Barring any change in decision, shareholders of Union Bank of Nigeria Plc are to get dividend after a long wait as the board of directors received approval to restructure the bank balance sheet at an Exra Ordinary General Meeting (EGM) held in Lagos on Tuesday.
Commenting on the meeting which did not last up to 20 minutes, chairman of the bank Mr Cyril Odu explained that the meeting would have been held during the bank Annual General Meeting (AGM) that was held in Lagos last month, but due to some regulatory approval they just received, hence they have to get shareholders’ approval in order to set the process of cleaning the balance sheet rolling.
Highlights of the special resolutions that was approved, is that subject to the confirmation of the court, the company’s issued share capital, including for this purpose its share premium account be reduced by the sum of N54.458 billion which has been lost or is otherwise unrepresented by available assets and the credit arising from the reduction be used to eliminate the retained loss in the company’s audited financial statement as at December 31, 2018.
With this approval, the board of directors, are to carry out all acts and things, which in their opinion may be necessary, expedient or appropriate confirmation from the Federal High Court. Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions.
The Bank is a trusted and recognizable brand, with an extensive network of over 300 branches across Nigeria. In late 2012, a new Board of Directors and Executive Management team were appointed to Union Bank and in 2014 the Bank began executing a transformation programme to re-establish it as a highly respected provider of quality financial services.
The Bank currently offers a variety of banking services to both individual and corporate clients including current, savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance. The Bank also offers its customers convenient electronic banking channels and products including Online Banking, Mobile Banking, Debit Cards, ATMs and POS Systems.
Photo Caption: Cyril Odu Chairman Of Union Bank of Nigeria Plc