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Heritage Bank Plc has entered into a strategic partnership with the Choice International Group (CIG) Motors Limited to introduce a new vehicle finance scheme aimed at assisting interested and pre-qualified customers to buy brand new GAC Vehicles with ease and at affordable prices.

The initiative tagged: “Go CAR-razy,” was facilitated by the sole representative of GAC Motors in Nigeria known as CIG, which enables individuals who meet the prescribed conditions to pay an equity contribution of 10% with 48 months tenor repayment.

The scheme is largely for three models of cars and sport utility vehicles in the stable of GAC Motors: GS3, GS4 and GS8.

Speaking on the signing of a Memorandum of Understanding, MD/CEO of Heritage Bank, Mr. Ifie Sekibo said the auto finance scheme was tailored to suit customers’ needs with manageable monthly repayments and is best suited for individuals, organizations, corporate bodies and institutions to avail a convenient and easy access to finance options making it easier to buy and drive away a brand new GAC Motors.

According to him, the partnership was planned to encourage customers to buy environmentally-friendly GAC vehicles instead of used cars otherwise known as “tokunbo.”

Sekibo specifically explained that the reason for the alliance was to afford deserving customers with the ease of convenient and discounted opportunities with just 10% equity contribution, as against the 30% standard equity contribution required to own brand new GAC vehicles.

He listed other benefits of the vehicle finance scheme, which involve competitive interest rate, discounted vehicle pricing, subsidized insurance premium, free vehicle registration.

The Chairman of CIG, Chief Diana Chan, stressed that the automobile firm entered into partnership with the Heritage Bank because of its track record in quality service.

According to her, “We are proud to partner with Heritage Bank on this Finance Scheme as we believe it gives Nigerians who are yarning for quality the opportunity to own the latest GAC vehicles with a soft payment plan.

She said through independent innovation and excellent quality, GAC Motor has been widely recognized by many as a brand that offers great value at affordable prices to Nigerians.

BIG STORY

Access Bank Plc Announces Strategic Update And Transactions In Furtherance Of Its Vision To Be Africa’s Gateway To The World

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Access Bank Plc (“Access Bank” or ‘’the Bank’’) announces today that it has received the Central Bank of Nigeria’s Approval-in-Principle for the Bank’s restructuring to a holding company (“HoldCo”).

The proposed HoldCo structure would enable the Bank to further accelerate its objectives around business diversification, improved operational efficiencies, talent retention as well as robust governance. Further details regarding the HoldCo structure will be communicated to the market in due course.

Access Bank also announces definitive agreements to bolster its market position in Mozambique and enter the South African market. This follows the recent transaction with Cavmont Bank in Zambia and further embeds the Bank’s presence in the SADC region, one of Africa’s most important trading blocs.

These transactions will result in a more connected African banking network that builds on Access Bank’s existing foundation and enhances its value proposition to stakeholders, including customers and employees. Shareholders will benefit from the economies of scale of a larger banking network, including the associated cost efficiencies arising from the Bank’s federated IT system and the replication of investments in innovative products across a wider range of markets.

A broader and connected Africa network remains a core strategic focus for geographic earnings growth and diversification, which will further enhance profitability and risk metrics. Through these transactions, Access Bank will be well placed to promote regional trade finance and other cross-border banking services, further leveraging its presence in key global trade corridors in the UAE, the UK, China, Lebanon, and India.

Strategic Entry and Acquisition in Mozambique

Access Bank announces that it has received regulatory approvals to commence operations in Mozambique under the name Access Bank Mozambique, S.A. (“Access Bank Mozambique”).

Access Bank also announces that its subsidiary, Access Bank Mozambique, has entered into a definitive agreement with ABC Holdings Limited (“ABC Holdings”), a wholly-owned subsidiary of Atlas Mara Limited (“Atlas Mara”) to acquire African Banking Corporation (Moҫambique), S.A., (“BancABC Mozambique”) for cash, in a combination of definitive and contingent consideration.

This transaction will be funded from the capital invested by the Bank in Access Bank Mozambique and will result in the Access Bank Mozambique becoming the 7th largest bank in the country, up from the 20th. As an enlarged business, Access Bank Mozambique will have an enhanced capacity to play a more impactful role in the growth of the Mozambican economy, particularly in the emerging oil and gas sector, an industry that Access Bank has deep experience in.

The transaction is subject to regulatory approvals and customary conditions precedent.

