Nigeria: Press zooms in on completion of acquisition of BancABC Tanzania by Access Bank

The announcement by Access Bank Plc that it has successfully completed its acquisition of African Banking Corporation (Tanzania) Limited (BancABC Tanzania) in line with its strategic expansion goals is one of the leading stories in Nigerian newspapers on Tuesday.
The Vanguard newspaper reports that 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.”
The newspaper says that the Nigerian Exchange (NGX) Limited has urged investors to leverage its new USSD platform to participate in the capital market.
NGX stated this at its Investor Education Series, partnered with Meristem via a zoom meeting with the theme, ‘Unlocking Potential: Leveraging USSD For Enhanced Capital Market Access’.
Speaking at the event, Head, Trading & Products of NGX, Abimbola Babalola stated that the NGX USSD (Unstructured Supplementary Service Data) platform is a technology that allows mobile phone users to access a variety of services by dialing a short code (*5474#) on their phone keypad.
He said that the NGX USSD platform is a new and innovative way for investors to access real-time stock market information and connect with a stockbroker.
According to him, the product is designed to boost financial inclusion and market participation in Nigeria by providing investors easy access to price information of listed companies and connecting them with Trading License Holders.
He further said that “what we are doing at the exchange is to put investors at the driver’s seat of their investment. Gone are those days when you buy securities and you go to sleep, or you have to start reading the newspaper or wait for news to know what is happening to the stocks. So, this time around, you have a device that you can use to monitor your stock at any time.”
Babalola added that investors’ education is key, and this is what the products will address.
The Punch reports that the Federal Government, on Monday, raised the alarm over the renewed smuggling of Premium Motor Spirit, popularly called petrol, following the massive hike in the pump price of the commodity in neighbouring countries.
It stated that while the average price of petrol in Nigeria was about N701/litre, the average cost of the product in neighbouring countries was N1,787/litre, a development that heightened PMS smuggling out of Nigeria in the past two weeks.
The Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, who disclosed this at a press conference in Yola, said the NCS had to join forces with the Office of the National Security Adviser to tackle the menace.
He said, “Today, we are here to update members of the public on the strategic efforts of the Nigeria Customs Service in addressing the critical issue of fuel smuggling through the recently launched Operation Whirlwind, under the auspices of the Office of the National Security Adviser.
“About a year ago, the Federal Government made the bold strategic decision to remove the fuel subsidy. This crucial step was aimed at freeing up substantial funds that could be redirected to other productive sectors of the economy, reducing pressure on our foreign exchange reserves, and diversifying economic growth.
“The immediate impact was an upward adjustment in fuel prices to reflect current realities. Despite the inflationary pressures and financial strain on households, particularly those with lower incomes, comparative studies still show that fuel prices in Nigeria remain the cheapest compared to other countries in the West and Central African region,” he stated.
Speaking further, Adeniyi said, “While PMS is sold at an average of N701.99 in Nigeria, it is sold at an average of N1,672.05 in the Republic of Benin and N2,061.55 in Cameroon. In other countries around the region, the price of PMS ranges from N1,427.68 in Liberia to N2,128.20 in Mali, averaging N1,787.57, according to the fuel price data obtained from opensource.”
The customs boss said this comparative price advantage, though beneficial to Nigerian citizens, unfortunately, created a lucrative incentive for smuggling PMS out of Nigeria, where prices were two to three times higher.
The newspaper says that the Central Bank of Nigeria has again reassured the banking public of the safety of their deposits and the banking system’s resilience.
The apex bank’s Acting Director of Corporate Communications Department, Mrs Hakama Sidi-Ali, gave the assurance in a statement on Monday in Abuja.
Sidi-Ali’s statement was a response to concern in some quarters about the stability of some Nigerian banks in the wake of Heritage Bank Plc’s license revocation.
The apex bank’s spokesperson faulted claims that the CBN was considering revoking the operating licences of Fidelity, Polaris, Wema, and Unity Banks.
She also clarified that a circular issued by the Bank on January 10, 2024, notifying the public about the dissolution of the Boards of Union, Keystone, and Polaris Banks, was currently being circulated as though it was freshly issued.
According to the director, Heritage Bank’s case was isolated.
“Allegations of further revocation of licences prior to the completion of CBN’s recapitalisation exercise are mere fabrications aimed at creating panic within the system,” she said.
She said that bank customers, particularly those of Heritage Bank, need not worry about the safety of their deposits, adding that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment to the bank’s insured depositors.
GIK/APA