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Union Bank partners UGEAP to propel renewable energy market in Nigeria
Lagos, Nigeria – Luxembourg based Universal Green Energy Access Programme (UGEAP), and Union Bank of Nigeria have formalised the basis for a strategic partnership to catalyse the development of the renewable energy market in Nigeria.
This collaboration, marked initially by a Memorandum of Understanding (MoU), aims to drive sustainable energy access for households and small and medium businesses across Sub-Saharan Africa, primarily focusing on Nigeria.
UGEAP, a 15-year blended finance facility, is dedicated to supporting the transition to sustainable energy. The United Nations Green Climate Fund (GCF) has committed the anchor investment to UGEAP, with DWS Investment S.A. as the Investment Manager.
Union Bank of Nigeria is a venerable financial institution established in 1917. The bank brings its vast experience and a comprehensive portfolio of banking services to this partnership. With over 293 service centres and more than 937 ATMs spread across Nigeria, it is a trusted partner in the financial sector.
Recognising the critical need for energy in Nigeria and the shared ambition to increase the proportion of renewable energy in the energy mix, the Parties have identified key areas of focus, which include meeting the energy demands in Nigeria, reducing industry and corporate dependence on expensive electrical energy to align with climate targets for CO2 emissions reduction, promoting solar home solutions, mini-grids for first-time electrified communities, and both off-grid and on-grid renewable energy production for corporates and productive use of energy.
In line with this, Union Bank and UGEAP commit to cooperating on a joint initiative with the specific goal of mobilising and deploying USD 500 million in funding and technical assistance over the next five (5) years. This initiative aims to advance the renewable energy sector, benefit businesses and communities in Nigeria, and contribute to the broader sustainability goals in Sub-Saharan Africa.
Speaking about the partnership, Mudassir Amray, Managing Director and Chief Executive Officer of Union Bank, said:
“Union Bank of Nigeria is proud to align with UGEAP in this groundbreaking initiative. Our longstanding commitment to fostering growth in Nigeria and UGEAP’s expertise in renewable energy positions us to drive meaningful change. This collaboration marks a milestone in pursuing renewable energy development in Nigeria, promising a more sustainable and resilient future for our communities.”
Also commenting on the partnership, Michael Hoelter, Senior Investment Principal of the Sustainable Investments team at DWS, expressed:
Renewable energy technology is a highly flexible solution for local solutions to the global target to de-carbonise industry and the financial system. Be it pay-as-you-go or roof-top installations for corporates, customers do not have to wait for the national grid to be reinforced to obtain electrical energy reliably. Solar power beats the noise of generators and can also beat the cost. UGEAP aims to multiply its capital contribution with the strength of local partners with a strategic alignment to bring clean energy to households and industrial users. We are glad to welcome Union Bank to the already existing partners in this joint development path.
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Note to editors:
About Union Bank Plc:
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria.
The Bank currently offers a variety of banking services to both individual and corporate clients, including current, savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance. The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.
More information can be found at: www.unionbankng.com
Media Enquiries: Email acomolayole@unionbankng.com
About Universal Green Energy Access Programme (UGEAP):
UGEAP is a 15-year blended finance facility that aims to contribute to the transition to sustainable energy by supporting clean energy access for households and small and medium businesses in Sub-Saharan Africa. UGEAP’s anchor investment has been committed by the UN Green Climate Fund (“GCF”), with DWS acting as the Investment Manager. The initial target countries for UGEAP are Benin, Ethiopia, Kenya, Namibia, Nigeria, Tanzania, and Uganda, together with any other Sub-Saharan African countries which may be determined by DWS and approved by the GCF.
UGEAP has two components, i.e., the Fund and the Technical Assistance Facility. The Fund aims to support the debt financing needs of the renewable energy sector in Sub-Saharan Africa, primarily servicing off- and on-grid populations and businesses. The Fund provides funding through and along financial intermediaries to benefit commercial businesses that develop, build, and operate renewable energy installations, provide clean energy access to households and businesses, or provide ancillary services in the energy supply chain and serve markets in Sub-Saharan Africa. In parallel to the Fund, technical assistance resources are made available through a Technical Assistance Facility to further the objectives of UGEAP as described above. They will achieve this by developing the pipeline of viable transactions, strengthening the infrastructure for financing energy access companies, and expanding the capacity of companies in the UGEAP portfolio, among other enabling activities.
