Billionaire investor and Chairman of United Bank for Africa (UBA), Tony Elumelu, is set to receive a N12.71 billion dividend payout for the financial year that ended in 2024, following the bank’s record-breaking financial performance.
Elumelu, a major stakeholder in UBA, holds a total of 2,542,511,824 shares, divided into direct and indirect ownership. His direct shareholding stands at 195,124,581 shares, while his indirect holdings are spread across three entities:
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HH Capital Limited – 302,296,875 shares
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Heirs Holdings Limited – 1,814,003,900 shares
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Heirs Alliance Limited – 231,086,468 shares
With this substantial stake, Elumelu secures one of the highest individual dividend earnings from UBA’s latest financial results.
UBA declares record dividend payout
UBA announced a total dividend of N5.00 per share, marking a significant increase from the previous year. This comprises a final dividend of N3.00 per share and an interim dividend of N2.00 per share, pushing the total payout ratio to 26.6%, up from 16.32% in 2023.
As a result, the bank’s total dividend payout to shareholders surged to N147.05 billion, a sharp rise from N47.88 billion in the previous year. However, shareholders will be subject to a 10% withholding tax on their earnings.
UBA’s strong financial performance
The increase in dividends is a reflection of UBA’s impressive financial performance. The bank reported a pre-tax profit of N803.7 billion, representing a 6% increase from N757.6 billion in 2023. Similarly, after-tax profit jumped 26.14% to N766.5 billion, the highest annual profit in the bank’s history.
UBA’s robust results reinforce its position as one of Nigeria’s most stable and profitable financial institutions. With strong earnings and a growing dividend payout, the bank continues to deliver value to its shareholders, further solidifying its dominance in the financial sector.
