United Bank for Africa (UBA) Chairman, Tony Elumelu has finally opened up on the acquisition of oil mining licence (OML) 17.

He said; “On the oil and gas acquisition we just made, UBA did not even participate in the funding. It is a club of international and local lenders.”

“The local receiving bank for our proceeds is Union Bank of Nigeria, the international receiving bank for the proceed of our oil sales is Standard Chartered Bank London.”

“The transaction, if people read, was funded by consortium of banks including Afrexim, Absa in South Africa, Union Bank, Fidelity Bank and a host of other internationals.”

“We are mindful of all these issues and we are very prudent in making sure we do not put pressure on the banks.”

“We go out to seek funds to support our operations, we also put in equity in our investment but when we need to get funding we try not to put pressure on the institution.”

“OML 17 currently produces 31,000 barrels of oil daily. The company targets a daily production of 100,000 barrels.”

“The acquisition of investment in oil and gas is one that speaks to our overall energy strategy. Our energy strategy is integrated. It is to make sure we help Nigerian citizens and Africans to have access to electricity.”

“We acquired OML 17 and we made a case to NNPC by justifying that we have the capacity and capability to operate the asset and they approved for us to operate.”

“I am happy to say that it is a truly indigenous oil and gas company owned and operated by Nigerians. Today, we produce about 31,000 barrels of oil per day which is a slight improvement. Our ambition is to do over 100,000 barrels of oil per day.”