• GROUP
  • CAREERS
  • UBA FOUNDATION
  • ATM/BRANCH LOCATOR
  • OPEN AN ACCOUNT
Close
Sierra Leone
  • Nigeria
  • Benin
  • Burkina Faso
  • Cameroon
  • Tchad
  • RDC
  • Cote d'ivoire
  • Gabon
  • Ghana
  • Guinea
  • Kenya
  • Liberia
  • Moçambique
  • Senegal
  • Tanzania
  • Uganda
  • Zambia
  • France
  • America
  • Mali
  • UK
  • Foundation
  • Alumni
  • UAE
  • France

 

    MENUMENU
    • INTERNET BANKING
      • Personal
      • Business
    • Personal
      • Personal
        • UBA Personal Banking

          At UBA, we are constantly thinking about you! We create accounts tailored to your individual needs as a valued customer and are constantly developing new products and services to help make banking and life easier for you

      • Savings Accounts
        • Savings Account

      • Money Transfer
        • Easily transfer cash to countries outside your region.

          UBA international money transfer Is a secured electronic payment service that allows money transfer across African countries and beyond.

      • Loans & Payments
        • Loans & Payment

          No matter what your needs are, we are here for you. ​

      • Cards
        • Our cards are highly convenient to use anytime.

          Our cards are issued to clients that perform one or more of a number of services that relate to giving the client access to numerous services.

      • Current Accounts
        • Our Current account enables you bank wisely.

          A UBA Current Account is suitable for everyone, whether employed, self-employed, students, artisans, or members of the diaspora.

      • UBA Connect
        • UBA Connect

          With UBA Connect, our customers can make cash withdrawals, deposits and transfers at any UBA branch across Africa

    • Digital Banking
      • Digital Banking
      • Notification Services
      • Mobile Banking
      • Instant Bills Pay
    • Diaspora Banking
      • Diaspora Banking
    • Media
      • Press Release
      • News
      • Blog
      • Gallery
      • Financial Reports
      • Newsletter
    • ABOUT US
      • About UBA ( SL )
        • History

          About UBA Sierra Leone

      • Careers
        • Careers

          See our Latest Job openings

      • History
      • Leadership
      • Moving to Sierra Leone
      • Information Security Policy
      • Privacy Policy
      • Terms & Conditions
    • Help
      • Help
      • Contact
      • Whistle Blowing
  • LOG IN
UBA Sierra Leone

United Bank for Africa Provides $200 Million for Nigeria’s Petroleum Industry – Timely Financing For Post COVID Economic Growth

By ubasierraleone on August 5, 2020

 

 

 

United Bank for Africa Provides $200 Million for Nigeria’s Petroleum Industry – Timely Financing For Post COVID Economic Growth

Acts as Facility Agent Bank for Nigerian Commercial Banks in the $1.5 Billion Facility to Boost Nigerian Oil Production and Government Revenue

Lagos, 04 August 2020…// 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.

Posted in Press Release.
Share
←  NewerHeirs Holdings Appoints Dan Okeke as Group Executive Director
Older  →Sierra Leone’s President Julius Maada Bio Highlights Three Development Milestones in One Week, Launches Insurance Scheme for Workers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Banking With Us
    • Personal Banking
    • Digital Solutions
  • Helpful Information
    • Savings Account
    • Current Account
    • Cards
    • Contact Us
  • About UBA
    • Business Focus
    • UBA History
    • Achievements
    • Strength & Ratings
  • Resources
    • Shareholders Information
    • Key Figures
    • CEO's Overview
    • Analyst's Reports
    • Reports
  • Connect
    Sign Up for Our Newsletter

    **I agree that UBA Group and its affiliates may use my contact details to send me communications

    Download on the App Store Get it on Google Play






UBA Sierra Leone is licensed and regulated by the Central Bank of Sierra Leone.
  • © 2025 United Bank for Africa. All Rights Reserved.
  • Terms and Conditions Privacy Policy
  • INTERNET BANKING
    • Personal
    • Business
  • Home
  • Personal
    • Personal
    • Savings Accounts
    • Money Transfer
    • Loans & Payments
    • Cards
    • Current Accounts
    • UBA Connect
  • Digital Banking
    • Digital Banking
    • Notification Services
    • Mobile Banking
    • Instant Bills Pay
  • Diaspora Banking
    • Diaspora Banking
  • Media
    • Press Release
    • News
    • Blog
    • Gallery
    • Financial Reports
    • Newsletter
  • ABOUT US
    • About UBA ( SL )
    • Careers
    • History
    • Leadership
    • Moving to Sierra Leone
    • Information Security Policy
    • Privacy Policy
    • Terms & Conditions
  • Help
    • Help
    • Contact
    • Whistle Blowing
  • Personal
  • Business