Connect with us


BIG STORY

Access Bank PLC And KCB Group PLC Sign Binding Offer On Acquisition Of National Bank Of Kenya (NBK)

Published

on

Access Bank PLC and KCB Group PLC (“KCB”) have today signed a binding agreement to acquire 100 percent shareholding in National Bank of Kenya Limited (“NBK”) from KCB.

The successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt all regulatory approvals from, amongst others, the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition Commission, and notifications to other relevant regulators.

For Access Bank, this move underscores its commitment to bolstering its presence in Kenya and the broader East African region. Furthermore, the acquisition builds on the Bank’s growing operations in the Democratic Republic of Congo, Rwanda, as well as its impending acquisitions of a majority stake in Uganda’s Finance Trust Bank Limited, the acquisition of majority equity stake in African Banking Corporation (Tanzania) Limited (“BancABC Tanzania”), and Standard Chartered Bank’s Consumer, Private & Business Banking business in Tanzania.

Commenting on the transaction, Roosevelt Ogbonna, Managing Director/Chief Executive of Access Bank Plc said:

“The transaction represents an important milestone for the Bank as it moves us closer to the achievement of our five-year strategic plan through increased scale in the Kenyan market. We are building a strong and sustainable franchise to support economic prosperity, encourage Africa trade, advance financial inclusion thereby empowering many to achieve their financial dreams.

“Trade flows in East Africa revolve around key trade corridors, with Kenya being a key player in the region. With the African Continental Free Trade Agreement, these corridors will continue to expand and by deploying our best-in-class financial solutions, we are strategically positioned to deliver sustainable value for our stakeholders. The consolidation in Kenya will support the realisation of our aspiration to be Africa’s Payment Gateway to the World. Subsequent to the completion of the transaction, NBK would be combined with Access Bank Kenya Plc to create an enlarged franchise in the pursuit of our strategic objective for the Kenyan and East African markets.”

KCB Group CEO Paul Russo said: “This transaction represents what we believe is a great opportunity to maximise value for our shareholders while strengthening the competitive position for the Group. The past four years have been defining for NBK as a KCB Group subsidiary and this step marks the opening of new opportunities.”

“During the period, we have made progressive investments in the Bank, and we believe that this is in the best interest of the Group and its sustainability. Our growth strategy is premised on both organic and inorganic plans, and we shall continue to seek opportunities that increase our shareholder’s value,” said Mr Russo.

All parties will be working together in the coming months to fulfil the conditions precedent relating to the proposed acquisition, which include the regulatory approvals of the Central Bank of Nigeria and the Central Bank of Kenya. Access Bank will continue to provide a full range of banking services and continuity for its stakeholders including employees and customers in Kenya.

In the meantime, NBK customers will continue to access seamless services across various touchpoints including through the branch network and mobile banking platforms.

Upon conclusion, stakeholders will benefit from the from an enlarged franchise, with best-in-class customer service and governance structures committed to empowering the communities wherein the Bank operates. The combined entity will leverage Access Bank’s dedication to economic development by extending financial services to the unbanked, thereby deepening financial inclusion across the region.

In recent months, Access Bank has embarked on a strategic expansion drive, marked by significant acquisitions. In January, the Bank completed its acquisition of Atlas Mara Zambia, thereby becoming one of Zambia’s top five banks by revenue with prospects to be in the top three by 2027.

  • About Access Bank PLC

Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 21 countries and 60+ million customers. The Bank employs over 28,000 thousand people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.

Access Bank’s parent company, Access Holdings Plc, is listed on the Nigerian Exchange as Access Corporation. The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through four business segments: Corporate and Investment Banking; Commercial Banking; Business Banking, and Personal & Private Banking. The Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 22 years, becoming one of the continent’s largest retail banks.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams. For more information about Access Bank PLC, please visit www.accessbankplc.com.

  • About KCB Group PLC 

KCB Group Plc is East Africa’s largest commercial Bank that was established in 1896. The Group is headquartered in Kenya, with the country serving as the lead market with two banking subsidiaries namely KCB Bank Kenya and National Bank of Kenya. Over the years, the Bank has grown and spread its wings into Tanzania, South Sudan, Uganda, Rwanda, Burundi, the Democratic Republic of Congo and Ethiopia (Rep). Additionally, KCB Group owns KCB Bancassurance Intermediary Limited, KCB Capital Limited, KCB Foundation and Kencom House Limited as non-banking businesses. Today KCB has the largest branch network in the region with 603 branches, 1,270 ATMs and over 28,800 merchants and agents offering banking services on a 24/7 basis in East Africa. This is complemented by mobile banking and internet banking services with 24-hour contact center services for our customers to get in touch with the Bank. KCB has a vast network of correspondent relationships totaling over 200 banks across the globe, and our customers are assured of a seamless facilitation of their international trade requirements wherever they are.

