‘Why UBA Has Invested $5bn In Africa In 7 yrs’
United Bank for Africa (UBA) Plc says it has invested more than $5billion to support infrastructure development in African in the last seven years.
Mr Oliver Alawuba, the Chief Executive Officer, Anglophone UBA Group, stated this at the 2017 Tony Elumelu Foundation (TEF) 3rd annual entrepreneurship forum in Lagos.
He said the investment in the last five to seven years, which cut across African countries where the bank exists, were in electricity, power generation, road construction and rehabilitation and that the funds were invested in Senegal, Cote d’Ivoire, DR Congo, Benin Republic and Nigeria.
Alawuba said that over $500 million had been invested in the power sector to touch the lives of the citizens.
“Most African countries are at different stages of development and evolution; we need infrastructure. Our economies will be helped by more inter African trade,” Alawuba said.
Mr Emeke Iweriebor, the Chief Executive Officer, Francophone UBA Group, said that the company was interested in African development.
Our passion in UBA is how we can develop Africa in line with our chairman’s vision using Africa capitalism,” Iweriebor said.
He said that the bank supported oil and gas industry with $1billion in Ghana, noting that oil and gas was key to Ghana.
Iweriebor added that the company had invested the sum of $200 million in cocoa production in Ghana, adding that Ghana and Cote D’Ivoire produce over 50 per cent of cocoa in Africa.
According to him, the bank is supporting several government projects in different African countries to strengthen development and growth.