirus.

The chairman also commended federal and state governments in Nigeria and governments across Africa for their rapid actions against the threat.

He acknowledged the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, for his various initiatives in mobilising the private sector to provide support, medical care and palliatives to reduce the effect of the scourge on citizens.

“Our commitment to improving lives in Africa is a long-term one, which we do not take lightly, as we assist governments in Africa to curb this pandemic and help sustain employment across the continent.

“I want to also thank the UBA Board of Directors, who have been responsive in this time of crisis, as the Group donates $14m to assist governments to fight the COVID-19 Pandemic in Nigeria and Africa,” Elumelu said.

He also thanked executive management and members of staff, as he assured shareholders that despite the coronavirus pandemic, UBA had delivered an impressive performance in its just-released first-quarter results.

Noting that the group was well prepared for the crisis, having put in place effective measures to ensure that its operations continue smoothly, Elumelu underlined the fact that the group’s exposure to the oil and gas sector was well within prudential guidelines.

Shareholders at the meeting commended the board of directors and management for the proactive role that the group has played in helping to lessen the negative effects of the coronavirus pandemic across Africa and its robust financial performance, despite a difficult macroeconomic outlook.

Shareholder and President of Association for the Advancement of the Rights of Nigeria Shareholders, Dr. Umar Farouk, applauded the group for the contribution of N5bn (USD14 million) to the fight against Covid19, adding that the move was unprecedented and will substantially support governments, as they work to tame the scourge.

He also hailed the 20 percent increase in dividends that the bank proposed to pay to shareholders.

“I am also happy that you fulfilled the promise you made at the AGM last year to pay dividends in Naira and not kobo, by paying N1 per 50 kobo shares to shareholders, in this difficult time. We have seen the first-quarter results, and we are particularly happy about the performance of our subsidiaries across Africa,” Farouk said.

In his speech, the group managing director, Kennedy Uzoka detailed how UBA has reacted effectively during the COVID-19 pandemic, saying, “As you know, UBA is a learning organisation, we are not a Nigerian bank, but a pan-African bank operating in 20 African countries and also in the UK, the USA and France.

“When we learnt about this pandemic, we immediately activated our business continuity plan. All the investments we have made over the years in the area of technology will begin to yield now, because already we have continued to meet the needs of customers in terms of digital patronage, owing to the growing traffic we have been receiving in the past few weeks. We are well prepared for all situations.”

While expressing hope that a vaccine is found for the coronavirus, Uzoka disclosed that UBA will continually do business in a way to ensure that customers do not have to physically be in the bank.