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
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    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.

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    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.

     

     

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

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    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

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