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UBA Leads Consortium To Fund NNPC’s $1.5bn Investment

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5 years ago

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The United Bank for Africa Plc (UBA) has acted as the lead arranger of a consortium of Nigerian commercial and international banks in a $1.5 billion Pre-export Finance Facility for the Nigerian National Petroleum Corporation (NNPC) and its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), Leadership Report.

UBA is providing $200million (Naira equivalent) to support investment growth and liquidity requirements.

The facility is expected to provide capital for investment in NNPC’s production capacity, which is of strategic importance to the Nigerian economy and the country’s leading source of foreign exchange earnings.

UBA’s position as Lead Arranger recognises 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 said in a statement yesterday.

The $1.5 billion facility is structured in two tranches as follows: the first tranche of $1 billion, to be repaid over a period of five years, will be provided in dollars, with UBA acting as the Facility Agent Bank; the second tranche of $500 million will be provided in local currency, over seven years, with UBA acting as Lead Bank, providing $200 million in Naira equivalent.

Both facilities will be repaid from an allocation of 30,000 barrels per day of NPDC’s crude oil.  UBA has a strong track record in the resources sector across Africa, having facilitated oil prepayment deals with the NNPC, including its 2013 $100 million participation in the PXF Funding Limited transaction, and a further $60 million in the 2015 Phoenix Export Funding Limited transaction.

In Senegal, UBA was responsible for the EUR 240m revolving crude oil financing facility for the Société Africaine de Raffinage and in Congo Brazzaville co-funded the $250m crude oil prepayment facility for Orion Oil Limited.

Other participants in the NNPC deal include Standard Chartered Bank, Afrexim Bank, Union Bank and two oil trading companies, Vitol and Matrix.

Speaking on the recent support for the Nigeria’s petroleum industry, UBA Group chairman, Tony O Elumelu said, “This has been one of the most economically challenging years that Nigeria has witnessed.  With the sharp drop in the price of oil and the ensuing hardship that followed the onset of the Covid-19 pandemic, the private sector must come together and contribute meaningfully to the economy.

This facility is clear evidence of this – UBA is providing 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”.

The United Bank for Africa is one of the largest employers in the financial sector on the African continent, with over 20,000 employees and serving over 20 million customers.

UBA operates in 20 African countries and globally in the United Kingdom, the United States of America and France, providing retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

Meanwhile, there is palpable fear and anxiety in the downstream oil sector as possible job loss looms, following review of Nigeria’s Labour Act.

Operators in the sector have already hinted that if the ongoing review of the Act, currently receiving accelerated hearing in the National Assembly scale through, many people will be thrown out of job.

A document prepared by a conglomerate of oil marketers  explained the preparedness of the operators to lay off staff if position of stakeholders are not compiled and enshrined in the document.
Specifically, a private sector downstream position paper on the proposed review of the Nigerian Labour Act, by Adaeze Nwakobi OVH Energy/chairperson, Major Oil Marketers Association of Nigeria (MOMAN) Legal and Government Policy Committee, strongly warned of the negative outcome of the review.

the House of Representatives is currently considering amendments to the Nigerian Labour Act Cap LI LFN 2004.

The amendment Bill which has passed through the second reading largely seeks to abolish casualisation of workers in Nigeria and labour outsourcing.

However, operators in the industry understand that the Ministry of Labour is currently reviewing all major Nigerian Labour legislation, including Labour Act with the intent to repeal the current Labour Act and a focus on prohibiting of labour outsourcing.

Nwakobi warned that the downstream companies are very concerned about the far reaching negative implications the amendment of the Bill portends for the oil and gas industry.

The marketers observed that these are hardship on businesses who already ensure workplace benefits are in place for contract/outsourced staff, extended to them by labour contractors which include leave, health management services, pensions etc as similarly applicable to their permanent staff.

Any attempt to take the Act to the direction the Legislature is driving at will lead to possible increased redundancy in the sector as companies will be forced to cut down on external labour engagements and absence of regularisation provision in the amendment Bill as opposed to immediate imposition of penalty upon default by an employer, they said.

In other words, the downstream sector is seeking the non-passage of the amendment Bill based on the subsisting provision of the Federal Ministry of Labour Guidelines on Contract Staffing/Outsourcing in the oil and gas industry and the position of the International Labour Organisation on labour outsourcing.

They insist that the focus of the law makers should not be to criminalise but to improve on the already existing and globally recognised concept of labour outsourcing to strengthen the Nigerian workforce. This Nwakobi, argued will take into consideration the interests of user enterprises, Labour agencies and workers.

Also, Major Oil Marketers of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), have asked the government to draw up a pricing plan formula that will usher in a seamless and market-determined price of premium motor spirit.

Oyetunji Oyebanji, chairman of MOWAN, said, “The downstream end of Nigeria’s oil industry requires significant investment to improve service delivery and to generate employment, help in expanding and growing the economy, and so it needs full and total deregulation with appropriate standards and regulation in terms of consumer protection.

