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Access Bank Affirms Boost To Nigeria-France Trade Relations  

     Mohammed Shosanya

 

 

Access Bank Plc has hosted the French Week 2024 Business Forum at its headquarters in Lagos,affirming its commitment to bolstering trade relations between Nigeria and France.

 

 

 

 

 

The event,which commenced the annual French Week celebration,highlighted Access Bank’s dedication to fostering bilateral business collaborations and creating a platform for growth, trust, and innovation in the France-Nigeria economic space.

 

 

 

 

According to a statement,the Business Forum attracted high-profile dignitaries, including Ambassador of France to Nigeria, Consul General of France in Lagos, President of the Franco-Nigeria Chamber of Commerce and Industry, and Chairman of Access Holdings Plc.

 

 

 

 

Commissioner for Commerce, Cooperatives,Trade, and Investment in Lagos, as well as the Technical Adviser to the President on Foreign Direct Investment,conveyed the federal government’s full support for advancing cross-border partnerships with France, appreciating Access Bank’s leadership in organising such impactful forums.

 

 

 

Speaking,Mr. Laurent Favier,the Consul General of France, acknowledged Access Bank’s growing presence in France, further underscoring the bank’s pivotal role in facilitating trade between the two nations.

 

 

 

 

He lauded Access Bank for championing France-Nigeria economic relations by establishing both a strong footprint in Paris and a dedicated French Desk in Nigeria to facilitate seamless business transactions.

 

 

 

 

Aigboje Aig-Imoukhuede,Chairman of Access Holdings PLC, who also serves as President of the France-Nigeria Business Council, emphasised the council’s role in supporting economic policies that enhance the business environment for both nations.

 

 

 

 

“The France-Nigeria Business Council seeks to play a crucial role in supporting our government, businesses, and citizens to create a more enabling, uplifting, and secure environment for cross-border businesses,” he stated.

 

 

 

 

During the first panel discussion, Roosevelt Ogbonna, CEO of Access Bank Nigeria, highlighted the bank’s efforts in supporting African presence in global markets.

 

 

 

 

He said:“Access Bank is dedicated to giving Africa a voice on the international stage, helping local businesses scale through better access to information, credit, and capital. Our presence in Paris not only strengthens Nigeria’s influence, but also facilitates investments that align with the ongoing economic transformations on the African continent.”

 

 

In his closing remarks, HE Marc Fonbaustier, the Ambassador of France emphasized the significance of the forum as a platform to elevate Nigeria-France trade and investments. “Events like this provide a rare opportunity to enhance our bilateral economic relationship, strengthening existing trade and investment channels and fostering new partnerships.”

 

 

 

Following the successful launch of the French Week 2024 Business Forum, Access Bank reaffirms its commitment to positioning Nigeria as a key player in the international business landscape, promoting shared economic growth and sustainable partnerships that benefit both nations.

 

 

Online Editor by — November 14, 2024 in Banking&Finance 0
Access Bank Moves To Acquire Mauritius’ AfrAsia Bank Limited

 

       Mohammed Shosanya

 

 

Access Holdings Plc,Thursday announced that its banking group’s, subsidiary, The Access Bank UK Limited 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.

 

 

 

Besides,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,Olakunle Aderinokun,Head, Media and Public Relations,Access Holdings Plc said in a statement.

 

 

 

 

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.

 

 

 

 

Speaking 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.

 

 

 

The parties would be working in the coming months to complete the acquisition and would continue to make the required disclosures, the statement added.

 

Online Editor by — November 14, 2024 in Banking&Finance 0
Customs In Rakes N5.08trn 

   Mohammed Shosanya

 

 

The Nigeria Customs Service, NCS, has  generated N5.08 trillion in the first 10months of the year.

 

 

 

Adewale Adeniyi,Acting Controller General of Nigerian Customs Services, NSC,disclosed this at the 2024 CGC’s Annual Conference theme, “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose”.

 

 

 

He said revenue target of the Customs for this year is N5.07 trillion, however, the benchmark was reached in 10months, as the agency has already collected N5,079,455,088,194.38.

 

 

 

According to him,this was possible with seizures valued at N28.1 billion in 10 months, compromising the illicit trade in arms, narcotics, pharmaceuticals and wildlife items.

 

 

 

 

He added:“This exceptional performance projected to exceed our target by 10 per cent validates our partnership-driven approach to revenue collection and trade facilitation.

