Connect with us

BIG STORY

Access Bank To Acquire Majority Stake In Finance Trust Bank, Targets Financial Inclusion, Empowerment, And Innovation In Uganda

Published

on

Finance Trust Bank (“FTB”) and Access Bank PLC (“Access Bank”) have announced the signing of a definitive agreement for Access Bank’s equity investment into FTB. The deal will also see Access Bank concurrently acquiring the shares currently held by FTB’s Institutional Shareholders who have sought to exit to a strategic, long-term shareholder.

The transaction is subject to regulatory approvals by the Central Bank of Nigeria and Bank of Uganda, and is expected to close in the first half of 2024, following the fulfilment of customary conditions precedent. Following the anticipated closing of the transaction, Access Bank would own an estimated 80% shareholding in FTB.

Coming at a time when commercial banks in Uganda are looking to increase their capital, this strategic acquisition presents an opportunity for Access Bank to partner with FTB and its stakeholders to create more significant opportunities for financial inclusion, product diversification, and, ultimately, greater customer-centricity. Access Bank’s presence in over 20 countries globally presents a robust platform that FTB’s customers can leverage to boost trade opportunities with the rest of the world.

Commenting on the Transaction, Roosevelt Ogbonna, Managing Director of Access Bank PLC said, “The prospective acquisition of majority equity stake in Finance Trust Bank marks an important milestone for Access Bank as we strengthen our regional presence in the East African Community trade region. This also moves us closer to realizing our five-year strategic plan through continued expansion to achieve scaled benefits across key African markets. Beyond our expansion goals, this deal will enable the Bank to deepen its community and women impact initiatives, as we will be building on FTB’s mission to effectively deliver innovative financial solutions to customers and stakeholders, especially women. Our storied history and experience in gender initiatives and women empowerment will greatly benefit FTB’s current deposit and loan portfolio – which currently comprises about 40% women – and the larger Ugandan community.”

Annet Nakawunde Mulindwa, Managing Director of Finance Trust Bank said, “Finance Trust Bank is thrilled to announce this transformative partnership with Access Bank PLC, as it marks a pivotal moment in our growth journey and presents an extraordinary opportunity for our valued customers and stakeholders. This strategic alliance will fortify our position in the financial landscape and enable us to offer our customers a broader array of innovative products and services.”

“As we embark on this journey, we extend our heartfelt appreciation to our loyal customers, dedicated employees, and valued shareholders for their unwavering support. Leveraging Access Bank’s global presence and expertise, we look forward to reaching new heights and continuing to serve as a trusted financial partner to our customers and communities across Uganda,” she added.

The transaction will enable both banks to merge their technological resources, providing Finance Trust Bank customers with access to secure and diversified digital platforms for seamless transactions and banking services provided by Access Bank. Furthermore, FTB would be able to leverage Access Bank’s expertise in building deep sector relevance across several industries and tap into revenue opportunities across new customer segments which cut across business and retail banking.

Access Bank Plc remains steadfast in its commitment to driving sustainable growth and creating exceptional value for its stakeholders. The acquisition of FTB stands as a testament to the Bank’s unwavering dedication to expanding its footprint and supporting the economic progress across East Africa.

  • About Finance Trust Bank

Finance Trust Bank (FTB) is a tier 1 financial institution, licensed and regulated by Bank of Uganda under license number A1.028. The Bank has a large network of thirty-five (35) branches serving over 500,000 savers and 42,000 borrowers with over 40% of these being women; The institution was established in 1984 as Uganda Women’s Finance Trust (UWFT), an NGO serving low-income women with basic loans and deposit facilities. In 2004, UWFT transformed into an MDI and was renamed Uganda Finance Trust, which in 2013 again transformed into a commercial bank and re-branded Finance Trust Bank-(FTB).

With its headquarters at TWED Plaza Lumumba Avenue, the bank continues to serve the low-income segments of the market in urban, peri-urban and rural areas but with special emphasis on women empowerment. The bank offers a comprehensive range of financial solutions, including loans, deposit accounts, money transfer services, utility bill collection, insurance services, trade and finance, and treasury services.

  • 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, 20 countries and over 65 million customers. The Bank employs over 28,000 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, has been listed on the Nigerian Stock Exchange since 1998. The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk and capital management capabilities. Access 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 18 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.

BIG STORY

10,000 New Recruits Ready For Deployment February 2025 — Police

Published

on

The Nigeria Police Force has revealed that the 10,000 newly recruited constables and specialists, currently undergoing training, will be deployed in February 2025.

As part of the Federal Government’s community policing initiative, the recruits will be assigned to their states of origin.

The recruitment process, conducted by the Police Service Commission, was initially met with controversy. In June, the commission released the list of successful applicants, but the police, under Inspector General Kayode Egbetokun, rejected it, citing allegations of corruption and seeking a fresh recruitment process.

The PSC stood by the integrity of the process, leading to a standoff. However, in July, the police accepted the list, and the recruits began their training.

With training underway, the February 2025 deployment will mark the culmination of this recruitment cycle, bolstering community policing efforts nationwide.

Speaking in an interview (with The Punch) on Tuesday, the Force spokesperson, Muyiwa Adejobi, said the recruits’ training was being conducted in 16 police training institutions across the country.

He added that the training commenced on August 10, 2024, for the General Duty cadre, adding that the exercise would last for six months.

Adejobi said the specialist cadre training will commence on 28 September 2024.

