Temitope
Temitope Akinola
The United Bank for Africa has been conferred with an award as Nigeria's biggest lender to agriculture. The award was conferred to the bank by the Lagos Chamber of Commerce and Industry during the chamber's annual commerce and industry awards night.
The award was in recognition of UBA's consistent support towards growing Nigeria's agricultural sector. According to LCCI, UBA floated a funding scheme of N50bn to support agriculture and agro-processing industries in Nigeria. This was the largest private sector funding to the sector. The bank has not relented in its commitment to the agricultural sector as it's still committing seven percent of its loan book to agricultural financing, above the usual four per cent in the banking industry.
UBA's commitment was recognized by the CBN as the bank was one of the two banks selected in 2010 to administer the N200 billion agriculture fund which was set up by the apex bank.
Responding to the award, the Group Managing Director of UBA Plc, Mr. Philips Oduza said the bank will continue to support and lend to the agricultural sector in Nigeria but also in Africa. The sector is key to diversifying the Nigerian economy from dependence on oil.
On how the awarded companies were selected, LCCI President, Aderemi Bello said the companies that were selected are those that have broadly impacted on the society positively by challenging the status quo, redefining lifestyle, creating wealth and vitality and giving people increased confidence to become better at what they do. Other important things considered are compliance with set standards, regulations, level of disclosure and corporate governance.
Daily Independent
The award was in recognition of UBA's consistent support towards growing Nigeria's agricultural sector. According to LCCI, UBA floated a funding scheme of N50bn to support agriculture and agro-processing industries in Nigeria. This was the largest private sector funding to the sector. The bank has not relented in its commitment to the agricultural sector as it's still committing seven percent of its loan book to agricultural financing, above the usual four per cent in the banking industry.
UBA's commitment was recognized by the CBN as the bank was one of the two banks selected in 2010 to administer the N200 billion agriculture fund which was set up by the apex bank.
Responding to the award, the Group Managing Director of UBA Plc, Mr. Philips Oduza said the bank will continue to support and lend to the agricultural sector in Nigeria but also in Africa. The sector is key to diversifying the Nigerian economy from dependence on oil.
On how the awarded companies were selected, LCCI President, Aderemi Bello said the companies that were selected are those that have broadly impacted on the society positively by challenging the status quo, redefining lifestyle, creating wealth and vitality and giving people increased confidence to become better at what they do. Other important things considered are compliance with set standards, regulations, level of disclosure and corporate governance.
Daily Independent