 

 

 

 

“The scale of our intervention is reflected in seizures valued at NGN 28.1 billion and counting in 2024 alone.These seizures span critical areas of national concern – from wildlife items and arms and ammunition to narcotics and pharmaceutical products.

 

 

 

 

“An important moment in our enforcement strategy was the declaration of a state of emergency at our major ports, which led to the interception of 48 containers of illicit pharmaceutical items and narcotics, significantly disrupting the flow of potentially harmful products”.

 

 

 

Online Editor by — November 14, 2024 in Maritime 0
PH Helicopter Crash:FG Recovers Wreckage,Flight Recorder

 

Mohammed Shosanya

 

 

The Minister of Aviation and Aerospace Development, Festus Keyamo on Wednesday announced the recovery of the wreakage and flight recorder of the crashed S76C helicopter with registration marks 5N-BQG operated by Eastwind Aviation which occurred on October 24, 2024 in Port-Harcourt, Rivers State.

 

 

 

 

The helicopter with eight persons on board, six passengers and two crew member had departed Por-Harcourt Airport heading to FPSO Nium Antan when it crashed.

 

 

 

 

Keyamo also disclosed that the two crew members and one passenger are still missing while  the government of Cameron has been contacted to join in the continued search since one body was actually recovered from Cameronian water.

 

 

 

 

He said:”On day 1 of the accident, three (3) bodies of some debris suspected to be from the crashed helicopter were spotted floating and were picked up. So far, five (5) bodies identified to be of the deceased passengers were recovered, while one (1) passenger and two (2) crew members are yet to be found.

 

 

 

“At midnight on 31 October 2024, the wreckage of the helicopter was finally located at a depth of 42m,Latitude 04° 13.634’N and Longitude 008 19.442’E. Although scattered in pieces, major parts and components of the helicopter, except for the flight recorder (Black Box), were recovered, including the fuselage, two (2) engines, main gearbox, landing gears, main and tail rotor, tail rotor shaft, etc.

 

 

 

 

“The search and recovery efforts continued until the flight recorder was found on Friday, 8 November 2024. The search and recovery operations took over 14 days.

 

 

 

“On Saturday, 9 November, the wreckage departed the collection site on a ferry. It arrived at Onne Port on the evening of Sunday, 10 November. After completing the formalities at the port, the wreckage was loaded on the low bed truck on Monday, 11 November and is on its way to Abuja.

 

 

 

“Our specialists picked the flight recorder and brought it Abuja last night (Tuesday 12 November 2024). The process intricate process of readout of the recordings will begin immediately.

 

 

 

“Our objective is to conduct a thorough investigation using available techniques to find a safety issue and recommend a safety change to prevent a tragedy like this from happening again.

 

 

 

“We will examine the roles of man, machine, and the environment that might have directly or indirectly contributed to this accident. In the process, we will review the certified maintenance documents of the crashed helicopter and the crew’s training and medical records.

 

 

 

 

“We have received full cooperation from
the operator, NCAA, NAMA, and NiMet. The helicopter engines and related components will be thoroughly examined at our wreckage hangar in
Abuja after being subjected to a teardown exercise.”

 

 

 

 

 

He said the United States of America, as the State of Design and Manufacture of the helicopter, has appointed an NTSB investigator as the Accredited Representative, assisted by a Technical Adviser nominated by Sikorsky Aircraff while, France, as the State of Design and Manufacture of the engines, has appointed an Accredited Representative, assisted by a Technical Adviser from SAFRAN, the engine manufacturer to join in the investigation and possible recommendations.

 

 

 

 

He added:”All things being equal, we will publish the Preliminary Report on the NSIB website within 30 days.Usually, it takes up to a year or more to develop the Final Report and possible safety recommendations”.

 

 

 

He said NSIB whose mandate it is to conduct independent investigations of transportation occurrences with the sole objective of accident and serious incident prevention in all modes of transportation by making safety improvement recommendations is instituting a family support programme to assist the bereaved families.

 

 

 

He added:”Additionally, the NSIB’s family assistance department, in collaboration with the NTSB and the NTSB, will be working with the bereaved family members to bring them some comfort at this difficult time”.