“We are all interested in the future of the country as stakeholders. But we need to make the right policy decisions at the appropriate time. Nigeria cannot, as we know, continue to subsidise fuel.

“Over the last 15 years, we have spent close to N10tn subsidising fuel. This is just unsustainable in this environment, and I think posterity will not judge us properly if we do not make the right decisions.”

MOMAN has disclosed that if the petroleum downstream sector is to play its pivotal and fundamental role in the resuscitation of the nation’s economy, there is a need for full deregulation of the sector.

Oyebanji who is also the managing director/chief executive officer of 11 Plc, formerly Mobil Oil Nigeria Plc, said, “We believe that full and total deregulation with appropriate standards and regulation in terms of consumer protection is the way to go.

“We believe that we need to work with the government to achieve this at the soonest possible time. It is an industry that requires significant investment to improve service delivery and to generate employment, to help expand and grow the economy, especially at this very trying time.”

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Union Bank’s Union Cares Initiative Celebrates Academic Excellence at Pacelli School for the Visually Impaired Graduation

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6 months ago

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July 29, 2025

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Union Bank of Nigeria proudly participated in the graduation ceremony of the Pacelli School for the Visually and Partially Sighted on 23 July 2025, honouring the resilience and academic achievements of visually impaired students.

The event, held on the school premises, highlighted the importance of inclusivity and determination in education.

As a 108-year-old institution committed to social responsibility, Union Bank’s involvement reflects its enduring support for Persons With Disabilities (PWD) and its dedication to fostering equitable access to education.

The Bank’s Chief Brand and Marketing Officer, Olufunmilola Aluko, expressed her admiration for the graduating students:

“Union Bank proudly stands as a champion of inclusiveness and equitable representation. Through our UnionCares corporate social responsibility initiative, we are committed to supporting vulnerable and underrepresented communities.

We celebrate the incredible achievements of these students and reaffirm our dedication to empowering them to reach their full potential.”

UnionCares is Union Bank’s CSR Arm focused on creating sustainable social impact in key areas, including:

• Support for Vulnerable Groups: Empowering persons with disabilities and other marginalised communities through inclusive initiatives.
• Education and Skill Development: Facilitating access to education and practical skills that promote self-reliance and opportunity.
• Community Well-Being: Enhancing the overall quality of life of communities through health, education, and social welfare projects.

Union Bank remains honoured to collaborate with institutions dedicated to uplifting less-recognised members of society. The Bank remains dedicated to championing initiatives that inspire positive change, and foster a more inclusive, enlightened community across Nigeria.

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Fidelity Bank ED, Kevin Ugwuoke Takes Over As President Of Risk Managers Association

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7 months ago

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June 15, 2025

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Kevin Ugwuoke, Executive Director and Chief Risk Officer of Fidelity Bank Plc, has formally assumed office as President of the Chartered Risk Management Institute of Nigeria (CRMI).

His leadership promises a reform-focused era anchored on policy advocacy, ethical standards, and digital innovation to deepen risk governance across sectors in the country.

Speaking during the presidential handover ceremony in Lagos over the weekend, Ugwuoke — who also doubles as acting President of the Federation of African Risk Management Associations (FARMA) — described his election as “a call to action.”

He pledged to reposition CRMI as a thought leader and institutional partner in shaping the future of risk management in Nigeria’s national development.

“Our mission is more than just certification; it’s about strengthening the culture of risk governance across sectors. We will collaborate with regulators, raise awareness, and provide practical tools to help organizations embed risk discipline at all levels.”

Ugwuoke outlined a five-pronged strategy to guide his administration: strengthening professional education and certification; deepening policy and regulatory engagement; accelerating digital transformation; integrating ESG and climate risk into corporate strategies; and mentoring the next generation of risk practitioners.

He explained that CRMI will align its initiatives with key policy institutions — including the Nigerian Economic Summit Group, the National Assembly, and sub-national governments — to help embed robust risk frameworks into economic development plans.

“We must integrate risk thinking into how we plan, govern, and invest. We will advocate for more inclusive regulations to empower small and medium enterprises, improve macroeconomic stability, and foster institutional resilience.”

Ugwuoke also announced plans to revise the Institute’s curriculum, introduce specialized certifications to reflect emerging risks, and implement a new National Risk Observatory to provide real-time risk data to both the public and private sectors.

“Digital innovation will be central to how CRMI operates going forward. We are automating our backend, delivering more virtual training, and employing technology to scale our impact across the country and beyond.”

In his remarks, the outgoing President of CRMI, Ezekiel Oseni, challenged the new leadership to consolidate on the achievements made under his tenure — from securing chartered status and strengthening partnerships to gaining greater international recognition — and take the Institute to the next level.

