Business
UBA Commits $150m to Kenya’s Roads Levy Securitisation Program
The $150 million pledge was formalised during a meeting with Davis Chirchir, Cabinet Secretary for Roads and Transport.
•Oliver Alawuba, GMD UBA
United Bank for Africa (UBA) Plc has committed $150 million (KES 20.5 billion) to the Government of Kenya’s $1.35 billion Roads Levy Securitisation Program.
This underscores the bank’s pan-African lender’s growing role in financing infrastructure and advancing inclusive growth across the continent.
In a statement, the pan-African lender said the commitment was unveiled during a working visit by its Group Managing Director/Chief Executive Officer, Oliver Alawuba, to Nairobi, where he led a high-level delegation and met with President William Ruto and other senior government officials.
President Ruto received the UBA team at State House, commended the bank for its support over the years, as discussions focused on scaling road infrastructure, strengthening small and medium-sized enterprises (SMEs), and advancing Kenya’s long-term economic transformation.
Alawuba said: “Kenya holds a strategic place in Africa’s growth story, and UBA is committed to being a long-term partner in unlocking the immense potential here. From financing critical infrastructure to empowering SMEs that drive job creation, our mission is to deliver sustainable solutions that connect markets, foster trade, and improve lives.”
The $150 million pledge was formalised during a meeting with Davis Chirchir, Cabinet Secretary for Roads and Transport.
The Roads Levy Securitisation Program, spearheaded by the Kenya Roads Board, is designed to modernise critical road networks, accelerate payments to contractors, and boost connectivity nationwide.
“Infrastructure is the engine of trade, competitiveness and shared prosperity. UBA is proud to be one of the largest financiers of this program, demonstrating our unshakeable confidence in Kenya’s future,” said Alawuba.
The Managing Director/CEO of UBA Kenya, Mary Mulili, added: “Our participation cements UBA’s role as a trusted ally to the Kenyan government, businesses, and communities. We are paving the way for better connectivity that empowers farmers, manufacturers, and SMEs across the country.”
Business
Government Can’t Run Business Effectively – Dele Oye
We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them
Barr Dele Oye, the former president of NACCIMA, at the Vanguard Economic Discourse 2026 edition in Lagos on Wednesday, advised the federal government to limit its role to policy support and facilitation rather than involvement in commercial business activities.
Oye, now the Chairman of Alliance for Economic Research and Ethics (AERE) , cited past failures such as the Ajaokuta Steel Company and refineries rehabilitation projects.
He said: ” We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them.”
Oye maintained that government lacks the capacity to run businesses effectively.
” You have no track record in running any business… you cannot be government and also be private sector,” he said.
Business
John Ternus is Apple’s incoming CEO
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
• John Ternus / CNBC / Getty Images
Tim Cook’s 15-year tenure as Apple CEO comes to an end on Sept. 1, the company announced on Monday.
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
CNBC reports that as Cook exits, Apple faces numerous challenges, including an intricate supply chain that’s complicated by geopolitical tensions and soaring prices for memory due to unprecedented demand from the AI buildout.
But for Ternus, perhaps the most critical aspect of his new job will be pushing the company deeper into AI, where it’s lagged many of its megacap peers.
It said that so far, Apple’s AI strategy has involved avoiding hefty capital expenditures while Microsoft, Google, Amazon and Metacommit to hundreds of billions of dollars a year in combined capex to fund new data centers and fill them with pricey AI chips.
Business
NCC, CBN launch telecom industry portal to track fraudulent phone lines
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber.”
The Nigerian Communications Commission (NCC), and the Central Bank of Nigeria ( CBN), have launched a portal that enables financial institutions to track fraudulent and suspicious phone lines across the country.
It is called the Telecoms Identity Risk Management System (TIRMS) portal , aimed at providing financial institutions with real-time visibility into the status of phone numbers used for transactions.
“The portal aggregates data on churned or recycled lines and numbers flagged for suspicious activities.
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber,” said the Executive Vice Chairman of NCC, Dr. Aminu Maida.
Speaking during the MoU signing event, Maida said that the agreement provides a structured framework for cooperation in critical areas, including payment system integrity, fraud mitigation, digital inclusion, and consumer protection.
On his part, Governor of CBN, Mr. Olayemi Cardoso, said the MoU would strengthen coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing.
He noted that the partnership aligns with the apex bank’s commitment to promoting a secure, resilient, and inclusive financial system.
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