A high-profile visit to Brazzaville
The green-roofed Presidential Palace in Brazzaville hosted a rare Sunday audience this week as United Bank for Africa chairman Tony Elumelu continued his continental tour. Flanked by six senior executives, the Nigerian entrepreneur was welcomed by President Denis Sassou-Nguesso for what both sides called a strategic conversation.
Elumelu thanked the head of state for what he described as an “exceptionally warm reception” and for years of regulatory stability that helped UBA Congo nearly triple its balance sheet since 2018 (UBA press briefing). In return he offered the full weight of the bank’s 20-country African network.
Photographs released by the Presidency showed the two men exchanging documents beneath the national flag, underscoring what Elumelu later called “our shared ambition to create prosperity here at home”. Government advisers present said the tone was forward-looking and pragmatic.
Energy ambition and regional links
President Sassou-Nguesso reiterated his government’s goal of universal electricity access by 2030 and pointed to a memorandum signed in Dar es Salaam on regional energy corridors as proof of momentum (Congolese Ministry of Hydrocarbons). He asked UBA to deploy its project-finance desk for upcoming gas-to-power schemes.
“Congo is blessed with hydrocarbons and sun; the challenge is turning these into kilowatts for our citizens,” the president said, according to aides. Elumelu, who founded Nigeria’s 140-megawatt Transcorp Power plant, responded that UBA “stands ready to mobilise capital and expertise” for similar ventures along the Congo River.
Officials familiar with the talks said options include a dedicated facility to co-finance distribution networks in rural Plateaux and Cuvette departments, complementing state-led grid extensions. No figures were disclosed, yet sources in the Ministry of Economy called the conversation “encouragingly precise”.
Banking on infrastructure and revenue
Beyond electricity, Brazzaville wants fresh capital for roads, fibre-optic links and port upgrades in Pointe-Noire. Elumelu pledged to establish a transaction-banking unit inside UBA Congo to streamline customs payments and public-sector collections, a move Treasury officials say could lift non-oil revenue.
The president also proposed a new UBA headquarters close to the capital’s future business district, offering land on the Oyo highway. Elumelu accepted, confirming the building would serve as UBA’s Central Africa hub and hinting at green design features to showcase “climate-smart banking”.
Analysts at Lagos-based CSL Stockbrokers note that a physical flagship often precedes an acceleration in lending, citing UBA Kenya’s trajectory after its Nairobi tower opened in 2019. Congolese chambers of commerce expect a similar effect for local SMEs competing for public contracts.
Entrepreneurship pipeline from the foundation
The meeting devoted considerable time to youth entrepreneurship, a priority shared by both leaders as unemployment pressures urban districts. Elumelu highlighted his foundation’s programme, which has already financed 104 Congolese start-ups with non-repayable seed capital of 5,000 dollars each.
Graduates of the 12-week online training include a Brazzaville agritech platform that offers solar-powered cold rooms and a Pointe-Noire firm recycling plastic into paving blocks. “They are writing Congo’s next chapter,” Elumelu said, promising to double the yearly cohort from 2025.
Government sources confirmed discussions on aligning the foundation’s curriculum with the national digital strategy to maximise impact. The Ministry of Small and Medium Enterprises is exploring co-branded bootcamps in Dolisie and Nkayi to reach entrepreneurs outside the two main cities.
What stronger presence means for Central Africa
UBA’s move is viewed by regional observers as part of a broader pivot toward Central Africa’s under-banked markets. With Cameroon, Gabon and the Central African Republic already on its roster, a reinforced Congo hub could improve cross-border trade settlement within the CEMAC zone.
Economist Trésor Mvoula of the University of Brazzaville says deeper financial intermediation is essential for the region’s post-oil transition. “Local banks alone cannot finance the scale of infrastructure envisioned. Pan-African lenders such as UBA bring syndication capability and technology,” he argued.
For the Congolese government, the visit provided public validation of its reforms, including recent steps to digitise customs and ease business registration. “A credible partner like UBA signals that our policies are bankable,” a senior official told this newspaper.
Elumelu’s delegation departed Brazzaville for Luanda with a promise to return in early 2024 for a groundbreaking ceremony on the new headquarters. As the red-and-white UBA logo becomes more visible along the Congo River, both sides say the real test will be electricity poles lighting villages and young founders creating jobs.