Access Bank finally Acquires Kenyan Bank, Transnational Bank Plc

Access Bank has finally acquired 100% of Kenya’s Transnational Bank Plc and its 28 branches, as the Central Bank of Kenya (CBK) gave its final nod.

In October 2019 we gathered that Access Bank from the first quarter of 2020, would expand its footprint across Africa. The bank, which is the largest in Nigeria by customer-size, had embarked on this path seven months after merging with another Nigerian bank, Diamond Bank.

When will takeover be effective? Nigerian Notch learnt that 100% of the shareholding of Transnational Bank will become that of Access Bank from February 1, 2020, after receiving approval on December 24, 2019, for the acquisition.

In a statement, the Kenyan bank regulator, CBK, stated that, “Access Bank Plc’s business model mainly focuses on corporate and retail banking and its strong group support is expected to drive Transnational Bank Plc’s business growth for the benefit of the Kenyan economy and the banking sector.”

Kenyan banking industry in inorganic phase: According to CBK, the acquisition is expected to strengthen the resilience of Kenya’s banking sector, which has been opened to merger and acquisition of various banks. The country has recorded merger between NIC Group Plc and Commercial Bank of Africa Limited, and KCB Group Limited’s acquisition of National Bank of Kenya Limited.

Kenya’s Central Bank has been pushing for a merger between the country’s banks because it has more banks per person than South Africa and Nigeria. Kenya has a population of 50 million with about 40 banks. The drive for consolidation had led SBM Holdings Ltd of Mauritius to acquire some of the assets of Chase Bank Kenya Limited and the entire capital of Fidelity Commercial Bank Limited.

With this move by Access Bank, it now has operation in Kenya like its Nigerian counterparts, Guaranty Trust Bank (GTBank) and United Bank of Africa (UBA).

Tinubu Appoints Chioma Awuzie Substantive Rector, Fed Poly Oko

President Bola Ahmed Tinubu has approved the appointment of Dr. Chioma Irene Awuzie as the substantive Rector of Federal Polytechnic, Oko, Anambra State. Dr. Awuzie's appointment, which takes effect immediately for a five-year term, follows the recommendation of the Polytechnic's Governing Council, chaired by Sen. Dr. Barnabas Gemade, after a transparent and competitive selection process where she emerged as the leading candidate. Prior to her appointment, Awuzie, who holds a Doctorate Degree in Physical and Materials Chemistry, was a distinguished Chief Lecturer in the Department of Science Laboratory Technology (Chemistry Option) and also Director in-charge of Tertiary Education Trust Fund (TETFund) Projects in the Polytechnic. Under her stewardship, Federal Polytechnic, Oko, witnessed unprecedented advancements in infrastructure and institutional transformation. Her leadership facilitated monumental developments across the Polytechnic’s campuses in Oko, ...

#Watchvideo : SECURITY FORCES BURST THE CAMP OF UNKNOWN GUNMEN IN AKOKWA

Security Forces in the state through a coordinated intelligence report has bursted the camp of the unknown gunmen at Akokwa, Arondizuogu after a long gun duel which resulted to the death of some of the criminals and others arrested. These criminal elements have been known to be behind several attacks in the state such as the killing of police men in Mbaise, Aba Branch in Ehime Mbano, burning down of police stations, attack and attempted kidnapping of former Governor Ikedi Ohakim, abduction of Miss. P.P. Johnson, a female soldier in Okigwe and recently the attack in Akokwa that left many dead. It is obvious that these daredevil gunmen have been perpetuating their evil plans unabated until yesterday when their camp was bursted by security agencies. This is another assurance that our security operatives are leaving no stone unturned in the fight against banditry and other related activities. While it has become obvious that the activities of these non state actors are politically motivate...

Tension In Uruagu Nnewi As Community Leaders Dare Soludo,Defy Court Order

The President of Uruagu-Nnewi Development Union, Chief Sunday Okoli aka Organizer, and the Obi of Uruagu-Nnewi community in Nnewi North local government area of Anambra State, His Majesty Afamefuna Charles Obi, have swept Soludo's directive to the gutters, by reason of their suspension and subsequent dessolution of the leadership of the community's youth forum, led by Ejike Ifejiofor, and subsequent appointment of caretaker executive to pilot the affairs of youths in the community. The Anambra governor had, through a letter dated August 9, 2024, signed by the Permanent Secretary, Anambra State Ministry of Youth Development, Dr. Martin Agbili, warned the community leaders to stay any action regarding suspension of the Uruagu-Nnewi youth forum. The community had, through its PG, Chief Okoli, written to the Ministry of Youths Development, notifying the ministry of "immediate suspension" of the youth group over alleged insecurity in the area. But the ministry,...

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