Billionaire Elumelu’s African Youth Focus As He Pockets Half A Billion Naira From UBA.
“All of us are where we are today because at some point in our business development, entrepreneurship journey, we got opportunity, we got a helping hand, and we got the platform to support” – Tony Elumelu.
Nigerian ‘Celebrity’ billionaire, Tony Elumelu who owns 6.96% of the United Bank of Africa, UBA shares, as the majority shareholder, would take home a whooping N476.2 million naira from 10 percent of the declared profits.
The stylish billionaire’s investment in the bank has set him up to earn an interim dividend of N476.2 million ($1.11 million) from his stake in United Bank for Africa (UBA) after the Lagos-based financial services firm reported a profit of $164.6 million at the end of the first half of 2022.
UBA is a pan-African banking group with operations in 24 countries including the United Kingdom, the United States, France, and, most recently, the United Arab Emirates
On September 10, Choc News reported that Nigerian banker Tony Elumelu’s UBA posted $164 million in profit in H1 2022. The profit valued in naira is N70.33 billion made within the first 6 months of 2022.
The bank’s board of directors met last week and approved the disbursement of almost 10 percent of the interim profit the bank made this year to shareholders of the bank. This amounts to the sum of N6.84 billion ($16 million out of $164.6 million profit) of the 70 billion naira profit.
The balance of N64 billion will be set aside and pushed forward as retained earnings for the bank.
Out of the N6.84 billion that will be paid to shareholders of the bank, Tony Elumelu, the highest shareholder of the bank, will pocket 472 million nairas as his dividend.
This money will be deposited into his account electronically on Thursday, Sept. 29, 2022, along with the dividends of other shareholders of the bank, bringing Tony Elumelu’s total dividend earnings from the bank this year to $4.7 million.
Tony, who has developed the acronym, “The TOE-Way” lives a flamboyant lifestyle not unrelated to his earning potential as an accomplished entrepreneur. He is the chairman of Heirs Holdings, Transcorp, and founder of The Tony Elumelu Foundation which he has been using as a vehicle to empower young African start-ups with seed capital.
In a recent interview with CNN‘s Richard Quest, Tony said youths from all over Africa “needs capital, they need mentoring, they need business education so that when the capital comes they know how to manage the capital”.
Tony added, “The truth is, if you look at joblessness and its impact on mankind and humanity, you know that we all at the global community must do something different. We must stand up now and help fight joblessness, and the future will be secured.”
When asked what the key is, to unlocking the potential of the African youth, Mr. Tony said,
“We need the government to create the enabling environment to help our young ones to succeed. We need access to electricity. Access to Electricity is so difficult in Africa and without electricity, you can’t do much as an entrepreneur. We need to fix that.
“Two, access to capital. Young entrepreneurs need access to capital, affordable capital that will help them prove their concepts, and that is why the Tony Elumelu foundation would provide seed capital, non-refundable seed capital of $5,000, not because we have so much but because we want to give these young Africans opportunity to enable them to prove their concepts so that collectively all of us can help to develop Africa and power Africa to prosperity.
“And the third thing they need, they need business education and mentoring; they need successful African business leaders, for us to show example, for us to embrace them, for us to show them how to walk the path and also have them leverage on our supply chains so that we give them a helping hand. All of us are where we are today because at some point in our business development, entrepreneurship journey, we got opportunity, we got a helping hand, and we got the platform to support, so those three things will help the African entrepreneur to do well.” The Billionaire concluded.
These views expressed by Mr. Tony are no different from what he described as his personal driving force and motivation.
Source | Choc News
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