 

 

Online Editor by — November 13, 2024 in Aviation 0
FG Stops Pilots From Operating Multiple Airlines 

 

        Mohammed Shosanya

 

 

The Federal Government has barred pilots from operating multiple airlines with effect from November 11,2024, saying the practice is inimical to air safety in the country.

 

 

 

This was conveyed in a letter dated November 6, 2024 signed by Capt.Cnris Najomo,Ag.Director General Nigeria Civll Aviation Authority NCAA to Accountable Managers/Director of Flight Operations/Chief Pilots with the subject; “Prohibition Of AD-HOC Flight Operations For Multiple Airlines Background” .

 

 

 

The memo said its surveiilance reports have indicated a dangerous trend whereby licensed flight crew members utilize the privileges simulators and proficiency checks endcrsed on their license to operate for multiple airlines.

 

The memo reads in parts;“It has come to the notice of the authority through our surveillance reports that licensed flight crew members utilize the privileges simulators and proficiency checks endorsed on their license to operate for multiple airlines.

 

 

“The Flight Simulator Training Device/facility approved by the Authority is operator specific based on the training program and the Standard Operating Procedures (SOP)for such an operator. Instances where pilots operale for more than one airline concurrently without safety considerations of such actions poses a safety risk to the industry.

 

 

“With the effect from the date of issuance of this Directive, all operators and holders of the pilot license are informed that this action will be treated as a violation of the Nigeria Civil Aviation Regulations.

 

 

 

“The Authority will take appropriate enforcement action on violators of this directive, effective from 11th November, 2024.Simulator renewals from henceforih will be tied to the operator.Please comply accordingly.”

 

 

Online Editor by — November 12, 2024 in Aviation 0
NDIC Commences Auction Of Heritage Bank’s Landed Properties

 

      Mohammed Shosanya

 

 

The  Nigeria   Deposit   Insurance   Corporation (NDIC) has commenced the process for the auction of landed properties and chattels of the defunct Heritage Bank.

 

 

 

The NDIC in a statement on Monday, explained that the exercise is in pursuant of the Corporation’s statutory powers as the Liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023.

 

 

 

 

 

It added that it  is another follow up action sequel to disposal of physical assets and chattels belonging to the defunct bank at its leased locations nationwide.

 

 

 

 

The statement reads in part:”Therefore, the auction of the landed assets shall be by competitive bidding in sealed bids scheduled to take place at the six (6) selected locations of the Corporation across the country, for the affected 36 branches of the failed bank beginning from Wednesday 4th December, 2024.

 

 

 

 

“Buyers   who  wish  to   participate   in   the   auction   are   expected   to   follow   laid   down guidelines   purposely   aimed   at   ensuring   transparency,fair   competition,equityand accountability to enable recovery of commensurate values from the exercise.

 

 

 

“This is critical for the payment of liquidation dividends to eligible claimants. The Corporation shall give preference to financial institutions who are willing to buy at the highest auctioned value in order to allow for continuation of provision of banking services to the Nigerian public at the designated locations.

 

 

 

 

“This is desirable towards bolstering financial inclusion as envisaged by the financial system regulatory authorities. However,   Corporate   bodies   and   Private   individuals   willing   to   compete   are   equally eligible to compete in the process without prejudice, as the auction shall be open and competitive to all bidders.

 

 

 

“Furthermore, bidders will be given opportunity to inspect the properties and chattels across all locations one week prior to date of disposal.All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the specific centre out of the six location of the Corporation as contained in the published advertisements.

 

 

 

“All  interested bidders  are advised  to submit their bids  only at the designated  NDIC offices covering their choices amongst Abuja, Lagos, Bauchi, Kano, Enugu and Port Harcourt”.

 

Online Editor by — November 11, 2024 in Insurance&Pension 0
Afreximbank Supports BUA Industries Expansion With US$200m Loan 

 

 

 

Mohammed Shosanya

 

 

African Export-Import Bank (Afreximbank) has approved a US$200 million Corporate Finance Facility in favour of BUA Industries Limited (BIL) to support its expansion plans.

 

 

 

 

 

The first tranche of $150 million was disbursed on October 16, 2024,a statement from the bank quoted.

 

 

 

BIL is a Nigerian conglomerate with diversified business interest spanning across, sugar and cement manufacturing, flour milling, oil milling, port logistics, real estate development, oil and gas, and shipping. The first tranche of $150 million was disbursed on October 16, 2024.

