The United Bank for Africa Plc (UBA), the leading pan-African financial services group, has acted as Facility Agent Bank for the Nigerian Commercial Banks in a consortium with other international banks in a $1.5 Billion Pre-Export Finance Facility for the Nigerian National Petroleum Corporation (NNPC) and its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).
UBA is providing $200 million (Naira equivalent) to support investment growth and liquidity requirements. The facility will provide much needed capital for investment in NNPC’s production capacity, which is of strategic importance to the Nigerian economy and the country’s leading source of foreign exchange earnings. UBA’s position as Facility Agent Bank recognises the Group’s strength in structuring and deploying financing to the oil and gas sector, and the depth and liquidity of the Group’s balance sheet.
The $1.5 billion facility is structured in two tranches. The first tranche of $1 billion, to be repaid over a period of five years, will be provided in dollars. The second tranche of $500 million, will be provided in local currency, over seven years, with UBA acting as Facility Agent Bank, providing $200 million in Naira equivalent. Both facilities will be repaid from an allocation of 30,000 barrels per day of NPDC’s crude oil.
UBA has a strong track record in the resources sector across Africa, having facilitated oil prepayment deals with the NNPC, including its 2013 $100 million participation in the PXF Funding Limited transaction, and a further $60 million in the 2015 Phoenix Export Funding Limited transaction. In Senegal, UBA was responsible for the EUR 240m Revolving Crude Oil Financing Facility for the Société Africaine de Raffinage and in Congo Brazzaville co-funded the $250m crude oil prepayment facility for Orion Oil Limited.
Other participants in the NNPC deal include Standard Chartered Bank, Afrexim Bank, Union Bank and two oil trading companies, Vitol and Matrix.
Speaking on this most recent support for the Nigeria’s petroleum industry, UBA Group Chairman, Tony O. Elumelu stated ‘This has been one of the most economically challenging years that Nigeria has witnessed. With the sharp drop in the price of oil and the ensuing hardship that followed the onset of the Covid-19 pandemic, the private sector must come together and contribute meaningfully to the economy. This facility is clear evidence of this – UBA is providing investment that will significantly improve Nigeria’s production capacity and in doing so also demonstrating the strength, depth, and sophistication of our commercial banking capability. I believe that together, working with governments, we can create more jobs and more wealth for people, not only in Nigeria, but across Africa’.
The United Bank for Africa is one of the largest employers in the financial sector on the African continent, with over 20,000 employees and serving over 20 million customers. UBA operates in 20 African countries and globally in the United Kingdom, the United States of America and France, providing retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
NIGERIA @ 60: DON’T DESPAIR, EXPECT A GREATER NIGERIA, SAYS GOV. DAPO ABIODUN
Lagos based business man wins TYLgames N1million grand prize
A Lagos based young entrepreneur, Emmanuel Umoga, has emerged the first N1million grand prize winner at the inaugural draw and cheque presentation ceremony of the lottery platform, TYLgames in Lagos.
The TYLgames grand launch and cheque presentation that took place at Calabar Hall in Surulere, Lagos at the weekend saw another 29 gamers being presented with their winning cheques ranging from N10, 000 to N500, 000.
TYLgames, a gaming (Lottery) platform is designed to positively touch gamers’ lives one game at a time. The focus is on gamers rather than on the gaming platform; placing in their hands the power to transform their lives with each game they play hence the acronym “TYL”.
TYL is an Instant Play, Instant Win, instant cash out game played on SMS, USSD, and Mobile Web platforms with the short code 33088. There are currently two games available to choose from, an instant numbers game tagged “SHOKI” and “SHAFFLE” which is a daily raffle game. With N100 game cost, a player can win up to N100,000 instantly and up to N1,000,000 in 24 hours by dialing or texting to 33088 or *33088# for USSD respectively.
According to the Managing Director/Chief Executive Officer of Humber Group, owners of TYLgames, Mr. Andrew Humber-Osofisan, “TYLgames is an innovative luxury product that is designed to positively touch gamers’ lives in real time.”.