  • About National Bank of Kenya Limited

The National Bank of Kenya Limited is a commercial bank licensed and regulated by the CBK providing an array of banking services to individuals and enterprises since 1968. NBK is a subsidiary of KCB Group Plc. after a successful acquisition in 2019 and has been running an agency banking model. Its network of 77 branches (including outlets) is complemented by various digital banking channels, including a vast ATM network of 98 ATMs, National Bank Agents and E-Pay – a fully integrated online banking platform for corporate and retail clients. The Bank renders solutions to corporates, institutions, micro and macro businesses, as well as retail customers and can customise products and services to meet the needs of specific clients through several channels. The wide spectrum of products provided by the bank includes financing, trade services, mortgages, account services, card services, Islamic banking, and more.

NBK is regarded as the best bank for customer service in Kenya, having received an award for its first-rate standard of service. Additionally, it is the leading bank for Islamic banking in the East Africa region, which has won customers’ loyalty and enabled the bank to maintain and boost market share in the Kenyan banking sector. The Bank is a major player in Kenya’s banking sector and one of the largest banks in the country, providing financial services to all sectors of the Kenyan economy, while consistently meeting the needs of its customers and shareholders.

BIG STORY

Nigerian Firm Codix Bio To Begin Production Of Malaria, HIV Test Kits Amid USAID Fund Cutback

Published

on

Codix Bio Ltd, a Nigerian company, has announced plans to manufacture millions of HIV and malaria test kits at its new facility for use both locally and across the region.

As reported by Reuters on Thursday, the initiative aims to fill the gap created by funding reductions at the United States Agency for International Development (USAID), a US donor body.

Former US President Donald Trump had initiated a suspension of funding for HIV treatment in developing nations under an executive order concerning foreign aid.

These executive orders also disrupted the activities of USAID and other US-funded foreign aid programmes.

Speaking to Reuters, Olanrewaju Balaja, general manager of Codix Bio, said the plant located in Ogun state will begin distributing the test kits later this month.

He explained that the production will be done in partnership with SD Biosensor, a pharmaceutical firm based in South Korea, and supported by the World Health Organization (WHO).

According to him, the facility initially has the capacity to produce 147 million test kits annually, with potential expansion to over 160 million.

“From the statistics of what is supplied (by USAID and PEPFAR) for a specific programme year, and looking at what we have currently in capacity for Nigeria, we have enough capacity to meet the demand,” Balaja said.

He also indicated that the firm is prepared to expand its services to “West and Sub-Saharan Africa, including other African countries”.

“The focus was for us to be able to play in the field of supply of rapid diagnostic test kits for donor agencies, which particularly USAID was at the forefront,” Balaja added.

Balaja stated that both the Nigerian government and donor organisations such as the Global Fund are expected to source test kits from Codix Bio.

Continue Reading

BIG STORY

Benue Killings: We Are Starving, Dying, IDPs Cry Out

Published

on

Displaced persons from Yelwata community in Guma Local Government Area of Benue State, affected by coordinated attacks by suspected armed herders, protested on Thursday over poor living conditions in their camp.

The IDPs, currently staying at the International Market in Makurdi, the state capital, took to the streets and blocked major access routes leading to the temporary camp situated on George Akume Way, Makurdi, to express their frustration and the hardship they’ve faced since arriving at the facility.

They accused officials of the state government of diverting relief materials donated by well-meaning individuals and humanitarian groups, which they said has deepened their suffering.

One of the displaced persons, Fidelis Igban from Yelwata, described the conditions at the camp as unbearable due to starvation and a poor environment.

He stated, “Imagine, people would come to the camp and donate food items and other relief materials to us(IDPs), and once those items were handed over to the officials, it will end up not reaching us.”

He added, “Just few days ago, secretary to the government of the federation, Senator George Akume came to the camp and donated some items for onward distribution to IDPs. Up till now, we have not seen anything.”

He also said, “The Senior Pastor of Dunamis International Gospel Centre, Dr. Paul Enenche, came here and donated materials for our consumption, yet nothing gets to us. We are starving and dying here. We want to go back to our homes.”

He lamented the reality of being forced from their homes due to herdsmen attacks, only to face new hardships in the camp after losing loved ones.

“There’s no food, our children are starving, we sleep on the floor, and mosquitoes are almost killing us. We are suffering, and people are dying. officials overseeing camp management were hoarding and diverting donated materials,” he said.

Erdoo Targa, another IDP, said she was six months pregnant when she arrived and has struggled to access medical attention.

