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Access Bank completes acquisition of BancABC Tanzania

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Access Bank Plc, has announced the successful completion of its acquisition of African Banking Corporation (Tanzania) Limited (“BancABC Tanzania” in line with its strategic expansion goals.

This milestone follows the Bank’s initial announcement in July 2023 and marks yet another step in its journey to become the world’s most respected African Bank.

 

In a statement, Access Bank, said: “ With the successful acquisition of BancABC Tanzania by the Bank, BancABC operations will now be merged with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania at completion to form a new, entity to be known as Access Bank Tanzania.

Roosevelt Ogbonna, Access Bank’s Managing Director/Chief Executive Officer, commented on the transaction, saying, “This strategic move represents a notable step towards setting a railroad in Tanzania for intra-African trade within the East African region, Africa and the rest of the world. It underscores our commitment to creating a robust East African banking network, driving positive change and innovation.

“We are excited about the opportunities this acquisition presents for our operations in Tanzania and are eager to leverage our combined strengths to deliver exceptional financial solutions and experiences to our customers.”

Commenting on the transaction, John Imani, Managing Director, African Banking Corporation (Tanzania) Limited, said, “The completion of our transaction with Access Bank, not only underscores Access Bank’s strong confidence in our operations and the Tanzanian market but brings new and exciting opportunities for our customers, employees, and stakeholders. The new entity is poised to enhance our service offerings, leveraging Access Bank’s extensive resources and expertise to deliver even greater value to our clients. We look forward to an exciting and prosperous future as part of the Access Bank family, driving economic growth and financial inclusion across Tanzania.”

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Gabon Invites Dangote To Explore Business Opportunities, Amid Attacks In Nigeria.

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July 24, 2024

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President Brice Oligui Nguema of Gabon has invited Africa’s wealthiest man, Aliko Dangote, to invest in his country.

According to Dangote Industries Limited, the billionaire was asked to explore investment opportunities in Cement and Fertiliser (Urea and Phosphate).

“President Brice Oligui Nguema of Gabon has invited the President and Chief Executive Officer of Dangote Industries Limited (DIL), Aliko Dangote to invest in Cement and Fertiliser production in Gabon,” Dangote Group said in a statement.

“The President urged Dangote to explore potential investment opportunities in the country’s cement and fertilizer sectors, specifically urea and phosphate production.

According to the statement, Dangote conversed with Nguema and other top government officials during the visit.

“The talks focused on how Dangote Industries could contribute to Gabon’s economic growth by establishing cement and fertilizer plants, which are vital for the country’s infrastructure development and agricultural productivity,” Dangote Group said.

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Fuel crisis: Marketers project N700bn monthly subsidy

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July 24, 2024

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Monthly Subsidy: Oil marketers project a monthly subsidy of about N707 billion due to the high landing cost of petrol

Landing Cost: The landing cost of petrol is N1,117 per liter, which is the main reason for the high monthly subsidy

Dangote Refinery: The Dangote Petroleum Refinery is expected to begin petrol production in August, but the company might export the product due to crude oil supply crisis and regulatory challenges

Government Intervention:  The Minister of State for Petroleum Resources, Heineken Lokpobiri, met with officials of Dangote refinery and other stakeholders to address the concerns between Dangote refinery and oil sector regulators and operators

House of Representatives: The House of Representatives inaugurated an investigative committee to look into the non-availability of crude oil to domestic refineries and allegations of deliberate hike in the cost of the product for profiteering

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The House of Representatives has requested for the Chief Executive of the Nigerian Midstream and Downstream Petroleum Authority (NMDPRA) to be suspended while thorough investigations are conducted into the allegations against the Authority.

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July 24, 2024

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The House of Representatives has requested for the Chief Executive of the Nigerian Midstream and Downstream Petroleum Authority (NMDPRA) to be suspended while thorough investigations are conducted into the allegations against the Authority.

After Honorable Esosa Iyawe raised a motion of urgent public importance in the House regarding the immediate necessity to resolve the outage caused by what he referred to as reckless remarks from him, this action was taken.

Hon. Iyawe said, “In their defence, Dangote called for a test of their products, which was supervised by Members of the House of Representatives, wherein it was revealed that Dangote’s diesel had a Sulphur content of 87.6 ppm (parts per million), whereas the other two samples diesel imported showed Sulphur levels exceeding 1800 ppm and 2000 ppm respectively, thus disproving the allegations made by the NMDPRA boss.

“Allegations have been made that the NMDPRA was giving licences to some traders who regularly import high-Sulphur content diesel into Nigeria, and the use of such products poses grave health risks and huge financial losses for Nigerians.

“The unguarded statements by the Chief Executive of the NMDPRA, which has since been disproved, sparked an outrage from Nigerians who tagged his undermining of local refineries and insistence on the continued importation of fuel an act of economic sabotage, as the imported products have been shown to contain high levels of dangerous compounds.”

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