UBA Cameroon signs restructuring agreement for Cameroon’s National Refinery (SONARA)
On Friday, 15 October 2021, UBA Cameroon participated in a ceremony to restructure the debt of Cameroon’s National Refinery (SONARA). The event was held presided by Cameroon’s Minister of Finance, Louis Paul Motaze.
Speaking at the event, the Minister noted that the devastating fire outbreak in 2019 made SONARA unable to meet its loan obligations to different banks including UBA Cameroon.
Motaze lauded what he said was the confidence the bank had in the government’s signature. He said proof of such is that the financial institutions did not only accept whatever arrangement the government decided to make, but the banks also implemented the measures to the letter.
Jude Anele, the MD/CEO of UBA Cameroon in his address said that without the timely intervention of the government, no one could have predicted what the future of banking in Cameroon would have been. The MD/CEO also noted that the joint action of the banks served as oxygen for SONARA that enabled the corporation not only to keep breathing but to restore hope that the refinery would, as soon as possible, be in a position to resume full operations.
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