Business
Ardova Commends Stanbic IBTC’s Support for LPG Storage Project
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AP LPG terminal, a fully owned subsidiary of Ardova PLC, on Wednesday, 19 January 2022, performed the groundbreaking ceremony for the construction of a 20,000 metric tonne Liquified Petroleum Gas (LPG) storage terminal at the project site in Ijora, Lagos. The ceremony signified the official commencement of construction activities which is expected to be completed in December 2022.
Upon completion, the project will be the largest LPG storage facility in the nation and will ease some of the existing bottlenecks in the value chain for the supply of cleaner and more efficient energy for domestic use (cooking gas) in Nigeria, amongst other strategic benefits.
Olumide Adeosun, Group Chief Executive Officer, Ardova PLC, expressed his appreciation to Stanbic IBTC Infrastructure Fund for its commitment to the project and noted that the importance of having formidable partners for project development, planning, execution, and investment support cannot be overemphasised.
“We are pleased to have the support of the Stanbic IBTC Infrastructure Fund for its pioneering role in a transformational project within the LPG value chain, which will undoubtedly accelerate the various energy transition initiatives currently underway at Ardova PLC. This support has helped us commence construction of this 20,000 metric tonne LPG storage terminal, which is expected to bring efficiency and reliability of LPG supply to Nigerian consumers as well as create long term value for our shareholders; and for this, we are thankful”.
He noted further that “Beyond the cleaner energy premise, approximately 600 direct jobs will be created during the construction of the project and there is a multiplier effect of about additional 1,400 indirect jobs that will be created during the construction period after which it settles to about 250-300 jobs once the project becomes operational.
Oladele Sotubo, Chief Executive, Stanbic IBTC Asset Management, noted in his remark that “Across the globe, cleaner energy investments have continued to be the focus. Given the environmental sustainability benefits of this project, Stanbic IBTC Infrastructure Fund’s investment philosophy is properly aligned, hence the support for the 20,000 metric tonne Liquified Petroleum Gas (LPG) storage facility terminal”.
A portion of the first Tranche of the N100 billion Stanbic IBTC Infrastructure Fund, which closed in August 2021, was used to part finance the LPG storage terminal.
Sotubo went on to express his gratitude to Ardova for partnering with Stanbic IBTC Infrastructure Fund and used the opportunity to also commend all the Tranche 1 investors, including institutional investors such as Trustfund Pensions, Veritas Glanvills Pensions, NPF Pensions, Fidelity Pensions, Crusader Sterling Pensions, Agip CPFA, Progress Trust CPFA, AIICO Insurance, and other High Networth Individuals (HNIs), for the confidence reposed in the fund. He pointed out the impact their investment is making in terms of solving some of Nigeria’s infrastructure bottlenecks, creating jobs while earning returns. “As an organisation, we remain committed to bridging Nigeria’s infrastructure deficit through the provision of investment capital needed to develop projects”, he added”.
The Stanbic IBTC Asset Management Chief Executive highlighted that the Stanbic IBTC Infrastructure Fund remains dedicated to meeting the investment needs of its clients, providing them with the right investment vehicles, opportunities and professional investment services needed to achieve their financial objectives. He urged institutional investors such as pension fund administrators, insurance companies and asset managers to explore the unique opportunities of the Stanbic IBTC Infrastructure Fund in meeting their long-term financial goals.
Stanbic IBTC Infrastructure Fund remains committed to funding infrastructure projects with competitive return profiles, sustainable environmental practices, and the potential to positively impact the economy.
Business
Green Finance and Sustainability: UBA Launches Group-Wide Climate Action Week
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has launched a Group-wide Climate Action Week to deepen climate awareness, promote responsible environmental practices and advance sustainable finance across its African and international operations.
The five-day campaign, running from October 26 to 30, 2026, is themed “Banking on Africa’s Climate Future” and reflects the Bank’s commitment to integrating environmental responsibility into its operations, customer engagement and financing solutions.
The initiative commenced with the deployment of waste segregation bins across UBA offices and measures to reduce the use of single-use plastics at the Bank’s head offices. These activities underscore UBA’s commitment to translating sustainability principles into practical actions within its workplace and across its wider ecosystem.
Throughout the week, UBA will disseminate educational content across its media and digital platforms to highlight the causes and consequences of climate change, including its impact on food prices, energy consumption and urban flooding. The campaign will also promote responsible plastic disposal, recycling and the critical role of financial institutions in financing clean energy, sustainable agriculture and other environmentally responsible businesses.
As part of the campaign’s community engagement component, UBA staff volunteers will participate in a Group-wide clean-up exercise on Saturday, November 7, in major cities across its markets. In Nigeria, the exercise will take place in Lagos, Kano and Port Harcourt, mobilising employees to contribute directly to cleaner and healthier communities.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, emphasised the importance of collective responsibility in addressing the growing impact of climate change.
“Climate change is no longer a distant environmental concern; it is increasingly shaping everyday life across Africa. We see its effects in rising food costs, increased energy demand and flooding that disrupts homes, businesses and livelihoods.
“At UBA, we believe that building a sustainable future requires collective action, beginning with the choices we make at work, at home and in our communities. Through this Climate Action Week, we are encouraging every member of the UBA Tribe, alongside our customers and other stakeholders, to embrace practical, sustainable habits and inspire others to do the same,” Alawuba said.
As part of its stakeholder engagement activities, UBA will sponsor Climate Convergence Week in Lagos on Friday, October 30, where the Bank will deliver a speaking session and participate in a panel discussion. The engagement will provide an opportunity to showcase UBA Green Finance, highlight the Bank’s sustainability initiatives and explore how financial institutions can support Africa’s transition to a more sustainable and climate-resilient economy.
