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China Development Bank, UBA Sign Letter of Intent for a $100 million Loan Deal to Support SMEs in Africa

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7 years ago

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Winners Emerge in 7th UBA Bumper Savings Account Promo

United Bank for Africa (UBA) Plc, a pan-African banking group and China Development Bank (CDB), the world’s largest development finance institution, on February 27, 2018 announced the signing of a letter of intent for  $100 million seven-year to finance the development of small and medium enterprises (SMEs) in Africa.

 

The $100 million loan will enhance UBA’s capacity to provide access to finance to small and medium enterprises (SMEs) across the 19 African countries where UBA currently operates.

 

“We are excited to partner with China Development Bank (CDB), the Development Financial Institution of the Chinese Government, on this historic transaction, as we strongly believe that the facility will serve as a catalyst to the sustainable development of commerce and industry in Africa through provision of critical financial interventions to SMEs across our presence countries,” says Group Managing Director/CEO, UBA Plc, Mr. Kennedy Uzoka.

 

Uzoka noted that fund would be timely, as it should complement the recovery of economic activities. It will also further encourage African entrepreneurship particularly as the funds will be applied to SMEs, which are important for inclusive growth on the continent.    

 

Speaking during the signing ceremony, Chairman of UBA Plc, Mr. Tony Elumelu said that the fund will boost small and medium scale enterprises across Africa, noting that CDB’s interest in supporting SMEs aligns with UBA’s vision in growing business across Africa.

 

“In UBA, CDB would have an enduring partner in reaching out to Africans as UBA provides banking services to over 14 million people across 20 African countries, and like CDB, UBA funds critical infrastructural projects on the continent’  Elumelu said. He expressed that he would like to see an even stronger relationship grow with CDB and UBA as well as with China and Nigeria.

 

Also commenting, the President of CDB, Mr. Zheng Zhijie, said the loan intent is the beginning of cooperation between UBA and CDB that would translate into an enduring business relationship between China and Africa and Nigeria in particular.

 

“UBA is a leading and dependable bank not only in Nigeria but Africa, and this partnership will help our Bank to accelerate its business objectives in Africa, more importantly as we deepen our investment in energy, road and rail constructions, infrastructure in Africa,” Zhije said

 

About United Bank for Africa (UBA):

UBA, Africa’s global bank, is one of the largest commercial banks in Nigeria incorporated which operates in 19 African countries whilst providing a wide range of products and services. The bank has been the leading financial institution to support various infrastructure projects, particularly power, telecom, transport and also social infrastructure such as hospital and education facilities to various countries in Africa. In Nigeria, the bank operates in each of the country’s 36 states, helping to deepen financial inclusion through its brick and mortar branches and revered digital banking platforms. Globally, UBA has over 1,000 branches and customer touch points, serving over 14 million customers.

 

About China Development Bank:

CDB, funded in 1994, is the world’s largest development finance institution and is the largest Chinese bank for foreign investment and financing cooperation.  CDB provides medium-to-long-term financing facilities that serve China’s major long-term economic and social development strategies. By the end of 2016, its assets grew to RMB 14.34 trillion, a balance of loans of RMB 10.32 trillion. CDB currently has 37 primary branches and 3 secondary branches on the Chinese mainland, one offshore branch in Hong Kong and five representative offices in Cairo, Moscow, Rio de Janeiro, Caracas and London

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Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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The Purple Blossom Dental Studio Opens Its Doors with State-of-the-Art Facilities in Moreleta Park

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22 hours ago

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April 5, 2025

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The Purple Blossom Dental Studio Opens Its Doors with State-of-the-Art Facilities in Moreleta Park

Excitedly, the Purple Blossom Dental Studio has officially reopened its doors in Moreleta Park, Pretoria, bringing advanced dental care and technology to the heart of the community. The studio, known for its dedication to providing top-tier service, has undergone a major upgrade, ensuring patients receive the highest standard of care in a serene and comfortable environment.

The studio caters to patients of all ages, offering a range of services from routine check-ups to specialized treatments. Whether you’re looking to maintain your oral health or seeking cosmetic dental work, the team at The Purple Blossom Dental Studio is committed to helping you smile with confidence.

