Access Holdings says its banking subsidiary, Access Bank Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of a 100 percent equity stake in Bidvest Bank Limited.

Sunday Ekwochi, Access Holdings’ secretary, announced the agreement in a corporate filing on the Nigerian Exchange Limited (NGX) on Thursday.

Access Holdings said the acquisition is expected to close in the second half of 2025, subject to regulatory approvals.

“This agreement reflects the Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies,” the statement reads.

“Founded in 2000, Bidvest Bank is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.

“As of its financial year ended June 2024, Bidvest Bank reported total assets equivalent to $665 million and audited profit before tax of $20 million.

“Upon conclusion of this acquisition, Bidvest Bank will be merged with the Bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.”

‘ACQUISITION OF BIDVEST BANK WILL SUPPORT ACCESS BANK’S EXPANSION PLAN’

Commenting on the deal, Roosevelt Ogbonna, managing director (MD) and chief executive officer (CEO) of Access Bank, said the acquisition supports the company’s ambition to expand across Africa and solidify its presence in key markets, with South Africa being a top priority.

“It underscores our commitment to establishing a more resilient, diversified, and sustainable business model that leverages technology to meet evolving customer needs,” Ogbonna said.

“Bidvest Bank provides a unique opportunity to blend its strong local expertise with Access Bank’s robust trade and retail banking capabilities, creating a platform for long-term growth and value creation.”

On his part, Mpumi Madisa, chief executive officer of Bidvest Group, said he is pleased that Access Bank meets the objectives of the South African company, and provides reassurance for the continued sustainability and prosperity of the bank.

“The transaction aligns with Access Bank’s expansion objective to build the scale needed to become a major player in its market,” Madisa said.

“By leveraging Bidvest Bank’s robust local capabilities and Access Bank’s established pan-African presence, the Bank will have increased capacity for intra- and inter-Africa trade, connecting businesses and creating new opportunities for regional integration.”

Madisa said the deal will enable the bank to advance, scale, and sustainably grow in today’s fast-changing, technology-driven, and highly competitive sector.

Bode George, a chieftain of the Peoples Democratic Party (PDP), says President Bola Tinubu should reduce the price of petrol to N300 per litre during the yuletide.

George spoke on Wednesday during an interactive session with journalists in Lagos.

The ex-deputy PDP national chairman (southwest) said Nigerians are battling economic hardship, noting that there is a need for a breath of relief.

The elder statesman said the gesture could start from the middle of December to the end of January 2025.

George said well-meaning individuals and businesses could bear the cost of such price reduction to bring happiness to all Nigerians.

“I have been thinking, as a Nigerian, what can we do because the anger and the hunger are almost equal on the streets of Nigeria,” the PDP chieftain said.

“What I am suggesting is that Mr. President should sit down with his managers and give an order that from the middle of December to the end of January, the cost of petrol will be N300 per litre.

“The government can absorb the losses in the interest of the suffering people.

“If they (the government) want others to contribute, let us know how much that is going to cost and ask people to donate, to bear the cost.

“We will be sending a lot of messages of happiness across the tribes and homes.

“Everybody in Nigeria will be happy because it will positively impact this period of the year. It is a challenge, and he (Tinubu) can do it.

“We need this in December and January to put smiles on the faces of Nigerians.”

He asked the federal government to take other measures to reduce the high inflation rate, unemployment, and poverty.

Since the removal of the petrol subsidy in 2023, the price of petrol keeps increasing and has led to the hike in transport fares and prices of food items.

At the moment, petrol sells at a little above 1,000 per litre.

If the federal government followed the suggestion of George, N700 will be paid as a subsidy for one litre of petrol.

The Dangote Petroleum Refinery says it has partnered with Neptune Oil, a Cameroonian energy firm, for its first export of premium motor spirit (PMS), also known as petrol, to Cameroon.

In a statement on Wednesday, the refinery said the feat highlights both organisations’ dedication to addressing the region’s rising energy needs.

“In a landmark move for regional energy integration, Dangote Refinery and Neptune Oil jointly announced the first-ever export of Premium Motor Spirit (PMS) from Dangote Refinery, Africa’s largest oil refinery, to Cameroon,” the statement reads.

“This milestone, resulting from a strategic collaboration between the two companies, underscores their commitment to strengthening economic ties between Nigeria and Cameroon while meeting the region’s growing energy demands.”

According to the statement, the partnership between the oil firms “does not end with this first export”.

“Both companies are exploring new initiatives to establish a reliable supply chain that will help stabilize fuel prices and create new economic opportunities across the region,” Dangote refinery said.

For Nigeria, according to the refinery, the export showcases its ability to meet domestic needs and position itself as a key player in the regional energy market.

“It represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon,” the company said.

Speaking on the milestone, Aliko Dangote, president and chief executive officer (CEO) of the Dangote Group, said the facility’s first petrol export to Cameroon is a practical demonstration of its vision for a united and energy-independent Africa.

“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” he said.

On his part, Antoine Ndzengue, director and owner of Neptune Oil, said the partnership with Dangote refinery signifies a turning point for Cameroon.

“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development,” he said.

“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”

Last month, the refinery commenced petrol export to West Africa.