 

 

 

 

Speaking on the transaction, Mrs. Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, said that the facility will provide critical financial support to a leading Nigerian conglomerate as it pursues its expansion plans, thereby boosting its industrial base and Nigeria’s export manufacturing capacity.

 

 

 

 

“We are delighted at this partnership which promises to deliver significant impact through job creation, import substitution and export diversification – thereby boosting Nigeria’s Gross Domestic Product (GDP).”

 

 

 

Alhaji Abdul Samad Rabiu,Chairman of BUA Industries Limited, said that the $200 million corporate finance facility marks a crucial step in BUA’s commitment to industrializing Nigeria’s manufacturing, infrastructure and energy sector for local use and export.

 

 

 

“With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand. Our goal is sustainable growth that boosts Nigeria’s self-sufficiency and Africa’s global trade presence, creating jobs and building economic resilience,” he said.

 

 

 

Online Editor by — November 11, 2024 in Business 0
Rivers:Customs Seizes N46bn Contraband Cargoes 

 

   Mohammed Shosanya

 

 

The Nigeria Customs Service, Area 2 Command, Onne Port in Rivers State has intercepted 22 containers ladened with illicit drugs such as Codeine cough syrup, diclofenac and large quantity of donkey skin.

 

 

 

 

 

Customs Area 2, Comptroller, Mohammed Babandede,who disclosed this while briefing newsmen on Monday at the port, said the latest feat was achieved through collaboration with sister agencies such as the Nigeria Drug Law Enforcement Agency (NAFDAC), Department of State Security (DSS) and Nigeria Agricultural (NAQS) at the port.

 

 

 

 

 

According to him,the seizures were consequent upon the Controller General of Customs, Adewale Adeniyi’ declared a state of emergency at the Port during  his last visit to the Command two months ago.

 

 

 

 

He disclosed that the confiscated items were hidden by the perpetrators in sanitary wares, waste connectors and chilly cutters.

 

 

 

 

 

He added:”In line with the Controller General of Custom’s policy thrust of consolidation and collaboration, the command working with sister agencies such as NDLEA, DSS, Quarantine and NAFDAC amongst others in implementing the State of Emergency, has made yet another significant seizure of 20 40 feet and one  20 feet container laden with illicit drugs, which poses a severe threat to public health and safety and a one 20 feet container laden with donkey skin.”

 

 

 

 

 

Giving a breakdown of the confiscated items, Babandede enumerated said; 2,624,053 bottles of 100ml Cough Syrup Codeine, 7,530,000 tablets of 50mg Really Extra Diclofenac, 3,500,00 tablets of 5mg Trodol Benzhexol, 27,048,900 tablets of 225mg Royal Tapentadol/Tramadol/Tamolx, 7,665,000 tablets of 200ml fake gonorrhoea antibiotics without NAFDAC number, 15,600,000 tablets of fake 4mg chlorphenamine, 33,840,00 tablets of 2mg fake Lemotil Loperamine.

 

 

 

 

 

“19,430 pieces of chilly cutter used for concealment, 29,238 pieces of sanitary fittings tap/ toilet seat used for concealment, 26,400 tubes of 30mg fake permethrin cream, 480,000 tablets of fake strapsiril, 112,500 tablets of fake multi mineral supplements, 28 drums of diphenhydramine hydrochloride IP of 25kg each, 3,388 pieces of waste connector used for concealment and 2,100 pieces donkey skin.”

 

 

 

 

He disclosed that the duty paid value of each of the 21 containers of the illicit drugs amounted to N46,399,119,810, while the duty paid value of the container with the donkey skin is N441,000,000. 

 

 

 

 

Restating his commitment to ensuring public safety,Babandede said:”These seizures underscore our unwavering commitment to combating illicit medicine and ensuring the safety of the public.

 

 

 

 

 

“The implementation of this state of emergency by the CGC has proven effective in enhancing our operational capabilities and ensuring that we can act decisively against those who seek to undermine our nation’s security.”

 

 

 

 

He noted that on anti-smuggling, the command within 2024 seized a total of 63 containers.

 

 

 

 

Babandede disclosed that the command has generated a total of N550,431,559,598.41, translating to 89 percent of the annual target of 618 billion given to the Command.

