Mrs. Funke Osibodu.
Shareholders were full of commendations for the success of the recapitalisation of Union Bank of Nigeria Plc (UBN) and its out-going Group Managing Director, Mrs. Funke Osibodu.
The shareholders, who were at the bank’s Annual General Meeting (AGM) in Uyo, commended the Funke Osibodu-led management for ensuring that the financial institution was recapitalised.
Chairman, Ibadan Zone Shareholders’ Association, Chief Sola Abodunrin, said the doggedness of Union Bank’s management in spite of oppositions from some quarters salvaged the bank and ensured that shareholders did not lose all their investment as were the cases in some banks.
He said the bank now had bright prospects given the experience and diversity of the new management and board and its large capital base.
President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, said shareholders were appreciative of the efforts made by the management of the bank to restore the iconic bank to its pride of place.
National Coordinator, Pragmatic Shareholders Association, Mrs Bisi Bakare, noted that the improvement in the share price of the bank on the stock market was indicative of the optimism on the future of the bank noting that many had thought that the bank’s shares would go down to N2.
In his address, Chairman, UBN, Mr Dick Kramer, said the commercial bank was poised to regain its rightful leadership position in the Nigerian banking industry. According to him, with the foundation laid by the Osibodu-led management and support from the new core investors and staff, the bank now looks forward to increasingly positive results in the future.
On her part, Osibodu, said the bank would soon begin to pay dividends to shareholders as efforts were being made to clear the historic negative reserves, which could preclude the management from declaring dividends from the improving profits of the bank.
She said the bank was in the process of getting regulatory approval to reverse the negative reserves with the share premium accounts and put the bank in good position to commence dividend payment.