Tony Elumelu’s UBA commits to attracting investments in ECOWAS mining sector

Feyisayo Ajayi -

United Bank for Africa Plc (UBA), a pan-African financial services group led by Nigerian businessman and philanthropist Tony Elumelu, has pledged to collaborate with the Economic Community of West African States (ECOWAS) to drive investments in the region’s mining and oil industries.

The pledge was reaffirmed at the fourth ECOWAS Mining and Petroleum Forum in Cotonou, Benin. Headed by Elumelu, renowned for advancing African capitalism via the Tony Elumelu Foundation (TEF), the group stressed its unwavering commitment to fostering economic growth and prosperity.

UBA’s CEO for Africa, Abiola Bawuah, affirmed the bank’s commitment to driving growth in the crucial sectors of mining and oil. Recognizing the pivotal role these industries play in shaping the economic landscape of ECOWAS member states, Bawuah highlighted the importance of investor-friendly policies and UBA’s financial support in catalyzing the transformation of these sectors into robust economic pillars.

“We believe that through collaborative efforts and sound financial strategies, we can propel the mining and oil industries towards sustainable development, unlocking their full potential for the benefit of the entire region,” she stated.

UBA, with its extensive footprint across 24 countries and a leading position in Africa’s financial landscape, has been actively participating in initiatives that empower African businesses. The bank’s partnership with the African Continental Free Trade Area (AfCFTA) underscores its commitment to fostering the growth of small and medium-sized enterprises (SMEs) across the continent.

Elumelu, the visionary leader of UBA, stands out not only as one of the wealthiest investors on the Nigerian Exchange but also as one of Nigeria’s richest individuals. His commitment to fostering entrepreneurship is evident through the Tony Elumelu Foundation and its flagship Entrepreneurship Program, which has empowered over 10,000 African entrepreneurs through seed capital, training, and mentorship.

In a significant move last year, UBA, under Elumelu’s leadership, inked a Memorandum of Understanding (MoU) with the African Continental Free Trade Area Secretariat (AfCFTA) to deploy $6 billion, aimed at fueling the growth of SMEs in import-dependent sectors. These sectors include agro-processing, automotive, pharmaceuticals, and transport and logistics.