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Merger and Acquisition

Access Bank Completes Acquisition of African Banking Corporation of Botswana Limited

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Herbert Wigwe - Investors King

Africa’s leading bank, Access Bank Plc has now completed the acquisition of a 78.15 percent shareholding in African Banking Corporation of Botswana Limited (BancABC Botswana).

Access Bank announced in a statement signed by Sunday Ekwochi, Company Secretary, Access Bank Plc.

According to the lender, the new acquisition will form part of the Bank’s nexus for trade and payments in Southern Africa and the broader COMESA trade region.

BancABC Bostwana is the fifth-largest bank in Botswana and is a well-capitalized franchise poised for growth in its local market. The lender’s achievements in the retail banking space will provide an opportunity for the Bank to deploy its best-in-class digital platforms and product suites to the benefit of BancABC Botswana’s customers and enable it to complete strongly across its core business segments.

Commenting on the transaction, Dr. Herbert Wigwe, GMD/CEO of the Bank, “We are pleased with the successful conclusion of this transaction which will provide significant synergies by combining BancABC Botswana’s strong retail banking operation with Access Bank’s wholesale banking capabilities. It will also strengthen the quality of earnings through revenue diversification and growth in the corporate and SME banking segments for BanABC Botswana. The combination is another step towards our broader vision of becoming the world’s Most Respected African Bank.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Merger and Acquisition

Otedola Moves to Sell Part of Geregu Power Plc to FEDA

Afreximbank to acquire part of Geregu Power plant

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Geregu Power

Billionaire Femi Otedola-owned energy company, Geregu Power Plc is in talks with the Fund for Export Development in Africa (FEDA) for the acquisition of part of the energy company.

The company stated in a statement signed by Akinleye Olagbende, Company Secretary and made available on the Nigerian Exchange Limited (NGX).

Geregu Power hereby notifies “Nigerian Exchange Limited (the Exchange) and the investing public of its discussions with the Fund for Export Development in Africa (FEDA) for the acquisition of a portion of Geregu Power Plc shares. FEDA is the impact development arm of the Africa Export and Import Bank (Afreximbank),” the company stated.

According to the energy firm, talks are presently ongoing and “where these talks progress to a more advanced stage, the company will notify the Exchange and the investing public in line with the rules of the Exchange.”

In October, Geregu Power listed 2.5 billion shares at N100 a unit on the Main Board of the NGX. This puts the company’s market value at N250 billion and also in a better position it to raise capital to bid for Geregu II as it is presently doing.

Speaking on the listing, the Chairman, Board of Directors, Mr. Femi Otedola, CON, said “the listing of the company was the actualization of a vision to bring world-class standards in governance sustainability, and business processes to the Company and the Nigerian electricity sector.”

He added that “listing on the Main Board of the Exchange will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders”.

Otedola is the largest shareholder in FirstBank and also holds a 99% stake in Amperion Power, the owner of the Geregu Power Plant.

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Merger and Acquisition

Access Bank Acquires Indirect Stake in Sigma Pensions

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Access bank

Access Holdings on Friday announced it has completed the acquisition of an indirect equity stake in Sigma and the merger of its subsidiary, First Guarantee Pension Limited (FGPL) with Sigma.

According to the bank, following the sanction of the Scheme of Merger between Sigma and FGPL by the Federal High Court on December 1, 2022, FGPL has been dissolved without winding up leaving Sigma as the surviving entity, according to Access Holdings.

Commenting on the transaction, Dr Herbert Wigwe, Group Chief Executive of the Corporation, said “Following the successful completion of the merger, our plan is to leverage the synergies of these entities, as well as the Corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to create a formidable pension funds administration business.”

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Merger and Acquisition

Elon Musk Completes Twitter Acquisition, Fires CEO, CFO, and Legal Adviser

Elon Musk completed Twitter’s $44 billion takeover last night, he immediately fired an executive director reported to have spearheaded Donald Trump’s suspension on Twitter.

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Twitter - Investor sking

As the world’s richest man, Elon Musk completed Twitter’s $44 billion takeover last night, he immediately fired an executive director reported to have spearheaded Donald Trump’s suspension on Twitter.

Sources revealed that Elon Musk accused Chief Executive Parag Agrawal, Chief Financial Officer (CFO) Ned Segal, and a few other top members of the microblogging platform of misleading him over the number of bots and fake accounts on the platform. 

It will be recalled that Musk had initially backed out of the acquisition deal after he alleged misrepresentation of fake accounts. 

This, therefore, led to a legal battle between Musk and Twitter Inc.

After the acquisition was completed late Thursday, Musk who is the CEO of electric vehicle manufacturing company, Tesla tweeted “The bird is freed”, subtly referring to the Twitter Logo.

With the complete takeover of Twitter, analysts and observers have expressed their expectation to see a change in the operational modality of the company. 

Similarly, the new owner, Elon Musk has also mum some changes which include the reactivation of the Former U.S President’s account which was suspended for inflammatory tweets. 

Twitter had accused Donald Trump of instigating violence with his tweet which led to the attack on U.S Capitol. 

Investors King had earlier reported that Elon Musk intends to take a number of measures which include the reactivation of Donald Trump’s Twitter account to turn the fortune of the company around. 

Before the suspension, the former president has one of the most engaging Twitter handles on the platform. 

Meanwhile, Elon Musk has set out a very ambitious transformation for his new company ‘Twitter”. He indicated that he will transform the platform into a “super app” which offers several things from money transfer to shopping and ride-hailing. 

Already, the social media giant is reportedly planning to integrate a cryptocurrency wallet that will support both the deposit and withdrawal of digital assets. 

In addition, Twitter also enables Bitcoin wallet address which allows Twitter users to attach their Bitcoin address to their profile. 

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