“We are thrilled to be back and better than ever,” said the spokesperson for The Purple Blossom Dental Studio. “Our goal is to provide every patient with exceptional dental care using the latest technology and techniques, all while ensuring a relaxing and welcoming atmosphere.”

The Purple Blossom Dental Studio Opens Its Doors with State-of-the-Art Facilities in Moreleta Park

The studio invites new and returning patients to schedule their appointments and experience the difference that modern dental care can make. The clinic’s professional team is eager to meet the needs of the local community, and they emphasize that healthy, beautiful smiles are their top priority.

Location:
The Purple Blossom Dental Studio
1277 De Villebois Mareuil Drive
Moreleta Park, Pretoria

For Appointments:
Call 012 997 2040

This marks a significant milestone for The Purple Blossom Dental Studio, as it continues to expand its reach and elevate the dental care experience in Pretoria.
https://g.co/kgs/rJr1etX

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Reliable Source Defends Okunfulure Olusola Steve, Denies Money Laundering Allegations

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1 day ago

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April 4, 2025

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Reliable Source Defends Okunfulure Olusola Steve, Denies Money Laundering Allegations

 

A trusted and close associate of Mr. Okunfulure Olusola Steve has come forward to refute the widespread reports alleging his involvement in money laundering.

According to the source, who is based in the United States and has longstanding ties with Mr. Olusola, the Nigerian-born businessman is a legitimate entrepreneur with a verifiable professional background in the U.S.

“I want to categorically state that Olusola is not involved in money laundering,” the associate stated. “He is a law-abiding citizen who has never engaged in any criminal activity.”

The source clarified that Mr. Olusola was in Nigeria to attend a private function and was apprehended at Murtala Muhammed International Airport while returning to the U.S., with $30,000 in his possession. The issue reportedly arose due to his failure to properly declare the amount to airport authorities, which led to allegations of money laundering.

“This situation has caused significant distress to his family, friends, and associates, as Olusola is widely regarded as a person of integrity and good character,” the associate added.

It will be recalled that Justice Deinde I. Dipeolu of the Federal High Court in Ikoyi, Lagos, on Wednesday, April 2, 2025, convicted and sentenced Mr. Okunfulure Olusola Steve to three months imprisonment for money laundering. He was arrested on March 28, 2025, by operatives of the Nigeria Customs Service at the airport for failing to declare the $30,000 in his possession, in violation of the law.

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AARE ADETOLA EMMANUELKING AT 50: REDAN PRESIDENT CELEBRATES HIS VISIONARY LEADERSHIP

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2 days ago

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April 3, 2025

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AARE ADETOLA EMMANUELKING AT 50: REDAN PRESIDENT CELEBRATES HIS VISIONARY LEADERSHIP

 

It is with great pleasure that I, Prince Akintoye Adeoye, President and Chairman of Council of the Real Estate Developers Association of Nigeria (REDAN), on behalf of the entire Association, extend my warmest birthday wishes to you.

As you celebrate your birthday today, we recognize your outstanding contributions to the real estate industry. Your visionary leadership in making homeownership accessible and building Adron Homes & Properties into a leading brand sets a high standard for excellence. Your passion and dedication continue to inspire many of us in the real estate sector.

Today is not just a birthday; it is a celebration of your remarkable achievements, wisdom, and the abundant grace of God. From a visionary start to shaping the future of affordable housing in Nigeria, your leadership in the real estate sector has been ground-breaking.

REDAN is proud to recognize your invaluable contributions to the real estate sector and our association. As you step into this new age, may you be blessed with continued success and even greater accomplishments in all your endeavors.

Turning 50 is a momentous occasion, offering a time for reflection on the many successes and cherished memories that have shaped your journey. At REDAN, we wish you continued good health, wisdom, and divine grace as you keep contributing to the advancement of the real estate sector and our beloved nation.

May this year and the ones ahead be filled with even greater achievements, joy, and fulfillment.

Once again, happy 50th birthday, Aare Adetola Emmanuel King.

Thank you.

Yours faithfully,

FOR: REAL ESTATE DEVELOPERS’ ASSOCIATION OF NIGERIA

Prince Akintoye Adeoye
President & Chairman of Council

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