Access Bank (UK) Limited to Acquire Mauritius-based AfrAsia Bank Limited
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Access Holdings PLC (“Access Holdings”) today announces that its banking group’s, subsidiary, The Access Bank UK Limited (“the Access UK”) has entered into a binding agreement to acquire a majority equity stake in AfrAsia Bank Limited (“AfrAsia Bank”), the Republic of Mauritius’ third largest bank by total assets.
Mauritius, renowned for its robust financial services sector which contributes 13.4% to its Gross Domestic Product, provides Access UK with a solid foundation to expand its operations in the high-growth personal and corporate banking segments.
Furthermore, Access Bank will utilise Mauritius as a strategic hub for trade finance and regional connectivity, thereby enhancing its capacity to facilitate cross-border transactions across Africa and beyond.
The transaction represents a transformational step forward for the Access UK and the overall Access Holdings’ banking franchise.
At the end of its fiscal year ended June 30, 2024, AfrAsia Bank recorded Total Assets of more than US$5.7 billion and Net Profit After Tax of US$152.4 million.Commenting on the acquisition, Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc and the CEO of the Banking Group said: “This acquisition marks a pivotal moment in our African growth strategy, reinforcing our position as a leading Pan-African financial institution.
Mauritius offers immense potential as an international financial hub, and through AfrAsia Bank, we are excited to unlock new opportunities to drive trade, support businesses, and foster economic inclusion across the region as we continue our mission to be the World’s Most Respected African Bank.”Jamie Simmonds, Managing Director of the Access Bank UK added: “With a strong balance sheet and a well-established brand in Mauritius, AfrAsia Bank provides us with a sustainable platform to scale and achieve long-term profitability.
The deal aligns with our strategy to diversify and future-proof our earnings; and offer bespoke solutions enabling our clients to access global markets with ease.
”The Access Bank UK remains focused on fostering sustainable growth and delivering innovative financial solutions that empower businesses and individuals, while advancing intra- and inter-African trade, unlocking opportunities, and contributing to its economic transformation.
Access Bank UK remains committed to providing innovative financial solutions and fostering trade relations between Africa and the rest of the world.
MTN can drive Nigeria to a $1 trillion economy” says CEO, Kari ToriolaCEO of MTN Nigeria, Karl Toriola has said that the organization can drive Nigeria towards a $1 trillion economy.
He made this statement at the CWG Africa Texcellence Conference 3.0, highlighting the company’s evolution from a traditional telecom provider to a forward thinking technology company.
“The shift Telco to TechCo represents a massive opportunity for Nigeria. By embracing digital, investing in infrastructure and fostering innovation, Nigeria can accelerate its journey toward becoming a $1 trillion economy”, he said, emphasizing MTN’s vision to drive Nigeria’s economy, with a focus on strengthening community connectivity, promoting financial inclusion, and empowering businesses nationwide.
He noted the telecommunications industry’s contributions to Nigeria’s economy, saying “The telecommunication sector has been a critical sector of economic growth in Nigeria, contributing roughly 14% GDP”.
Toriola detailed MTN’s dedication to reshaping Nigeria’s digital future through key initiatives such as SG deployment, advancements in fintech, and the integration of artificial intelligence.
“The telecommunication sector has been a critical sector of economic growth in Nigeria, contributing roughly 14% GDP. At MTN Nigeria, we are undertaking a transformative shift from a telecommunications provider to a technology company.
While this transition is a significant challenge with its own risks, it presents immense opportunities, especially with the launch of 5G technologies.
We are moving to revolutionize connectivity nationwide by creating urban centers, providing fixed broadband solutions for businesses and homes, creating a foundation for major advancements”, he said.The MTN Chief Executive officer highlighted some of the company’s present digital solutions and initiatives contributing to Nigeria’s digital economy, including MoMo PSB, Ayoba and MTN play, while also emphasizing the power of 5G in driving economic development.
“The low latency and high- speed capabilities of 5G open up exciting possibilities in areas such as the internet of Things (IoT) and artificial intelligence (At), expanding our reach into sectors like healthcare.
Mobile money services are also at the forefront of our transformation from a Telco to a TechCo, as we aim to meet evolving consumer demands and build new business cases in financial solutions”.
He also noted the ongoing construction of MTN’s data center, which will enable the ICT firm to provide extensive infrastructure and storage services for various businesses.
Karl Toriola’s submissions at the Texcellence Conference indicated that MTN’s transition from Telco to TechCo goes beyond business solutions, also forming part of the firm’s strategic efforts to enhance Nigeria’s economic growth.
ZENITH BANK HOLDS 4TH EDITION OF ANNUAL TECH STARTUP PITCH COMPETITION
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The Fourth Edition of the Zenith Bank Tech Fair, tagged “Future Forward 4.0: Embedded Finance, Cybersecurity & Growth Imperatives – The Impact of AI”, is set to hold on Thursday, November 21, 2024, at the Eko Convention Centre, Eko Hotels & Suites, Victoria Island, Lagos, from 8.00 a.m. to 6.00 p.m.
The fair will showcase leading technological innovations that cut across Artificial Intelligence, Cybersecurity, Risk Management, Compliance, Financial Intelligence, Cloud Computing, and Communication Technologies, among others.
The event will also feature a Start-up Pitch Competition – Zecathon – to identify innovative startups, panel discussions, masterclasses and exhibitions.Among the rich lineup of activities, the event will feature opening remarks by Jim Ovia, CFR, Founder and Chairman of Zenith Bank and a welcome address by Dame (Dr.) Adaora Umeoji, OON, Group Managing Director of Zenith Bank Plc.
