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UBA Group Expands To EMEA, Launches Banking Operations In DIFC, Dubai

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The United Bank for Africa (UBA), Africa’s global bank has been in operation for over seven decades. Today, the group is present in 20 African countries, the United Kingdom, the United States of America, and France. The bank has extended its operations to the United Arab Emirates with the official launch of its new branch at the Dubai International Financial Centre (DIFC).

United Bank for Africa Plc (DIFC Branch) will operate under the Category 4 license and will be regulated by the Dubai Financial Services Authority (DFSA), the financial regulatory agency of the special economic zone, the Dubai International Financial Centre.

The UBA branch in the DIFC will service corporate & financial Institutions and customers across the Middle East with a core focus on correspondent banking, relationship management, and advisory services.

Through this new expansion, the UBA Group will be able to harness opportunities in the Middle East, Africa, and South Asia (MEASA), which comprise 72 countries with an approximate population of 3 billion and a nominal GDP of US$7.7 trillion and thereby, reinforce its strong franchise as Africa’s Global Bank, facilitating trade and capital flows between Africa and the rest of the world.

Speaking during the launch of the new subsidiary in Dubai on Thursday, the Chairman, UBA Group, Mr. Tony O. Elumelu, explained that with the Group’s foray into the Gulf Region, UBA continues to focus on its strategic intent to lead the way when it comes to doing business in Africa. He said “Collaborating with our franchises in 20 African countries and the major financial centers of London, New York, and Paris, UBA (DIFC Branch) will facilitate the financing of trade transactions between the Middle East and Africa, enabling trade finance and investments,” Elumelu said.

‘We have been looking forward to this day as it is the first time we will have a presence in this part of the world. We know that our international expansion is incomplete if we are not present in the gulf’, he continued

UBA’s Group Managing Director/CEO, Mr. Kennedy Uzoka, who also spoke at the event said, “Today, we are formally on four continents across the globe, operating in 24 countries, serving over 35 million customers, and still growing.

“We are the only bank with Nigerian origin that has extended out of Nigeria to the UAE. Those before us have come through other locations and that shows the strength and respect the Dubai authorities have for UBA. Our presence in Dubai affirms that UBA is a strong franchise, expanding its reach across the world,” Uzoka said.

“The authorities and business environment here in the DIFC is phenomenal and UBA is seeing Dubai as the gateway for Africa and that is why we are here, to be closer to our clients, to be partnering with them and facilitate businesses and trade flow into Africa through the UBA franchise. So, we are super excited.  

On his part, the CEO, UBA(DFIC), Mr. Vikrant Bhansali, said; “Trade, commerce, and Investments in Africa are expanding in the Gulf Region and Asia. Leveraging the presence of UBA Group in global financial centers, UBA (DFIC) will enhance the ability of the group to facilitate access of Gulf investors and banks to African markets. We will finance trade, facilitate commerce and help grow investment in Africa, across all sectors.”

Arif Amiri, Chief Executive Officer, Dubai International Financial Centre(DIFC) Authority, said during the ribbon-cutting ceremony “UBA(DFIC) attests to the strong relationship between Dubai and Africa. It is a beautiful start as we are looking forward to achieving more interaction, and channeling more trade and investments into Africa, and with UBA DIFC, we are closer to achieving our objectives. DIFC will continue to seek partnerships that will deliver winning relationships as we have just witnessed with UBA Group.

BIG STORY

It’s Better For Anyone Holding PDP Down To Quit — Gov. Makinde On Atiku’s Exit

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Seyi Makinde, governor of Oyo state, has said that the departure of former Vice-President Atiku Abubakar from the Peoples Democratic Party (PDP) will not impact the party’s position.

Abubakar left the PDP on July 14, stating that the party has deviated from its founding principles.

The party, which serves as the main opposition, has been experiencing internal conflict since the 2023 presidential election.

Speaking on Wednesday during the 10th coronation anniversary colloquium of Aladetoyinbo Ogunlade, the Deji of Akure, Makinde said Atiku’s departure will not weaken the PDP’s foundation or momentum.

The governor noted that the PDP would be in a stronger position if those hindering its progress step aside.

“Politics is a game of interest. I don’t think his exit will make any dent on PDP as a party,” Makinde said.

“PDP is an institution. We have freedom of entrance and exit. Anyone who holds PDP down, it is better for such an individual to quit.”

Speculation continues to grow that Makinde may enter the 2027 presidential race.

Abubakar, who is also seeking the presidency, has aligned himself with the opposition coalition to advance his ambition.

Addressing the move by some opposition politicians to adopt the African Democratic Congress (ADC) ahead of the 2027 elections, Makinde said the coalition does not pose a threat to the PDP.

“I don’t see ADC as a threat to PDP. The goal is about the same. If you are not happy about the tempo and pace of governance, you are free to associate and see what can be done,” he said.

“But one thing we must all realise is that players will come and go, governors will come and go, presidents will come and go, but our state and country will remain.”

Makinde emphasized that traditional institutions are essential to good governance, conflict resolution, and community development.

“Too often, traditional institutions are misunderstood. Some imagine frail old men who have outlived their relevance,” he said.

