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Tony Elumelu

UBA fixes board meeting to consider 6-month interim accounts for Aug 13

By on July 28, 2020 0 141 Views

By Samuel Bankole

Nigeria’s United Bank for Africa Plc (UBA) on Tuesday said its board of directors will meet on August 13, 2020, to consider the lender’s audited account for the first six months of the year.
In a regulatory filing, the lender said in compliance with the rule of the Nigerian Stock Exchange (NSE), it has embargoed transactions on its shares by any of its directors from July 26 until 24 hours after it must have made public the audited accounts.
The bank said the audited interim accounts will also be sent to the Central Bank of Nigeria (CBN) for approval before releasing it to the public through the NSE.
The regulatory filing signed by the company secretary, Bili Odum noted that the bank will notify the Exchange on the decisions of the board after obtaining the approval of the CBN.
“The meeting will also consider amongst others, the proposal for recommendation of interim dividend for shareholders,” Odum wrote in the communication with the NSE.
Elumelu, Heirs Holdings Increase Stake In UBA, Buy N288 Mln Additional Shares
“Accordingly, no Director, person discharging managerial responsibility and adviser of the Bank and their connected persons may directly or indirectly deal in the shares of the Bank in any manner during the closed period,” the bank said.
It would be recalled that two major directors of the bank had last week cumulatively bought a total of 74.82 million shares of the bank worth N460.58 million in four consecutive trading day.
The chairman of the board, Tony Elumelu and Heirs Holdings, major shareholders of the lender increased their stake in the bank by acquiring a total of 71.82 million shares worth N442.43 million.
Elumelu and Heirs on July 20, bought a total of 62.643,500 shares at N6.20 per share and on July 21, bought additional 6,980,427 shares are N6.15 per share while on July 22, the two major interest bought a total of 2,199,373 shares at N6.12 per share on the floor of the Exchange.
Also, Ayoku Liadi, an executive director of the bank bought three million shares of the bank worth N18.15 million on July 15.
All the purchases were, however, done before the embargoed placed on the transaction and meeting of the board to consider the audited interim report for the half year 2020.
Prior to the transactions done last week, Elumelu and his allied interest held a total of about 2.30 billion shares in the bank.
He was reputed to have collected a total of N2.30 billion dividends at the end of 2019 financial year when the bank declared N1 per share dividends for its shareholders.#GFD

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