UBA Provides $200 Million for Nigeria’s Petroleum Industry

By Edwin Muhumuza

The United Bank for Africa Plc (UBA),Group Chairman, Tony O. Elumelu has challenged the private sector in Africa to unite and contribute meaningfully to their economies.

This is as UBA provided $200 million, approximately UGX 750 billion, to the Nigerian National Petroleum Corporation to support investment growth and liquidity requirements.

He made the remarks while the leading pan-African financial services group, acted as Facility Agent Bank for the Nigerian Commercial Banks in a consortium with other 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).

This move follows a sharp drop in the price of oil and the ensuing hardship that followed the onset of the Covid-19 pandemic.

Elumelu said, ‘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’.

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.

In Uganda, UBA is participating in the upstream, midstream and downstream of the oil and gas sector through financing and provision of financial services to players in each of these sectors.

“We are committed to ensuring that our corporate clients in the oil and gas sector of Uganda get access to the best financial services the market has got to offer.” said Mr. Joseph Balikuddembe, Executive Director/Head of Business- UBA Uganda.

UBA appoints new managing director

By Edwin Muhumuza

United Bank of Africa has appointed a new Managing Director who has replaced Johnson Agoreyo who has been at the helm of the bank for the last 4 years.

The appointment of Chioma Mang as the incoming Managing Director/ Chief Executive Officer (MD/CEO) of UBA Uganda comes with over 30 years’ experience in banking.

Prior to this role, she was the CEO of UBA Gabon and UBA Liberia.

The new MD/CEO takes over from Johnson Agoreyo whose key achievements as the Managing Director of UBA Uganda has been the successful turnaround of UBA Uganda’s operation after 8 years of loss making to profitability.

As at December 31st , 2019, UBA ranked 12th / 25 in Profit before Tax and 15th /25 in liabilities in the banking industry.

Among other includes Strong Risk management and corporate governance, Improved Brand visibility and market perception of UBA in Uganda, Improved BOU rating to satisfactory, Obtained Banc assurance and agent banking licenses in Uganda, Growth of the Branch network from 9 to 16,Relocation of the Head Office to a more strategic befitting Corporate office ,Won Various mandates including Fuel cards management and E-Voucher system for the government of Uganda and Increased Digital Banking play in Uganda with introduction of key products for example LEO Chat banking – a first in the market.

The new appointment represents further strategic recognition of the growth of UBA’s business in Uganda and its critical importance to the UBA Group says a statement from the bank.

UBA is one of Africa’s leading financial institutions, with operations in 20 countries and 3 global financial centers: London, Paris and New York.

UBA Uganda represents UBA pioneer country activities in the East and Southern African sub-region.

UBA holds virtual mentoring and reading sessions in commemoration of day of the African child

By Edwin Muhumuza

UBA Foundation, the corporate social responsibility arm of United Bank for Africa (UBA) , joined the rest of the world to celebrate African children in this year’s edition of the International Day of the African Child.

The United Nations set aside June 16 every year, as the International Day of the African Child to celebrate children in Africa where it recognizes the courage of students who marched for their right to better education in Soweto South Africa.

The Managing Director, UBA Foundation, Bola Atta, said, due to the Covid-19 pandemic and the resultant lock down on educational institutions, they were not able to visit schools and community centers as is its usual practice, however, the Foundation held activities online, where students of secondary schools were afforded the opportunity to watch and listen to virtual mentoring and reading sessions.

During the virtual session, Bola Atta, spoke to the students on various issues, ranging from financial literacy and the importance of imbibing good reading culture to nation building further explaining why UBA Foundation centers on three key pillars of Education, Empowerment and Environment, adding that the bank through its foundation, recognizes the huge role that education and indeed a good reading culture has to play in the lives of the youth.

She said, “These days school children barely make out time to read and are easily distracted by the presence of electronic social media such as Facebook, Twitter, Instagram and others; and to curb this declining culture of reading across the continent, UBA Foundation came up with the ‘Read Africa’ project, designed to resuscitate the reading culture amongst our youths across the African continent.

