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United Capital Plc Holds 11th Annual General Meeting
SHAREHOLDERS TO RECEIVE N10.8Bn DIVIDEND PAYOUT

United Capital Plc, a leading Pan-African financial services group, convened its 11th Annual General Meeting yesterday at the Transcorp Hilton Hotel, Abuja, following another year of exceptional financial performance. Shareholders were delighted at the declaration of a dividend payout of N10.8 billion, equivalent to N1.80 per share.

 

The meeting commenced with a statement by Prof. Chika Mordi, Chairman of the Board of Directors, United Capital Plc, highlighting the consistent impressive financial performance delivered by the group “Despite the macroeconomic turbulence in 2023, United Capital Plc reported an outstanding financial performance. [Our] Total Revenue accelerated by 71% year-on-year to N45.9 billion in 2023 from N26.9 billion earned in 2022. Profit Before Tax surged by 28.2% to N17.3 billion in 2023 from N13.5 billion recorded in 2022, indicating impressive growth in the overall profitability of the Group.”

 

In closing, Prof. Mordi assured shareholders of the company’s commitment to delivering consistent superior returns and outlined strategies to navigate potential challenges in 2024, attributing confidence to the resourcefulness and dedication of its staff.

 

United Capital Plc also achieved significant milestones during the year, with its share price closing at N23.00, up 64% from the previous year and its market capitalization increasing by 64% to N138 billion. Its subsidiaries also excelled in various sectors – its securities business ranking first in terms of volume of stocks traded on the Nigerian Exchange (NGX). Its asset management business launched the United Capital Global Fixed Income Fund consolidating its position as the second largest USD fund manager in Nigeria.

 

Looking ahead to 2024, Peter Ashade, Group Chief Executive Officer, unveiled the company’s outlook – Winning Amid the Volatile Operating Environment.

“Our objectives for 2024 are centered around unlocking further opportunities for our stakeholders. To realize this vision, we are committed to establishing a dynamic, efficient, and agile one-stop-shop financial institution. This institution will embody a digital-driven mindset, enabling us to deliver best-in-class services while ensuring superior shareholder value.

 

As United Capital Plc approaches its 6th decade in business, the company remains dedicated to creating value and fostering growth for all stakeholders.

JOSEPH ONYEMA

Head, Group Enterprise Performance Management
Joseph Onyema
Joseph is the Head, Group Enterprise Performance Management at United Capital Plc.
Over the last 16 years, Joseph has worked with and led teams whose responsibilities cut across a major spectrum of technology transformational and retail growth projects and consultancy. Joining the group in 2017, Joseph started out leading the technology team for 5+ years in the position of the Group, Chief Information Officer, a role in which his focus on execution to reposition the business was exemplary, hence leading to increased digital presence, retail growth and improved revenues, with keen focus on our growth during the COVID-19 pandemic where the business was run totally virtual and saw outstanding growth in customers, revenue and profitability.​
Leveraging on his education, performance, experience and spirit of execution, Joseph transitioned to the Group Head, Enterprise Performance Management, where he brings his analytical and technological prowess coupled with his background in managing teams and businesses to bare in monitoring and tracking business units and employees performances, while helping them to improve in their performance and ensuring the group continues to win in all its endeavours.
Before joining United Capital, Joseph headed the Group Technology Operations at Cordros Capital Limited where he transitioned the business from a High Net-worth Individual (HNI) focused business to retail-focused business with total leverage on technology to drive B2C sales across verticals while exploring new markets and partnerships. Prior to Cordros Capital, he had led the Enterprise & Cloud Services team at Soft Solutions Limited, an IT Consultancy firm with a footprint across 15 Nigerian banks on enterprise security, cloud projects, and consultancy where he developed, deployed, and led support teams to manage several financial and FMCG application suites.
A Tony Elumelu entrepreneur from 2016 before joining the group, and a member of the prestigious Beta Gamma Sigma international business honor society, continues to reinvent himself and deliver exceptionally to the United Capital family.