“Others view them as mere instruments of political endorsement. That mindset must change.

“Traditional institutions are not relics of the past. They are enduring pillars of identity, legitimacy, and communal cohesion.

“Long before Nigeria’s formal administrative systems took root, traditional rulers dispensed justice, upheld values, coordinated local security, and kept communities united.

“Reforming legal frameworks to provide clarity on the roles, rights, and recognition of traditional councils and strengthening our security architecture to formalise community policing strategies rooted in traditional structures.”

Makinde said traditional institutions continue to be the custodians of the grassroots and warned that excluding them from nation-building would be a mistake.

“No wonder politicians continue to seek their blessings and validation,” he added.

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BIG STORY

RCCG Pastor Absconds With $8000 Church Money, Abandons Wife, Marries New One

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A pastor with the Redeemed Christian Church of God has reportedly fled with “$8,000” in church funds, left his wife behind, and married another woman.

Pastor Folu Adeboye, wife of the General Overseer, Worldwide, of the RCCG, disclosed this while speaking at a men’s programme.

She explained in a video monitored by Church Times that the pastor was given the money for mission work in South Africa but instead abandoned his wife and relocated to the United States, where he married someone else.

Adeboye said the incident happened during a visit to Cape Town, South Africa, where she preached at the RCCG parish led by the pastor. The church service was held in a rented space at an eatery.

While she was ministering, a woman entered and began packing chairs, apparently indicating their allotted time was over. Surprised by this, Adeboye asked the pastor what it would cost to get a permanent site.

The pastor, who she said hails from Ekiti State, suggested that “$8,000” would allow them to begin the process by purchasing a used vehicle. He proposed giving the vehicle to a tourism agency to generate returns for acquiring a permanent church building.

Encouraged by the idea, Adeboye gave him the money.

However, the pastor had other plans. After receiving the funds, he travelled to the United States and left his wife behind in South Africa.

She noted that the abandoned woman is now in a distressed state, nearly “running mad.”

Church Times quoted Pastor Adeboye as saying: “RCCG men, what are we going to do? Are we going to continue with such a lying spirit, a deceitful spirit to the God of the kingdom?”

She stressed the need to return to core values of faith and truthfulness. Recalling past hardships, she said: “We must get to the point where we say wherever He leads, we follow. We were in this bush. For three years, there was no light. We went back to the days of the lantern and we were grinding with stone, whereas where we were coming from we had grinding machines, we had washing machines.”

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BIG STORY

Federal Government Targets 8,000MW In 18 Months With Efficient Power Grid

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The Federal Government has expressed confidence that improved oversight of the national power grid by the Nigerian Independent System Operator (NISO) could boost electricity output to 8,000 megawatts within the next 12 to 18 months.

Speaking at a leadership retreat for NISO’s top management in Abuja, Director General of the Bureau of Public Enterprises (BPE), Ayodeji Gbeleyi, said the nation’s installed capacity is above 14,000MW, but actual generation remains around 5,500MW.

Gbeleyi noted that with enhanced grid management and greater investment in transmission and distribution systems, the sector is positioned to see major improvements soon.

“As an independent entity, NISO now carries the weighty responsibility of managing the national grid with impartiality and integrity. In doing so, it must guarantee non-discriminatory access, efficient dispatch coordination, and fair market settlement, free from undue influence or conflict of interest,” he said.

He added, “From where we stand today, we have about 5,500MW of power being wheeled on a day-to-day basis. Compare that with the fact that the total nameplate capacity for generation in the country is a bit above 14,000MW. So it’s not a tall order for us to believe that in the near term, 12 to 18 months, we can increase that 5,500 by a minimum of 50%, because the generation capacity is there. If this grid capacity can be scaled up and we build in resilience, chances are that with distribution infrastructure also being scaled up.”

He also revealed that the Federal Government has secured $500 million from the World Bank to finance distribution network upgrades. This includes providing 3.2 million meters nationwide, alongside another 2 to 3 million meters under a presidential initiative.

Chairman of the NISO Board, Adesegun Akin-Olugbade, stressed the importance of independence and coordination in delivering reliable power services.

“NISO is not just a new institution. It is a new idea. A system operator that is truly independent. A market coordinator that is truly neutral. A planning authority that is truly strategic. We are responsible for real-time grid operations, long-term system planning, and the coordination and development of the electricity market. These are not side functions, they are central pillars. Because when power fails, everything else, industry, healthcare, education, even security struggles,” he said.

Managing Director/CEO of NISO, Engr. Abdu Bello, stated that the goal is realistic, provided focus is maintained and private investment is attracted.

“It is a target that can be achieved. We have to put ourselves and our house in order by making sure that we are focused and making sure that we also attract investment from the private sector. I believe if we are able to do that, given this retreat, this retreat is part of the plan to keep us focused. We will have a direction, strategic plan, and actions going forward. So it’s achievable,” he said.

Executive Director of Portfolio Management at the Ministry of Finance Incorporated, Tajudeen Ahmed, affirmed that MOFI will fully support NISO in delivering on its mandate.

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