Alawuba, noted that climate considerations were increasingly important to business resilience, risk management and long-term economic growth.
“Climate change presents significant risks to businesses, communities and economies. These risks can affect business continuity, operating costs and financial performance, making sustainability an increasingly important consideration for both businesses and the financial institutions that support them.
“Through UBA Green Finance, we seek to support eligible businesses investing in cleaner technologies and more sustainable operations. By helping customers explore financing solutions aligned with their needs, we can contribute to a more resilient private sector while unlocking opportunities for sustainable economic growth across Africa,” Alawuba further said.
In a further step towards strengthening its sustainability capabilities, UBA is set to join the Sustainability Professionals Institute of Nigeria (SPIN). The move is expected to deepen the Bank’s environmental, social and governance (ESG) expertise and support the continued professional development of its employees in sustainability-related disciplines.
The Climate Action Week forms part of UBA’s broader sustainability strategy, which integrates environmental responsibility into its Customer First philosophy through responsible business practices, employee engagement, community initiatives and green finance. By combining awareness, practical action and financing solutions, the Bank aims to encourage more sustainable choices while supporting businesses and communities in navigating the challenges and opportunities of climate change.
United Bank for Africa is one of Africa’s leading financial institutions and one of the largest employers in the continent’s financial sector, with approximately 25,000 employees and over 45 million customers globally. Operating in 20 African countries, as well as the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, advancing financial inclusion and leveraging technology to deliver innovative financial solutions.
Business
UBA Secures Court Order Against Vitol, Four Others in $242m Petroleum Products Diversion Claim
A Lagos State High Court, last Thursday, granted interim preservative orders of Mareva Injunction against Vitol SA – a Switzerland based Energy Trading company, and four other shipping companies in favour of United Bank for Africa Plc.
The bank alleged Vitol of wrongful release of cargoes of petroleum products which were consigned to the order of United Bank for Africa Plc in the Bills of Lading.
Addressing the Court, Bode Olanipekun, SAN, lead counsel for United Bank for Africa, urged the Court to grant the interim preservative orders against Vitol and the other shippers.
In a ruling on the application, the presiding judge, Honourable Justice K. A. Jose (Mrs.) granted three prayers in UBA’s application, including requests to restrain the dissipation of assets and dealings with funds up to the disputed amount by Vitol S.A.
“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.
The application was brought pursuant to Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.
UBA is seeking to contend in the substantive proceedings that Vitol SA and the owners of the vessels, are liable for alleged conversion, misrepresentation and negligence arising from the non-delivery of the petroleum products.
UBA also cited 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service, in connection with the application.
In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, stated that the bank issued a letter of credit for the benefit of Vitol SA to facilitate a petroleum products transactions.
UBA alleged that the cargo was transported to Nigeria and that the vessels’ masters issued several bills of lading.
The bank further alleged that Vitol subsequently endorsed the bills of lading “to the order of” UBA and handed over the original copies to it.
UBA maintained that the endorsement entitled it to take possession of the cargo upon completion of the voyage.
However, Chilaka stated that the bank had not received the gasoil despite the completion of the voyage.
“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.
UBA alleged that the cargo was instead, applied to the use of another party, contending that the respondents’ failure to deliver it amounted to conversion and negligence.
The bank argued that the respondents had obligations arising from the transaction and the endorsement of the shipping documents, which it claimed were not fulfilled.
The bank alleged that the cargoes associated with those transactions were also diverted to the use of other parties after their voyages, rather than delivered to UBA.
Business
Pan-African Bank Empowers Students with Digital Skills on 14th Ecobank Day
Ecobank Nigeria has commemorated the 14th edition of Ecobank Day, its flagship Group-wide Corporate Social Responsibility (CSR) initiative, across four regions of the country, reaffirming its commitment to empowering communities through education and digital inclusion.
The selected schools include: Hope Fountain Foundation for the Deaf, Agege, Lagos; Ibadan School for the Deaf, Ibadan; Special Secondary School for the Deaf, Odakpu, Onitsha, and Kaduna State Special Education School, Kaduna.
This year’s Ecobank Day was celebrated under the theme, “Digital Education,” with a focus on equipping persons with disabilities and young people with essential digital skills that can enhance their educational, personal, and career development in today’s technology-driven world.
The initiative underscores Ecobank’s commitment to extending its impact beyond banking by helping to equip Africa’s youth with the digital and artificial intelligence (AI) skills required to succeed in the future economy.
As part of the programme, Ecobank employees visited selected schools across the four regions, where they conducted digital literacy sessions and donated learning materials and educational resources to support students’ development and prepare them to thrive in an increasingly digital world.
Speaking during the commemoration, the Managing Director/Regional Executive, Ecobank Nigeria, Bolaji Lawal said: “It is a pleasure to join you today as we commemorate the 14th edition of Ecobank Day, our Group-wide Corporate Social Responsibility initiative dedicated to creating meaningful impact across the communities we serve. “Ecobank Day reflects our commitment to being more than a bank. It demonstrates our dedication to empowering people and contributing to sustainable development across Africa.”
Bolaji noted that digital education has become increasingly important in bridging knowledge gaps and creating opportunities for young people, particularly those living with disabilities, enabling them to participate fully in today’s digital economy.
School proprietors and administrators who participated in the programme commended Ecobank for the initiative, describing it as a timely intervention that will help broaden students’ access to digital knowledge and opportunities.
They expressed appreciation to the Bank for investing in the future of young people and supporting inclusive education within their communities.
For 14 years, Ecobank Day has served as an annual platform for Ecobank employees across Africa to give back to society through impactful volunteer activities that address critical social challenges.
The initiative continues to demonstrate the Bank’s dedication to fostering sustainable development and creating lasting positive change across the communities where it operates.






