Tony Elumelu to Earn N1.238 Billion From Dividends in 2020 Financial Year Despite COVID-19

Mr. Tony Elumelu, CON, the chairman of United Bank for Africa Plc, could earn as much as N1.238 billion from dividends in the period ended 31, December 2020 despite the COVID-19 pandemic.

The United Bank for Africa on Monday declared N0.35 final dividend per share. The bank paid an interim dividend of N0.17 per share in the second quarter to bring the total dividend for 2020 to N0.52.

The Chairman has a direct holding of 194,669,555 shares, meaning he will earn a total sum of N101.228 million directly.

However, Tony Elumelu’s indirect holdings stood at a combined 2,185,934,184 shares, comprising 140,843,816 shares bought with HH Capital Limited, 1,814,003,900 shares held by Heirs Holdings Limited and 231,086,468 shares purchased by Heirs Alliance Limited. Therefore, he is expected to earn another N1.137 billion from his indirect holdings, bringing his total expected earnings for 2020 to N1.238 billion.

While Elumelu may not be the sole shareholder in the listed companies, he is in charge of things in those companies and controls operations.

The bank’s shareholders are expected to approve the proposed N0.35 Final Dividend on Thursday, April 1, 2021.

The leading entrepreneur and philanthropist declared open 2021 application/7th Edition of Tony Elumelu Foundation Entrepreneurship Programme in January to help African startups kick start their ideas.