By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Pan-African lender, United Bank for Africa Plc (UBA) said on Monday it has won the largest lender award in the Agricultural sector of the Nigerian economy conferred on it by Lagos Chamber of Commerce and Industry (LCCI) at the chamber’s annual commerce and industry awards night.
UBA in a statement made available to InvestAdvocate said the LCCI awards night recognises, promote and celebrate private and public sector institutions operating in Nigeria for best business practices, growth through innovations, business sustainability and positive impact on people and the society.
The bank was honoured for its consistency in supporting the growth of agriculture in Nigeria. UBA, as far back as 2009, floated the largest private sector funding scheme of N50 billion to support agriculture and agro-processing industries in Nigeria. Since then, UBA have sustained its commitment to the agricultural sector by committing an average of seven (7) percent of its loan book to agricultural financing, well above the banking industry average of four (4) percent.
The bank was also one (1) of the two (2) banks selected in 2010 to administer the N200 billion agriculture fund set up by the Central Bank of Nigeria (CBN) because of the bank’s commitment to agricultural financing as well as its spread across the country.
Aderemi Bello, president of the LCCI listing some of the considerations in selecting winning companies for the LCCI awards said that companies that were selected were 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.
According to included; compliance with set standards, regulations, level of disclosure and corporate governance.
On his part, Phillips Oduoza group, managing director (GMD) of UBA Plc, thanked LCCI for the recognition given to the bank, assuring that UBA will continue to support the agricultural sector.
“Agriculture is key to diversifying the Nigerian economy from dependence on oil. As has demonstrated by us over the years, we will coninue to support and lend to the sector not only in Nigeria but across Africa” Oduoza said.
The LCCI is the foremost private sector group in Nigeria with over 1,500 corporate members accounting for an estimated 70 percent of industrial output, 70 percent of general commerce and 75 percent of financial services in the country.
Shares of UBA declined 1.92 percent as it opened trading at N4.15 and closed at N4.08; losing 0.07 kobo per share.
