The share price of UBA Capital Plc last week rose to N2.32, following investors' reactions to a change in the company's executive leadership team aimed at position it for market leadership. The company, which was listed on the Nigerian Stock Exchange (NSE) one year ago, following its divestment from United Bank for Africa Plc , has fetched shareholders 78 per cent capital gains last year. The equity has begun another bullish session in the new year, rising by 6.4 per cent last week as the company got a new chairman and managing director. The share price rose from N2.18 to N2.32. A veteran banker and thought leader, Mr. Chika Mordi was last week named the chairman of UBA Capital , while a frontline capital market operator, Mrs. Oluwatoyin Sanni is the new group chief executive officer (CEO) of the company. A trained corporate and securities lawyer, Sanni has 25 years post-qualification experience in financial services, predominantly in capital market operations. Until the new appointment, she was the CEO of UBA Trustees Limited , a subsidiary of UBA Capital . Speaking about her plans for the company, Sanni said, "I am eager to lead a team of skilled, driven professionals into the next phase of UBA Capital's development. We have had a solid performance across all our subsidiaries and our trustees business is clearly a dominant player in the market. With the others making solid progress towards market leadership, UBA Capital is ready to establish itself as a leading African financial services and investment banking group." UBA Capital played a leading advisory and capital-raising role in the Nigerian power sector and other investment banking transactions in 2013. Voted "Best African Investment Bank" by Africa Investor in September 2013 , the company comprises four divisions: investment banking, asset management, trusteeship and stockbroking. UBA Capital Plc recorded a growth of 341 per cent in profit after tax for the nine months ended September, 2013. The results showed that the company posted gross earnings of N3.23 billion, up by 306 per cent from the N795 million recorded in the corresponding period of 2012. Profit before tax rose by 336 per cent from N494 million to N2.161 billion, while profit after tax soared by 341 per cent from N389 million to N1.716 billion. Analysts had said with this impressive performance, which translates to an annualised 38.5 per cent return on average equity, the company is positioned to create wealth for its shareholders.
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