UBA Begins N239.4bn Capital Raise via Rights Issue, Paves Way for Strategic Expansion Nume Ekeghe United Bank for Africa (UBA) Plc. has initiated its N239.4 billion capital raise through a rights
issue, aimed at reinforcing its regulatory capital and advancing its ambitious growth strategy across Africa and beyond. The rights issue, which opened
today, will see the issuance of 6.84 billion ordinary shares at N35 per share, with shareholders entitled to one new share for every five existing shares as of the record
date on November 5, 2024. UBA said the capital raise underscored commitment to strengthening its lending capabilities, enhancing digital
infrastructure, and positioning itself for continued expansion in key markets. In a letter to shareholders, UBA Group Chairman, Tony Elumelu,
emphasised that the capital raise was part of a broader N400 billion equity programme, approved by Continued on page 5
Komolafe-led African Petroleum Regulators’ Forum Seeks Cooperation among Region's Oil Producers...
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Reaching a Milestone, FG Says It Has Hit 1.8m bpd Crude Oil Output, Targets 2m bpd Lokpobiri: This is the happiest day since my appointment, 2.5m bpd achievable
Emmanuel Addeh in Abuja The federal government yesterday
celebrated Nigeria’s achievement of a 1.8 million barrels per day crude oil and condensate output, after
struggling for at least four years to meet the quota allocated to it by the Organisation of Petroleum
Exporting Countries (OPEC). Also yesterday, the Minister of State, Petroleum Resources (Oil),
Senator Heineken Lokpobiri, claimed the feat marked his happiest day in office yet, stressing that looking
beyond the 1.8 million bpd crude Continued on page 5
FEC Approves N47.9 Trillion Budget Proposal For 2025 Okays $2.2bn new borrowing plan, N250bn real estate investment fund Crude oil price pegged at $75 per barrel, exchange rate N1,400 to dollar, and oil production of 2.06million barrels per day Deji Elumoye in Abuja The Federal Executive Council (FEC), yesterday approved a N47.9 trillion federal budget estimate for the 2025 fiscal year during its meeting at State House, Abuja. Briefing newsmen after the FEC meeting held at the Council Chambers and presided by President Bola Tinubu, Minister of Budget and Economic Planning, Atiku Bagudu, explained that the budget approval was part of the Medium Term Expenditure Framework (MTEF) for 20252027, in accordance with the Fiscal Responsibility Act 2007. Bagudu said the executive will put necessary efforts in place to ensure that the 2025 budget estimate was passed Continued on page 5
NIGERIA CELEBRATES 1.8MILLION BPD CRUDE OIL PRODUCTION MILESTONE... Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri speaks during a media briefing to announce the 1.8mbopd crude oil production milestone at the NNPC Towers in Abuja. The Minister is flanked to his right by the Chairman, NNPC Board, Chief Pius Akinyelure and to his left, by the GCEO NNPC Ltd, Mr. Mele Kyari ... yesterday