Banking Briefs
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UNITED Bank for Africa Plc is committed to increasing its lending to the agricultural sector. The bank stated this when it was named Nigeria’s Biggest Lender to Agriculture by the Lagos Chamber of Commerce and Industry, LCCI. The award was given at the LCCI annual Commerce and Industry Awards Night.
UBA was honoured on the night for consistently supporting the growth of agriculture in Nigeria. The bank, in a statement, said as far back as 2009, it had floated the largest private sector funding scheme of N50 billion to support agriculture and agro-processing industries in Nigeria. “Since then, UBA has sustained its commitment to the agricultural sector by committing an average of seven per cent of its loan book to agricultural financing, well above the banking industry average of four per cent.”
Phillips Oduoza, group managing director, UBA, thanked the LCCI for the recognition given to the bank, and gave the assurance that the bank would continue to support the agricultural sector. “Agriculture is key to diversifying the Nigerian economy from dependence on oil. As we have demonstrated over the years, we will continue to support and lend to the sector not only in Nigeria but across Africa” he said.
UBA was one of the two banks selected in 2010 to administer the N200billion Agriculture Fund set up by the Central Bank of Nigeria due to its commitment to agricultural financing and geographical spread across the country.
The statement quoted Remi Bello, president, LCCI, as saying that the companies which won the awards were selected because they had created wealth and improved the wellbeing of the Nigerians through employment creation among others. The LCCI recognises private and public sector institutions operating in Nigeria which have demonstrated best business practices, business sustainability and growth through innovations.
— Aug 24, 2015 @ 01:00 GMT
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