Elumelu says UBA’s investment in Chad fruitful
The Chairman, UBA Group Plc, Mr. Tony Elumelu, has applauded the bank’s decision to invest in Chad, stating that the move remains one of its best investment decisions to date.
He noted this during a presentation at a round-table forum, organized by the government of the Republic of Chad on Financing the National Development Plan 2017 – 2021. This forum was held in Paris between September 6th – 8th, 2017.
Elumelu, who was represented by the CEO, UBA Francophone Africa, Mr. Emeke Iweriebor, noted that investing in Chad had yielded great benefits for the bank as a Group, adding that the subsidiary had performed beyond expectation.
He said, “UBA Chad has contributed to the Chadian economy through financing infrastructure, a critical lever in sustainable development.
He went further to explain that UBA Chad is one of the Pan-African bank’s high performing subsidiaries in Africa and encouraged potential investors to look into Chad as an investment destination.
He explained that with presence in 19 African countries and in London, Paris and New York, UBA has supported several projects in Chad including a 60 Mega Watt Central Electricity power plant in Farcha.
UBA contributed $18.5million and led the syndication that raised $80 million for the project resulting in an improvement in the access to electricity in Chad by 3.9%.
At the forum, Elumelu noted that UBA will continue to support the government of Chad in its development initiatives in the areas of Infrastructure, Oil and Gas and other key sectors of the economy.
The Forum which was earlier opened by the Chadian President, His Excellency Idris Deby Itno, had in attendance, the President of Mauritania, His Excellency Mohamed Ould Abdel Aziz,
all the Chadian cabinet ministers, representatives from various governments including the governments of Japan, Canada, the U.S.A, Saudi Arabia, Switzerland and from the African Union, AfDB, EU, IMF, the IFC and many others.
He thanked the people and organisations who had come to support Chad, promising that the administration was going to put in the maximum effort to ensure that the development plan is successful.
‘This administration is a transparent one that is working with partners to ensure successful implementation of all the projects. It is the responsibility of the government to lead the country to sustainable development,’ he said.
