UBA Restructures for The Next Level
 6th Feb 2007

Following United Bank for Africa Plc’s result for the financial year 2006, which surpassed the N1 trillion mark in balance sheet size, it was in a celebrative mood for the 45th Annual General Meeting, held at the Grand Hotel in Asaba, Delta State.

Following the AGM, UBA announced a restructuring of its board and Executive team to inject fresh impetus into its march towards industry leadership in the financial services landscape of Africa.
The reorganisation includes the appointment of a new Chairman, one new Executive Director and four new non-Executive Directors to its board.

Mr Kayode Sofola (SAN), hitherto Chairman of UBA, retired from the board to be replaced by Chief Ferdinand Alababra, formerly Vice-Chairman. Chief Alababra, a renowned Chartered Surveyor and Chairman of the board of NITEL, was unanimously appointed by the UBA board as Chairman, effective 1st of February 2007.

Further changes at the executive management included the appointment of Ibrahim Jega, hitherto Regional Director of the North West Bank, as Executive Director (subject to CBN's approval).

In addition, UBA appointed four new non-executives Directors to its board, following clearance from apex regulator, namely; Chief Kolawole B. Jamodu, OFR, Alhaji Garba S. Ruma, Mr Adekunle Olumide , OON, and Mrs. Runa Alam. UBA's ascendancy towards industry leadership got a big boost when it posted the unprecedented balance sheet size of N1.05 trillion in its 2006 year end results, the first ever in the history of the Nigerian banking industry. The results also showed a deposit base of N776 billion, which alone is higher than the total balance sheet size of any Nigerian bank, marking UBA clearly the leader of the industry. Profit before tax was N12.8 billion and profit after tax was N11.6 billion up from N6.5 billion and N4.9 billion respectively. All other performance indices more than doubled, validating UBA's retail strategy which combines innovative product development with consumer promotions, strategic alliances and other diversification initiatives that have characterized the Bank's post-merger play.

The N1 per share dividend plus a bonus share of 1 for 5 was cause for celebration at the recent AGM, in addition to the exponential growth of the Bank's share price from N10 per share as recently as August 2006 when UBA marked its post-merger one year, to as high as N34.44 when the Bank closed its register of shareholders on 22nd January 2007 in view of the AGM.

The Group Managing Director/CEO of UBA, Tony Elumelu, recently elected the President of West African Bankers Association, WABA, made a statement regarding the calibre of the UBA management. Elumelu says, "It is a demonstration of the Bank's significant contribution to the Nigerian economy and its commitment to harness and promote African excellence, at home and abroad."

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