Date Published: 11/18/09

UBA Backs Lonestar’s $10 Million Network Expansion Programme

Tony Elumelu,G MD/CEO UBA

United Bank for Africa (UBA) Liberia Limited has signed a $10 million financing deal with Liberia’s leading telecom company, Lonestar Limited; a company owned 51% by MTN Communications Limited for a network expansion programme. The deal is one of the biggest single projects financing by a commercial bank in the country and underscores UBA Group’s role in project financing across Africa. 

Managing Director/CEO UBA Liberia, Mr. Ebele Ogbue led other UBA management team to sign the deal on behalf of the bank while Managing Director /CEO of Lonestar Liberia, Mr. Francois Joubert and the Deputy MD/CEO, Mr. Stephen Fleming signed on behalf of the telecom giant, Lonestar Liberia Limited. 

Mr. Ebele Ogbue said that the financing was part of the group’s policy of supporting investments in sectors such as the telecoms industry, especially given the increasingly role that telecommunication is playing in e-banking and e-commerce development in Africa. 

He  described the epoch making event as a key milestone in the history of project financing in the country, noting that Lonestar Communications; the Liberian subsidiary of MTN Communications which controls about 56% market share of the telecoms industry will now be able to expand its network and services, much to the delight of the people.

Managing Director/CEO Lonestar Limited, Mr. Francois Joubert in his remarks said that the collaboration is sign renewed optimism for economic growth and development in the country. According to him this kind of long-term financing is good for to the business environment and translates into increased investors’ confidence.  

United Bank for Africa Plc is one of Africa’s leading financial services institutions.  Operating in 13 African countries and with presence in global economic centers such as London, New York and Paris, UBA is connecting people and businesses globally and across Africa, creating huge opportunities for Africans and African related businesses.   

United Bank for Africa (UBA) Liberia Limited has signed a $10 million financing deal with Liberia’s leading telecom company, Lonestar Limited; a company owned 51% by MTN Communications Limited for a network expansion programme. The deal is one of the biggest single projects financing by a commercial bank in the country and underscores UBA Group’s role in project financing across Africa. 

Managing Director/CEO UBA Liberia, Mr. Ebele Ogbue led other UBA management team to sign the deal on behalf of the bank while Managing Director /CEO of Lonestar Liberia, Mr. Francois Joubert and the Deputy MD/CEO, Mr. Stephen Fleming signed on behalf of the telecom giant, Lonestar Liberia Limited. 

Mr. Ebele Ogbue said that the financing was part of the group’s policy of supporting investments in sectors such as the telecoms industry, especially given the increasingly role that telecommunication is playing in e-banking and e-commerce development in Africa. 

He  described the epoch making event as a key milestone in the history of project financing in the country, noting that Lonestar Communications; the Liberian subsidiary of MTN Communications which controls about 56% market share of the telecoms industry will now be able to expand its network and services, much to the delight of the people. 

Managing Director/CEO Lonestar Limited, Mr. Francois Joubert in his remarks said that the collaboration is sign renewed optimism for economic growth and development in the country. According to him this kind of long-term financing is good for to the business environment and translates into increased investors’ confidence.  

United Bank for Africa Plc is one of Africa’s leading financial services institutions.  Operating in 13 African countries and with presence in global economic centers such as London, New York and Paris, UBA is connecting people and businesses globally and across Africa, creating huge opportunities for Africans and African related businesses.