UBA, BII Sign Letter Of Intent To Explore Trade Finance Collaboration Across Africa

United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s development finance institution and impact investor, announced that they have signed a letter of intent to develop trade finance collaboration opportunities.

The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.

Access to trade finance remains one of the most significant structural constraints on African trade. Businesses, particularly small and medium-sized enterprises, are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively. This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.

To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions. While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.

“The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system. Working alongside BII, we can extend that capability further — mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential,” said Lok Mishra, Chief Executive Officer, UBA UK

“British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth. We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working capital finance, particularly in frontier markets,” Chris Chijiuitomi, Managing Director and Head of Africa

The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most significant trade integration initiatives. Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.

This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.

Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.

ABOUT UNITED BANK FOR AFRICA (UK) LIMITED

UBA UK is the London-based subsidiary of United Bank for Africa Plc, one of Africa’s leading financial institutions with operations across 20 African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA UK serves as the Group’s hub for Trade Operations, providing a comprehensive suite of trade finance, treasury, and correspondent banking services to institutional and corporate clients worldwide.

UBA

ABOUT UNITED BANK FOR AFRICA GROUP

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

ABOUT BRITISH INTERNATIONAL INVESTMENT

British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.

Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development.

The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.

Nigeria Sign Agreements With UK On Migration, Business Visas, Border Security

Mr Tunji-Ojo acknowledged that Nigeria had an existing, commendable working relationship with the UK Home Office.

Hon Olubunmi Tunji-Ojo (Chairman, House Committee for Niger Delta Development Commission)
Olubunmi Tunji-Ojo
The federal government of Nigeria and the United Kingdom have signed three memoranda of understanding (MoUs) to strengthen bilateral cooperation.

The agreements cover a migration partnership, cooperation on organised immigration crime and border security, and a statement of intent to expand business visas for UK companies operating in Nigeria.

The Minister of Interior, Olubunmi Tunji-Ojo, signed two of the MoUs on Wednesday and the third on Thursday on behalf of the federal government in the UK, according to a statement by his media aide, Babatunde Alao.

Mr Tunji-Ojo said the agreements reflected Nigeria’s commitment to a migration framework that is transparent and aligned with national interests and international obligations.

The minister said the partnership underscored a shared determination to build a migration system that is safe, orderly and mutually beneficial.

He added that the focus over the next year would be on achieving measurable progress and effective implementation, expressing hope that the agreements would serve as a model for future bilateral cooperation.

Mr Tunji-Ojo acknowledged that Nigeria had an existing, commendable working relationship with the UK Home Office.

“This relationship with the UK means a lot to us, and you can see the level of commitment that President Bola Ahmed Tinubu has put in,” Mr Tunji-Ojo said.

He reiterated that Nigeria remained steadfast in its duty to protect citizens while ensuring that those who abuse legal pathways or engage in criminality are held accountable.

While signing on the expansion of business visas for UK companies, Mr Tunji-Ojo said that, following Mr Tinubu’s bold reforms, the use of visas serves as a catalyst for socio-economic development in Nigeria.

Mr Tunji-Ojo emphasised that, in building a trillion-dollar economy, Nigeria must cut trade barriers, including those on irregular migration.

The UK Home Secretary, Shabana Mahmood, said Nigeria will always be categorised as number one in successful bilateral relations.

“We are obviously always having bilateral discussions with other countries; however, you will always be number one because you are the first to have gotten such an extensive agreement, and we really do appreciate it.

“I think we both understand one another, and I think we have a shared vision here for the work that our countries can do together, and I really do appreciate it,” the home secretary said.

During the signing of the third MoU, UK trade envoy Florence Eshalomi stated that the agreement to expand business visas for UK companies would bring clear benefits to both countries.

Ms Eshalomi attributed the heightened partnership as a bold step, vital for economic growth in Nigeria.

The MoU on Migration Partnership establishes a comprehensive framework for promoting safe, orderly, and regulated migration between the two countries, while reaffirming full respect for national laws, international obligations, and human rights.

In addition, the Statement of Intent on Cooperation on Organised Immigration Crime and Border Security establishes a three-year strategic plan between the UK Home Office and Nigeria’s Ministry of Interior (Nigeria) to combat criminal networks that profit from irregular migration.

Nigeria Sign Agreements With UK

The MoU on the Expansion of Business Visas for UK Companies Working with Nigeria announces the expansion of the Business Visa Scheme for UK companies seeking to conduct business in Nigeria, mirroring the UK’s existing enhanced processes for trusted Nigerian companies.

The scheme will be open to credible UK-domiciled firms with verified business or investment interests in Nigeria and is designed to facilitate easier mobility for legitimate business travellers between the two countries.

King Charles Greets Tinubu, Oluremi, Nigerian Delegation In Yoruba

King Charles set aside royal protocol on Wednesday and welcomed President Bola Tinubu and his delegation in Yoruba during a state banquet held at St George’s Hall, Windsor Castle.

Tinubu, accompanied by Oluremi, his wife, and other Nigerian officials, is in the United Kingdom (UK) for a two-day state visit that began Wednesday.

“Ẹ káàbọ̀, şé dáadáa ni,” King Charles said to the 160 guests in Yoruba, which translates to “Welcome, how are you doing?”

Tinubu responded with a hearty laugh, returning the king’s gesture.

Earlier, the usual lunch hosted by the king on such state visits did not take place in recognition of the ongoing Muslim Ramadan fast which Tinubu is partaking in.

Wednesday’s dinner featured the popular Nigerian Zobo drink made from hibiscus leaves as an option on the menu.

There were also alcoholic drinks available for guests, including fine red and white wines, port and whisky.

Nigerian sports stars, including Maro Itoje, England rugby union captain; Christine Ohuruogu, Olympic athlete; and Ben Okri, a poet, attended the feast.

The senior British royals, including Queen Camilla and the Prince and Princess of Wales, were also at the dinner.

Kemi Badenoch, leader of the Conservatives, was also in attendance.

In his speech, King Charles saluted the “living bridge” of the Nigerian community in the UK, calling them “quiet heroes” at “the heart of British life”.

Tinubu had described the diaspora group as “the strongest bridge” between both countries during his address.

The king also spoke of the importance of religious tolerance, in which “people of different faiths can, do, and must live alongside one another in peace”.

He said it is important that Nigeria and the UK stand together in difficult times “when rain clouds gather”.

The British monarch also addressed the “painful marks” of colonialism.

“I do not seek to offer words that dissolve the past, for no words can,” he said, while expressing hope for a more optimistic future “worthy of those who bore the pains of the past”.

King Charles Greets Tinubu

This is the first state visit by a Nigerian leader to the UK in 37 years, while the banquet was also the first during Ramadan hosting a Muslim president in nearly a century.

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The last similar event was in 1928, when King George V hosted Afghanistan’s King Amanullah Khan.

When Tinubu and Oluremi arrived at Windsor Castle, they were met with pomp and ceremony, receiving a 42-gun salute by the King’s Troop Royal Horse Artillery.

Official gifts were also exchanged. The president and his wife were given hand-crafted pottery, a silver photo frame containing a picture of the king and queen, and a silver and enamel bowl.

In return, Charles and Camilla were given a traditional Yoruba statuette and a jewellery box featuring the faces of important Nigerian women.