Business
Access Bank moves to acquire National Bank of Kenya
Access Holdings Plc says its subsidiary, Access Bank Plc, is in the process of acquiring the entire issued share capital of National Bank of Kenya Ltd. (NBK).
Sunday Ekwochi, the bank’s Company Secretary, said this in a notification sent to the Nigerian Exchange Ltd. (NGX) on Wednesday in Lagos.
Ekwochi stated that the bank had entered into a binding agreement with Kenyan-based KCB Group Plc (KCB) for the acquisition of NBK from KCB.
He said KCB is also the holding company of NBK, which is Kenya’s largest commercial bank.
According to him, the transaction is in furtherance of the bank’s African expansion strategy and will reposition it as a stronger and more significant player in the Kenyan market.
Ekwochi said this would also serve as a regional hub for Access Bank’s East African bloc, anchored by a solidified balance sheet.
“The parties will be working together in the coming months towards fulfilling the conditions precedent relating to the Transaction.
“This includes the regulatory approvals of the Central Bank of Nigeria(CBN) and the Central Bank of Kenya,” he said.
According to him, sequel to the completion of the transaction, NBK would be combined with Access Bank Kenya Plc.
Ekwochi explained that this would create an enlarged franchise in the pursuit of Access Bank’s strategic objective for the Kenyan and East African markets.
Commenting, Bolaji Agbede, Acting Group Chief Executive Officer(GCEO) of Access Holdings Plc said the proposed acquisition marks a significant step in the execution of the bank’s five-year strategic plan aimed at positioning it as Africa’s Gateway to the World.
Agbede noted that the deal with NBK, a historically strong and well-known bank in Kenya with a balance sheet above $1.1 billion, presents a compelling opportunity to scale up Access Bank’s growth in the East African market.
She said: ”We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value for our shareholders, customers, and wider stakeholder groups.
“We will keep the market updated on the progress of the Transaction.”
Access Holdings Plc operates through a network of more than 600 branches and service outlets, spanning three continents, 18 countries and over 60 million customers.
The company serves its various markets through four subsidiaries across the banking, payment, pension administration and insurance sectors through four operating companies.
Business
Governor Nwifiru gifts civil servants N150,000 Christmas bonus
The Ebonyi State Governor, Francis Nwifuru, has announced a Christmas Bonus of 150,000 for each civil servant in the state.
The Chief Press Secretary to the Governor, Monday Uzor, made this known in a Facebook post on Thursday night.
Uzor disclosed that the state workers would receive the bonus before 1 pm on Tuesday, December 17, 2024.
“Every Worker in Ebonyi State service will receive ₦150,000 as a Christmas Bonus before 1 pm on Tuesday… Gov. Rt. Hon. Francis Ogbonna Nwifuru,” the post read.
On October 27, the governor approved the payment of N75,000 minimum wage to civil servants in the state.
According to a statement by his spokesman, Nwifuru said that implementation of the new minimum wage had commenced, and the decision followed a careful review of the current economic situation in the country, especially as it affects the workers.
“According to the Governor, the least paid Civil Servant on grade level 2 will enjoy a full minimum wage of N75, 000 while from grade level 3 and above will get incremental of N40, 000 across board,” the statement read.
Business
US embassy issues fresh directive for Nigerian visa applicants
The United States Embassy has urged visa applicants with interviews scheduled after January 1, 2025, to make at least two visits to the Consulate General in Lagos as part of their immigration visa process.
The US Embassy announced this directive in a post on its X (formerly Twitter) page on Tuesday.
It reads: “For applicants with interviews scheduled after January 1, 2025, you are required to visit the Consulate General in Lagos at least twice during the immigrant visa process.
“This new process is designed to help you prepare for your visa interview and to prevent significant delays in processing your immigrant visa.”
According to information on the embassy’s website, the first visit will include an “In-Person Document Review” with a consular officer.
“This review ensures that applicants are prepared for their visa interviews. The review allows applicants to retrieve any missing documents ahead of their visa interviews, helping to avoid delays in application processing,” the embassy explained.
“The second interview, on the other hand, is with a Consular Officer. The date for this interview will be scheduled for applicants by the National Visa Center (NVC).
“If you do not complete the In-Person Document Review before your visa interview, you will be required to reschedule your appointment.”
The embassy stated that these changes are intended to improve efficiency and minimize delays caused by incomplete documentation.
Business
NCAA approves Ekiti airport for non-scheduled flights from December 15
The Nigeria Civil Aviation Authority has granted the Ekiti Agro-Allied International Cargo Airport in Ado Ekiti, the state capital, approval to commence non-scheduled flight operations beginning from December 15, 2024.
Ekiti State Governor, Mr. Biodun Oyebanji, described the development as a significant milestone and a testament to the state’s investment in the airport project.
He described the move as pivotal for enhancing the state’s socioeconomic growth by improving accessibility.
“This approval is a welcome development and a justification for the state’s investment in the airport project designed to boost Ekiti State’s socioeconomic development by making the state more readily accessible,” Oyebanji said in a statement released by his Special Adviser on Media, Yinka Oyebode, in Ado Ekiti on Thursday.
According to Oyebode, the NCAA communicated its decision in a letter dated December 11, 2024, addressed to Oyebanji.
“The government of Ekiti State welcomes NCAA’s approval for the non-scheduled flight operation, which allows private jets and other chartered flights to land and take off from the airport between 6 a.m. and 6 p.m. (or sunrise to sunset), preparatory to the final approval for commercial flight operations,” the statement read.
The NCAA Acting Director-General, Capt. Chris Najomo, clarified in the letter that the approval covers non-scheduled operations under Visual Flight Rules for six months, from December 15, 2024, to June 15, 2025.
The temporary permit, Oyebode explained, enables the NCAA to validate pending findings and gives the Ekiti State Government time to address a few outstanding corrective actions highlighted in the agency’s last inspection report.
As part of compliance efforts, the state government has engaged relevant aviation agencies to provide essential services, including Air Traffic Services, Aerodrome Rescue and Fire Fighting Services, Aviation Security, and Meteorological services.
It is worth noting that most new airports are initially granted non-scheduled flight approvals to address compliance issues before receiving full operational permits.
Ekiti State had previously signed Memoranda of Understanding and Service Level Agreements with federal aviation agencies to facilitate the airport’s development.
Oyebanji had earlier assured stakeholders that the airport would be operational before the end of the year.
With this milestone, the state inches closer to realising its goal of leveraging the airport for economic transformation, the statement concluded.
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