United Bank for Africa (UBA) Group Managing Director, Mr. Philips Oduoza, has said that the bank was set to play big in the energy sector in Kenya and other African countries.
According to Oduoza, the plan was to consolidate the bank’s business in Kenya through playing a big role in the energy sector and infrastructure financing. UBA is the third Nigerian firm digging for oil money in Kenya. Two months ago, Helios Investment Partners and Vitol Holding BV bought over Royal Dutch Shell Plc business in Kenya.
Oduoza maintained that UBA has been undergoing rapid expansion in the continent as it operates in 19 countries within Africa, with Kenya among its newest markets having started operations in the country in 2009.
“Energy is one of the strengths of UBA and we hope to build capacity by bringing in people who have expertise in energy transactions. We have knowledge in structuring oil and gas transactions and we shall train our people here in Kenya on financing deals to do with oil and gas,” he said.
UBA Africa CEO, Gabriel Edgal, said that the bank would set up a full-fledge Energy Desk in Kenya to attend to the businesses associated with the oil and energy sector.
The bank said it was able to meet the demands of availing funds for the capital intensive energy sector because it pools resources from its markets and channels them to regions where the money was needed.
“In Nigeria, we survive majorly on oil deals, we cut our teeth financing oil and gas operations,” he said.