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United Bank For Africa And Saudi EXIM Bank Partner To Enhance Business Relations And Export Growth

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, and Saudi Export-Import Bank (Saudi EXIM), a premier export credit agency in the Kingdom of Saudi Arabia, have announced a partnership aimed at strengthening business growth and enhancing economic cooperation between their economies.

To this end, both institutions signed a Memorandum of Understanding (MoU) on November 9, 2023, to foster economic cooperation and trade relations between the two entities.

The MoU was signed on the side-lines of the Saudi and Arab African Summits in Saudi Arabia.

The partnership between UBA Group and Saudi EXIM Bank outlines the guiding principles for developing cooperation and relations between the two banks, with primary focus on promoting trade through the export of goods and services between the Kingdom of Saudi Arabia and the African markets.

Apart from collaborating in these areas, both institutions will also ensure sustained participation in the development of the African economy through intercontinental business relationships that will be facilitated by the new partnership.

The MoU will also work towards supporting joint projects and collaboration involving the export of goods and services from Saudi Arabia, and exploring opportunities to co-finance, co-insure, co-guarantee, and reinsurance projects jointly undertaken by companies from both regions.

It will also facilitate the exchange of information and know-how in the field of export credit policies and practices, the sharing of experiences and best practices through meetings, conferences, seminars, and workshops, as well as providing training for each other’s staff members and staff exchanges when beneficial to both parties.

The framework for cooperation on specific joint projects will be established under separate agreements, with each party determining the terms and conditions of its support in line with its policies, procedures, and national legislation.

Also, the exchange of information will be facilitated by both institutions, while technical know-how in the field of export credit policies and practices will also be shared.

UBA’s Chief Executive Officer, Oliver Alawuba, who expressed his enthusiasm about this collaboration, explained that through the partnership, both companies will Identify and support joint projects and collaboration in the area of exportation of goods and services.

He said, “We are happy to join hands with Saudi EXIM Bank in a partnership that holds great promise for businesses and economies in both regions. This agreement will not only facilitate the export of goods and services but also solidify our commitment to intercontinental business relationships and contribute to the development of the African economy.”

“This relationship is particularly promising, considering that Saudi Arabia is deliberate in deepening economic cooperation with Africa and UBA with presence in 20 African countries, providing the necessary vehicle for deepening this engagement. The partnership also expands our access to Asia and the Middle East, where the Bank recently opened a subsidiary in Dubai,” Alawuba said.

His Excellency Eng. Saad Al-Khalb, CEO of Saudi EXIM, said, “By uniting our strengths, we are setting in motion a dynamic platform that will propel the export of innovative Saudi goods and services, catalyze industrial growth, and magnify our global footprint across the rich tapestry of African economies. This, we believe, will not only augment Saudi Arabia’s export diversification but also contribute significantly to the socio-economic fabric of the African nations we will serve together.”

UBA is a leading Pan-African financial institution, offering banking services to more than thirty-seven million customers across 1,000 business offices and customer touch points in 20 African countries.

With presence in New York, London and Paris and now the UAE, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

Saudi EXIM was established in 2020 with the aim of promoting Saudi non-oil exports and enhancing its competitiveness across various sectors in global markets. This is done by providing financing services, guarantees and credit insurance with competitive advantages to enhance confidence in Saudi products and increase the contribution of non-oil industries to 50% by 2030 from the current percentage of 16%, which is a major goal of the Kingdom’s Vision 2030. The Export-Import Bank is one of the development funds that are supervised by Saudi National Development Fund.

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200-Level Student Who Murdered FUNAAB Undergraduate Was Fellow Church Member

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Ayomide Adeleye, a 200-level Philosophy student at Olabisi Onabanjo University (OOU), Ogun State, has been arrested for the kidnapping and murder of Christianah Idowu, a 300-level student at the Federal University of Agriculture, Abeokuta (FUNAAB).

Adeleye, who knew Christianah from attending the same church in Ogun State, allegedly lured her into his home under the pretense of offering shelter during a heavy rainstorm. He then attempted to assault her, and when she resisted, he killed her.

Following Christianah’s disappearance, Adeleye contacted her family using her phone and demanded a ransom of N3 million. However, his attempt to extort money led to his capture as intelligence officers traced him using his bank details and BVN information provided when he collected the ransom.

The case has sparked outrage, with many calling for swift justice for Christianah and a stronger response to gender-based violence in Nigeria.

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NURTW Boss Koko Zaria Arraigned For Allegedly Assaulting Nollywood Actor Baba Lawori, Granted N2m Bail

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National Union of Road Transport Workers (NURTW) Chairman, Koko Zaria, (Ganiyu Oyedepo), has been remanded in prison custody by a Lagos Chief Magistrate Court for allegedly assaulting Nollywood actor, Alhaji Ade Adele, popularly known as Baba Lawori.

Oyedepo was arraigned on Wednesday on charges of conspiracy, assault occasioning harm, and conduct likely to cause breach of public peace.

He pleaded not guilty to the charges brought against him by the operatives of the Force Criminal Investigation and Intelligence Department (FCIID).

