Billionaire Businessman Tony Elumelu to Pocket N12.71 Billion in UBA Dividends for 2024
As UBA’s after-tax profit soars 26.14% to N766.5 billion, its highest annual profit ever
Billionaire Businessman Tony Elumelu to Pocket N12.71 Billion in UBA Dividends for 2024
Nigerian billionaire investor and UBA Chairman Tony Elumelu is poised to earn a hefty N12.71 billion dividend from the United Bank for Africa (UBA) for the 2024 financial year, an analysis by Nairametrics has uncovered.
Elumelu’s substantial stake in the bank totals 2,542,511,824 shares, comprising both direct and indirect holdings.
He directly owns 195,124,581 shares, while his indirect shares are held through three entities: HH Capital Limited (302,296,875 shares), Heirs Holdings Limited (1,814,003,900 shares), and Heirs Alliance Limited (231,086,468 shares). This significant ownership positions him as one of UBA’s top individual dividend recipients.
The payout stems from UBA’s announcement of a N5.00 per share dividend for 2024, a notable jump from the prior year. This includes an interim dividend of N2.00 and a final dividend of N3.00 per share, boosting the total payout ratio to 26.6% from 2023’s 16.32%. After accounting for a 10% withholding tax, UBA’s total dividend distribution for the year reached N147.05 billion, a dramatic rise from N47.88 billion in 2023.
UBA’s stellar financial performance underpins this increase. The bank posted a pre-tax profit of N803.7 billion, up 6% from N757.6 billion the previous year, while its after-tax profit soared 26.14% to N766.5 billion—its highest annual profit ever.
These results cement UBA’s reputation as a leading and resilient player among Nigeria’s financial institutions.
Key Highlights
UBA’s 2024 financials reflect robust growth across the board. Gross earnings climbed 53.6% to N3.19 trillion, compared to N2.08 trillion in 2023. Total assets also ballooned to N30.3 trillion, up by N9.7 trillion from N20.65 trillion the previous year.
READ ALSO Zenith Bank Fortifies Leadership Position with Double-Digit Growth in Gross Earnings as Profit Surges to N1.3 Trillion
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As part of Nigeria’s elite FUGAZ banking group—alongside FirstHoldCo, GTCO, Access Holdings, and Zenith Bank—UBA became the first Tier-1 lender to unveil its full-year results, a move eagerly awaited by investors amid a faltering stock market.
Over the past two years, UBA has amassed a cumulative profit of N1.37 trillion, dwarfing the N570.4 billion earned over the prior five years.
This leap underscores the bank’s enhanced efficiency and strategic focus. Despite a tough economic climate, UBA’s pan-African footprint and growing balance sheet have fueled its success.
For Elumelu, the N12.71 billion dividend is a testament to his enduring commitment to UBA’s prosperity, blending his roles as a visionary leader and a savvy investor. Read More
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