VenturesNow

Nigeria’s Access Holdings to acquire National Bank of Kenya Limited

Published

9 months ago

March 20, 2024

In its first significant acquisition since former CEO, Herbert Wigwe’s passing last month, Access Holdings of Nigeria has declared its intention to purchase the National Bank of Kenya following KCB’s declaration of sale of the National Bank of Kenya.

Regarding the corporate disclosure available on the NGX website, KCB would be the buyer of National Bank of Kenya Limited’s full-issued share capital by Access Bank Plc, the primary subsidiary of Access Holdings.

Access Bank said that it has signed a legally binding contract with KCB Group Plc, a company based in Kenya, to purchase National Bank of Kenya Limited’s issued share capital, often known as “the Target” or “NBK,” from KCB. Kenya’s biggest commercial bank, KCB Bank Ltd., is likewise held by KCB.

According to the bank, the acquisition is consistent with Access Bank’s strategic expansion goal and positions the company for further growth in the Kenyan market. Bolaji Agbede, Access Holdings Plc’s acting group CEO, said in a statement regarding the deal.

“This proposed acquisition marks a significant step in the execution of our five-year strategic plan aimed at positioning the Bank as Africa’s Gateway to the World. The deal with NBK, a historically strong and well-known bank in Kenya with a balance sheet above US$1.1 billion, presents a compelling opportunity to scale up our growth in the East African market.

We remain confident that our investments in diversifying and strengthening the bank’s long-term earnings profile will deliver significant value for our shareholders, customers, and wider stakeholder groups.”

This will be Access Corporation’s first acquisition since the demise of its former GMD/CEO Herbert Wigwe, suggesting the bank will continue with its inorganic, aggressive growth model.

In September 2023, the Kenyan bank announced a third-quarter loss of over Ksh 3 billion ($22.5 million). At the end of September 2023, its net equity was Ksh 10.6 billion ($79.6 million).

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”