The FINANCIAL — Favorable time results in economic growth in case investors are ready to give their money. Have such times come to Nigeria?
UBN Plc started granting 50 billion rights issue once they have obtained the permission of shareholders. It allows to get more money for their development strategy.
According to Naij News, the General Annual Meeting obliged the Board of Directors to provide the necessary information as far as price and timing of the rights issue are concerned. It will enable the rest of partners to participate in the endeavor.The following statement was said by the shareholders: “We hope that the Board of Directors grant the rights issue in a propitious moment to use them with the greatest benefit. Apart from it, some investors resented the fact of dividend non-payment despite lucrative results of the bank in 2016.
In response, the President of the bank, Cyril Odu mentioned that the bank had provided a promising macroeconomic situation in 2016 and it should be a point of pride. We took a stand as a financially strong bank in order to promote our business strategy and further positive changes as well. A lot of tasks still need to be completed at the backdrop of economic troubles. In spite of it, we do our best to boost our competitiveness on the market.”
The Chief Executive Officer, Emeka Emuwa said that they had already begun to take steps to raise the expected sum of money. The plan is going to be launched by the second quarter.
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