“As a pan-African institution, we believe that the future of Africa lies in her youth and for this reason, UBA Foundation is actively involved in facilitating educational projects and bridging the literacy-wide gap on a pan-African scale, and is helping to rekindle the dwindling reading and literacy culture amongst African youths as they pursue their education,” Atta said.

While emphasising the belief that a highly educated and well-informed youth is critical to the future of Africa, Atta seized the opportunity to read a few passages of the recommended novel to students and encouraged them to visit the UBA Foundation website to register and gain access to read some more at their leisure.

UBA through its Foundation has been at the forefront to developing the manpower needed by Africa to exploit emerging opportunities and propel the continent to higher levels of development.

Youthful entrepreneurs eye US$5000 seed capital

By Edwin Muhumuza

Hundreds of youthful entreprenuers have undergone business training in a bid to qualify for seed capital worth US $ 5000. This was courtesy of the Tony Elumelu Foundation (TEF) entrepreneurship Program.

UBA Uganda as part of its initiative to ensure that more Ugandan entrepreneurs emerge as successful applicants for the program this year 2020 has embarked on a free coaching exercise for interested Ugandans.

Speaking at the training, the UBA, relationship Manager in charge of retail banking, Muhwezi Mathias, noted that he expects Ugandans to embrace this platform.

‘Some of the set- backs have been about awareness but with increasing publicity ,it will go a long way to help increase the numbers even when records have indicated an increase in number of applicants and winners.

‘For 2020 we expect to have more than 200 beneficiaries in Uganda if all can have good proposals.’

‘The other challenge is with beneficiaries not coming back to report how they have been successful in their journey but we have set up a program where each beneficiary has a relationship manager with the bank for follow up.’

‘Relatedly an account tailored for beneficiaries has been opened and we have seen some actually come back to report success and even request for more facilities for their ventures’ he said.

The TEF program started in 2015 and in 2016,Uganda has been performing well. Since 2016 to 2018,Uganda has registered 368 beneficiaries.

Uganda has always come second to Nigeria in terms of actual beneficiaries who have been able to access seed capital.

Kenneth Twesigye a beneficiary in 2016,and the proprietor of TechBuzzHub, a start-up notes that applicants have a mentality that it is about the money and having a good business idea but such training changes that perception which requires applicants to explain their ideas in depth.

Globally ,the Tony Elumelu Entrepreneurship Programme (TEEP) provides 1,000 startups with training, mentorship and US$5,000 in funding and is a 10-year, US$100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs by 2024.

UBA rewards customers with trip to UEFA champions league semi finals.

By Edwin Muhumuza

Pan-African Bank, United Bank for Africa (UBA) PLC in partnership with leading global payments and technology company, MasterCard, have announced they are giving away all-expenses paid trips to the Semi-Finals and Finals of the 2019 UEFA Champions League to 12 lucky UBA Mastercard holders and their plus ones.

The Group Head, Marketing, Mrs. Dupe Olusola said the move was open to all existing and new UBA Platinum Mastercard holders, and an opportunity to pamper customers and give them a unique, unforgettable and priceless experience including flights, visas, 5-star accommodation, tickets to watch either the semi-finals or final matches of the UEFA Champions League and so much more with their MasterCard Platinum Access.

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A total of 12 UBA Platinum Mastercard holders from Nigeria and 11 other African countries will share the enthralling experience of watching the finals live with a loved one as well as enjoy the great ambience of host city of the Semi-Finals or Finals (Madrid). The participating countries are Uganda, Benin, Cameroon, Chad, Congo Brazzaville, Gabon, Ghana, Liberia, Sierra Leone, Tanzania and Zambia.

Olusola said that The UEFA Champions League is the most sought-after trophy in club football competition, and one of the most followed sporting spectacles in the world. To this end, we decided to partner Mastercard and UEFA in bringing the most iconic and cherished moments in the history of football to our esteemed and loyal customers who are the reason we are so successful.