The prosecutor, Morufu Animashaun, a legal officer in the legal department of FCIID, Alagbon, in a charge marked B/40/2024, told the court that the defendant committed the offences on June 5, 2024, at Idimu, by conspiring with some of his ‘boys’ to assault Adele.

He said in the course of the assault, Oyedepo’s boys, injured Adele in the head with a bottle.

He told the court that the offences committed by the defendant, contravened sections 411; 173 and 168 (l)(d) of the Criminal Law Ch. C17, Vol. 3, Laws of Lagos State and punishable under section 168 (2) of the same laws.

The charges read; “That you Ganiyu Oyedepo on or about the June 25, 2024 at Idimu, Lagos in the Lagos Magisterial District, Lagos conspired to commit Felony wit: Assault Occasioning Harm and committed an Offence contrary to Section 411 of the Criminal Law Ch. C17, Vol. 3, Laws of Lagos State.”

“That you Oyedepo on the said date unlawfully procured one of your boys (now at large) who unlawfully broke bottle and inflicted injuries on the head of one Alhaji Ade Adele and committed an Offence contrary to Section 173 of the Criminal Law Ch. C17, Vol. 3, Laws of Lagos State 2015.”

“That you Oyedepo conducted yourself in a manner likely to cause breach of peace when you threatened and procured one of your boys (now at large) to break bottle on the head of Adele and committed an Offence contrary to Section 168 (l)(d) of the Criminal Law Ch. C17, Vol. 3, Laws of Lagos State 2015 and punishable under Section 168 (2) of thé same Criminal Law Ch. C17, Vol. 3, Laws of Lagos state 2015.”

But, Oyedepo (Koko Zaria) denied the allegations and pleaded not guilty to the charges.

His lawyers, S. Bello with S. O. Ajetomobi, moved for bail application, saying the charge against their client is a bailable one. They urged the court to grant him bail in the most liberal terms.

Chief Magistrate Sonuga after hearing counsels’ submissions granted Oyedepo bail in the sum of N2 million with two sureties in like sum.

The sureties, according to the Chief Magistrate, must be of unquestionable character, with evidence of means of livelihood and must be residing within the court’s jurisdiction.

The Chief Magistrate also ordered the sureties to present to court evidence of three years tax, and have their addresses verified.

Chief Magistrate Sonuga, while adjourning the matter to October 29, for mention, however, remanded the defendant in the Nigerian Correctional Services (NCoS) custody, pending the perfection of the bail terms.

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Petrol Price Hike: NANS Insists On Nationwide Protest, Says “We Are Capable Of Holding Government To Ransom”

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The National Association of Nigerian Students (NANS) has vowed to proceed with its planned nationwide protest against the petrol price increase.

NANS Senate President, Henry Okuomo, made this known on Channels Television’s Sunrise Daily.

Okuomo emphasized that the union is capable of holding the government accountable, citing dissatisfaction with the current hardship situation in the country.

He said, “We are not threatening a strike. That is what we are going to do because of the current situation of the country. Nigerians are currently facing a lot. We are facing hardship, and now, the government has increased fuel prices again. This has affected us as students. And as student leaders, we don’t have a choice now but to fight for the people.

“We are occupying one of the largest stakes in the country, having over 40 million Nigerian students in the country.

“With that, we think we should make our voice loud at this time to save the Nigerian people from this undue stress and suffering being put upon them by the government.

“We have determined that on the 15th of this month, no going back. We are hitting the street hard.

‘We are going to demand not only for a reduction in fuel price but for other things that are affecting the nation in general.

‘We are going to do it. We will hit the streets if the government does not reverse most of the hardship policies before then.”

The group earlier called for the reversal of the petrol price and the removal of the Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company Ltd (NNPCL), Mele Kyari.

The clarification comes after a factional Senate President of the association, Babatunde Akinteye denied that the group was organising a protest against the increase in petrol price.

Akinteye had called on security agencies to investigate the source of the misinformation.

He said, “We strongly urge the public, the media, and all stakeholders to disregard these false reports. The individuals or groups behind these rumours are faceless entities who seek to exploit the name of NANS for their malicious purposes.

“They aim to destabilise the country and create unnecessary tension among citizens. We categorically disassociate ourselves from any such plans or intentions.

“We hereby call on the security agencies to launch a thorough investigation into the origin of this misinformation. Those responsible for spreading these falsehoods must be identified and held accountable.

“The use of the NANS name to propagate such dangerous and unfounded claims is not only a threat to national security but also a grave disservice to the millions of students who genuinely seek positive change through legitimate means.

“Furthermore, we urge security agencies to act decisively in apprehending any individuals or groups attempting to use the name of NANS to incite unrest or disrupt the peace of our nation. We must collectively ensure that the integrity of our democratic processes and the rule of law are upheld at all times.

“NANS remains steadfast in its mission to advocate for the rights and welfare of Nigerian students. We will continue to pursue this mission through peaceful, lawful, and constructive channels. Let it be known that NANS stands firmly for peace, progress, and the unity of our nation.”

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