He said, “The training is currently being conducted in 16 police training institutions spread across the federation. The training commenced on 10 August 2024 for the General Duty cadre and would last for six months. The specialist cadre will commence training on September 28, 2024.

“This implies that come February 2025, all the successfully trained recruits (both General Duty and Specialist) will be absorbed into mainstream policing and deployed to their various states of origin in line with the community policing scheme of the Federal Government.”

Adejobi also said the ongoing training for the newly recruited constables is guided and conducted through the implementation of a new and robust Training Plan and Curriculum.

He added, “The training plan and curriculum provide for three learning phases, the Basic Training Course, Intermediate Training Course and the Practical Police Duty Course.

“These phases will emphasise the rudiments, fundamentals, core principles and concepts of contemporary policing, suitable for a dynamic society such as our dear country, Nigeria.

“The courses being taught encompass core areas, such as practical beat duty policing, police professional studies, including suspects’ handling and detention, criminal law, emotional intelligence, distress and complaints handling, police ethics and code of conduct, public relations and community policing, fundamental human rights, gender education, firearms handling and shooting range practice, unarmed combat, use of English and French languages, ICT, forensics, general liberal and field studies, amongst others.

“Recruits will also be exposed to relevant areas of law as it relates to policing. These include knowledge of the Constitution of the Federal Republic of Nigeria, 1999; Nigeria Police Act, 2020; Administration of Criminal Justice Act, 2015; Evidence Act, 2011 (as amended); Cybercrime Prevention Act, 2015; Electoral Act 2022, etc.”

Continue Reading

BIG STORY

55-Yr-Old Woman Slumps, Dies While Sharing Testimony In Lagos Church

Published

on

A 55-year-old woman, identified as Ifeoma, tragically passed away on September 8, 2024, after collapsing during Sunday service at a church in the Ejigbo area of Lagos State.

According to reports, Ifeoma had stepped forward to share her testimony around 8:48 am when she suddenly collapsed. Despite prompt medical attention, she died shortly thereafter.

Lagos State Police Command spokesperson, Benjamin Hundeyin, confirmed the incident on Wednesday, stating that Ifeoma was rushed to a nearby hospital where she was pronounced dead.

Eyewitnesses described the scene as Ifeoma sang praises and prepared to share her testimony before suddenly collapsing.

He stated, “The Zonal accountant of the church in Ejigbo came to the station and reported that during testimony hour in the church, while the service was on, Ifeoma came out singing songs to give her testimony when she suddenly slumped.

“She was quickly rushed to a nearby hospital but was referred to the General Hospital in Isolo, where she was confirmed dead.

“Based on the report, detectives were detailed to visit the hospital with the complainant. On getting there, they were told that the husband and family of the deceased had taken the corpse to Anambra State, where she came from for burial.”

Continue Reading

BIG STORY

Two UK-based Nigerians Risk Life Jail After Rape Conviction

Published

on

Two Nigerians, Tosin Dada and Solomon Adebiyi, now face the possibility of life imprisonment for multiple rape charges after being convicted by a jury at the Northampton Crown Court in the United Kingdom.

It was gathered from Lawtons Solicitors, a UK-based law firm, and a feminist charity organisation, Rape Crisis (England & Wales), that under the UK’s Sexual Offences Act 2003, the maximum sentence for rape is life imprisonment.

It was earlier reported that the Northamptonshire Police announced the conviction of the two Nigerians on its official Facebook page on Monday.

The conviction of Dada and Adebiyi follows weeks after a Nigerian pilot, Olukayode Ojo, was found guilty in a Texas court in the United States for making false statements to obtain a certificate from the Federal Aviation Administration.

The Northamptonshire Police announced that the convicts, Dada and Adebiyi, had each been charged with three counts of rape related to a March 2022 incident, while claiming they had engaged in consensual sex with a 17-year-old girl.

However, the jury found these claims false, ruling against them and declaring both guilty.

“Tosin Dada, 34, previously of Knox Road, Wellingborough, and Solomon Adebiyi, 39, previously of Stanley Street, Northampton, were both charged with three counts of rape each in connection with the offence on March 12, 2022.

“Their nine-day trial at Northampton Crown Court ended last week with both men being found unanimously guilty by the jury on all charges after eight hours of deliberation.

“Both men were remanded into custody ahead of sentencing at Northampton Crown Court on October 25, 2024,” the police disclosed.

Lawtons noted that while the average prison sentence for rape ranges from four to 19 years, varying from case to case, there is no statutory minimum sentence for the crime.

“Generally, sentencing for rape convictions starts from four years imprisonment. This sentence would only be given for category three offences and it is also very rare to receive such a short sentence, given that the majority of rape convictions also include some degree of harm or culpability.

“The maximum sentence for rape is life imprisonment. However, when using the term ‘sentenced for life’, it does not mean that someone will spend their whole life in prison. Instead, someone who is given a life sentence usually spends 15 years in prison.

“In these cases, the offenders will spend the rest of their lives on a life licence. This means they would immediately be called back to prison if they were to commit another crime,” the law firm stated on its website.

Our correspondent also learnt that the possibility of the convicted Nigerians bagging life imprisonment for the crime was possible, as mentioned on the official Rape Crisis (England & Wales) website.

“Rape is defined as someone with a penis penetrating another person’s vagina, anus, or mouth without consent and carries a maximum sentence of life in prison,” the feminist charity organisation stated.

Continue Reading


 

Join Us On Facebook

Most Popular