Access Bank finally Acquires Kenyan Bank, Transnational Bank Plc

Access Bank has finally acquired 100% of Kenya’s Transnational Bank Plc and its 28 branches, as the Central Bank of Kenya (CBK) gave its final nod.

In October 2019 we gathered that Access Bank from the first quarter of 2020, would expand its footprint across Africa. The bank, which is the largest in Nigeria by customer-size, had embarked on this path seven months after merging with another Nigerian bank, Diamond Bank.

When will takeover be effective? Nigerian Notch learnt that 100% of the shareholding of Transnational Bank will become that of Access Bank from February 1, 2020, after receiving approval on December 24, 2019, for the acquisition.

In a statement, the Kenyan bank regulator, CBK, stated that, “Access Bank Plc’s business model mainly focuses on corporate and retail banking and its strong group support is expected to drive Transnational Bank Plc’s business growth for the benefit of the Kenyan economy and the banking sector.”

Kenyan banking industry in inorganic phase: According to CBK, the acquisition is expected to strengthen the resilience of Kenya’s banking sector, which has been opened to merger and acquisition of various banks. The country has recorded merger between NIC Group Plc and Commercial Bank of Africa Limited, and KCB Group Limited’s acquisition of National Bank of Kenya Limited.

Kenya’s Central Bank has been pushing for a merger between the country’s banks because it has more banks per person than South Africa and Nigeria. Kenya has a population of 50 million with about 40 banks. The drive for consolidation had led SBM Holdings Ltd of Mauritius to acquire some of the assets of Chase Bank Kenya Limited and the entire capital of Fidelity Commercial Bank Limited.

With this move by Access Bank, it now has operation in Kenya like its Nigerian counterparts, Guaranty Trust Bank (GTBank) and United Bank of Africa (UBA).

Tinubu Appoints Chioma Awuzie Substantive Rector, Fed Poly Oko

President Bola Ahmed Tinubu has approved the appointment of Dr. Chioma Irene Awuzie as the substantive Rector of Federal Polytechnic, Oko, Anambra State. Dr. Awuzie's appointment, which takes effect immediately for a five-year term, follows the recommendation of the Polytechnic's Governing Council, chaired by Sen. Dr. Barnabas Gemade, after a transparent and competitive selection process where she emerged as the leading candidate. Prior to her appointment, Awuzie, who holds a Doctorate Degree in Physical and Materials Chemistry, was a distinguished Chief Lecturer in the Department of Science Laboratory Technology (Chemistry Option) and also Director in-charge of Tertiary Education Trust Fund (TETFund) Projects in the Polytechnic. Under her stewardship, Federal Polytechnic, Oko, witnessed unprecedented advancements in infrastructure and institutional transformation. Her leadership facilitated monumental developments across the Polytechnic’s campuses in Oko, ...

#Watchvideo : SECURITY FORCES BURST THE CAMP OF UNKNOWN GUNMEN IN AKOKWA

Security Forces in the state through a coordinated intelligence report has bursted the camp of the unknown gunmen at Akokwa, Arondizuogu after a long gun duel which resulted to the death of some of the criminals and others arrested. These criminal elements have been known to be behind several attacks in the state such as the killing of police men in Mbaise, Aba Branch in Ehime Mbano, burning down of police stations, attack and attempted kidnapping of former Governor Ikedi Ohakim, abduction of Miss. P.P. Johnson, a female soldier in Okigwe and recently the attack in Akokwa that left many dead. It is obvious that these daredevil gunmen have been perpetuating their evil plans unabated until yesterday when their camp was bursted by security agencies. This is another assurance that our security operatives are leaving no stone unturned in the fight against banditry and other related activities. While it has become obvious that the activities of these non state actors are politically motivate...

Valentine Ozigbo Resigns from Labour Party

In a shocking move, against all speculations over the last few days, Valentine Ozigbo, a close ally of Peter Obi, has announced his resignation from the Labour Party (LP). Ozigbo confirmed his decision to Diaspora Digital Media on Wednesday, February 19, 2025, but declined to provide further details, opting instead to share his reasons during an interactive session on X (Twitter) Space. The session, scheduled for 8 PM, will feature Ozigbo in conversation with Anambra's First Son, @uchepokoye, discussing pressing issues affecting Anambra State, including security challenges, societal fabric collapse, and the hope for a better future. Ozigbo's resignation has sparked interest, with many awaiting his detailed explanation for leaving the Labour Party. His decision comes at a critical time for the party, which has been navigating various challenges in recent months. Credit: Diaspora Digital Media

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