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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.
News
NHRC calls for suspension, prosecution of senator Fadahunsi over threat to kill Accord Party supporters
The National Human Rights Commission, NHRC, has urged the senate, to suspend the senator representing Osun West, Francis Adenigba Fadahunsi for threatening to kill Accord Party members and supporters if they come out to vote on Saturday.
The senator, while addressing party supporters at Ilesha on Saturday, threatened Accord Party members and urged his party loyalists to kill them if they come out to vote in the coming governorship election August 15.
“From now on, whenever you see Accord members, kill them. I authorise you to kill them. They have wives and children too. This is a Federal Government election. On election day, even if they come with voter cards, we won’t allow them to vote,” the PDP senator said.
Reacting to the development, the Executive Secretary of the Commission, Tony Ojukwu, SAN, said the statement was capable to setting the nation ablaze and lead to abuse of rights of citizens as well as loss of lives.
He described this remarks as incitement to murder, electoral violence, and voter intimidation, saying no well meaning Nigeria should sit by and allow such rhetoric to be tolerated without consequences from the law enforcement authorities.
Ojukwu said it was not enough for the Senator to attempt explaining what he meant by the threat after the massive rebuke from the public, adding that many of his followers have already taken his directives to heart.
In a statement Wednesday, Ojukwu also urged all party chairmen to issue directives to their members to desist from any hateful , inciting, intimidating and call to violence statements ahead of all coming up elections.
“Any candidates or party faithfuls who violate these directives should be called out for violating constitutional and electoral frameworks for peaceful elections and should be surrendered to law enforcement authorities for prosecution,” Ojukwu said.
“This is not politics. This is a licence to kill. A public officer who tells citizens to murder other citizens because of party affiliation must not be allowed to remain in office for one more day,” Ojukwu said.
“The Senate leadership is hereby called upon to suspend Senator Fadahunsi immediately pending conclusive investigation by the police.
The Police and DSS must also arrest, investigate, and prosecute him now. We cannot wait until blood is spilled in Osun before we act. Prevention is the duty of the state and the leadership of the NASS is part of the state.”
The alleged remarks come days before the August 15 Osun governorship election
The NHRC said that given the gravity of the statements attributed to the Senator in the video, the matter requires urgent investigation by security agencies under due process.
The Commission is calling on authorities to immediately suspend Senator Fadahunsi from all Senate duties pending investigation.
The Commission urged citizens of Osun to remain peaceful and to report any threats to the Commission and relevant authorities as it has set up a situation room to report and document such incidents during the election period.
News
I have no regrets for my statement, I won’t apologize- says Sheikh Yahya Jingir
Sheikh Yahya jingir, an Islamic cleric and leader of the Izala Scholars Council, has said he has no regret over his recent declaration of support for a Muslim-Muslim presidential ticket, despite criticisms trailing the statement.
Jingir, who spoke in an interview with BBC Hausa monitored by Nationwide Reports on Wednesday, said his position was not politically motivated or intended to campaign for President Bola Ahmed Tinubu, but was based on what he described as his responsibility as a Muslim.
He said he would continue to support and encourage Muslims to back a Muslim-Muslim ticket, regardless of the criticisms his position might attract.
“I will continue to support and encourage the Muslim-Muslim ticket. What they say would not stop me. They started it; at a point, we suffered in their hands,” he alleged.
The cleric had, during a mass wedding organised by the Kano State Government for 1,500 couples, declared his support for the Muslim-Muslim arrangement and urged Muslims to vote in a manner that would demonstrate their numerical strength in the country.
Jingir said he decided to support the arrangement after President Tinubu “raised the flag” of the Muslim-Muslim ticket.
He added that, as a Muslim preacher, he had the right to advocate a political arrangement that was consistent with his religious convictions.
The cleric also challenged claims that Christians or other religious groups constituted a larger population than Muslims in Nigeria.
His remarks have continued to generate reactions, with some commentators describing them as divisive, while others have defended his right to express his religious and political views.
News
Nigerian senator Francis Adenigba Fadahunsi urges loyalists to kill Accord party members, supporters on Osun election day
Francis Adenigba Fadahunsi, the senator representing Osun East Senatorial District, has threatened to kill Accord Party members and supporters if they are seen on election day.
The Osun state governorship election is taking place on Saturday August 15.
Fadahunsi, who spoke in Yoruba while addressing supporters in Ilesha, said there would be trouble if members of the Accord Party were seen in the area, urging his supporters to come out and vote during the election.He also called on those present to record his statement, while making a remark that suggested his supporters would confront Accord Party members if they encountered them before the election.
“If we hear of Accord Party members coming to Ilesha, there will be trouble. We will all come out and vote. Please record me. We are here, and between now and the election, if we see anyone from the Accord Party, we will kill them,” he said.
The statement comes amid heightened political activities in Osun State ahead of the governorship election, with political parties intensifying campaigns and mobilisation of supporters across the state.
Fadahunsi is a member of the Peoples Democratic Party (PDP) and currently represents Osun East Senatorial District in the National Assembly.
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