Category Archives: Economic Highlights

Tony Elumelu Donates Technology Centre to AAU

Chairman of UBA Group, Tony O. Elumelu, has made the donation of a multipurpose information technology centre to his alma mater, Ambrose Ali University.

UBA Supports Creative Industry with REDTV’s New Series Assistant Madams

REDTV, the foremost lifestyle platform powered by the United Bank for Africa, has just launched its new and very much anticipated series, Assistant Madams. Creators of the hit series, The Men’s Club, REDTV has been engaging and providing opportunities for talented youths in the creative industry in Africa, since its inception.

UBA recruits 4000 new staff, promotes over 5,000, increases salaries up to 170%

Over 5,000 staff of the United Bank for Africa (UBA) Plc, started the new year with a lot of cheer as the bank yesterday announced its promotion to new grades as well as salary upgrades with immediate effect this January.

Tony Elumelu Foundation Announces Final 2,100 African Entrepreneurs for the Inaugural TEF-UNDP Entrepreneurship Programme

Signing the TEF-UNDP Entrepreneurship Programme in Niger—Tony Elumelu, Founder, Tony Elumelu Foundation and Ahunna Eziakonwa, UNDP Regional Director for Africa

Waltersmith Modular Refinery in Imo State Set to Meet Scheduled Completion

Phase one of the modular refinery and the ground breaking ceremony of the phase two is expected to hold in May 2020; The Waltersmith project has already reached 90 percent completion; The project falls in line with H.E. Chief Timipre Sylva’s objectives to foster private sector participation in increasing domestic refinery capacity.

Nigeria’s IHS Towers Buys Brazilian Telecoms Infrastructure Company CCS for Undisclosed Amount

Nigerian telecoms group IHS Towers said on Monday it has agreed to buy Brazilian telecoms infrastructure company Cell Site Solutions (CSS) from Goldman Sachs and Centaurus Capital LP for an undisclosed amount, to expand in Latin America.

UNIBEN Alumni honours UBA’s Uzoka; Giwa-Osagie, others

University of Benin Alumni Association, Lagos Chapter has honoured the Group Managing Director/Chief Executive Officer of United Bank for Africa(UBA), Mr. Kennedy Uzoka.

Chevron is Trying to Sell 2 Nigerian Businesses, Again

Over the years, a number of foreign oil companies including Chevron, Royal Dutch Shell and ExxonMobil have retreated from onshore and shallow-water production in Nigeria due to oil theft.
Energy giant Chevron has launched the sale of its stakes in two Nigerian offshore oil and gas blocks, a sale document seen by Reuters News Agency showed, as the company seeks to dispose of aging assets to focus on its fast-growing production in the United States.

Manufacturers win big from central bank’s credit push … Lending to manufacturers rises to a two-decade high

The manufacturing sector is the biggest winner of central bank policies that have forced lenders to extend more credit to the private sector.
Lending to manufacturing companies in Africa’s most-populous country from May to the end of October totaled N459.7 billion ($1.3 billion), the most in two decades, central bank Governor Godwin Emefiele said in Abuja.

Nigerian border closures cut smuggling but drive up prices

The closure of the Nigerian borders may have achieved its set goals, but some things not bargained for have also surfaced, the combination, pushing up prices of goods and affecting some other businesses as well.