UBA donates 5% of company profit to fight COVID-19 in Africa
The United Bank of Africa (UBA Group) has joined billionaire businessman Jack Ma in donating money and relief materials to fight against the COVID-19 pandemic in Africa, following an announcement of a N5 billion($14 million) donation on Thursday.
The Group said in a statement that “the donation will provide significant and much needed support to Nigeria and 19 other African countries, by supplying relief materials, critical care facilities, and financial support to Governments.”
It broke down the support programme to be allocated as follows:
N1 billion to Lagos, Nigeria; N500 million to Abuja, Nigeria; N1 billion to the remaining 35 states in Nigeria; N1.5 billion to UBA’s presence countries in Africa; and N1 billion for Medical Centres with equipment and supplies.
It also announced that it will provide a free Telemedicine call centre facility, as well as fund a medical centre immediately in Lagos, Nigeria, with beds for isolation and ICU facilities. The centre, the Group says, will be managed and operated in partnership with Heirs Holdings healthcare subsidiary, Avon Medical Hospital.
The Group’s Chairman, Tony Elumelu said, “This is a time when we must all play our part. This global pandemic must bring citizens, governments and business leaders together – and quickly. As we see a rapidly increasing number of cases of the coronavirus in Nigeria and Africa, the private sector has to work hand in hand with various Governments, in stemming the spread.”
It was just a month ago that the Group released its audited financial statement for the financial year ended December 31st, 2019. In the report which was issued to the Nigerian Stock Exchange in February, the company’s profit after income tax in 2019 stood at N89.08 billion, indicating a 13.3% increase when compared to the N78.6 billion that was recorded in 2018.
This commendable donation indicates 5.6% of the company’s profit last year.
Many other companies and individuals are lending financial support to Nigeria, as the country records over 50 cases of the coronavirus.