Union Bank Plc Has Sufficient Cover for Its N3.9 billion Loans To Telecoms Group 9mobile – Emeka Emuwa

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Emeka Emuwa
Emeka Emuwa

Emeka Emuwa Union bank’s MD said on monfay that Union Bank Plc has sufficient cover for its N3.9 billion ($10.69 million) loan to telecoms group, 9mobile and will therefore focus on lending to agricultural and real estate businesses. 

Reuters reported recently that lenders have agreed to extend a $1.2 billion loan which mobile operator 9mobile, formerly known as Etisalat Nigeria, took out four years ago but struggled to repay due to a currency crisis and a recession in Nigeria,

However, its been a success story of consistent rebranding and transformation for Union bank PLC under the leadership of Emeka Umuwa, CEO of Union bank. The MDs crusade to make the bank simpler and smarter is already yielding encouraging results for the bank.

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One area this transformation can also be easily seen in Union bank”s digital banking platforms. This is one area the bank is providing smarter and simpler banking services to customers.

One thing customers can expect when they walk into a Union bank branch is that, you’re expected to spend less time in the banking hall so that customers can have enough time to pursue their set business goals and targets set for the day.

This was precisely the MDs words, “Our aim is to make banking as simple as possible so customers spend less time carrying out their banking transactions and more time doing what matters to them.”

Union Bank plans to raise N50 billion in fresh capital from existing shareholders by the end of the year to boost lending. The mid-tier bank has said it planned to raise fresh funds to boost its capital adequacy and tap opportunities to lend to agribusinesses.