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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

NSA Ribadu Tells Canada To “Go To Hell” For Denying Military Chiefs Visas

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In a significant diplomatic snub, Canada has refused to grant visas to Nigeria’s Chief of Defence Staff (CDS), Gen. Christopher Musa, and several other senior military officers for an official event. Speaking on Thursday, February 13, 2025, at the first annual lecture of the National Association of the Institute for Security Studies (AANISS) in Abuja, National Security Adviser (NSA) Nuhu Ribadu voiced his dissatisfaction, telling Canada “to go to hell.”

The officials were scheduled to participate in a ceremony in Canada honoring war veterans, but only a part of the delegation was granted visas, sparking strong reactions from Nigerian authorities.

Ribadu and Musa discussed the matter at the inaugural lecture of the Alumni Association of the National Institute for Security Studies (AANISS). The event, attended by security experts and government officials, highlighted national security and international collaboration.

Ribadu labeled the visa denial as disrespectful, while Musa stressed that Nigeria needs to assert itself internationally and no longer be taken lightly. Musa reflected on how his team had been invited to the veterans’ event, only to be hit with an unexpected setback when some members of the delegation were denied entry. He viewed the incident as a reminder for Nigeria to bolster its independence and strength.

He stated, “Every disappointment is a blessing. Yesterday, I was meant to be in Canada for an event to honor our veterans… half of us have gone, and half have been denied. It’s very disappointing. It’s a clear reminder that the country must stand on its own, stand strong as a nation, and should no longer be taken for granted.”

Ribadu commended Musa for his leadership in tackling security issues and underscored the importance of national advancement. He remarked, “Thank you for having the courage to say Canada denied you visas. They can go to hell. Even though it’s painful and disrespectful, we are peaceful and strong, and I agree with you that it is time to fix our country.”

The visa rejection raises concerns about Canada’s position on Nigerian military officials and its broader diplomatic relationship with Nigeria. While the exact reasons for the denial remain unclear, the incident has shed light on the bureaucratic and political obstacles Nigerian officials face in international dealings.

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BIG STORY

Gbenga Adeyinka D’1st Gears Up For Laffmattazz “About Time World Tour”

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Iconic Nigerian comedian, Gbenga Adeyinka D’1st, is set to embark on a global comedy tour, bringing laughter and excitement to fans around the world.

The Laffmattazz tagged “About Time World Tour” promises to be an unforgettable experience, featuring Gbenga Adeyinka D’1st’s unique brand of comedy and other amazing comedians.

The tour will kick off in Nigeria, with shows in Ibadan, Akure, Abeokuta, and Lagos.

From there, Gbenga Adeyinka D’1st will take his comedy to the global stage, performing in the UK, Canada, and the USA.

“We are thrilled to announce the Laffmattazz World Tour, which promises to be an epic comedy experience,” said Gbenga Adeyinka D’1st.

When asked what his fans should expect, Gbenga Adeyinka D’1st said “We have an amazing lineup of shows planned, and we can’t wait to bring laughter and joy to our fans around the world.”

The Laffmattazz World Tour is set to be a hilarious and entertaining experience, featuring Gbenga Adeyinka D’1st’s signature comedy style, which blends humor, storytelling, and audience interaction.

For more information on the Laffmattazz World Tour, including tour dates, venues, and ticket information, follow us on social media @gbengaadeyinka1stgcon @Laffmattazz_ga1st

Join the conversation on social media using the hashtag #LaffmattazzWorldTour.

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BIG STORY

Our Matriarch Has Returned To Her Creator

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With a heavy heart and complete submission to the will of Almighty Allah, we announce the passing of our beloved mother, Mrs Mojisola Norinatu Adebayo Nee Adelakun who departed this world on the evening of Tuesday, February 11, 2025.

Fondly known as Iya Wale, she lived a remarkable 68years filled with love, kindness, and wisdom. She was a pillar of strength who taught us patience, tolerance, and, above all, the true essence of love. Her presence touched many lives, and her legacy of compassion will forever remain in our hearts.

Though my siblings and I deeply mourn her loss, we take solace in the knowledge that she has returned to her Creator. In accordance with Islamic rites, she was laid to rest on Wednesday, February 12, 2025.

As we reflect on her impactful life, the family will hold the 8th Day Fidau prayers next week to honor her memory. We kindly ask for your prayers and support during this difficult time.

May Allah grant her eternal rest and admit her into Al-Jannah Firdaus.

 

Dr. Abiola Adebayo

For the Family

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