“We realize that, a lot of our customers love football and we feel giving them this treasured experience while they are pampered in far-away Spain is the way to go. These are the moments that make football such a passionate sport and we want to share these moments and experiences with our loyal customers across Nigeria and Africa,” Olusola said.

The campaign comes as UBA celebrates 70 years of Banking and excellence.

Now customers who qualify should get a UBA Platinum Mastercard and spend a minimum of $10,000 or its equivalent in his or her local currency to stand a chance to win the all-expense paid package.

UBA takes winning customers for Champions league semi finals

By Edwin Muhumuza

Pan-African Bank, United Bank for Africa (UBA) PLC in partnership with leading global payments and technology company, MasterCard, have announced they are giving away all-expenses paid trips to the Semi-Finals and Finals of the 2019 UEFA Champions League to 12 lucky UBA Mastercard holders and their plus ones.

The Group Head, Marketing, Mrs. Dupe Olusola said the move was open to all existing and new UBA Platinum Mastercard holders, and an opportunity to pamper customers and give them a unique, unforgettable and priceless experience including flights, visas, 5-star accommodation, tickets to watch either the semi-finals or final matches of the UEFA Champions League and so much more with their MasterCard Platinum Access.

A total of 12 UBA Platinum Mastercard holders from Nigeria and 11 other African countries will share the enthralling experience of watching the finals live with a loved one as well as enjoy the great ambience of host city of the Semi-Finals or Finals (Madrid). The participating countries are Uganda, Benin, Cameroon, Chad, Congo Brazzaville, Gabon, Ghana, Liberia, Sierra Leone, Tanzania and Zambia.

Olusola said that The UEFA Champions League is the most sought-after trophy in club football competition, and one of the most followed sporting spectacles in the world. To this end, we decided to partner Mastercard and UEFA in bringing the most iconic and cherished moments in the history of football to our esteemed and loyal customers who are the reason we are so successful.

“We realize that, a lot of our customers love football and we feel giving them this treasured experience while they are pampered in far-away Spain is the way to go. These are the moments that make football such a passionate sport and we want to share these moments and experiences with our loyal customers across Nigeria and Africa,” Olusola said.

The campaign comes as UBA celebrates 70 years of Banking and excellence.

Now customers who qualify should get a UBA Platinum Mastercard and spend a minimum of $10,000 or its equivalent in his or her local currency to stand a chance to win the all-expense paid package.

UBA group launches full banking operations in the UK

By Edwin Muhumuza

United Bank of Africa (UBA) has launched full banking operations in the global financial city of London. Now UBA UK, courtesy of authorization by the Prudential Regulation Authority(PRA) and the Financial Conduct Authority(FCA) ,the Bank will carry out full scale wholesale banking across the United Kingdom.

As UBA Group further consolidates its unique positioning as the first and only Sub-Saharan African financial institution with banking operations in both the United Kingdom and the United States, it continues to reinforce its strength as Africa’s Global Bank, facilitating trade and capital flows between Africa and the world.

The Group Chairman, Mr. Tony Elumelu said the Group is excited by the authorization by the relevant regulatory authorities in the United Kingdom to upgrade its operation and further fulfil its aspiration of deepening trade and investments flows between Africa and Europe.

“The enhancement of our business in the United Kingdom is very timely and mutually beneficial for African and European corporates as well as respective governments. With the British and other European governments seeking new and improved measures to grow trade relations with Africa, we are enthusiastic on our positioning and capabilities in supporting corporates and government institutions to fulfil these lofty aspirations, which we believe are pertinent for the sustainable growth of both continents.”Elumelu noted.

This development comes three weeks after the UBA group launched its operations in Mali.

At the upscale ceremony which was held at The Prestigious Shard in the city of London, UBA UK was formerly introduced to business leaders across Europe and Africa with a commitment from the UBA Group of its readiness to galvanise trade and commerce between Europe and Africa.

