The chairman of United Bank for Africa, Mr Tony Elumelu is set to earn a whopping sum of N1.24 billion in dividend for UBA‘s financial year ended December 2020.
Brandnewsday understands that Mr Tony Elumelu owns 194,699,555 direct shares in UBA, also, he owns about 2,185,394,184 indirect stakes through three other companies.
The companies are Heirs Holdings, Heirs Alliance and HH Capital Limited.
As a result, this has put the UBA chairman’s total equity holdings at 2,380,603,739 out of the 34,199,421,368 ordinary shares available, giving him a collective 6.96% interest in the bank.
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Recall that on Monday, the Board of Directors of the bank proposed a final dividend of N0.35 per share; this is in addition to an interim dividend of N0.17 per share already disbursed. This takes the total dividend for the year to N0.53 per share.
The proposal is a sequel to an impressive financial performance posted by the financial giants amid a turbulent economy plagued by the COVID-19 pandemic. The recent performance might be an indicator that the bank is well-positioned to replicate greater success this term.
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Computation of the declared dividend per share and the number of shares (Direct+ Indirect) owned by Mr Tony Elumelu reveals he will receive a gross dividend of about N1,237,913,944.28 for FY 2020, subject to applicable Withholding Tax.
Tony Onyemaechi Elumelu (born 22 March 1963) is a Nigerian economist, entrepreneur, and philanthropist. He is the chairman of Heirs Holdings, the United Bank for Africa, Transcorp and founder of The Tony Elumelu Foundation.
Mr Tony Elumelu was named in TIME 100 most influential people in the world in 2020, and he is well known for his business acumen, astuteness and philanthropy, part of which led to his establishment of the Tony Elumelu Foundation in 2010.
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