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Access Bank Dismisses Rumours of Planned Acquisition of Union Bank

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Access Bank has dismissed rumours on social media that it was already in talks with the management of Union Bank on the possibility of doing business together

 

This was coming three months after Access Bank completed its merger with Diamond Bank, which also first started as a rumour in late 2018, but was refuted by the former.

 

Access Bank, one of the five tier-one financial institutions in Nigeria, is known for expanding its operations by acquiring other banks.

 

In 2011, the lender completed the acquisition of Intercontinental Bank, which was one of the banks having huge prospects before the deal.

 

Eight years later, it completed a merger and acquisition agreement with Diamond Bank, a tier-two company believed to be undergoing tough time before the deal.

 

Last month, Mr Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), while rolling out his five-year plan, announced that there would be another recapitalisation exercise in the banking industry in the country.

 

This announcement made observers to start making assumptions of banks that may not survive this latest raising of capital base by the CBN to an amount yet to be disclosed. At the last exercise, the apex bank raised the capital base from N2 billion to N25 billion.

 

The latest disclosure by Mr Emefiele also brought about possible mergers in the sector, with some speculating banks that may possibly merge or be acquired by some bigger banks.

 

Today, there were rumours that Access Bank was already in talks with the management of Union Bank on the possibility of doing business together.

 

However, Access Bank, in a disclosure to the Nigerian Stock Exchange (NSE), denied being in talks with Union Bank.

 

“Our attention has been drawn to recent social media report of Access Bank being engaged in talks to acquire Union Bank of Nigeria.

 

“The Nigerian Stock Exchange and the general public are hereby advised to discountenance such rumour as same is devoid of truth.

 

“The bank is not engaged in any discussion with Union Bank of Nigeria or any of its shareholders regarding any such transaction,” the notice signed by Mr Sunday Ekwochi, company secretary, said.

 

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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