There will also be a goodwill message to be delivered by the Vice President of Nigeria, His Excellency, Sen. Kashim Shettima and the Governor of Lagos State, His Excellency, Mr. Babajide Sanwo-olu.
The keynote address, “Banking Transformation in a Digital World “, will be delivered by Robin Speculand, a renowned Strategy & Digital Implementation Specialist. Other prominent IT practitioners who represent top global brands will make presentations.
These include; Danillo McGarry, Global Expert in Digital Transformation & AI; Jania Okwechime, Partner, Africa, AI & Data, Deloitte and Rupert Nicolay, Director, Microsoft Worldwide Financial Services, amongst others.The panel discussion which has Wole Odeyele, Client Technology Lead for Microsoft Inc. as its host, will feature six discussants including Ada Jabaru, Founder & Director, Nistad Limited; Funke Opeke, Founder & Chief Executive Officer, MainOne; Guy Futi, Chief Executive Officer, Orda; Dr Auwal Adam Sa’ad, Founder, ZamzamPay; Kashifu Inuwa Abdullahi, Director General, National Information Technology Development Agency (NITDA), and Engr. Bisoye Coker-Odusote, Director General/Chief Executive Officer, National Identity Management Commission (NIMC).
The masterclass will be divided into seven (7) different classes, and facilitated by key industry players that cut across renowned tech giants such as: Microsoft, Oracle, CyberSoc, IBM, Google, Huawei & Amazon Web Services.To register and participate, visit www.zenithbank.com/techfair. The fair will be live on Zoom and streamed on the bank’s social media pages.
Pernod Ricard Nigeria & Maison Martell Unveil the Majestic Martell Tower in Lagos, Redefining Luxury Experiences
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Maison Martell, a subsidiary of Pernod Ricard, proudly announces the launch of the Martell Tower, an iconic architectural landmark in Lagos.
From Left: Alexandre Combescot de Marsaguet, Global Brand Education Ambassador, Martell; Evane Chenuet , Marketing Director Pernod Ricard Nigeria; Michael Ehindero , Managing Director; Ojie Ehianeta, Head of Portfolio ,Pernod Ricard Nigeria; Nkaepe Ette, Brand Activation Manager , Pernod Ricard Nigeria.
This audacious creation embodies Martell’s 300-year legacy, blending French elegance with Nigerian vibrancy.
The message was mind-sparking: ” Dear Swift One, we are thrilled to invite you to be among the first to soar to new Heights at the Martell Tower.” This immersive journey explores cognac craftsmanship across four unique floors.
The iconic tower’s journey begins at L’Atelier – Art of Cognac and Boutique, offering Martell’s extensive cognac range, exclusive merchandise and personalized bottles. Guests progress to L’Atelier – Taste and Tour for a dedicated tasting experience, then L’Atelier – Mixology to craft signature cocktails guided by certified mixologists.
From Left: Ikechukwu Agu, Commercial Director, Pernod Ricard Nigeria; Evane Chenuet , Marketing Director, Pernod Ricard Nigeria; Joshua Ademuwagun, HR Director; Nkaepe Ette , Brand Activation Manager, Pernod Ricard Nigeria; Alexandre Combescot de Marsaguet, Global Brand Education Ambassador, Martell; Ojie Ehianeta, Head of Portfolio, Pernod Ricard Nigeria
La Suite 1715 showcases Martell’s rich legacy, while L’Horizon is perfect for exclusive gatherings. Each level of the Tower, taking guests deeper into the world of Martell.”From mouthwatering bites to premium cocktails, every detail made for a wonderfully convivial night.
Speaking at the event, Managing Director, Pernod Ricard Nigeria, Mr Michael Ehindero, said that ‘This groundbreaking tower embodies Martell’s unwavering commitment to innovation and African elegance.
He added that the Martell Tower is pioneering design and premium experience and is the first of its kind in Africa.
The company’s Marketing Director, Evane Chenuet, expressed that: “The Martell Tower Experience embodies our daring spirit and commitment to creating unforgettable experiences.
From Left: Guillaume deVernejoul, Finance Director, Pernod Ricard Nigeria; Evane Chenuet, Marketing Director, Pernod Ricard Nigeria; Michael Ehindero, Managing Director, Pernod Ricard Nigeria; Joshua Ademuwagun , HR Director, Pernod Ricard Nigeria; Ikechukwu Agu , Commercial Director, Pernod Ricard Nigeria; Ojie Ehianeta, head of Portfolio, Pernod Ricard Nigeria; Bode Omosagba, Operations Director, Pernod Ricard Nigeria, with cross session of Pernod Ricard Employees at the Launch of the Martell Tower.
It’s more than a building; it’s a symbol of our legacy and our future.” The Tower will host a series of exclusive events, including fashion exhibitions, exclusive auctions, and musical performances in the coming months.
END About Pernod Ricard NigeriaEstablished in 2012, Pernod Ricard Nigeria, is a member of the Pernod Ricard Group, a worldwide leader in the spirits and wine industry, blending traditional craftsmanship, state-of-the-art brand-building, and global distribution technologies.
The Majestic Martell Tower
Our prestigious portfolio of premium to luxury brands includes Absolut vodka, Ricard pastis, Ballantine’s, Chivas Regal, Royal Salute, and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Malibu liqueur, Mumm and Perrier-Jouët champagnes.Our mission is to ensure the long-term development of our brands with full respect for people and the environment, while empowering our employees around the world to be ambassadors of our purposeful, inclusive, and responsible culture of authentic conviviality.