NEWS
JUST IN: Access Bank Buys Standard Chartered Bank’s Subsidiaries In Five African Countries
Subject to regulatory approvals in the respective countries, Standard Chartered Bank and Access Bank Plc have entered into agreements for the sale of former’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, Sierra Leone, and Tanzania.
This was contained in a statement issued on Friday, on London, at Standard Chartered’s headquarters, in the presence of senior representatives from both banks.
Biztellers reports that the agreement was signed by Regional CEO, Africa & Middle East, Standard Chartered, Sunil Kaushal, and the Group Managing Director, Access Bank Plc, Roosevelt Ogbonna.
According to the United Kingdom based lender, the agreement with Access for the sale of the bank’s business in Sub-Saharan Africa was in line with Standard Chartered’s global strategy, aimed at achieving operational efficiencies, reducing complexity, and driving scale.
With the development, Access Bank will provide a full range of banking services and continuity for key stakeholders including employees and clients of Standard Chartered’s businesses across the five aforementioned countries.
Access Bank and Standard Chartered will work closely together in the coming months to ensure a seamless transition, with the transaction expected to be completed over the next 12 months.
On the agreement, Kaushal, said, “Following on the announcement we made in April last year, the project is now substantially completed with the announcement for the sale of the five markets and the furtherance of a partnership with Access Bank.”
“This strategic decision allows us to redirect resources within the AME region to other areas with significant growth potential, ultimately enabling us to better support our clients. We look forward to working closely with Access Bank’s team over the coming months to achieve a successful conclusion to this transaction while safeguarding the interests of our valued clients and prioritising our employees”.
In the same vein, Ogbonna said, “We are pleased to sign this agreement today and express our appreciation for being selected as the preferred partner to Standard Chartered through this transaction, in which it is exiting four African markets and refocusing in one.
“As a distinguished regional and international bank with a rich heritage spanning over 150 years, Standard Chartered Bank has built a solid presence in these markets for over 100 years.”
For Access Bank, the transaction represents a key step in its journey to build a strong global franchise focused on serving as a gateway for payments, investment, and trade within Africa and between Africa and the rest of the world, anchored by a robust capital base.
Ogbonna added, “At Access Bank, we are committed to reshaping the global perception of Africa and African businesses, even as we continue to build toward our vision to be the World’s Most Respected African Bank. Our five-year growth plan will see us build a world-class class payments gateway leveraging the power of technology and a robust network of relationships across our operating countries. This will be supported by a dynamic ecosystem of local and international partnerships, enabling us to serve global payments and remittances efficiently.
“With our recent European expansion and our deepened presence in key trading corridors across Africa, we will bridge the gap between cross-border and domestic transfers across all business segments. More importantly, we are committed to impacting our host communities positively.”
In April 2022, Standard Chartered decided to divest from a number of markets, namely Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe, and Jordan, and to exit the CPBB (Consumer Private and Business Banking) business in Côte d’Ivoire and Tanzania.
The bank announced the sale of its business in Zimbabwe earlier in June and in Jordan in March this year.
With this announcement, Standard Chartered has completed the divestment process from the markets announced in April 2022, except Côte d’Ivoire where it remains actively engaged in discussions with potential buyers for the sale of its CPBB business in the country.
The Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr. Charles Odii, the Executive Vice Chairman/CEO, Nigerian Communications Commission (NCC), Dr. Aminu Maida, other regulators, experts, stakeholders from the financial services and ICT sectors, small business owners among others have confirmed their attendance at the SUPERNEWS Nigeria SMEs Forum 2024 scheduled for Thursday, June 13th 2024 at Radisson Hotel, GRA Ikeja, Lagos.
The conference with the theme, ‘Bringing SMEs into the Financial Services Network via Fintech’ would be declared open by the SMEDAN DG, Mr. Charles Odii, while the EVC of NCC will chair the event.
A renowned economist and financial expert, Dr. Biodun Adedipe, the MD/CEO Biodun Adedipe & Associate Ltd., will deliver the keynote speech at the conference, which would dig into issues faced by SMEs in running their day-to-day businesses in Nigeria.
The conference will also feature a panel session which would be handled by erudite scholars, including the Chairman, Nigerian Association of Small and Medium Enterprises (NASME), Yeye Modupe Dada; Managing Director/CEO, Sunu Assurances Plc, Mr. Sam Ogbodu, Managing Director/CEO of APT Securities and Funds Limited, Mr. Kasimu Garba Kurfi and Head, Financial Institutions Ratings at Agusto & Co., Mr. Ayokunle Olubunmi.
