Following a 3-day Forum held in Lagos, Nigeria between April 6 & 8, 2016, United Bank for Africa (UBA) Plc Chairman Mr. Tony Elumelu formally inaugurated a Group Board Meeting as a platform for group integration, bonding and knowledge sharing.
90 participants comprising of the entire Board of United Bank for Africa PLC, Chairmen and CEOs of UBA subsidiaries in Africa and the United Kingdom, Group Strategic Business and Support Heads, amongst other special invitees and guest facilitators, were in attendance.
The Group Forum serves as an interactive platform for knowledge sharing on issues ranging from Corporate Governance, Institutional History, Board Effectiveness, Brand Projection, Empowerment and Accountability amongst others.
Speaking during the Forum, Elumelu said, “As long term investors and Africa enthusiasts, we are committed to the markets in which we operate and to the wider African economy. We will continue to work with credible partners and governments across Africa to identify and develop those critical growth poles required for the sustainable development of all African economies”.
The maiden forum coincided with the 54th Annual General Meeting (AGM) of UBA which held on April 8, 2016. Participants were also able to celebrate the Bank’s stellar financial performance and the staff who made this possible at the annual UBA CEO Awards ceremony, which held the next day.
The Group Board Forum resolved to reposition UBA as the leading pan-African Bank across all key indices – brand equity, human capital, customer service and profitability whilst also inculcating a culture of responsiveness in UBA. Other top of the agenda items included Know Your Customer (KYC) and Anti-Money Laundry (AML) policies and compliance standards across the Group. There was a general agreement among participants that there will be zero tolerance for any regulatory infraction across all operations.
UBA reported credible financial results in 2015 in what all recognize was a challenging macro environment. Gross earnings were N315bn whilst operating profits stood at N69bn. UBA Africa operations currently contribute about 25% of these earnings but are poised to do much more and should over time account for as much as 50% of overall Group profitability.
For this to happen “we must inculcate a culture that enforces individual accountability, a high sense of urgency and a customer first orientation in getting things done. Responsiveness and accountability are key drivers of High Performing Organizations” Elumelu said.