Also speaking at the event, The Group Managing Director/CEO, Mr. Kennedy Uzoka, said “Simultaneously, we are serving the trade and capital needs of our African customers, who are seeking exposure to the European markets. With the upgrade of UBA UK Limited, we are excited to deepen our support to existing customers whilst also providing the leverage for new customers to effectively fulfil their cross-border transactions through UBA Group’s network.”

“With our expansion in London, African countries trade barriers with the UK have been reduced and we now expect top African exporters to the UK will take advantage of the new bank,” said Mr Uzoka in London during the official launch.

He urged investors in the UK to take advantage of the London based Pan African bank to do direct foreign investment in Africa especially in the 20 African countries where UBA bank operates

The CEO, UBA UK, Mr. Patrick Gutmann, said; “We are now on a stronger footing, as the authorization of the PRA and FCA for an enhanced business model affords us the opportunity to swell our capital and balance sheet as well as the broader UBA Group’s network across Africa. We welcome our existing and new customers to this new world of borderless opportunities, as we creatively serve our customers in meeting their international transaction needs.”

Some of the guests In attendance at the event were the President of Dangote Group; Alhaji Aliko Dangote, President; Afreximbank, Dr. Benedict Oramah; Former Prime Minister of Pakistan, H.E Shaukat Aziz; Member of the British House of Lords and Executive Committee.

Member of the All Party Africa Group, Rt. Hon Lord Anthony Tudor St. John, amongst many others. The event was not short on entertainment as one of Africa’s leading entertainers Dbanj performed to the admiration of guests including Star boy, musicician, Wiz Kid.

Young entrepreneurs given push to pursue business dreams

By Edwin Muhumuza

Thousands of young entrepreneurs in Uganda are gearing up for 2019 cohort of the TEF Entrepreneurship Programme. This is courtesy of the Tony Elumelu Foundation, the leading African-funded and founded philanthropy committed to empowering African entrepreneurs. Also involved is the United Bank of Africa(UBA)which has facilitated over 60 entrepreneurs who want to benefit from this initiative .

The head of Retail and SME,UBA, Paul Luyima, says they are targeting over 5000 daring entrepreneurs so as to increase their chances of winning.

‘’We are trying to prepare them or polish them, their proposals and approaches so that by the time they submit in,they will be considered.’’ He adds that ,’’this year is different and as UBA, we have decided to support the entrepreneurs ,call them in, try to highlight a few areas they need to consider and we have also decided to invite alumni to give them tips on how to succeed.’’

Kenneth Twesigye, owns a company called TechBuzz Hub, now three years old. He says they give life to entrepreneurship, innovation and start ups. As a previous winner, he hailed the TEF program for the mentorship training.

He says one must be shrewd enough to defend their application, must be a go-getter, have an entrepreneurial element, be committed and lastly the applicant must be able to scan the environment; creative, innovative, very ready to see a problem and suggest a solution so as to succeed.

Twesigye reveals that he was selected in 2016 and went through the training, mentor-ship and did business planning and financial planning, still under the guidance of TEP and thereafter they were given the money. It has been two full years since inception of his company and currently he has a contract with government to support young entrepreneurs in the IT sector and has 13 entrepreneurs that they harbor as company ,among other initiatives.

Now in its 5th year, the TEF Entrepreneurship Programme has empowered 4,470 entrepreneurs, using a bespoke and robust selection, training and implementation process to create visible and sustainable impact across all 54 African countries.

In 2018 over 2,210 Ugandans entrepreneurs applied for the program, ranking Uganda the third highest after Nigeria and Kenya in submissions. Over 126 Ugandan applicants were successful and received n the USD 5000, seed capital in 2018. Since inception over 300 Ugandan entrepreneurs have benefited from the program.