 

 

 

 

He commended all sister agencies operating at the port for their support, adding that the confiscated drugs would be handed over to NAFDAC and NDLEA while the donkey skin would be handed over to the Nigerian Agricultural Quarantine Service (NAQS).

 

 

Online Editor by — November 11, 2024 in Maritime 0
Stop Using Camp Boys At Checkpoints,Customs Boss Warns

       Mohammed Shosanya

The Comptroller General of the Nigeria Customs Service, Bashir Adewale, has cautioned customs officers nationwide to avoid engaging camp boys at checkpoints.

The CG, represented by Assistant Controller General Zone B, Sambo Kaliyal Dangaladima gave the warning during a visit to the Kebbi State Area Command in Birnin Kebbi.

He emphasized the risks involved in the practice.

The visit aimed to provide a morale boost and prepare officers for the upcoming Customs conference in Abuja.

He urged officers to maintain professional conduct, respect citizens’ rights, and prioritise their safety.

He warned that using camp boys for errands could compromise security, as these individuals may act as informants for criminals and smugglers.

Dangaladima further assured that the Customs Service, under CG Adewale’s leadership, is committed to enhancing the welfare of its officers and men.

He said that camp boys are illegal and  not recognised by customs across the country,adding that their activities  are inimical to security at borders and check points

He said: ” Customs officers are hereby warned to desist forthwith from using them as errand boys as they grow to look like Customs officers to unsuspecting members of the public”.

The ACG commissions an e-library and a football pitch in Kebbi Command.

The Kebbi Command Comptroller of Customs, mister Earnest Ihejirike told the visitor that the football pitch is meant to keep officers and men of the command fit .

Online Editor by — November 8, 2024 in Maritime 0
Access Bank UK Unveils Hong Kong Branch

 

     Mohammed Shosanya

 

 

The Access Bank UK Limited has announced the official opening of its Hong Kong branch .

 

 

 

The expansion represents a key milestone in the bank’s global growth strategy and underscores our commitment to serving clients in the Asia-Pacific region, a statement said on Friday.

 

 

 

 

According to the statement,the launch of the Hong Kong branch establishes The Access Bank UK Limited as the first West African bank to enter the territory, a groundbreaking move to facilitate and accelerate trade flows between Asia and Africa. .

 

 

 

 

The bank said,through its presence in Hong Kong, The Access Bank UK Limited will capitalise on the expanding economic partnership between Asia and Africa, supporting the increasing flow of trade between these regions.

 

 

 

 

The statement quoted that opening the branch in Hong Kong is a pivotal step in our international expansion. As the first West African bank to establish a presence here, it signifies a major achievement.

 

 

 

 

Speaking at the ceremony,Ambassador Oludare E. Folowosele, Consul General of the Consulate General of The Federal Republic of Nigeria, said, “I am delighted to celebrate today the opening of a Restricted Licence Bank in Hong Kong in the name of The Access Bank UK Limited. This is a huge milestone in the development of trade flows between Asia and Africa as the first West African banking group to attain this status. This also aligns perfectly well onto the Belt and Road initiatives between China and Africa where we see growing potentials for business flows between the two countries.”

 

 

 

Jamie Simmonds, Founding Chief Executive Officer & Managing Director of The Access Bank UK Limited, expressed his commitment for this strategic initiative.

 

 

 

 

He said:”In recent years, Asia has emerged as Africa’s largest trading region driven by programs like the Belt and Road Initiative. In 2023, China-Africa trade reached an all-time high of USD 282.1 billion, reflecting a 1.5% year-on-year growth. As Asia-Africa economic relations enter a new phase, the timing of our Hong Kong branch launch is ideal to meet the financing and banking needs of our clients in these expanding markets.”

 

 

 

Ernest Law, Managing Director & Chief Executive of The Access Bank UK Limited – Hong Kong Branch, commented, “We are delighted to establish the Hong Kong branch as a key element of The Access Bank UK Limited’s ongoing growth and international expansion strategy. This new branch will enable us to engage more closely with our clients in Hong Kong and strengthen our capacity to provide tailored financial solutions across the region.”

 

 

 

The Access Bank UK Limited – Hong Kong Branch, headed by Ernest Law, will focus on international trade finance and commercial banking. The Hong Kong branch is expected to initially employ circa 25 people however this will grow with controlled expansion over time.

 

 

 

 

Online Editor by — November 8, 2024 in Banking&Finance 0