Tony Elumelu
To realise its pan-African investment objective, United Bank for Africa Plc (UBA) has unveiled a five-year strategic plan to consolidate its business growth across its operating environments in the continent.
As stated by the bank, the strategic plan will border on providing business solutions by pooling knowledge of its individual operating environments and leveraging such knowledge to help customers realize their business goals.
Under the plan, the Group is also exploring the possibility of expanding its footprint to 25 African countries.
Speaking at its Senior Leadership Forum, UBA Group Chairman, Tony Elumelu explained that in keeping with the objective of creating an institution worthy of the patronage of clients and the trust of regulators and governments, the growth plan will address critical issues and drivers for success like corporate governance, corporate institutionalisation, board effectiveness, compliance, accountability among others.
Elumelu added that UBA subsidiaries operate in 18 African countries and now contribute more than 25 per cent to group operating revenue while participating in landmark financial transactions.
“As long-term investors and, may I say, pioneers in pan-African commercial and investment banking, we are deeply committed to the markets in which we operate and to harnessing the potential represented by the wider African economy. Our intention is to be the leader in African financial services, and our recent transactions show this. We see clearly the potential of Africa”, he stated.
He noted that some of the financial transactions facilitated by the bank include, a $1.2 billion oil ficing agreement with NNPC and Chevron where UBA will provide funding for Chevron and NNPC to develop 36 new oil wells that will significantly expand Nigeria’s oil production capacity and a $315 million facility to the Government of Ghana for road projects on the strength of Road Fund levies domiciled with UBA Ghana.
Others include, a $250 million crude pre-payment facility for Democratic Republic of Congo-based Orion Oil representing the largest reported transaction structured by an African investment bank in 2015 involving fresh capital within the African market; a 234 million Euro oil and gas ficing deal with Société Africaine de Raffinage (SAR) of Senegal, which underscored its capacity to fund big ticket transactions across Africa; a $180 million to Delta Energy Zambia for the procurement and supply of petroleum products to marketing companies in Zambia and a $90m University of Dakar hostel construction project financed solely by UBA Senegal – African capital, building African infrastructure for African education.
Speaking on the breadth and depth of the Forum’s individual sessions, Mrs. Gisele Mudiay, Chairman of UBA Democratic Republic of Congo said: “Our aspiration for the next five years is to pool knowledge of our individual operating environments and leverage that knowledge to help our customers realize their business goals.”
Commenting on the importance of consolidating pan-African financial expertise and exporting the successful Nigerian model, incoming Group Managing Director/Chief Executive Officer and previous head of UBA Africa, Kennedy Uzoka said: “I have experienced the potential of our pan-African businesses. I know that we can and I commit to ensuring our leadership across Africa. The Senior Leadership Forum reaffirms UBA’s ambition to be the leading pan-African Bank across key indices – brand equity, human capital, customer service and profitability.”
Guardian