Billionaire investor, Tony Elumelu to get N12.71 billion in UBA dividend for 2024 

Elumelu, Chairman of UBA, holds a total of 2,542,511,824 shares in the bank, divided into direct and indirect ownership.

His direct shareholding stands at 195,124,581 shares, while his indirect holdings are spread across three entities:

This substantial stake secures him one of the highest individual dividend earnings from the bank’s latest financial results.

The payout follows UBA’s decision to declare a total dividend of N5.00 per share, reflecting a significant increase from the previous year. The bank’s final dividend of N3.00 per share and interim dividend of N2.00 per share bring the total payout ratio to 26.6%, up from 16.32% in 2023. Payment of dividends to shareholders is subject to a 10% withholding tax.

Consequently, UBA’s total dividend payout surged to N147.05 billion, a sharp increase from N47.88 billion in the previous year.

The rise in dividends reflects UBA’s record-breaking financial performance. The bank reported a pre-tax profit of N803.7 billion, a 6% increase from N757.6 billion in 2023. After-tax profit climbed 26.14% to N766.5 billion, marking the highest annual profit in the bank’s history. UBA’s strong financial results reinforce its status as one of Nigeria’s most stable and profitable financial institutions.

UBA also saw substantial growth in key financial metrics. Gross earnings jumped 53.6% to N3.19 trillion from N2.08 trillion in 2023. UBA, one of Nigeria’s FUGAZ banks (FirstHoldCo, UBA, GTCO, Access Holdings, and Zenith Bank), also reported a significant increase in total assets, which grew to N30.3 trillion, an addition of N9.7 trillion from the N20.65 trillion reported in 2023.

Despite economic challenges, UBA has maintained strong performance, driven by its pan-African presence and expanding balance sheet. For Elumelu, who serves as the bank’s chairman, this dividend payout reflects his deep investment in UBA’s continued success.