Latest news with #OliverAlawuba
Bloomberg
26-04-2025
- Business
- Bloomberg
Nigeria's UBA to Raise Additional Capital, Start France Unit
Nigerian lender United Bank for Africa Plc plans to raise 144.8 billion naira ($90.2 million) in additional capital this year, as it aims to meet the central bank's new threshold and expand into more countries. This, and the 240 billion naira raised through a rights issue should enable UBA meet the 500 billion naira minimum capital requirement set by the Central Bank of Nigeria, Oliver Alawuba, chief executive officer said in an emailed statement.
Zawya
21-04-2025
- Business
- Zawya
Africa: Bank recapitalisation, Alawuba urges FG, CBN to incentivise banks for long-term lending
The Managing Director/CEO of United Bank for Africa (UBA), Mr Oliver Alawuba, has called on the Federal Government, through the Ministry of Finance, and the Central Bank of Nigeria (CBN), to incentivise long-term lending in a bid to stimulate economic growth and development. Speaking at the just concluded 36th Conference of Finance Correspondents and Business Editors in Abuja, Alawuba stressed the importance of long-term financing for large-scale infrastructure and the growth of small and medium-sized enterprises (SMEs), which he described as key drivers of the country's journey toward a $1 trillion economy. He emphasised, 'Long Term Lending is very critical for this economy to grow, and I believe the central bank working with fiscal authorities should see the need to come together now that the banks are capitalising, and find what incentives can be given for us to realise the benefits through long term lending and one of them is tax breaks.' Alawuba recommended that the government and CBN explore options such as tax incentives, guarantees, and other forms of support to encourage banks to offer more long-term loans. These actions, he noted, would deepen financial intermediation and support broader economic development. Delivering his remarks on the theme 'Banking Re-capitalization towards a $1 trillion Economy', he called for bold reforms, strategic investments, and inclusive policies to unlock Nigeria's economic potential. 'For Nigeria to get there, clearly the country needs to grow in double digit, and the minimum double digit you can get is 10 percent,' he noted. He further suggested that improved collaboration between the government and the central bank could lead to an upgrade in Nigeria's credit rating. 'If government and the central bank work together, we should be able to see Nigerian rating increase, you know, from B plus to BB and all that.' Alawuba pointed out that regulatory and policy reforms are a crucial starting point. Comparing Nigeria with other nations with similar demographics and challenges—such as Brazil, China, and Bangladesh—he stressed the need to benchmark for better outcomes. Citing Nigeria's ranking of 131 in the 2019 Ease of Doing Business Index, he said, 'So we need to deal with that issue of ease of doing business. That is how investors can come in and partner with Nigerians and begin to set up businesses that can transform the economy.' Beyond physical infrastructure, Alawuba highlighted the importance of soft infrastructure, including the legal and regulatory environment. 'Nigeria needs to also work on the legal system and ensure that laws are obeyed in this country, because that is critical to business survival,' he stated. He also emphasized the need for a renewed national orientation movement. 'And I believe that we need a very strong orientation of our people, so that everyone will work together towards the economy that we envisioned for the country. We used to have a very strong national orientation movement. They need to, really, at this point in time, also come strong so that all of us will be mobilized towards believing in this country, that we can get it done and believe in ourselves,' he said. Alawuba further pointed to financial accessibility as a major factor for economic inclusion. He noted that achieving meaningful progress in Africa would be difficult if the majority of citizens remain outside the financial system. He cited India's success in expanding financial access, saying it enabled better application of monetary tools and improved visibility of funds within and outside the financial system. Lastly, he underscored the issue of security, reminiscing about a time when Nigerians could travel freely and safely. 'It shouldn't be so,' he said, referencing the growing insecurity that hampers economic activity and investor confidence. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Yahoo
17-03-2025
- Business
- Yahoo
UBA and ICAN to boost finance and accounting across Africa
United Bank for Africa (UBA) has partnered with the Institute of Chartered Accountants of Nigeria (ICAN) to boost the finance and accounting sectors. The collaboration aims to drive mutual growth and development through strategic partnerships. The 60th president of ICAN, Chief Davidson C S Alaribe, was hosted by UBA in a meeting that focused on exploring various avenues for collaboration. The discussions included joint training programmes to improve the skills of accounting professionals and UBA staff, as well as initiatives to promote ethical standards, financial literacy, and best practices in the sector. UBA group managing director/CEO Oliver Alawuba welcomed the ICAN president and his delegation, expressing readiness to support ICAN's drive for excellence. Alawuba said: 'We are particularly excited about potential collaboration in the Graduate Management Accelerated Programme (GMAP), training initiatives, and other business opportunities that will create a win-win for both organisations.' The meeting also included the proposal to establish a branch of ICAN at the UBA House. Alaribe said: 'UBA is not just a financial powerhouse in Nigeria but a global leader with a strong presence across Africa and beyond. ICAN recognises the immense value UBA brings to the table, and we are excited to explore opportunities for collaboration in areas such as capacity building, professional development, and business expansion. 'This partnership will undoubtedly benefit our members and the broader financial ecosystem.' Earlier in March 2025, the Ekiti State Governor underscored the importance of ICAN's certification standards in maintaining the 'credibility' and 'high reputation' of the accountancy profession in Nigeria. His address highlighted the role that ICAN plays in upholding integrity within the industry. "UBA and ICAN to boost finance and accounting across Africa " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
