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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

BIG STORY

President Tinubu Confirms Adepoju As Substantive Immigration Comptroller-General

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has confirmed the appointment of Wura-Ola Adepoju as the substantive comptroller-general (CG) of the Nigeria Immigration Service (NIS).

Adepoju reportedly disclosed the development to staff of the NIS during the comptroller-general’s parade on Wednesday.

“You may also wish to know, that through the grace of God and by the benevolence of the present government, I have been confirmed as a substantive comptroller-general of immigration,” she said.

She added that the date for decoration would be announced soon.

NIS spokesperson, Anyanwu Ifeanyi confirmed the development.

“Yes, she has been confirmed as comptroller-general,” he said in a text message.

On May 29, Adepoju was appointed acting CG, replacing Isah Jere whose tenure expired on May 29.

Stakeholders had commended the appointment of Adepoju as the first south-western, female acting comptroller-general of the NIS, describing it as historic.

The stakeholders said the appointment will inspire female officers to give the best to their careers in hopes of reaching the peak.

The Yoruba Heritage Group had also lauded Tinubu for the appointment, commending him for “breaking the jinx” by allowing a Yoruba person in the position.

The group had also appealed to Tinubu to confirm Adepoju’s appointment as the substantive immigration CG, adding that she has the competence and capacity to push reforms that will transform the service.

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BIG STORY

BREAKING: Gunmen Hijack Bullion Van In Ogun, Kill Finance Director Bureau Of Political Affairs

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Yet-to-be-identified gunmen, on Wednesday, killed the Director of Finance to the Ogun State governor’s office, Mr. Taiwo Oyekanmi.

According to Daily Post, the accountant was waylaid and shot dead on the popular Kuto Bridge in Abeokuta, less than three kilometres from a bank where he had withdrawn a lump sum of money for government use.

The unknown amount was also taken away by the gunmen.

Sources from the government office hinted that Oyekanmi was gruesomely killed a few days after he celebrated his birthday.

The sources further stated that Oyekanmi was rushed to the state hospital, in Ijaye area of Abeokuta, where he breathed his last.

It was further gathered that the news of his demise has been broken to his family and the Secretary to the State government (SSG), Tokunbo Talabi, as at the time of filing this report, was with the family of the deceased paying his condolence.

When contacted, Spokesperson of the Ogun State Police Command, Omolola Odutola, confirmed the incident but insisted that nobody died at the scene.

But when the commissioner of police, Abiodun Alamutu, was called, he confirmed the incident and also admitted that Oyekanmi was killed.

The police boss said, “This afternoon, the accountant, the Director of Finance with the driver and one other person left for Fidelity Bank to make some withdrawal.

“They went with a homemade bullion van. They were supposed to have a police escort, but for certain reasons, the person was permitted to travel to attend to some issues.

“Consequently, he was not part of the movement today. According to the story, after making the withdrawal, and on their way back to the office, they were accosted.

“A vehicle blocked them on top of the bridge, five occupants of the vehicle came down, shot at the director and from their vehicle brought out a sledge hammer to force the receptacle where the money was kept open and they left with the money.

“The director that was shot was thereafter taken to Ijaye hospital where he eventually gave up the ghost.

“For our investigation, I have directed the area commander to get to the bank and request for the CCTV footage which will give us insight into the vehicle in question and possibility of identifying the culprits if they ever tried to step out of the vehicle or maybe they just maintained their position in the vehicle.

“I have reached out to Lagos and everywhere in the command to block all the exits out of the state, while we are trying to identify them because they said they were five and they were hooded.”

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We’ll Overhaul Nigeria’s Security Architecture — President Tinubu

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, says the nation’s security architecture will be overhauled on his watch.

Speaking on Wednesday while presenting the N27 trillion budget estimate before the joint sitting of the senate and house of representatives, Tinubu said the federal government will re-organise Nigeria’s entire internal security architecture.

Highlighting key issues in the appropriation bill, Tinubu said the budget seeks to achieve “job-rich economic growth, macro-economic stability”, better investment environment, and access to social security.

“Defence and internal security are accorded top priority,” the president said.

“The internal security architecture will be overhauled to enhance law enforcement capabilities and safeguard lives, property and investments across the country.

“Human capital is the most critical resource for national development. Accordingly, the budget prioritises human development with particular attention to children, the foundation of our nation.”

Tinubu said his government is committed to “improving the lot” of Nigerians and delivering on his campaign promises.

He said the 2024 budget has the potential to boost performance, promote the development of micro, small and medium-sized enterprises, enhance security and public safety, and improve the general living conditions of our people.

“I am confident that these budgetary allocations and directives will set Nigeria on a transformative path towards a sustainable and resilient energy future, fostering economic growth, job creation, and environmental preservation,” he said.

The president added that despite global headwinds, the Nigerian economy has proven resilient, maintaining modest but positive growth over the past twelve months.

In June, Tinubu appointed new security chiefs after he retired those who served in the administration of former President Muhammadu Buhari.

Last week, Christopher Musa, chief of defence staff (CDS), while speaking at a security debate organised by the house of representatives, said Boko Haram suspects plan operations and move funds from behind bars.

The defence chief alleged that some prison warders help high-profile inmates to move funds through their bank accounts.

On escalating insecurity in the south-east geopolitical zone, the general said Simon Ekpa, factional leader of the proscribed Indigenous People Of Biafra (IPOB), is a menace to Nigeria, noting that his “utterances” and actions have caused significant harm to the country.

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