UBA to raise N239.4bn through Rights Issue
Post AMUGE
November 18, 2024
Shareholders to receive one new share for five existing shares Rights Issue to strengthen regulatory capital, positions Group for growth in lending Bamidele Famoofo Tony Elumelu, group chairman, United Bank for Africa (UBA) Africa’s Global Bank, United Bank for Africa (UBA) Plc, will raise N239.4 billion through a Rights Issue of 6,839,884,274 ordinary shares […]
Excessive borrowing, volatile naira drive Nigeria’s public debt to N134.3trn
Post AMUGENovember 18, 2024
Experts call for cost-cutting, reforms Bamidele Famoofo Latest public debt data from the Debt Management Office (DMO) showed that Nigeria’s total public debt reached a record N134.3 trillion ($91.35 billion) as of June 2024, a significant 10.4 per cent increase over the preceding quarter’s N121.7 trillion and a staggering 53.7 per cent rise year-on-year compared […]
UBA, Mastercard launch new debit card to celebrate 75th anniversary
Post AMUGENovember 15, 2024
Joy Agwunobi United Bank for Africa (UBA) Plc, in partnership with Mastercard, has introduced a specially designed debit card in celebration of its 75th anniversary. The Bank described the initiative as a celebration of its enduring customer relationships, aimed at enhancing banking experiences through exclusive offers and discounts on multiple platforms. According to the bank, […]
Access Bank (UK) Limited to acquire Mauritius-based AfrAsia Bank Limited
Post AMUGENovember 14, 2024
Bamidele Famoofo Access Holdings Plc has announced that its banking group’s, subsidiary, The Access Bank UK Limited has entered into a binding agreement to acquire a majority equity stake in AfrAsia Bank Limited, the Republic of Mauritius’ third largest bank by total assets. Mauritius, renowned for its robust financial services sector which contributes 13.4 per […]
African contractors secure $370m deals at Afreximbank’s Lagos workshop
Post AMUGENovember 14, 2024
Bamidele Famoofo Industry stakeholders at the just concluded African Export-Import Bank (Afreximbank) Intra-African Engineering, Procurement and Construction (EPC) workshop in Lagos, have formalised business deals totalling over $370 million, a significant step towards empowering African contractors. The deals, signed during the workshop held in Lagos, included a $300-million Global facility agreement to Hassan Allam of […]
CCMM set to boost climate finance for Africa, lists bond on London Stock Exchange
Post AMUGENovember 14, 2024
Bamidele Famoofo The Climate Investment Funds Capital Markets Mechanism (CCMM) has announced its bond listing programme on the London Stock Exchange, a move that will help to raise new climate finance at-scale from the international capital markets, for Africa and the developing world. The announcement was made on Tuesday 12 November, at a session during the COP29 […]
FG’s $3.5bn foreign debt servicing exposes rising vulnerability to external debt
Post AMUGENovember 13, 2024
A new data released by the Central Bank of Nigeria (CBN) shows that the federal government has spent $3.58 billion servicing its external debt in the first three quarters of 2024, representing a 39.77 percent jump from the $2.56 billion spent in the same period in 2023. This, according to analysts, is a stark reflection […]
Invest Africa, Premier Invest forge alliance to boost African growth
Post AMUGENovember 13, 2024
Joy Agwunobi Invest Africa, a leading platform for pan-African business initiatives, has entered into a strategic partnership with Premier Invest , global investment conglomerate, aimed at mobilising transformative investment across Africa. Through this alliance, the two organisations are focused on driving impactful investments across the continent, with an eye toward supporting sustainable growth, innovation, and […]
UBA appoints Henrietta Ugboh independent non-executive director
Post AMUGENovember 12, 2024
Owanari Duke retires from group board Henrietta Ugboh, newly appointed independent non-executive director, UBA Africa’s Global Bank, United Bank for Africa (UBA) Plc, has appointed Henrietta Ugboh as an independent non-executive director. The appointment has been approved by the relevant regulatory bodies, including the Central Bank of Nigeria. Tony Elumelu, UBA’s group chairman, commenting on […]
CBN’s new capital requirement will boost financial inclusion — Cardoso
Post AMUGENovember 12, 2024
Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has stated that the new capital requirement for banks operating in the country will enhance their capacity to drive financial inclusion. Cardoso made this statement on Tuesday at the second International Financial Inclusion Conference held in Lagos. He said, “In line with its efforts […]