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Home Blog Page 5531

Access Bank Acquires African Banking Corporation of Botswana

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Access Bank Plc has continued to build on its pan-Africa legacy. On Tuesday, the bank announced on the Nigerian Exchange Limited (NGX) that it has acquired 78.15% shareholding in African Banking Corporation of Botswana Limited (BancABC Botswana).

This is following other major investments that the Nigerian bank has made across Africa recently.

Speaking on the acquisition, Company Secretary, Access Bank, Sunday Ekwochi, said in a statement that BancABC Botswana is the fifth largest bank in Botswana with strong financial standing that will enhance growth in its local market.

“The new acquisition will form part of the Bank’s nexus for trade and payments in Southern Africa and the boarder COMESA trade region. BancABC Botswana’s achievements in the retail banking space will provide an opportunity for the bank to deploy its best-in-class digital platforms and product suites to the benefit of BancABC Botswana’s customers and enable it to complete strongly across its core business segments.”

The bank’s share price added N0.15 to close trading at N9.60 on Tuesday. Access Bank’s earnings have grown by 12.8% per year over the past five years, buoyed by major expansion to other African markets.

The CEO of Access Bank, Herbert Wigwe said such acquisition is gearing the bank up to become the most respected African bank.

“We are pleased with the successful conclusion of this transaction which will provide significant synergies by combining BancABC Botswana’s strong retail banking operation with Access Bank’s wholesale banking capabilities.

“It will also strengthen the quality of earnings through revenue diversification and growth in the corporate and SME banking segments for BancABC Botswana. The combination is another step towards out broader vision of becoming the World’s Most Respected African Bank,” he said.

June 2021 Half year financial report of Access Bank, shows the company’s asset value has hit N10.06 trillion, a 16% increase from its last quarter 2020 report, making it Nigeria’s largest bank by asset. The growth has been significantly spurred by investments outside Nigeria.

Access Bank has subsidiaries across Sub-Saharan Africa and Europe, providing financial and banking services. The bank’s subsidiaries include Access Bank (Gambia) Limited, Access Bank (Sierra Leone) Limited, Access Bank (Zambia) Limited, Access Bank (UK) Limited, Access Bank (Ghana) Limited, Access Bank (D.R. Congo), Access Bank (Rwanda) Limited, Access Bank (Guinea) Limited, Access Bank (Kenya) Limited and Access Bank (Mozambique) Limited.

Last year, Access Bank got the green light from the Central Bank of Nigeria (CBN) to become a HoldCo (holding company). It has ever since then, intensified its expansion in Sub-Saharan Africa through acquisition of banks and other financial services.

Wigwe said Access Bank is focused on building the scale needed to become a leading African bank, one that leverages experience, talent base and key stakeholder partnerships to drive sustainable impact and profitability.

Build Your Startup With Tekedia Capital – Begin Today

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On Monday, Tekedia Capital’s next investment deal flow will go live in our portal. But as we conclude on this cycle, the search for the next unicorns begins immediately. When you join Tekedia Capital, you will have access to our team and myself, and we will provide guidance. Also, as we provide funding, we will also support you with Amazon AWS credit up to $25,000.

Go to our website and let us know what you are working on; our team will process the email and share with me. We know everyone in Africa and our network is legendary. You need those contacts as you build – and that is why you need to join us.

Go here and begin.

Roqqu disbursed 600 Million Naira in referral bonus and plans to disburse 1 billion naira in the next 12 months

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Everyone learns in school that the sole purpose of business is to make money. This unfair story sits deeply in the minds of Nigerians and their economic system. It shapes the actions of most organizations. Furthermore, a glance at history shows how such beliefs narrow our point of view, limiting anyone that harbours it to unfavourable long term repercussions.

The Goal

One of Roqqu’s aims is to show, inexorably, that – at the heart of our most admired, top-rated, and enduring businesses – society and her people are not factors to be used as a means to an end. To Roqqu, the people are the ends themselves. They are the core reason for the entire adventure in the first place. Hence, society and human values drive our decision making process.

Roqqu has a goal to leave a mark on the financial lives of the people. For one thing, raising financial security requires the employment of actions that support families to move forward. Indeed, Finance, education, justice, health, and taxation are all factors that must be utilized. However, a financial system that focuses on the people and ensures access to fundamental financial goods, services, and goals, is playing its part.

