UBA GMD/CEO Urges African Banks To Use US-Africa Business Leaders Summit To Grow Capacity

Lagos; 07/08/2014; The Group Managing Director/CEO, UBA Plc  Mr. Phillips
Oduoza has called on financial institutions in Africa to seize the
opportunity provided by the President Obama led US-Africa Business Leaders
Summit and the enthusiasm about Africa, to grow capacity.



According to him, much of the challenges of financing growth and
development on the continent lie in the hands of financial institutions,
working in collaboration with international development finance
institutions, investors, and private equity firms particularly from the
US.



Speaking in Washington DC, the UBA boss said the three-day summit will
impact positively on helping to change the information asymmetries about
Africa in the US and the rest of the world. Beyond the negative press
about the continent in the western media, he said there are a lot of
positive developments in Africa, with stable democracies in most
countries, improved business climates and abundant investment
opportunities in agriculture, power, transportation, telecommunications,
energy and other sectors.



“As one of the largest banks on the continent, with operations in 19
African countries,  we have made huge investments in these countries and
have continued to grow our business as well as contributing to the finance
and developmental needs of these countries” he stated.



Describing the summit as the largest gathering of investors, financiers,
businessmen and political leaders from Africa and the US, he commended
President Obama, US, Commerce Secretary, Penny Pritzker and Bloomberg for
organising and making the conference a reality. “Though long overdue. It
is better late than never” said Oduoza



The Business Forum focused on strengthening trade and financial ties
between the United States and Africa. President Obama, who also
participated in the Business Forum along with Secretary Pritzker and Mayor
Bloomberg, as well as other senior U.S. government officials, said Africa
is a fundamental part of our interconnected world and partners with
America, noting that the partnership between USA and Africa “must be
grounded in mutual responsibility and mutual respect.” He called on Africa
leaders to strengthen their democracies and democratic institutions to
encourage investment inflow into the continent.



Held at the Mandarin Oriental in Washington, D.C., the U.S.-Africa
Business Forum aimed to intensify efforts to strengthen trade and
financial ties between the United States and Africa, and to create
partnerships that will promote trade, accelerate job growth, and encourage
investment. US companies and institutions announced $33 billion investment
into Africa during the summit.



African leaders engaged with business executives from both sides of the
Atlantic in conversations about successes and solutions to increase trade
with and invest in Africa. President Obama also participated in the
conversation with CEOs and government leaders from the United States and
Africa.



Oduoza, who participated actively at the Forum, also used the opportunity
to have one-on-one business meetings with top US company executives
seeking investment opportunities in Africa.



Other top Nigerian companies and government institutions at the event
were; Heirs Holdings, Chaired by Mr. Tony Elumelu, CON, Africa Finance
Corporation (AFC), A-Post, Central Bank of Nigeria (CBN), Dangote
Industries, Global Infrastructure Partners, Main One Cable Company,
Nigerian Sovereign Investment Authority (NSIA)//end.