Business a.m.
Dagmawit Moges Bekele, director of the Peace Fund Secretariat, African Union, and Tony Elumelu, Group Chairman, United Bank for Africa(UBA), during the signing ceremony of agreement for the landmark donation of $500,000 to the African Union (AU) Peace Fund in Addis Ababa, Ethiopia at the weekend.
Africa’s Global Bank, United Bank for Africa (UBA) Plc demonstrated its commitment to fostering peace and stability across Africa with a landmark donation of $500,000 to the African Union (AU) Peace Fund.
This donation by the UBA Group supports the AU’s efforts towards promoting security, conflict resolution, sustainable development, and a unified Africa, as envisioned in the AU’s Africa Agenda 2063.
The AU Peace Fund plays a crucial role in financing mediation and preventive diplomacy efforts across Africa, strengthening institutional capacity and ensuring rapid responses to emerging conflicts. UBA’s support underscores its dedication to the collective progress of African nations, reinforcing the UBA Group’s long-standing belief that economic growth and regional stability go hand in hand.
Moussa Faki Mahamat, chairman of the executive management committee AU Peace Fund; stated: “peace is synonymous with resources, if we want development and stability, we must achieve peace, the United Bank for Africa has demonstrated their commitment to the development of our continent by this commitment, through sustainable resources. Together, we will continue to build a continent for the future.
Tony Elumelu, UBA’s Group Chairman, who announced the donation in Addis Ababa, Ethiopia, highlighted the reasons behind the UBA Group’s support to the AU.
Elumelu explained the requirement that corporate institutions shape Africa’s future cannot be over-emphasised, and by investing in peace and security, UBA is contributing to an environment where businesses, communities, and nations can thrive, driving sustainable development and economic prosperity for all.
“UBA is committed to advancing sustainable development, uplifting the quality of life across Africa and the vital connection between economic growth for Africans and African businesses and the stability provided by peace and security,” Elumelu said.
With presence in over 20 countries in Africa, UBA strongly believes in the continent’s potential, as he added that “Development will come with peace, and every individual, organisation and business should be committed towards achieving this.”
The UBA Chairman took time to commend the African Union for its steadfast dedication to promoting peace and security across Africa, saying that UBA Group is honoured to partner with the AU in this noble endeavour, while seeking deeper collaboration between the two institutions.
Over the years, UBA Group’s commitment to the growth and stability of the continent has been unwavering, including the UBA Foundation’s contribution of $14m to catalyse a comprehensive Pan-African response to the fight against the coronavirus (COVID-19) global pandemic.
The donation provided significant and much needed support to Nigeria and 19 other African countries by supplying relief materials, critical care facilities, and financial support to governments.
The African Union Peace Fund (AUPF) is a financial mechanism established by the African Union to support peace and security initiatives across the continent, primarily focused on conflict prevention, mediation, and peace-building operations through funding allocated to various peace support activities across Africa, including institutional capacity building and peace support operations; it is considered a key pillar of the African Peace and Security Architecture (APSA).
Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.