She said, “Government brought us here and abandoned us. No food, no medical care, hunger is telling us, we are starving and our children are getting sick day by day”.

She explained that the protest was to call the attention of the government and concerned individuals to their plight.

She urged the state government and relevant humanitarian bodies to investigate the alleged diversion of supplies and ensure fair distribution of aid.

Efforts to contact the Commissioner for Humanitarian and Disaster Management, Aondoaseer Kude, and the Executive Secretary of the State Emergency Management Agency, Dr James Iorpuu, were unsuccessful as they did not respond to calls or text messages.

The agency’s information officer, Tema Ager, said he was not authorised to speak on the protest.

He said, “Kindly get across to the Head of Administration of SEMA or the Commissioner for Humanitarian and Disaster Management. They are in better position to speak to journalists, thanks”.

Continue Reading

BIG STORY

Road To 2027: President Tinubu Has No Rival In Kaduna — Speaker Abbas

Published

on

Speaker of the House of Representatives, Tajudeen Abbas, has said that residents of Kaduna State do not see any other option besides President Bola Tinubu for the 2027 presidential race.

He explained that the president has significantly impacted the state “In very practical terms” by initiating “A wide range of federal infrastructure projects that directly impact” its citizens.

According to Abbas, because of these efforts, the people of Kaduna are ready to surpass the votes President Tinubu received in the state during the 2023 elections.

He made these remarks during President Tinubu’s visit to Kaduna on Thursday to commission several projects carried out under Governor Uba Sani’s administration.

Among the projects inaugurated were the Institute of Vocational Training and Skills Development in Rigachikun, Soba, and Samaru-Kataf; a 300-bed hospital in Kaduna Millennium City; the 24km Kafanchan Township Road; the Tudun Biri Road; the 22km Kauru-Pambegua Road connecting Kauru and Kubau LGAs; a Vocational and Skills Training Centre in Tudun Biri; and the deployment of 100 Compressed Natural Gas buses.

Abbas noted that Kaduna remains central to Nigeria’s socio-economic growth and said Tinubu’s visit “Reflects a leadership that engages directly, listens attentively, and responds with action.”

In a statement by his Special Adviser on Media and Publicity, Musa Krishi, Abbas was quoted as saying, “Kaduna has no reason to vote for anyone else in 2027. My belief is strengthened by your administration’s commitment to Kaduna in very practical terms. You have initiated a wide range of federal infrastructure projects that directly impact the state of Kaduna.

“Mr President, Kaduna has long been at the centre of Nigeria’s national conversation, politically, economically, and historically. In the 2023 presidential election, the APC received about 30 per cent of the valid votes cast in the State. While that outcome is significant, it leaves room for growth.

“Therefore, on behalf of our governor, our party, and our communities, I assure you that Kaduna is determined to do more. Our goal is to double that margin and secure at least 60 per cent of the vote in 2027. This is not merely a political ambition; it is a coordinated objective backed by a united political structure and a population that believes in your leadership.”

He also praised the president for initiating the Abuja-Kaduna-Zaria-Kano Federal Highway reconstruction, noting it “Was flagged off by Your Excellency in April and reinforced by substantial budgetary approval from the Federal Executive Council.”

He described the $2.8bn Ajaokuta-Kaduna-Kano gas pipeline project, which had reached 72% completion by Q1 2025, as another milestone.

He added, “We also acknowledge with deep gratitude your vow to complete the Ibadan-Abuja-Kaduna-Kano railway project, which will further reinforce Kaduna’s role as a transport hub.

“Other significant projects under your administration include the recent establishment of the Federal Medical Centre in Kafanchan and the Federal University of Applied Sciences in Kachia. For the people of Southern Kaduna, these developments are not merely about access to health and education; they are, more importantly, about federal presence, institutional recognition, and long-overdue inclusion.”

Abbas said Zaria has also benefited under the current administration, stating, “We have also seen measurable progress, made possible by your support and federal backing. Through consistent legislative engagement and collaboration with your administration, we have secured significant federal investment in institutions of higher learning.

“These include the upgrade of the Federal College of Education, Zaria, into the Federal University of Education. Support has also been strengthened for the Nigerian Institute of Transport Technology, the Nigerian College of Aviation Technology, and the Ahmadu Bello University, Zaria.

“Federal funding secured under your administration is helping to expand their infrastructure, modernise their facilities, and increase their capacity to serve Nigeria more effectively.

“Mr President, these are not abstract achievements. They are deliberate outcomes made possible through political will, budgetary support, and executive collaboration,” he added.

Continue Reading



 

Join Us On Facebook

Most Popular