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UBA Partners AfCFTA, Invests $6bn To Finance Small And Medium-Scale Enterprises In Africa

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, on Monday, signed an agreement with the Africa Continental Free Trade Area (AfCFTA) Secretariat to provide financing for up to US$6.0bn over the next 3 years to eligible SME across Africa.

UBA signed the agreement with AfCFTA on the sidelines of the 30thAfreximbank Annual Meeting (AAM) which was held in Accra, Ghana. By this agreement, the parties are to promote the development of SMEs operating in Four sectors under the 1st phase of the partnership which are largely import dependent by providing technical and financing solutions for intra-African/domestic alternatives. These economic sectors are Agro-processing, Automotive, pharmaceuticals, Transport and Logistics.

One of the key initiatives of the AfCFTA is to improve access to finance and markets for SMEs to encourage their growth and contribution to the socio-economic development of Africa.

The Deputy Managing Director of UBA, Muyiwa Akinyemi, who signed the agreement on behalf of the bank, noted that being Africa’s global bank, UBA remains committed to supporting the growth/development of SMEs across Africa. This is in line with our strategic focus on the SME segment being a catalyst to economic development of Africa.

Muyiwa further said, “ Under this partnership UBA will go beyond just financing to provide non-financial services to these SMEs to develop the capacity for growth across the 20 African countries that we are present and build sustainable business practices. We shall also be leveraging on technology to deliver our financing activities to the beneficiaries and this platform provides us with a unique opportunity to stimulate the development of the continent as Africas’ Global Bank”.

On his part, the Secretary-General of the AfCFTA, H.E. Ambassador Wamkele Mene, who spoke on the agreement with UBA, emphasized the need to catalyze Africa’s industrialization and boost intra-Africa trade to improve the socio-economic well-being of the continent and its people, which he noted was a key factor behind the partnership.

Ambassador Wamkele said, “The Secretariat is committed to supporting SMEs as it recognizes the financing gap SMEs face on the continent and intend to mitigate this gap through this partnership. The identified areas of collaboration with UBA will provide the desired impetus for these SMEs to achieve the desired growth in their intra-Africa/export trading capabilities, which aligns with the objectives of the AfCFTA.”

United Bank for Africa is one of the largest financial services provider on the African continent, with operations in 20 African countries viz Nigeria, Benin, Ghana, Sierra Leone, Liberia, Cote D’Ivoire, Senegal, Mali, Burkina Faso, Guinea, Zambia, Tanzania, Kenya, Uganda, Mozambique, Gabon, Congo Brazzaville, Congo DRC, Chad and Cameroon. The bank is also present in the United Kingdom, United States of America, France and United Arab Emirates. UBA provides Retail, SME, Commercial and Institutional/Wholesale banking services and leading financial inclusion through cutting edge technology and customer experience.

BIG STORY

Those Who Collected Money For Alaafin Stool Will Be Prosecuted — Governor Makinde

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Seyi Makinde, the governor of Oyo State, has stated that individuals who received bribes during the selection of the Alaafin of Oyo designate will be prosecuted.

Makinde made this remark on Monday while presenting the staff of office to Abimbola Owoade, the new Alaafin of Oyo, at the Oyo State Government House in Ibadan.

Despite opposition from a five-member faction of the Oyomesi (kingmakers), who preferred Lukman Gbadegesin, Makinde announced Owoade as the Alaafin-designate on Friday.

In July 2024, two members of the Oyomesi informed the Economic and Financial Crimes Commission (EFCC) that Gbadegesin had offered each of the five kingmakers N15 million during the selection process.

While handing over the instruments of office to the monarch, Makinde reiterated that the Alaafin stool would not be for sale during his tenure.

He further emphasized that those who attempted to destabilize the traditional institution in the state would be prosecuted.

“The government is not letting down. We will prosecute them. The money they collected, they will still be prosecuted,” the governor stated.

“Except they go to Kabiyesi and apologise; if he forgives them, then I will also forgive them.”

The governor also clarified that there were no political motives behind his approval of Owoade as Alaafin.

He mentioned that he had neither spoken with Owoade nor met him or any of the other princes competing for the throne.

This approach, he said, allowed him to remain objective in his decision-making.

“Some people said maybe it was political consideration. No. Politics, electioneering is a game,” he stated.

“It’s only when you have been elected that governance becomes a serious business because you will take decisions that will affect millions of people. So, we will not play politics with governance.”

Makinde further explained that in 2019, his administration faced challenges with the traditional institution in Ibadanland, which have since been resolved to everyone’s satisfaction.

Regarding the Alaafin stool vacancy in 2022, he mentioned, “We were moving towards the election, and people said, ‘you have to approve the appointment of Alaafin; otherwise, Oyo people would not vote for you.’”

He added, “I said, ‘the people should not vote for me, but that I would do what was right,’ and Oyo voted for me massively. And Oyo will still continue to vote for me.”

The governor confirmed that the coronation would take place in four weeks, adding, “on that day, I’ll talk.”

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UPDATE: Why We Sacked Obasa, Replaced Him — Lagos Lawmakers [VIDEO]

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Lawmakers in the Lagos State House of Assembly have revealed why they sacked Mudashiru Obasa as their Speaker on Monday.

The lawmakers spoke after the plenary on Monday during which they also elected Hon. Mojisola Meranda as Obasa’s replacement.

The representative of Epe 1 Constituency, Abiodun Tobun, who spoke on behalf of his colleagues, said: “The Lagos State House of Assembly declared its decision to impeach Speaker Mudashiru Obasa.

“The impeachment was a unanimous decision by the lawmakers.

“The lawmakers agreed to take this step to safeguard our image and Lagos State.

“Change is inevitable, and we felt it was time for a new direction.

“All standing committees and principal office positions have been dissolved.

“We are determined to work together to elevate the Assembly and deliver on our responsibilities to Lagosians.”

Tobun then went on to explain in detail the reason for their decision.

 

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Court Nullifies ‘Wike-Backed’ PDP Congresses In Rivers

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The Rivers High Court has nullified the congresses conducted by the Peoples Democratic Party (PDP) in the state in 2024.

The court also restrained the state executive committee of the PDP from overseeing the affairs of the party and barred Aaron Chukwuemeka from parading himself as the chairman.

Stephen Jumbo, the presiding judge, gave the order on Monday while ruling on an interlocutory injunction filed by Edwin Woko and Love Otuonye (both lawyers) and two other PDP members. The suit was instituted against Chukwuemeka and nine others.

The petitioners asked the court to declare the local government and ward congresses of the party held in 2024 as null and void.

The congresses, conducted in the 319 wards and 23 LGAs in August 2024, were backed by Nyesom Wike, minister of the federal capital territory (FCT).

The applicants argued that the congresses were conducted in disregard of an order issued by the court in July 2024, which restrained the PDP and the Independent National Electoral Commission (INEC) from holding the congresses.

The claimants urged the court to set aside the congresses and restrain Chukwuemeka and members of the state executive committee from acting, representing, or parading themselves as officials of the party in the state.

They also asked the court to declare themselves (the petitioners) as the authentic and subsisting members of the PDP state executive committee and direct the party’s national leadership to recognize and deal with them accordingly.

The judge upheld the applicants’ prayers, nullifying the congresses and restraining Chukwuemeka and other respondents from acting as executives of the party in the state.

The court also recognized the applicants as the authentic and subsisting members of the Rivers State executive committee of the PDP.

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