The Independent Uganda: You get the Truth we Pay the Price
Nairobi, Kenya | THE INDEPENDENT | Equity Group Holdings Plc continued a long tradition of focusing on expansion, innovation, and strengthening governance structures as they held their 21st Annual General Meeting (AGM) in Nairobi last week.
At the end of the landmark AGM on June 25th, shareholders had approved a record dividend of Kshs. 16 billion (approx. UGX 444.9 billion) at an enhanced rate of Kshs. 4.25 (approx. UGX 118) per share. Building on a momentum that has seen Equity Group strengthen governance structures across its six markets, shareholders at the AGM participated in the successful election of several new directors and thereafter also gave a green light for establishing a representative office in the United Arab Emirates.
Overall, shareholders demonstrated strong confidence in the group’s strategic direction and governance by voting in favor of all the proposed resolutions at the 21st AGM. The meeting, conducted virtually and attended by shareholders worldwide, saw significant approvals that will shape the future of the organization.
At the AGM, Prof. Isaac Macharia, Chairman of Equity Group Holdings Plc, emphasized the group’s resilience and strategic focus amidst a challenging global environment.
“Despite a complex and evolving macroeconomic landscape in 2024, Equity Group remained resilient, agile, and purpose-driven. We strengthened our governance structures across our six markets, aligned with emerging regulatory frameworks, and advanced key strategic initiatives, including the successful integration of Cogebanque into Equity Bank Rwanda,” Prof. Macharia said.
Macharia said Equity’s commitment to the Africa Recovery and Resilience Plan is unwavering, and with the launch of a health insurance subsidiary and plans for a banking holding company underway, the group is building a foundation for sustainable, specialized growth.
“Through strong risk oversight, enhanced board capacity, and deep community impact, ranging from MSME financing and education support to healthcare and clean energy access, we continue to deliver on our promise of inclusive prosperity. The establishment of a representative office in the UAE marks a strategic step in deepening regional and global connectivity. With our shareholders’ continued trust, we are confident in our ability to drive meaningful transformation, sustainable development, and long-term value creation across the continent,” he stated.
Dividend
Shareholders approved a dividend of Kshs. 16 billion (approx. UGX 444.9 billion) at an enhanced rate of Kshs. 4.25 (approx. UGX 118) per share, payable on or about 30th June 2025, to shareholders on the register as of the close of business on 23rd May 2025. The group remained committed to its dividend policy, which provides for a dividend payout ratio of between 30% and 50%. This year the dividend payout was 34%.
Directors
As part of ongoing efforts to strengthen governance structures and align with the best global practices and regulatory requirements, the Group introduced and secured shareholder approval for several key governance policies. These include policies on directors’ remuneration, stakeholder engagement, transparency and disclosure, dispute resolution, and board appointment procedures.
The AGM also saw the successful election of several new directors. Farida Khambata, a global expert in emerging markets finance with over 30 years of experience in investment and risk management, was elected.
Newly elected to the Board, subject to regulatory approvals were Nick O’Donohoe, a seasoned development finance leader with an over 30-year track record in financial services and impact investing; Dr. Aloysius Uche Ordu, an international development strategist with over three decades of experience in policy and financial innovation; Obadiah Barara, a veteran public financial management professional with 37 years of experience in public audit and governance across East Africa; Dr. Lakshmi Shyam-Sunder, a renowned financial risk expert with 30 years’ experience in multilateral institutions including the World Bank Group; and lastly Eng. David Mutombo, a global infrastructure and utility executive with over 20 years of experience in sustainable energy and water management. In addition, shareholders approved the appointment of Obadiah Biraro, Dr. Aloysius Uche Ordu, Dr. Lakshmi Shyam-Sunder, and Dr. Evanson Baiya to serve as members of the Board Audit Committee.
Representative office in UAE
In a landmark decision, Equity Group received shareholder approval to establish a representative office in the United Arab Emirates (UAE), marking a significant step in its strategic expansion beyond Africa.
Subject to regulatory approvals from the Central Bank of Kenya and UAE authorities, this move is poised to unlock a wealth of business, trade, and investment opportunities, connecting East and Central Africa with the UAE, Middle East, India, Central Asia, and South Asia.
This milestone also builds on Equity Bank Uganda’s proactive efforts to engage its diaspora, a journey that began gaining traction in recent years through past initiatives where Equity Bank Uganda’s service and management teams visited Dubai and Saudi Arabia, offering specialized financial and banking services to address their unique needs—ranging from remittances to investment opportunities, efforts that resonated deeply with the diaspora community.
The new UAE Representative Office, expected to be operational in early 2026, will change this narrative. It will provide on-site support for letters of credit and supply-chain finance, reducing settlement delays, while enhancing remittance and mobile-money services for the millions of East Africans in the region. This aligns with Equity’s promise to become Africa’s “one-stop financial services platform,” as articulated by Dr. James Mwangi, Group Managing Director.
“The establishment of a Representative Office in the UAE marks an exciting step in our journey to connect Africa with global markets, creating new opportunities for trade and investment. Furthermore, we recognize that sustainability is not just a corporate responsibility but a fundamental driver of long-term success. We are committed to integrating sustainable practices into every aspect of our business, ensuring that we create value for all our stakeholders while protecting our planet for future generations,” Dr. James Mwangi said.
