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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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Nationwide Protest: Hon. Amusan Calls For Patience, Restraint

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A former House of Representatives member from Ogun State, Hon. Kayode Jelili Amusan has pleaded with the organizers of the planned nationwide protest tagged ‘End Bad Governance’ slated for August 1, 2024 to reconsider their stance and rather show more understanding and patience towards the many initiatives and programs the Federal Government is deploying towards alleviating the present harsh economic realities the nation is presently facing.

He further advised that rather than embark on protests that may spiral out of control and lead to a breakdown of law and order, as recently witnessed in Kenya, the brains behind the protests should rather seek a way where themselves and representatives of the Federal Government can sit on a round table and they can put their demands forward and even ask for specific timelines to realistic demands, urging that politicizing the situation may not be in the best interest of the nation.

According to Amusan, ‘’the present economic realities of our nation call for a concern and we need concerted efforts, both on the part of the elected government officials and the people being governed to pull through and return our nation to the path of economic recovery. The people have a right to protest and make their grievances known to the government but the truth is, as we have seen with Kenya, protests without identified leaders can be hijacked by people with ulterior motives and then we have a breakdown of law and order. Nigeria cannot afford any at a time like this. What we need is to come together as a people, both the government and the governed and find lasting solutions to the many challenges we are facing as a people. The current economic situation in the country is not one anyone should be proud of, regardless of our political or social standing. As we have seen that the government is putting measures in place to arrest the situation, what we need right now is not a protest but concerted efforts at returning our nation to its days of self-sufficiency and prosperity’’.

Amusan also commended the judiciary and the Bola Tinubu government for the recent Supreme Court pronouncement on local government autonomy. According to him ‘’the local government is the closest to the people, it should be synonymous with rural development, empowerment and any efforts towards strengthening it should be supported’’. The Supreme Court’s landmark judgement included a decision that overturned the longstanding practice where state governments received federal allocations on behalf of local government areas and withheld the funds. Nigeria’s Supreme Court affirmed on 11 July the financial autonomy of the nation’s 774 local governments.

Hon. Amusan, a two-time governorship aspirant in Ogun State is the chairman of Kamson Holdings Limited and represented Abeokuta North/Odeda/Obafemi-Owode Federal Constituency from 2003-2011 in the House of Representative

 

 

 

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BREAKING: Senator Ifeanyi Ubah Dies In London

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Renowned businessman and politician, Senator Ifeanyi Ubah, has reportedly passed away in London.

The Senator from Anambra State had recently joined the All Progressives Congress (APC) and was considering seeking the party’s nomination for the upcoming governorship election in Anambra State.

While details surrounding his death are still limited, sources indicate that he made a financial contribution to the Anambra APC just two days prior.

This news comes shortly after the passing of Chief Emmanuel Iwuanyanwu, President-General of Ohanaeze Ndigbo.

 

More to come…

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IGP Egbetokun Finally Approves Hunger Protest, Asks Organisers To Submit Names, House Addresses, Others

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On Friday, Inspector-General of Police Kayode Egbetokun requested that all groups planning to participate in the upcoming nationwide protest provide their details to the Commissioners of Police in their respective states.

During a press briefing at the Force Headquarters in Abuja, Egbetokun explained that this request is aimed at ensuring a peaceful protest.

Additionally, Egbetokun revealed that the police have received intelligence indicating that foreign mercenaries are involved in the planned protest.

This information has raised concerns about potential violence and unrest, prompting the police to take proactive measures to maintain public safety and order.

By submitting their details, protest groups can help the police to better understand their plans and take necessary steps to prevent any potential disruptions or security threats.

He said, “We acknowledge the constitutional right of Nigerian citizens to peaceful assembly and protest. However, in the interest of public safety and order, we urge all groups planning to protest to provide necessary details to the Commissioner of Police in the state where the protest is intended to take place.

“To facilitate a successful and incident-free protest, they should please provide the following information.”

Other guidelines, according to him, are “stating the proposed protest routes and assembly points. 2. Expected duration of the protest. 3. Names and contact details of protest leaders and organizers.

“Measures to prevent hijacking by criminal elements, including key identifiers for possible isolation of potential troublemakers. By providing this information, the police will be enabled to deploy adequate personnel and resources to ensure public safety.

“Designate specific routes and areas for the protest to avoid conflicts with other events or activities. Establish clear communication channels with protest leaders to address any concerns or issues that may arise.

“Minimize the risk of violence, property damage, or other criminal activity. We encourage all protestors to cooperate with the police, obey the law, and adhere to global best practices for peaceful assembly to guarantee a safe and successful exercise of their rights.”

The top cop said they have been monitoring development surrounding protest threats, saying while some groups call for violent protests, emulating Kenya’s recent events, others advocate for peaceful demonstrations.

“However, some individuals promote peaceful protests with violent undertones, raising concerns about their sincerity. We have our history of violent protests in Nigeria, and I don’t believe we have to look to other countries to note the dangers of unchecked demonstrations.

“We commend patriots who have withdrawn from the protest due to the apparent sinister motives and ignorance of those calling for violence. We note those who have spoken out against any form of protest at this critical juncture, fearing enemies of our country may be manipulating the process.

“We confirm their fears are genuine, as we have credible intelligence on foreign mercenaries’ involvement in this planned protest. The Nigerian police urge all Nigerians to exercise caution and think twice before joining any protest group.”

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