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China Development Bank, UBA Sign $100 million Loan Deal to Support SMEs in Africa

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BY: SINMILOLUWA FADOJU

United Bank for Africa (UBA) Plc, a pan-African banking group and China Development Bank (CDB), the world’s largest development finance institution, on February 27, 2018 announced the signing of a $100 million seven-year loan agreement to finance the development of small and medium enterprises (SMEs) in Africa.

The $100 million loan will enhance UBA’s capacity to provide access to finance to small and medium enterprises (SMEs) across the 19 African countries where UBA currently operates.

“We are excited to partner with China Development Bank (CDB), the Development Financial Institution of the Chinese Government, on this historic transaction, as we strongly believe that the facility will serve as a catalyst to the sustainable development of commerce and industry in Africa through provision of critical financial interventions to SMEs across our presence countries,” says Group Managing Director/CEO, UBA Plc, Mr. Kennedy Uzoka.

Uzoka noted that this line of credit is timely, as it should complement the recovery of economic activities. It will also further encourage African entrepreneurship particularly as the funds will be applied to SMEs, which are important for inclusive growth on the continent.

Speaking during the signing ceremony, Chairman of UBA Plc, Mr. Tony Elumelu said that the fund will boost small and medium scale enterprises across Africa, noting that CDB’s interest in supporting SMEs aligns with UBA’s vision in growing business across Africa.

“In UBA, CDB would have an enduring partner in reaching out to Africans as UBA provides banking services to over 14 million people across 20 African countries, and like CDB, UBA funds critical infrastructural projects on the continent “ Elumelu said. He expressed that he would like to see an even stronger relationship grow with CDB and UBA as well as with China and Nigeria.

Also commenting, the President of CDB, Mr. Zheng Zhijie, said the agreement is the beginning of cooperation between UBA and CDB that would translate into an enduring business relationship between China and Africa and Nigeria in particular.

“UBA is a leading and dependable bank not only in Nigeria but Africa, and this partnership will help our Bank to accelerate its business objectives in Africa, more importantly as we deepen our investment in energy, road and rail constructions, infrastructure in Africa,” Zhije said

UBA, Africa’s global bank, is one of the largest commercial banks in Nigeria incorporated which operates in 19 African countries whilst providing a wide range of products and services. UBA is a leading bank in infrastructure financing particularly in the Power, Telecoms and Transport sectors. UBA leads in social infrastructure such as hospital and education facilities to various countries in Africa. In Nigeria, the bank operates in each of the country’s 36 states, helping to deepen financial inclusion through its brick and mortar network as well as through its cutting edge digital platforms. Globally, UBA has over 1,000 branches and customer touch points, serving over 14 million customers.

CDB, funded in 1994, is the world’s largest development finance institution and, the largest Chinese bank for foreign investment and financing cooperation. CDB provides medium-to-long-term financing facilities that serve China’s major long-term economic and social development strategies. By the end of 2016, its assets grew to RMB 14.34 trillion, a balance of loans of RMB 10.32 trillion. CDB currently has 37 primary branches and 3 secondary branches on the Chinese mainland, one offshore branch in Hong Kong and five representative offices in Cairo, Moscow, Rio de Janeiro, Caracas and London

Sitting from Left: Director General, Global Cooperation Department – Americas and Africa, China Development Bank(CDB),  Mr Jin Tao and GMD/CEO, UBA Plc, Mr. Kennedy Uzoka signing a $100 million loan facility agreement to fund SMEs in Africa. Standing behind are President of CDB, Mr. Zheng Zhijie and Chairman of UBA Plc, Mr Tony Elumelu, at the UBA House in Lagos on Tuesday

 

 

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Build a fabulous, all-year round wardrobe without breaking the bank – By Kunle Bakare (KB)

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Let’s begin with Brioni today. And learn from the hugely successful Italian brand established in 1945 by two friends. The fashion house coveted by style cognoscenti has one of the most apt slogans we know: ‘to be one of a kind’.

 

‘To be one of a kind,’ unique and uncommon are the attributes of all human beings (when we deploy the traits that differentiate us, like our fingerprints prove).

 

And for style, those who constantly upgrade and elevate their duds and accessories acknowledge the importance of creating an exceptional, distinctive (but not flamboyant and loud) dress sense.

 

They fill their wardrobes with extraordinary winners that give them immeasurable pleasure. Their garments and all the pieces that elevate them heavenwards are objects of desire that amplify the best version of themselves.

 

So, to build a wardrobe that fits your personae, presents your best version, credits your account with regular dividends and high returns on investment is a meticulous and painstaking process. Forever appearing well-put-together—at work and at play, at home or out and about—demands a lot of smart thinking and action. Like the elongated shadow behind the luxury label Sofisticat, Mr Lanre Ogunlesi—whose role as a forerunner who cleared, toiled and paved the path legions are proud to prance on—constantly proclaims, ‘dressing well requires a lot of preparations.’

 

And here are some of the ways you can build a remarkable wardrobe without spending a fortune:

 

1. First, acknowledge and note the activities that are important to you.

a. How and where do you spend your week?

b. What’s the dress code at work?

c. How do your most successful partners, associates and colleagues dress?

d. How do you spend your evenings and weekends?

e. Which other activities dominate your calendar?

 

2. Priotise these activities.

Which engagements are crucial, that are important and improve your earnings (in the long run), dispense the greatest pleasure, boost your well-being and promote your mental health?

 

3. Analyse the one that takes up the most time.

Which engagement takes up the highest percentage of your time?

 

4. Now list the apparels that should populate the most engaging activities that improve your earnings and multiply your pleasure.

