Elumelu applauds FG’s economic recovery plan

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*L-R: GMD/CEO, UBA Plc, Mr. Kennedy Uzoka; Group Chairman, Mr. Tony Elumelu; and DMD, Mr. Victor Osadolor at the 55th Annual General Meeting of UBA Plc, held in Lagos recently

The chairman of United Bank for Africa Plc, Mr. Tony Elumelu, has commended the federal government and the Central Bank of Nigeria (CBN) for the steps taken to stimulate the Nigerian economy and bring to bear a coordinated policy response that will positively jumpstart the economy.

Speaking at the bank’s 55th annual general meeting held in Lagos recently,  Elumelu said the government’s recent actions including greater liquidity in the foreign exchange markets, have already had positive impacts on the economy.

He said such policies have rekindled hope in Nigerians and foreign investors alike that the nation’s economy is on the road to recovery.

“I would like to commend the federal government of Nigeria and President Buhari on the launch of the economic recovery programme.

“The Economic Recovery and Growth Plan is a robust call to action and we look forward to its rapid implementation.

“We were honoured to be consulted before the launch and I believe, as a significant investor in Nigeria, that if we all give our support to the programme, the country will quickly recover,” he said.

Elumelu also commended the CBN for implementing decisions that have helped strengthen the nation’s economy.

“I also commend the CBN for the decisive way they have been managing the economy, especially the way the foreign exchange regime is responding to their targeted intervention.”

Thereafter, he highlighted the group’s commitment to customer service saying the ‘Customer First programme’ is central to the bank’s ambition to be the bank of choice for all Africans.

He also applauded the staff and shareholders for the bank’s performance and for their loyalty.

He said the results show that UBA made a wise decision by investing in other African countries.

“Many said we are too bold in ambitions in Africa. It is clear from these results that our strategy has been proved correct. I want you to know that by investing in UBA, you have diversified your portfolio, you have not just invested in a Nigerian bank, but have invested in a bank with earnings now coming from across Africa,” he said.

Commenting on the bank’s new leadership team, Elumelu declared: “Last year we had a leadership change and a new chief executive officer, Kennedy Uzoka was appointed. Let me say that Kennedy and his team have hit the ground running. At the board level, we are extremely impressed by the financial performance that they are already delivering. We all have great faith in their ability to deliver.”

In his remarks, Uzoka said: “As we deliver our ‘First Philosophy’, we are approaching 2017 with stronger optimism, especially with the outlook remaining positive in most of our markets. We are aware of the macro economic challenges, competition and constantly changing customer preferences. However, we believe we are well equipped to win in the market.

“We will further develop our unique Pan- African platform to improve productivity, extract efficiency gains and grow our share of customers’ wallet across all business lines and markets. We will continue to build on our strong governance culture, zero-tolerance for infractions and transparency in furthering our frontiers of leadership in the African market.”

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