Shareholders from across Nigeria’s leading associations have rallied around the offer, calling it a golden opportunity to increase their stakes in a bank with a strong record of delivering value. UBA, known for paying dividends twice a year, recently declared an interim dividend of N2 per share, one of the highest payouts in the Nigerian banking sector.
Retail shareholders, who make up nearly 75 per cent of UBA’s 280,000 shareholders, are especially supportive of the rights issue. Many see UBA’s solid performance, including its dividend history and capital gains, as a sign of its long-term value. Notably, UBA’s unique strategy in 2010 of unbundling its non-banking subsidiaries into standalone companies and distributing shares to its shareholders has further strengthened their loyalty.
Sir Sunny Nwosu, Founder of the Independent Shareholders Association of Nigeria (ISAN), praised UBA for its reliability and performance both domestically and across its African subsidiaries. Dr. Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), described UBA as a “solid bank” with a promising future.