 

To build a special wardrobe demands enormous time, energy and resources. And the passion and will that surpass distraction and disappointment.

 

What you do—your profession and how you dress to earn your living—is paramount when you are building a wondrous wardrobe. The uniform of your occupation, the dress code permitted for your livelihood takes the prime spot. Since this engagement dominates your week (from five to six days), your wardrobe should be mostly filled with work clothes that should last for two weeks, at least—far more if your means permits—without repetition. If you master how to mix and match and coordinate, it’s possible to stretch the same items for many more days.

 

Also consider engagements that litter your evenings and weekends. The events you attend and places you worship, socialize and unwind. For these activities, start with a dozen ensembles, which you build gradually, and then expand later.

For these solemn moments, lively soirées and exciting shindigs you will require top notch attires that best represent who you are. More so, your worship ensembles—whatever faith you profess or conviction you cherish—should be the best you can afford in formal mode tilting to high elegance in consonance with what your leaders recommend.

 

For very special occasions, it might be best to make (get) new attires.

 

Before you begin assembling these togs, you should also:

 

*Decide where you want to perch on the style ladder: of course, towards the top of the Richter scale of elegance!

 

*Decide the style that warms your bosom, agrees with your persona and fits your pocket: from minimalist to the exuberantly joyful (without the gaudy factor)!

 

*Carefully pick tailors, designers and outlets that serve your style best. Take time to research and locate them in your town or farther afield.

 

Once you are clear about where you are going, do an audit of your current wardrobe and retain only items that fit your plans and aspirations. Discard everything else!

 

Choose clothes and accessories that work together (as interchangeable separates), complimentary colours and styles—and acquire heartwarming and exciting pieces for the wardrobe that will serve you for years.

 

Your wardrobe—to serve your objectives and take you far—should represent the slow fashion ethos. Classic, durable, ethically produced and sustainable fabrics in modes devoid of trends and what’s in vogue. And Brunello Cucinelli—the 70 year-old flag bearer of quiet luxury whose restoration efforts in Solomeo (Italy) is a ‘tribute to human dignity’—readily comes to mind.

 

Note: it takes time to build anything worthwhile (even if money was no object). Test what works unhurriedly, step by step and settle for what fits your future self. Upgrade as your knowledge increases and your pocket swells.

 

What’s more, you should take good care of your apparels. They will serve you better and longer. For example, don’t iron wool and delicate fabrics directly. Buy the most functional steam iron you can afford. You should also own a garment steamer. Don’t wear shoes two days in a row. Rotate! Stock shoe care products and use them.

 

Get a good, dependable and experienced dry cleaner and laundryman. Your clothes will thank you and serve you for years.

 

And don’t forget: dry clean your garments occasionally. The chemicals used in dry cleaning damage clothes. Instead, rotate, air, iron, steam, buff and polish your clothes and shoes— and keep them in breathable bags in cool spots.

 

You may also consider stylists or wardrobe consultants (they will save you time, energy and money eventually).

 

-Kunle Bakare for Omoluwabi by KB (19.04.2024)

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Boosting Health Access: Lasaco Assurance Supports NYSC Corps Members’ Health Mission”

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Insurance underwriter, Lasaco Assurance Plc, has donated health recovery items to support the Health Initiative Programme of the National Youth Service Corps members serving in the Ifako Ijaiye Local Government area of Lagos State.

A statement from the firm said that the donation was to boost health development in the country.

 

Some Corps members, under the aegis of Local Government Initiative, for their first quarter Health Initiative, embarked on a project to provide health services to rural dwellers, whose access to quality health services was limited due to poverty, ignorance and superstition.

 

Lasaco Assurance supported the corps members to reach the target audience and help them overcome their difficulties in accessing quality health.

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Group trains youths to solve environmental challenges

NYSC confirms release of abducted corpers

The company’s Head of Corporate Communications, Seye Smart, who represented the Head of Strategy, Research and Communications, Dayo Adetokun, at the presentation of the gift items to the corps members, emphasised the importance of exposing the citizens to quality health and safety as that would improve their capacity, make them function well and prolong their life expectancy.

 

A healthy citizen, she explained, would contribute meaningfully to the growth of society and be useful for the development of humanity.

Leader of the LGI team, Bose Ojimi, said the programme was the group’s modest contribution to the country’s quest for improved health and safety for Nigerians and hoped that other corporate organisations would follow in the footsteps of Lasaco Assurance to offer necessary assistance to the people.

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Yahaya Bello absent as court adjourns, EFCC mulls military’s help to fish him out 

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Justice Emeka Nwite of the Federal High Court Abuja has adjourned the suit instituted by the Economic and Financial Crimes Commission (EFCC), against the immediate past Governor of Kogi State, Yahaya Bello, to April 23rd.

 

The adjournment is for substituted service and possible arraignment of Bello for alleged N84bn money laundering. At the resumed sitting, Counsel for the EFCC, Kemi Phinro, told the court that the immediate past governor of Kogi State was absent from court for his arraignment because he was being protected by someone with immunity.

 

Phinro said the former governor was whisked out of his Abuja residence by the same person with immunity. Phinro said the anti-graft agency might seek the help of the military to fish him out to come face his arraignment. Responding to this submission, Yahaya Bello through his counsel, Abdulwahab Muhammad, told the court that there is an order of the court restraining the EFCC from arresting or arraigning him.

 

Muhammad said a Kogi State High Court had on February 9, 2024 restrained the EFCC from arresting or arraigning the former governor. He added that the EFCC has appealed the ruling and the Court of Appeal was yet to decide on the matter. He pointed out that the action of the EFCC was unconstitutional and the court lacked jurisdiction to entertain any charge from

the EFCC.

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