• UBA UK CEO Loknath Mishra

United Bank for Africa (UBA), has announced the appointment of Loknath Mishra as Chief Executive Officer of UBA UK.

The appointment, which takes effect from February 2nd, 2026, reinforces the Group’s commitment to strengthening its international footprint and enhancing its role as a key financial bridge between Africa and the world.

As CEO of UBA UK, Mishra will focus on positioning the UK subsidiary as a centre of excellence for regulatory compliance and customer service, strengthening financial resilience through diversified liquidity and income sources, as well as deepening UBA’s leadership in trade, transaction, and correspondent banking in support of business flows in and out of Africa.

Mishra brings with him several decades of international banking experience across retail, corporate, investment and transaction banking, with a distinguished track record of building and leading regulated banking platforms in the United Kingdom and Europe.

Before joining UBA UK, Mishra served as Managing Director and Chief Executive Officer of ICICI Bank UK, where he played a central role in strengthening the bank’s presence across the UK and European markets, while significantly enhancing governance, regulatory engagement, and operational resilience.

He also held other senior leadership roles at ICICI Bank Limited, including Group Head of Wholesale Banking and Global Head of Transaction Banking, contributing to the expansion of the bank’s global wholesale franchise, strengthening risk management frameworks, and leading customer-centric transformation initiatives across corporate, institutional and financial institution segments.

Mishra is widely recognised for his leadership in complex regulatory environments and for driving digital innovation across trade finance, cash management and retail banking, and in recognition of his contribution to financial services, he was conferred with the Freedom of the City of London.

Commenting on the appointment, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said, “Loknath brings an exceptional combination of global banking experience, regulatory credibility and deep expertise in wholesale and transaction banking.

His leadership will be instrumental in advancing UBA UK’s role as a flagship subsidiary for the Group and in strengthening our capacity to support trade and investment flows between Africa and international markets.”

The federal government has discontinued the use of tax credit by companies for road development.

It was know as Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (Executive Order 007).

The Executive Chairman of Nigeria Revenue Service (NRS), Mr. Zacch Adedeji, disclosed that the system does not follow constitutional tax administration.

Adedeji said, “No matter how good a programme is, the first thing that it must have are good products. The remits of the Nigeria Revenue Service, as it were then or the Federal Inland Revenue Service is to access, to collect and to account “ for taxes.

“Appropriation is not part of the remits of the Nigeria Revenue Service or Federal Inland Revenue Service. So when you give tax credits for roads it is an appropriation act, because you spent the money, but your remit is to collect and give it to the constitutional body that will sign that money. Which is the Federation Account Allocation Committee (FAAC).

And who says that that money is yours? Who says it belongs to your family? Who says it’s not students that will come and work in your factory and want to use it to pay their school fees.”

Another point he raised was that FIRS/NRS lacks the competence to know how a road is constructed, saying, “We lack competence, as Nigerian Revenue Service, because we don’t know how the road is done and that is why we stopped the use of tax credit. Whatever their taxes, let government choose the proper appropriation.”

BACKGROUND

Many major companies in Nigeria have utilised the Federal Government’s Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (Executive Order 007) to finance the construction and rehabilitation of federal roads in exchange for tax credits

As of 2024–2025, the following companies were key participants in the scheme:

Nigerian National Petroleum Company Limited (NNPCL):

As at late 2024, NNPC was one of the largest contributors, financing over 21 road projects covering over 1,800 kilometers. Projects included the Ilorin-Jebba-Mokwa/Bokani Junction Road and the Lagos-Badagry Expressway.

Dangote Group (Dangote Cement Plc):

A prominent participant, having worked on the Apapa-Oshodi-Oworonsoki-Ojota Expressway and the Obajana-Kabba road in Kogi State.

BUA Group (BUA International Limited): Involved in the construction of major roads, including the Bode-Saadu-Lafiagi road, Eyinkorin road and bridge, and the Okura Road, aiming to complete over 500km of roads by 2026.

MTN Nigeria Communications Plc: Engaged in the rehabilitation and reconstruction of the Enugu-Onitsha expressway.

Nigeria LNG Limited (NLNG): Provided funding for the Bodo-Bonny road and bridge project in Rivers State.

Access Bank Plc: Involved in fixing the Oniru axis of the VI-Lekki circulation road in Lagos State.

Mainstream Energy Solutions Limited: Undertaking the construction of the Malando-Garin Baka-Ngwaski road and rehabilitation of the Mokwa-Nasarawa road in Niger State.

GZI Industries: Re-constructing the Umueme village road in Abia State.

Others: Lafarge Africa Plc, Unilever Nigeria Plc, and Flour Mills of Nigeria Plc.

The National Agency for Food and Drug Administration and Control (NAFDAC) on Tuesday made a publication presentation of alcohol consumptions survey.

This is in response to the MAN , NECA, FOBTOB, among other industrial stakeholders querying its recent ban on sachets alcohol in packet sizes and PET bottles.

NAFDAC Director-General, Prof. Mojisola Adeyeye, said during the presentation of the survey reports that the study was conducted in collaboration with the Distillers and Blenders Association of Nigeria and carried out by Research and Data Solutions Ltd, Abuja, surveyed 1,788 respondents across six states between June and August 2021.

“Rivers and Lagos State lead in the consumption of alcoholic drinks sold in sachets and Polyethylene Terephthalate bottles among minors and underage persons” , she said.

The agency said that the report examined access to alcohol and drinking frequency among minors (below 13 years), underage (13–17 years), and adults (18 years and above).”

Alcohol remains “one of the most widely used substances of abuse among youths” and noted that “the availability and easy access to alcohol have been identified as a contributory factor to the increasing alcohol consumption among minors.”

54.3 per cent of minors and underage respondents obtained alcohol by themselves.

Nearly half (49.9 per cent) purchased drinks in sachets or PET bottles, with Rivers State recording the highest rates — 68.0 percent for sachets and 64.5 percent for PET bottles.

Lagos followed with 52.3 percent and 47.7 percent, respectively, while Kaduna recorded 38.6 percent sachet and 28.4 percent PET bottle consumption.

“The proportion of drinks procured in sachets was higher among males (51.4 percent) compared to females (41.5 percent), and more in rural (50.1 percent) compared to urban (45.3 percent) locations.”

The report also revealed that minors and underage respondents also accessed alcohol from friends and relatives (49.9 percent), social gatherings (45.9 per cent), and parents’ homes (21.7 per cent).

It said that among those who bought alcohol themselves, 47.2 percent of minors and 48.8 percent of underaged respondents procured drinks in sachets, while 41.2 percent of minors and 47.2 percent of the underaged bought PET bottles.

On consumption frequency, 63.2 percent of minors and 54.0 percent of underage persons were occasional drinkers, but 9.3 percent of minors and 25.2 percent of underages respondent reported drinking daily.

The report urged stricter regulation, noting that “access to alcohol by children can be limited if pack sizes that can be easily concealed are not available.”