“You can change your life with N100”, Andrew Humber-Osofisan said. “Currently, there are two games available to choose from, SHOKI and SHAFFLE. SHOKI is an instant number game while SHAFFLE is a daily raffle game. Every time you dial *33088#, you win a SHAFFLE ticket that qualifies you for a draw that will be done every night, making you stand to win up to N1 million. Every successful play is charged N100.”
On transparency, he said, the regulatory authorities and Lagos State government are fully involved hence the platform desire to be credible and transparent
The Managing Partner of Cognitio Communications, Mr. Sam Osunsoko, referred to TYLgames as a vision of empowerment due to the fact that it came at a time when the economy has suffered at the hand of COVID 19 pandemic.
“TYLgames gives you the opportunity to win different range of prizes that can help you cushion the effect of the current economic hardship” he said.
Mr. Bola Shodipo, Former Special Adviser to the Lagos State government on Revenue and Taxation, who encouraged and mandated the managers of TYLgames to make sure the platform is fair to the gamers, stated that state government is to ensure growing opportunities that can increase the GDP of the state. “TYLgames is an economic activity that can grow the GDP of Lagos State and by extension, the Federal government”, he said.
The Deputy Director/Coordinator National Lottery Regulatory Commission, Lagos Zonal Office, Mrs. Onuzulu Priscilla Nkiru, ascertained that TYLgames is approved and that Humber Group has been doing the right thing from day one. She encouraged gamers to shout out if there is any reneging on promises made.
An elated Umoga who narrated his experience said, “I saw the game online and I played. I played only once and my number was picked. It is very refreshing to know that game like this exist in Nigeria. I want to encourage Nigerians to play this game because it is valid,” he said.
Amongst the thirty winners who emerged during the inaugural draws Umoga, the grand prize winner of N1 million, Mr. Opeoluwa Ogundibo and Mr. Kehinde Sadik were present at the cheque presentation ceremony.
OLOMORE RESIDENTS, MOTORISTS SEEEK ABIODUN’S INTERVENTION ON BAD ROADS
Residents of Olomore Housing Estate in Abeokuta North Local Government Area of Ogun State and Motorists have again appealed to the State Governor, Prince Dapo Abiodun to urgently repair gapping potholes and bad portions of Olomore, Brewery roads.
Both residents and motorists had insisted that the areas has not had it as bad as it had been in the past two to three years under the past administration of Senator Ibikunle Amosun.
The Community Leaders, Businessmen, Traders and Commuters in the areas have called on the governor to factor Olomore, Brewery roundabout into the key areas he would pay attention to, noting that it has been very difficult for people of the areas to ply the roads as they usually arrived lately to their various destinations.
A Community Leader, Elder Jacob Fagbounge said that it was pathetic that Prince Dapo Abiodun-led administration had forgotten the people of the area, noting that no roads in Olomore Housing Estate was motorable, as even the link road had been in deplorable situation as such.
He said that it took the Community Development Associations (CDAs) of Olomore to take the bull by the horn in repairing the roads during the lockdown period, saying that no refund was made to them by the State Government till date.
“We need to repair the roads by ourselves during the lockdown period, as we find it very difficult to ply the road, though it was a self-help projects but now that it is beyond our capacity, Governments needs to come to our aid by putting the roads in better condition for the betterment of our people,” Fagbounge said
Solomon Ajakanri, a motorist, who plies Olomore- Brewery road, said it was sad that such a terrible road was still existing in Nigeria, while describing the road as a death trap, Ajakanri called on both the Federal and State Governments to take urgent steps to fix it.
“Imagine, a journey from Olohunda to Abeokuta that is supposed to be for one hour take well over two hours because of the poor condition of our roads, especially this Olomore and Brewery roundabout,” he said
It will be recalled that in July this year, Ogun State Government said that it was aware of the challenges confronting residents as a result of deplorable conditions of roads spread across the State, but till date most of these roads has not been attended to by the government.
The State Commissioner for Works and Infrastructure, Engr. Ade Akinsanya then stated that all the deplorable roads across the state would be repaired, but those of Olomore, Brewery roundabout, Oke-Ata, Ibara Orile and many more remain same as at filling this report.
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