Elumelu to rake in N2.38bn as dividend for 2021 FY

Chairman of United Bank for Africa (UBA), Mr. Tony Elumelu is expected to pocket a total of N2.38 billion in dividend for the financial year ended December 2021.

As at December 31, 2021, Elumelu owns 194,699,555 direct shares, and  about 2,185,394,184 indirect stakes through three other companies – Heirs Holdings, Heirs Alliance and HH Capital Limited.

This puts his total equity holdings at 2,380,603,739 out of the 34,199,421,368 ordinary shares available, giving him a collective 6.96 per cent interest in the bank.

The management of UBA last Friday proposed a final dividend of N0.80 for every ordinary share of 50 kobo each (bringing the total dividend for the financial year ended December 31, 2021 to N1.00) (interim dividend of N0.20).

This implies that the UBA boss will take home N194.7million and N2.19 billion from his direct and indirect stakes in the pan-African bank, respectively.

The Board of Directors of the bank in 2020 financial year proposed a final dividend of N0.35 per share; this is in addition to an interim dividend of N0.17 per share already disbursed. This takes the total dividend for the year to N0.53 per share.

Elumelu had earned the sum of N1.24 billion in dividend for the financial year ended December 2020.