News Column

UBA Shareholders Endorse Elumelu's Return

August 28, 2014

Goddy Egene

Some shareholders of the United for Africa Plc (UBA) have said the return of Mr. Tony Elumelu as chairman of the bank is a good development that would boost the fortunes of the financial institution.

Elumelu, who retired from UBA in 2010 as group managing director, was on Monday named the chairman of the bank. Speaking on the development, the National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu said

Elumelu's return was not surprising because he has significant stake in the bank and would want to ensure that his investments are protected "While we welcome him, we are expecting improved returns on our investments. We also hope to see improvement in the service delivery of the bank so that it would attract more businesses that will impact on its overall performance," Nwosu said.

The National Chairman, Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie said it is good for the bank that Elumelu is back.

"Elumelu is a banker to the core and he has worked so hard to take the bank to where it is today. Coming back will help consolidate his past records. I believe the bank will perform better and we, shareholders are in for bumper harvest of dividends once more," Okezie said.

To the National Coordinator, Pragmatic Shareholders Association of Nigeria(PSAN), Mrs. Bisi Bakare, the return of Elumelu will have positive impact on UBA.

"We welcome him and we are going to support him in the efforts to move the bank forward because we have been benefitting from all the subsidiaries of UBA Group," Bakare said.

The new UBA chairman told capital market stakeholders on Monday that he would bring his experience to bear in leading the group forward.

He had said: "What investors want to see is higher profitability and I think that the experience that I bring to the table coupled with the existing strong leadership at the bank and the strong board that we have we would be able to surpass investors' expectations."

In addition, the President, Association for Advancement of the Rights of the Nigerian Shareholders (AARNS), Dr. Faruk Umar said shareholders have been clamouring for his return given his experience and impact he is making on other companies which he is currently leading.

"When he was the GMD of the bank, we saw how he turned around the fortunes of the bank. And we have seen what he has done in Transcorp Plc, a company that was almost dead, which he has brought back to life," Umar said.

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Source: AllAfrica

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