President Bola Tinubu on Monday disclosed that his government has created 650,000 jobs through its National Micro, Small and Medium Enterprises (MSME) Clinics in 19 states of the Federation and the Federal Capital Territory (FCT).
Tinubu also vowed to remove all bottlenecks militating against Nigerians turning ideas and skills into successful businesses.
The President made this known via his verified X handle, @officialABAT and explained that a tailor should not need millions of naira to buy industrial machinery before she can grow her business while a food processor should not have to build a factory before producing at scale.
This, he stated, informed why the Federal Government, “under our Renewed Hope administration, is investing in shared MSME hubs through our National MSME Clinics, giving entrepreneurs access to modern equipment, reliable power and production facilities without carrying the full cost alone.”
According to Tinubu: “Today, 21 shared facilities across 19 states and the FCT are supporting businesses and an estimated 650,000 jobs. ReadPolitical News
“Nigerians do not lack ideas, skill or ambition. Too often, they lack access to the tools and infrastructure needed to turn them into successful businesses.
“Our job is to remove those barriers.
“When small businesses can produce more, at lower cost, they become more competitive. They grow. They employ more people. They create income and opportunity for Nigerian families.
“Giving Nigerian enterprise the tools to succeed is how we build prosperity from the ground up. That is the Nigeria we are building.”
Health professionals have warned that regular consumption of shawarma containing high amounts of salt, sugar, fat, seasoning and processed meat may contribute to hypertension, obesity, diabetes and kidney disease.
Excessive salt can raise blood pressure and put additional strain on the kidneys, while high-calorie sauces may contribute to weight gain.
Nutrition experts advised Nigerians to eat shawarma in moderation, use less mayonnaise and other sauces, choose lean grilled meat and add more vegetables. Consumers were also urged to check vendors’ cleanliness and avoid food prepared where ingredients are exposed to flies, dust or poor handling.
A recent report by experts also warned that frequent consumption of Shawarma may increase the risk of other food-borne infections and long-term health problems.
The report contains documented cases of people who suffered vomiting, diarrhoea, stomach pain and weakness after eating shawarma, with some requiring hospital treatment.
According to the report, poor hygiene could allow bacteria and other contaminants into shawarma, causing illnesses including cholera, dysentery, typhoid and salmonellosis.
It also raised concerns about mayonnaise and creamy sauces kept without proper refrigeration and warned that poor storage could encourage bacterial growth and increase the risk of food poisoning.
A study cited in the report found bacterial contamination in ready-to-eat shawarma sold on the streets
Experts also raised concerns about processed meat such as sausage, noting that the International Agency for Research on Cancer classifies processed meat as carcinogenic to humans.
The mystery surrounding the death of a man whose body was found by the roadside in Abuja has taken a new turn, with police tracing the case through his missing mobile phone to a married woman who allegedly spent time with him at a hotel.
The FCT Commissioner of Police, Mohammed Sanusi, disclosed this on Saturday in Abuja, saying investigators arrested Rukayat Muhammed after tracing the deceased’s final communications.
The man was found dead on August 26 along the Kubwa Expressway, near Katampe under the bridge, after his family had earlier reported him missing.
According to the police, the case initially raised suspicion of a possible “one chance” incident. Investigators, however, established that the dead man was the missing person after identifying his remains.
Sanusi said the deceased’s mobile phone was missing and had been switched off. Police investigators subsequently traced his last known communication, leading them to Rukayat, a resident of Garki Area 2.
Investigators reportedly discovered that Rukayat, who is married, was allegedly in a romantic relationship with the deceased. The police said she had saved his contact under the name “Safiyat.”
The CP said the pair had lodged at Good Samaritan Guest House on 2nd Avenue, Gwarinpa, where the man later died.
Sanusi said Rukayat allegedly discovered that the man was no longer breathing but failed to alert the police or hotel management. Instead, she allegedly took his phone and left the hotel.
The case took another turn when hotel management later discovered the man’s body inside the room after attempts to contact the occupants failed.
Rather than reporting the discovery, two hotel staff members, Ibrahim Omeiza and Kefat Bitrus, allegedly removed the body from the room and transported it to the Kubwa Expressway, where they dumped it under the Katampe bridge.
The police said the action was apparently intended to distance the hotel and its management from the death.
Sanusi said detectives were still working to establish exactly how the man died and determine the individual roles of those connected to the incident.
He warned that anyone found to have participated in the death, concealment or abandonment of the body would face prosecution.
The commissioner said the investigation remains ongoing.
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