Also speaking on the occasion, Chukwuma Nweke, deputy managing director of United Bank for Africa (UBA), delivering a goodwill message on behalf of Group Managing Director, Oliver Alawuba, described Ugwuoke as a worthy successor. “As Professor Oseni hands over the baton to Kevin Ugwuoke — a well-respected leader in the risk management ecosystem — we are assured CRMI is poised for greater achievements under his watch.”

Nweke stressed that growing economic uncertainties — from inflation and exchange rate volatility to growing debt — underscore the need for a more strategic view of risk. “Risk must be recognized not as a compliance obligation or a cost center but as a key enabler of resiliency and growth. Institutions that embed risk into their strategies will absorb shocks more effectively, unlock value, and inspire investor confidence.”

As part of the day’s ceremonies, 11 distinguished practitioners were conferred with the Fellow of Chartered Risk Manager (FCRMI) award, while 21 new members were formally inducted as Chartered Risk Managers (CRM).

Furthermore, a new Governing Council was inaugurated to oversee the affairs of the Institute for the 2025–2027 term, marking a decisive step forward in institutional renewal and policy direction.

L-R: Registrar/Chief Executive, Chartered Risk Management Institute of Nigeria (CRMI), Victor Olannye; Divisional Head, Risk Management Securities and Exchange Commission (SEC), Grace Abioye; Immediate Past President, CRMI, Ezekiel Oseni; President, CRMI and Executive Director/Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; Director, Enterprise Risk Management, Nigeria Deposit Insurance Corporation (NDIC), Amal Haruna; and Rep. Keynote speaker, Deputy Group Management Director, United Bank of Africa (UBA), Chukwuma Nweke; at the CRMI Conferment Handover/Sent-Forth ceremony, held in Lagos recently.

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ZENITH BANK ENHANCES STAFF PAY BY OVER 20% AND PROMOTES ABOVE 4,000

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12 months ago

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January 25, 2025

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One of Africa’s leading financial institutions, Zenith Bank has reaffirmed its dedication to employee welfare by announcing the promotion of over 4,000 staff members and implementing salary increases ranging from 20% to 30% across various employee grades.

This bold initiative, under the leadership of Managing Director/CEO Dame Adaora Umeoji, its aimed at boosting staff morale and productivity.

With over 8,000 employees, this significant investment in human capital reflects Zenith Bank’s belief that its workforce is its most valuable asset. The salary adjustments, effective January 1, 2025, aim to reward performance, alleviate financial pressures, and ensure enhanced customer service delivery. Promotions for top management are also expected as part of the bank’s ongoing commitment to excellence and growth.

Dr. Umeoji emphasized the importance of maintaining a motivated workforce, stating that the bank’s dedication to its employees will translate into superior service experiences for customers. She highlighted the organization’s commitment to setting industry benchmarks through innovative solutions and exceptional service delivery.

Zenith Bank’s continued leadership in the Nigerian financial sector is underscored by numerous awards, including Best Bank in Nigeria 2024 by Global Finance and recognition as the Biggest Bank in Nigeria by Tier-1 Capital in 2024 by The Banker. These accolades complement its reputation for innovation, sustainability, and corporate governance.

By prioritizing employee welfare during challenging times, Zenith Bank not only strengthens its internal operations but also sets a standard for other financial institutions in the region, reinforcing its position as a leader in Africa’s banking landscape.

As a major player in Nigeria’s financial landscape, under its managing director/chief executive officer, Adaora Umeoji, the bank has embraced a holistic approach to growth that integrates environmental, social and governance (ESG) principles with its core business objectives.

At the heart of Zenith Bank’s strategy is a focus on buoying economic inclusion, supporting small and medium-sized enterprises (SMEs) and driving technological innovation to enhance customer experiences. The bank’s proactive investments in renewable energy, sports, digital transformation and impactful community initiatives exemplify its dedication to creating long-term value for its stakeholders while addressing global sustainability challenges.

Zenith Bank’s continued success is driven by a combination of strong financial performance and an unwavering commitment to its stakeholders.

Zenith Bank’s growth trajectory is underpinned by a robust expansion strategy. With operations in several countries, including the UK, UAE, China, and most recently, France, the bank continues to expand its geographical footprint.

As usual, the bank’s efforts in 2024 did not unnoticed as the lender clinched several local and international awards in recognition of its outstanding performance.

In 2024, the bank won the Best Bank in Nigeria at the annual Global Finance award in Washington, DC, NY.

The bank also emerged the Biggest Bank in Nigeria by Tier-1 Capital, 2024 by The Banker; Best Commercial Bank, Nigeria 2024 – World Finance; Best Corporate Governance, Nigeria 2024 – World Finance; Most Sustainable Bank, Nigeria 2024 – International Banker; Bank of the Year, 2024 – Business Day; Retail Bank of the Year, 2024 – Business Day; Bank of the Year 2024- The Banker.

It also clinched the Most Responsible Organization in Africa 2024 – SERAS; Best in Gender Equality & Women Empowerment 2024 – SERAS and Best in Transparency & Reporting 2024 – SERAS

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