BREAKING NEWS

    $200 Million Expended by the United Bank for Africa in a way to Subsidize the Crude Oil Sale to Strengthen Investment Growth and Liquidity Statutes

    Posted On 12 Aug 2020
    By :
    Comments: 24

    By Abdul Rahman Bangura–

    Photo Credit: Ubagroup

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– The United Bank for Africa – a Pan African financial services group with its headquarters in Lagos – Nigeria, has dissemble as a preliminary mandated forefront arranger with a consortium of Nigerian retail banks with 1.5 billion naira pre-export finance facility for Eagle Export Funding Limited to foster the sale of crude by the Nigerian National Petroleum Corporation and National Petroleum Development Company (NPDC) The United Bank for Africa is giving $200 million in naira equivalent to the crude oil sale to finance investment growth and liquidity regulations.

    “The forward sale will provide much-needed capital for investment in NNPC production capacity which is of strategic importance to the Nigerian economy and the country’s leading source of foreign exchange.

    UBA’s position as the Mandated Lead Arranger recognizes the group’s strength in structuring and deploying financing to the oil and gas sector and the depth and liquidity of the group’s balance sheet,” the bank stated.

    Additional players in the Eagle Export Funding Limited deal include Standard Chartered Bank, Afrexim Bank, Union Bank , and two oil trading companies – Vitol and Matrix.

    New Africa Business News
    Africa’s Fastest Growing Global Newspaper. Forward www.newafricabusinessnews.com

    The group Chairman of the United Bank for Africa -Tony Elumelu, speaking on the facility noted, this has been one of the considerably economically demanding years that Nigeria has noticed, with the striking fall in the price of oil and the arising suffering that pursued the beginning of the Novel Coronavirus (COVID-19) pandemic, and so the private sector must come together and render meaningfully to the economy.

    “This facility is clear evidence of this – UBA is providing an investment that will significantly improve Nigeria’s production capacity and in doing so also demonstrating the strength, depth, and sophistication of our commercial banking capability. I believe that together, working with governments, we can create more jobs and more wealth for people, not only in Nigeria but across Africa.”

    With operations in twenty African countries and more than 20,000 employees, and operations in the UK and US, France, providing retail, commercial and institutional banking services, the United Bank for Africa is, one of the vastest employers in the financial sector on the African continent.

     

     

    Invest in Modern Africa
    Africa Fastest Growing Continent. Six of the World’s Ten Fastest Growing Economies are in Africa. More than Half of Global Population Growth between now and 2050 is Expected to Occur in Africa. This Decade Belongs to Africa as Technology Ripples through the Continent. Africa the Untapped Market. Africa Great Continent to Invest & Grow Business. Africa the Last Frontier for Investment. Africa is the Future.

     

    New Africa Business News Person of the year 2020
    Start Voting for New Africa Business News Person of the year 2020. Nomination Starts July 04 & Ends December 15/ 2020. Please Submit your Nominee’s Name, Country, Brief Reason for the Nomination. Please Limit Submission to 50 words and One Submission per Person. Email all Nomination to info@newafricabusinessnews.com. New Africa Business News Person of the year will be Announced January 01/ 2021. New Africa Business News. Africa’s Most Read and Fastest Growing Global Newspaper.  www.newafricabusinessnews.com 

     

    AFRICAN CONTINENTAL FREE TRADE AREA (AfCFTA)
    Accelerating Intra-African Trade and Boosting Africa’s Trading Position in the Global Market by Strengthening Africa’s Common Voice and Policy Space in Global Trade Negotiations. For More Information Contact: African Union Headquarters, P.O. Box 3243, Roosvelt Street W21K19, Addis Ababa  Ethiopia, Tel: +251 11 551 77 00  Fax: +251 11 551 78 44.

     

    Africa President of the year 2020
    Start Voting for Africa President of the year 2020. Nomination Starts February 01 & Ends December 15/ 2020. Please Submit your Nominee’s Name, Country, Brief Reason for the Nomination. Please Limit Submission to 50 words and One Submission per Person. Email all Nomination to info@newafricabusinessnews.com. Africa President of the year will be Announced January 01/ 2021. New Africa Business News. Africa’s Most Read and Fastest Growing Global Newspaper.  www.newafricabusinessnews.com 

     

    HELP FIGHT CLIMATE CHANGE
     United Nations Environment Programme (UNEP) Leading Global Environmental Authority that Sets the Global Environmental Agenda, Promotes Coherent Implementation of the Environmental Dimension of Sustainable Development within the United Nations System, and Serves as an Authoritative Advocate for the Global Environment.  Visit:  www.unenvironment.org  

     

     

    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

    About the Author
    New Africa Business News Staff Correspondent
    1. Natalie August 12, 2020 at 1:38 am Reply

      Very interesting report. United Bank for Africa has being investing greatly to businesses in the Continent. Natalie in Johannesburg South Africa

    2. Alfred August 12, 2020 at 1:44 am Reply

      Thank you for your report. Is that time for African banks to be our bankers and is starting to happen. Alfred in Lagos Nigeria

    3. Ella August 12, 2020 at 1:49 am Reply

      I love seeing a Pan African bank like United Bank for Africa doing great investments in our Continent. Thanks for reporting. Cape town South Africa. Ella

    4. Gabriella August 12, 2020 at 1:59 am Reply

      Fan of new Africa news. I love your online newspaper and thank you all for the timely reporting. Now we can read accurate news of our Continent. The other media groups being their for centuries and you know, their agendas are. Gabriella in Abuja, Nigeria

    5. Edward August 12, 2020 at 2:05 am Reply

      Thank you for signing me to new Africa business news, newsletter. Regular reader. Freetown, Sierra Leone. Edward

    6. Rosha August 12, 2020 at 2:25 am Reply

      Am very happy to find this online African newspaper. I was searching news about Africa on google search and their new Africa business news pop. This was last March, am telling you I love it. Thank you for reporting. Rosha in Nametil Mozambique

    7. Fanta August 12, 2020 at 2:31 am Reply

      Africa rising. Thank you for feeding us with news of Africa. Paris France. Fanta

    8. Winny August 12, 2020 at 2:38 am Reply

      You got it. Africa Rising and RISING BEAUTIFUL. Kibuye Rwanda. Winny

    9. Neema August 12, 2020 at 2:48 am Reply

      We need many African own banks like United Bank for Africa. Thank you, enjoy reading your reports. Tabora Tanzania. Neema

    10. Yannet August 12, 2020 at 2:59 am Reply

      So proud to be African. Proud African. Yes! We never Colonize any Country, nor have we ever enslave anyone. WE ARE AFRICA. Thank you for reporting. Addis Ababa Ethiopia. Yannet

    11. Asta August 12, 2020 at 3:06 am Reply

      Thank you for reporting. Love Africa and the People. Malmo in Sweden. Asta

    12. Gorata August 12, 2020 at 3:18 am Reply

      Thank you and many thanks. Fan of this great online newspaper. Please continue informing us. Francistown Botswana. Gorata

    Leave a Reply

    *

    Facebook

    Latest Posts

    $190 Billion Investment needs by Africa yearly between 2026 – 2030 in a bid to meet Africa's Energy and Climate Objectives in order to Enhance Socio-Economic Achievement

    Kenya President William Ruto is Poised to Establish Five Smart Cities

    Ghana Receives $27.9 Million Grant to Enhance Agriculture Value Chain Development

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.