The Lion King | 35
News Roundup
UBA Plc is one of five banks that has
been selected by multinational com-
pany, General Electric (GE), to provide
N88 billion in supplier-finance for GE
manufacturing and assembly facility in
Calabar.
The aim is to have a financing program
that provides favourable financing
terms with GE support to selected
suppliers at the factory. Each of the five
selected banks will provide a line of
credit from $50m up to $100 million.
Speaking at a brief ceremony in Abuja,
the President and CEO of GE Nigeria Dr.
Lazarus Angbazo said the move repre-
sents a watershed in supplier financing
and efforts to boost government’s local
content policy in the Oil and Gas and
other sectors.
Also speaking at the signing ceremony
UBA Partners GE
on N88 Billion
Supplier-Financing
in Abuja, Sola Yomi-Ajaiyi, Divisional
Head, International Banking and Cor-
porate Branch said, “This partnership
agreement is something we are proud
of because it is with a company with
strong global reputation and credibility
showing a commitment to build Nigeri-
an companies into global champions."
L-R: John Rice, Vice Chairman and CEO, GE Global Operations; Ambassador Abdulkadir Musa, Permanent
Secretary, Ministry of Trade and Investment; Sola Yomi-Ajaiyi, Divisional Head, International Banking &
Corporate Branch, UBA; Jay Ireland, CEO, GE Africa, and Lazarus Angbazo, CEO, GE Nigeria during the
signing of the MOUwith UBA
UBA’s 2015 Strategy Session held recent-
ly, during which various strategic thrusts
were agreed towards achieving the
Bank’s corporate objectives in 2015.
UBA Sets Top Corporate Objectives for
2015
At the 3-day session, in which all of
the bank’s top business drivers were
represented, some of the strategic tar-
gets set include: the need for our bank
to achieve a top-3 in market share of
largest companies in target sectors
of the African economy; aggressively
exploit the value chains of our corpo-
rate oil and gas as well as public sector
customers; improve customer coverage
in our corporate banking and oil and
gas business; push for leadership in pub-
lic sector group, and increase industry
market share of our treasury business.
The Strategy Session also set a strategic
target of becoming the leading bank
in Nigeria and drive African subsidiar-
ies’ profitability by exploiting regional
opportunities.
GMD/CEO, Phillips Oduoza charged
staff at the Session to be prepared to
work harder to achieve the bank’s
set targets in 2015 and drive UBA to
become the dominant and preferred
financial institution in Nigeria and across
Africa, while Board Chairman, Tony
Elumelu who actively participated in
the Session, also shared his vision on
the future of the bank and urged the
leadership team to galvanise the entire
workforce to rise to the occasion. Ac-
cording to him UBA has the right leader-
ship and workforce to deliver on the set
targets for 2015 and beyond.
Chairman, UBA Plc, Mr. Tony Elumelu, CON, sharing his vi-
sion on the future of the Bank during the strategy session
