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UBA Secures $175 Million Facility from AfDB

The Africa Development Bank (AfDB) Group has granted a $175 million facility to United Bank for Africa Plc, a pan-African financial services group headed by Nigerian businessman Tony Elumelu. The package consists of $100 million in long-term senior debt, $50 million in trade finance as medium-term senior debt, and a $25 million risk participation program.

The financial package’s breakdown reveals that the long-term senior debt is designated to increase UBA’s ability to fund important projects in Nigeria, with an emphasis on manufacturing, energy, small and medium-sized business (SMEs) support, infrastructure, and agriculture and associated value chains.

The Africa Development Bank (AfDB) Group has granted a $175 million facility to United Bank for Africa Plc, a pan-African financial services group headed by Nigerian businessman Tony Elumelu. The package consists of $100 million in long-term senior debt, $50 million in trade finance as medium-term senior debt, and a $25 million risk participation program.

The financial package’s breakdown reveals that the long-term senior debt is designated to increase UBA’s ability to fund important projects in Nigeria, with an emphasis on manufacturing, energy, small and medium-sized business (SMEs) support, infrastructure, and agriculture and associated value chains.

The intervention, according to AfDB Group Director General for Nigeria Lamin Barrow, will address the unmet need for trade finance in Africa and Nigeria by offering medium-term financing to support imports of intermediate products needed to maintain essential economic sectors as well as exports.

A prominent participant in Nigeria’s financial services industry, UBA is a dominant force in the continent’s financial environment. The bank’s dedication to supporting African businesses is demonstrated by its engagement with the African Continental Free Trade Area (AfCFTA).

Because of its innovative business strategy, UBA is now regarded as a major force in promoting financial inclusion and economic progress throughout Africa. UBA, a major participant in the financial services industry in Nigeria, has declared a noteworthy profit of $570 million for the first nine months of its fiscal year 2023, building on its prior financial achievements.

After the Naira was unified in the second quarter of 2023, investment securities were revalued in naira, which led to a considerable increase in profit. During the review period, net trading and foreign exchange income totaled N450.25 billion ($571.4 million).

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