 

Strategic Investment in South Africa

Building on its strategy of delivering a robust banking operation that connects key African markets, Access Bank has entered into a definitive agreement with GroCapital Holdings (“GroCapital”) to invest in Grobank Limited over two tranches. The first is an initial cash consideration for a 49% shareholding, increasing to a majority stake in the second tranche. Both tranches are subject to various regulatory approvals and the overall transaction subject to Grobank’s shareholder approvals.

GroCapital, whose shareholders include the Public Investment Corporation – Africa’s largest investment manager, and Fairfax Africa Holdings – a leading global investor, will retain an existing but diluted shareholding in Grobank.

A presence in South Africa will serve as a cornerstone for further momentum in delivering on Access Bank’s mission to be Africa’s Gateway to the World. The proposed transaction is expected to provide access to the largest banking market in Africa and enable Access Bank to consolidate its Southern African and broader African footprint with enhanced capabilities to fulfill the needs of multi-national clients.

Speaking on these developments Herbert Wigwe, GMD/CEO Access Bank said:

We have consistently said that we are focused on building the scale needed to become a leading African bank; one that leverages our experienced and growing talent base and key stakeholder partnerships towards driving sustainable impact and profitability. Today’s announcement demonstrates further commitment to delivering our strategic aspirations of becoming Africa’s Gateway to the World in line with our vision to be the World’s Most Respected African Bank.

These transactions will significantly strengthen our presence in Southern Africa and further our footprint for growth in the SADC region. With a broader presence across the continent, Access Bank will be better placed to support our customers who are increasingly looking towards intra Africa growth. The proposed transactions will accelerate the Bank’s momentum towards delivering world-class banking services to an expanded customer base across Africa. Our goal remains to reach and impact 100 million unique customers across the continent.’’

 

 

SUNDAY EKWOCHI

COMPANY SECRETARY

FRC/2013/NBA/00000005528

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BIG STORY

Nigeria @ 60: Zenith Bank To Reward Customers With Millions In ‘Zenith Beta Life Special Independence Giveaway Promo’ [Details Attached]

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Zenith Bank Plc, Nigeria’s leading financial institution, is celebrating Nigeria’s 60 years Independence anniversary in a big way.

The apex bank is set to commemorate Nigeria’s 60th Independence anniversary with giving away gifts worth N500,000 to one lucky winner and the sum N100,000 to 10 lucky winners.

The Zenith Beta Life Promo draws will take place on October 2nd and 9th, 2020.

For more information, visit www.zenithbank.com/betalife

 

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BIG STORY

Tony Elumelu Named In ‘TIME 100’ List Of The 100 Most Influential People In The World 2020

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TIME has named Tony O. Elumelu, one of Africa’s leading investors and philanthropists, in the 2020 TIME100, the annual list of the 100 most influential people in the world.

The list, now in its seventeenth year, recognises the activism, innovation, and achievement of the world’s most influential individuals. Mr Elumelu, who is one of only four Africans on the 2020 list, is recognised for his track record of business turnaround and value creation, and economic empowerment of young Africans.

Tony Elumelu is the Founder and Chairman of Heirs Holdings, his family owned investment company, committed to improving lives and transforming Africa, through long-term investments in strategic sectors of the African economy, including financial services, hospitality, power, energy and healthcare. He is  the Chairman of top pan-African financial services group, the United Bank for Africa (UBA), which  operates in 20 countries in Africa, the United Kingdom, France, and is the only African bank with a commercial deposit taking licence in the United States. The bank provides corporate, commercial, SME and consumer banking services to more than 21 million customers globally.  Elumelu also chairs Nigeria’s largest quoted conglomerate, Transcorp,  whose subsidiaries include Transcorp Power, one of the leading generators of electricity in Nigeria and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand.

Mr Elumelu is the most prominent champion of entrepreneurship in Africa. In 2010, he created The Tony Elumelu Foundation (TEF), the philanthropy empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and ensuring job creation across all 54 African countries. Since inception, the Foundation has funded just under 10,000 entrepreneurs and created a digital ecosystem of over one million as part of its ten year, US$100m commitment through the TEF Entrepreneurship Programme.  Self-funded, the Foundation is increasingly sharing its unique ability to identify, train, mentor and fund young entrepreneurs across Africa, with institutions such as the UNDP, the ICRC and leading European development agencies.

Heirs Holdings, which serves as a corporate role model for African businesses, and the Tony Elumelu Foundation will both celebrate 10 years of impact in November. Their mission continues to be inspired by Mr Elumelu’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent.

The full list of the 2020 TIME100 and tributes appear on time.com/time100.

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