Some companies do more to provide income or extra cash for customers once in a while. Roqqu, inturn, takes this commitment two steps further. We share our revenue from every cryptocurrency transaction with our users. In other words, Roqquians who refer people to the app become part of our revenue-pool, constantly earning extra cash on every transaction made by their referrals.

Under these circumstances, everyone can catch a glimpse of our priorities, seeing where we stand with respect to our customers. In the end, those businesses that put the people in front of their actions generally serve the longest. They are rewarded for being an evolutionary advantage.

Many Roqqu users know they can earn some easy extra cash by helping to spread the word; and they have done so. There’s a certain degree of responsibility attached when we refer a friend to a product or service we like, and seeing Roqquians appreciate the app enough to invite their friends, without the need of any incentive, is an adventure that drives incredible work and commitment from our team.

Nevertheless, Roqqu has spent Over 600 Million Naira giving bonuses to Roqquians who got their friends to sign up with their referral link. That’s not all. With respect to doing more for Roqquians, we plan to disburse over 1 billion naira for referral bonuses within the next 12 months.

How does the referral programme work?

Help friends discover Roqqu by signing up with your link, and earn 0.5% on every transaction they make. It’s a very simple process, and costs nothing to participate in. Roqqu app is best served with friends and family, chilled.

Just login to your Roqqu app

  1. Click settings
  2. Click referrals
  3. Copy your referral link, you can’t miss it!
  4. Share it with friends.

For Roqquians who may not know about the referral bonus, those who may have forgotten, or do not use it because they are unaware of its massive advantage in extra cash, this is a quick way we have provided for Roqquians to earn without stress. Apart from Sharing your referral link, everything else is automatic. Everyweek, Roqquians gain additional funds, cashout, or use the compiled extra for any of our services, products, or listings. So what are you waiting for? Share Roqqu today and continually earn passively.

Click link to download the Roqqu App on Android Google Playstore and IOS Apple Store

Or

Get Started Here Sign up

The President’s Observation On Nigeria’s Export And Why We Must Improve [Video]

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“According to the sector operators, the cost of exporting 100 tons of cargo in Nigeria is $35,000, compared to $4,000 in Ghana. Today, the leading ports for West Africa are in Cote d’Ivoire, Ghana, Togo, and Benin Republic. All these countries have modernized their port management systems, leaving Nigeria far behind.

“Nigeria can learn from Morocco’s world-class Tangier-Med port. The port is unique in that it is an industrial port complex, and a platform that has over 1,100 companies. They collectively exported over € 8 billion worth of goods in 2020.

“Companies located at the Tangier-Med port have allowed Morocco to move up the global value chains, including automobiles, automotive parts, aeronautics, agriculture and food manufacturing, textiles, and logistics. Annually, over 460,000 cars are manufactured in the zone for exports. And more interesting is that the bulk of the human resources to do these are Moroccans.”

Nigeria scores many own-goals. If not, these port issues would have been fixed. You make certain things in Onitsha, Aba, Kebbi, Lokoja, etc, yet you have to haul them to Lagos to export when you have water bodies to build new ports in Akwa Ibom and Cross River to help Lagos!

As Nigeria Plans To Make Weapons Locally

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Nigeria has a major double whammy: accelerating insecurity which is distorting its national budget, and constant need to purchase firearms even when it does not have a favourable balance of trade, pushing its currency into deeper valleys. To fix that problem, the nation’s president wants to have an import substitution: yes, make firearms locally. People, “On Monday, President Muhammadu Buhari said it’s time Nigeria starts building its own weapons to curtail dependence on foreign supply.”

“To address our over-dependence on other countries for military equipment and logistics, I have instructed the Defence Ministry to create a modest military industrial complex for the local production of weapons to meet some of the requirements of the country’s armed forces. This is being implemented under the Defence Industries Corporation of Nigeria (DICON), a military department responsible for arms manufacture”.

I have written consistently that the insurgency in Nigeria provides a huge opportunity for the nation to develop a defense industry which if managed well could serve the world. Yes, unfortunately, the world will always have problems – and weapons will always be goods.

Yet, I am concerned because with corruption they can produce 100 for the government and 1000 for politicians ahead of elections. At least with import, you make the process harder but with local production, leakages will bound. This needs to be well managed!

Nigeria to Begin Local Firearms Production