Wednesday, August 05, 2020
/ 08:17 PM / By UBA Plc / Header Image Credit: Ecographics

Highlights
- United Bank for Africa Provides $200 Million for Nigeria's Petroleum
Industry - Timely Financing For Post COVID Economic Growth
-
Acts as Lead Arranger for $1.5 Billion Facility to Boost Nigerian Oil
Production and Government Revenue
The United
Bank for Africa Plc (UBA), the leading pan-African financial services
group, has acted as an Initial Mandated Lead Arranger with a consortium of
Nigerian commercial and international banks in a $1.5 Billion Pre-Export Finance
Facility for Eagle Export Funding Limited, to enable the forward sale of crude
by the Nigerian National Petroleum Corporation (NNPC) and its upstream
subsidiary, the Nigerian Petroleum Development Company (NPDC).
UBA is providing $200 million (Naira equivalent) towards the crude oil sale, to
support investment growth and liquidity requirements. The forward sale 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 Mandated Lead Arranger
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.
UBA has a strong track record in the resources sector across Africa, having
facilitated similar oil prepayment deals with the NNPC. UBA was also
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 Eagle Export Funding Limited 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.

UBA Related News
1.
UBA Reacts to False Media Reports Alleging of
N41bn Fraud Involving NITEL in Liquidation -
Aug 03, 2020
2.
UBA Notifies of Dealing in 2.2m Volume of Shares by Tony O. Elumelu,
CON Heirs Holdings Ltd -
Jul 23, 2020
3.
Moody's Announces Completion of a Periodic
Review of Ratings of UBA Plc -
Jul 09, 2020
4.
UBA Group Announces Appointment of Deputy
Managing Directors for Nigeria and Africa -
Jul 07, 2020
5.
UBA Hosts Airtel CEO in Quarterly Business
Series, Calls for Registration of Business, SMEs Owners -
Jun 28, 2020
6.
UBA Notifies of Dealing in 4.2m Volume of Shares
By Tony Elumelu and Seven Others - Jun 10, 2020
7.
UBA Q4 2019 and Q1 2020 Results Review: Sizable
Upside Potential Despite Cut to Price Target -
May 29, 2020
8.
Post COVID-19: Global Leaders at UBA Africa Day
Conversations Seek Path to Economic Recovery - May 26, 2020
9.
UBA Upgrades Mobile App, Introduces Exciting New
Features for Customers - May 19, 2020
10. Q1 2020: In Spite
Of Business Upsets, UBA Records Impressive N32.7bn Profit - Apr
24, 2020

Related News
11. Oil Prices
Climb Despite Growing Demand Fears - OIR 040820
12. NBCC Forum:
Experts Call For Increased Investments In Oil and Gas Mid-Stream Production
13. Economic
Turmoil Leaves Oil Trapped At $43 - OIR 310720
14. OPEC Prepares
For Long-Term Demand Risks - OIR 280720
15. Mining:
Resuscitation of Ajaokuta Steel Company - An End in Sight?
16. Oil Prices
Stuck At $42 - OIR 240720
17. Large And
Unexpected Crude Build Halts Oil Rally
18. Oil Jumps on
the Prospect of Two Trillion-Dollar Stimulus Packages - OIR 210720
19. OPECplus Cuts
Tapering Reflects Recovering Oil Demand
20. Oil Market
Tightens As Second COVID Wave Looms - OIR 170720
21. Average
Prices of PMS, AGO, HHK and Cooking Gas - June 2020
22. Oil and Gas
Update: Downstream Oil and Gas at a Crossroads
23. OPEC-Plus
News Is Holding Oil Prices Back - OIR 140720
24. Oil Returns
to $42 After COVID Correction - OIR 100720
25. Movement in
Oil Prices and What It Means for Nigeria