The Special Guests of Honour for the conference include the Director General of SMEDAN, Mr. Charles Odii; Acting Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama and the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin.
The Publisher of SUPERNEWS Nigeria, Ngozi Onyeakusi in a statement in Lagos said the choice of the theme of the Conference was borne out of the quest to improve the business climate for SMEs in Nigeria by leveraging on technology in terms of accessing financial services.
She said it’s unfortunate that SMEs that form the bedrock of every economy are plagued by a lot of challenges, especially inadequate access to finance. Indeed, reports have shown that the challenge of SMEs in accessing funds could be traced to inadequate access to financial institutions and education, skills, experience of owners/managers, high interest rates, gender discrimination, among others.
It therefore becomes imperative to leverage on technology to ensure their sustainability, productivity and profitability.
The conference, she said, will, among others, examine the key challenges faced by SMEs in Nigeria and provide practical solutions to help overcome them.
It will equally explore the benefits of fintech for small businesses, including how it can help them overcome financial challenges and drive growth through technology-driven solutions.
She equally emphasised that the confab is a learning opportunity designed to enhance awareness, deepen understanding of the participants on how SMEs can grow and sustain their businesses by embracing various financial services options including banking, capital market, pension and insurance.
The Osun State Government has urged President Bola Ahmed Tinubu, the Inspector General of Police and other stakeholders in Nigeria to urgently summon a former PDP stalwart in Osun State, Alhaji Shuaibu Oyedokun for questioning over his recent incendiary comments on the person and personality of the Governor of Osun State, Senator Dr Ademola Jackson Nurudeen Adeleke and the entire Adeleke family of Ede, Osun State.
This was contained in a statement issued in Osogbo, the Osun State capital, by the Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi.
According to the statement, the Government viewed with gross concern and outright dismay, the careless and unguarded utterances made by Alh. Shuaib Oyedokun wherein he advised Gov Adeleke not to, by any means, contest for a second term governorship in Osun State, if he doesn’t want an act of murder to be carried out and be hanged on the Governor and the highly respected Adeleke family of Ede where the Governor hails from.
The statement noted that during a live Yoruba radio programme on Rave F.M, Osogbo, tagged *Oro Oselu*, on Monday, the 20th of May, 2024, Alhaji.Oyedokun threw cautions to the wind in many of his politically uncultured and morally unguarded remarks while on the programme.
The OSG viewed such comments as not only inciting but the highest form of desperation from Alh Oyedokun and the entire Osun APC to which he defected to recently.
Against the backdrop of further interpreting his utterances throughout the duration of the Yoruba programme as a dangerous security development in Osun State, for which Alimi in the statement called for an immediate summon and eventual questioning of Oyedokun, by the law enforcement agencies to explain why the right of Gov Adeleke to contest for a second term should warrant shedding of innocent blood and hanging it on the neck of the governor and his family.
The security agencies need to unravel what plots or scheming bordering on criminality Pa Oyedokun is privy to or hatching alone or in partnership with his new party. This is necessary to forestall maturing of a hideous agenda capable of plunging Osun into crisis ahead of 2026 polls, the statement further reiterated.
The statement reads in part as follows: “As a Government, we view Alhaji Shuaib Oyedokun’s utterances throughout the duration of the
*Oro Oselu* radio programme of Monday, 20th of May,2024 as totally incongruous, callous, dirty, unwarranted and nauseating to say the least.
“Alhaji Shuaib Oyedokun’s comments,were not just within the boundaries of exercising his fundamental human rights of freedom of speech, they are at best morally awkward, debasing and a threat cum invitation for mayhem.
“Conclusively, as a Government, we are of the view that,whatever happens, bordering on the security of lives and property of the people of Osun State, before, during and after the coming Governorship election or any other election in our dear state, the likes of Oyedokun and APC members should be held accountable.”
Retired police officers under the contributory pension scheme have taken to the streets of Abuja to protest several months of unpaid pensions.
Coming from various state chapters, they voiced their frustration over the hardships they face due to PENCOM’s failure to pay their entitlements.
The retirees are calling on the Federal Government to exempt them from the contributory pension scheme.
In a video shared on social media platform X on Tuesday, the retirees were seen holding placards and chanting, “All we are saying, give us our right.”
See video below:
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