The other thing about the work shop is the entrepreneurs were told about the readiness of UBA to support their journey through positioning themselves from day one to ensure that they achieve along with the bank, Luyima said.

Every year the foundation opens up a portal for people to submit and through the marketing department, a message is sent through social media to invite those who would like to benefit from the Tony Elumelu Foundation .The Programme is a 10-year, $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs with an objective to generate at least 1,000,000 new jobs and create at least $10 billion in new business revenue across Africa.

UBA Foundation launches Each one Teach one’ initiative

By Edwin Muhumuza

United Bank of Africa(UBA) Uganda through the UBA Foundation, the arm of the bank charged with Corporate Social Responsibility (CSR) has launched the ‘Each One Teach One’ Initiative designed to benefit youths in Africa.

The purpose of the Each One Teach One Initiative is to create opportunities where UBA staff across the continent voluntarily commit their time to their communities, teaching youths various skills such as cooking, agriculture, foreign languages, photography, fashion design, music, reading, writing and much more, to empower youths with knowledge, which in future will facilitate their financial independence and support enterprenual development.

In Uganda, the team launched the project at Bugema Adventist Secondary School where UBA staff donated literature books, agricultural material, planted trees and trained students on financial literacy and entrepreneurship.

The ‘Each One Teach One’ initiative will be rolled out across the country in areas of operation.

‘We believe the youth are the future of this country and the education they receive does not singlehandedly prepare them to succeed in the future. Through the UBA foundation and the ‘Each One Teach One Initiative’, we hope to give the youth a head start by equipping them with the necessary skills to succeed,’ said Johnson Agoreyo, the UBA Uganda Managing Director and CEO.

According to officials at the Bank,UBA Foundation through its four major areas of focus – education, environment, economic empowerment and special projects will continue to positively impact the lives of Uganda youths and communities.

United Bank for Africa (UBA) is one of Africa’s leading financial institutions, with operations in 20 countries and 3 global financial centers: London, Paris and New York.UBA has evolved into a Pan-African, provider of banking and related financial services through diverse channels globally.

United Bank for Africa Uganda represents UBA’s pioneer country activities in the East and Southern African sub-region. With a growing network of branches and ATMs across the country, the bank continues to expand the retail and commercial playing field in Uganda by delivering unique financial products and solutions.

UBA banking officer arrested for forging academic documents

Makerere University Police are investigating a former staff of United Bank of Africa accused of forging academic transcripts of Makerere University Business School-MUBS. The suspect is Godfrey Moses Kasibante, the former Risk Officer at United Bank of Africa.

Kasibante was picked up on Friday last week from the Senate building for allegedly forging academic transcripts of Makerere University Business School-MUBS showing that he is a graduate of Bachelor of Business Administration. He recorded a statement at Makerere University Police and was released on police bond.

Police swung into action on a tip off from Makerere University Academic Registrar, Alfred Masikye Namoah.  Before joining UBA as a Risk Officer six months ago, Kasibante worked at New Vision. According to information obtained by URN from Makerere University Police, UBA asked staff to submit their full academic papers for confirmation of employment.

As a result, the bank authorities took Kasibante’s academic transcript to Makerere University for verification but his registration number 07/U/3826/EVE couldn’t be traced in the system. The university decided to file a case of forgery and impersonation at Makerere University police, which was recorded under SD 12/27/01/17.

“On Friday we were alerted by the academic registrar that this man was claiming to have rightfully attained qualifications from MUBS. The bank had come with him to verify his papers and they found he had fake documents. We arrested the man and he has confirmed that there is someone who made for him the transcript. We are now investigating the matter to establish the details,” said Denis Kasibante, the Officer in Charge of Makerere University Police.

Adding that; “We are left with recording statements from the human resource manager of the bank and the academic registrar to conclude the file and proceed to court. Only that the academic registrar has not yet found time to record his statement. But we are still pursuing him because we cannot conclude the file without the statements.”

The accused couldn’t be traced by URN for a comment on the matter.

 

 

-URN