“Let's stop criticizing our banks!”

More than ten years after the subprime mortgage crisis, all the light has not been shed, and yet the idea of ​​the guilt of the banks has taken hold firmly in people's minds. They are even blamed for the double fault, since after playing with fire and triggering the crisis, they allegedly asked for help from the States. This unanimous condemnation, the result of incomplete analyzes, is a heavy component of the bank bashing that has raged since then and unfortunately works against our interests. We are indeed at a critical moment when Europe, faced with the domination of American finance and the dollar, must develop its own financial capacities. The development of a strong pan-European financial sector is therefore essential if we particularly want to foster the emergence of future European gafas. 
If it is vain to hope for the complete disappearance of this bank bashing and, one might say, of the bashing market whose roots plunge both in history and in ignor…

Post COVID economic growth: $ 200 million from UBA to Nigeria's oil sector

The United Bank for Africa Plc (UBA), the leading pan-African financial services group, acted as a facilitator bank for Nigerian commercial banks as part of a consortium with other international banks for 1, $ 5 billion - an export financing facility for the Nigerian National Petroleum Corporation (NNPC) and its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC). 

Post COVID economic growth: $ 200 million from UBA to Nigeria's oil sector

UBA is providing $ 200 million (naira equivalence) to support investment growth and liquidity needs. The facility will provide much needed capital to strengthen the productive capacity of the NNPC, which is of strategic importance to the Nigerian economy and the country's main source of foreign exchange earnings. UBA's position as Bank Facility Agent recognizes the strength of the Group in structuring and deploying financing in the oil and gas sector, as well as the depth and liquidity of the Group's balance sheet.

The $ 1.5 billion facility is structured in two tranches. The first tranche of $ 1 billion, repayable over five years, will be paid in dollars. The second tranche of $ 500 million will be set up in local currency, payable over seven years, with UBA acting as the bank facility agent, which will provide the equivalent of $ 200 million in naira. The two facilities will be repaid out of an allocation of 30,000 barrels per day of crude oil from the NPDC.

UBA has extensive experience in the resource sector across Africa, having facilitated oil prepayment agreements with NNPC, including its 2013 $ 100 million stake in the PXF Funding Limited transaction, and $ 60 million additional dollars in the 2015 transaction with Phoenix Export Funding Limited. In Senegal, UBA is the revolving financing bank for crude oil in the amount of 240 million euros for the African Refining Company and in Congo Brazzaville it co-financed the prepayment facility of 250 million dollars for crude oil Orion Oil Limited. 

Other participants in the agreement with the NNPC are Standard Chartered Bank, Afrexim Bank, Union Bank and two oil trading companies, Vitol and Matrix.

Speaking on this support for the Nigerian oil industry, UBA Group Chairman Tony O. Elumelu said, “We are living in one of the most economically difficult years Nigeria has ever seen. With the sharp drop in the price of oil and the difficulties caused by the Covid-19 pandemic, the private sector must combine its efforts and contribute significantly to the economy. This facility is clear proof of this - UBA is supporting investments that will dramatically improve Nigeria's productive capacity and in so doing, it also demonstrates the strength, depth and sophistication of our commercial banking capacity. I believe that together, by working with governments, we can create more jobs and more wealth for people, not only in Nigeria, but across Africa. " 

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with more than 20,000 employees and serves more than 20 million clients. UBA is present in 20 African countries and around the world including the United Kingdom, United States of America and France, offering banking services to individuals, businesses and institutions, thus promoting financial inclusion and implementing cutting-edge technology.