Banking
Equity Bank, Atlas Mara Share Swap Deal in Stalemate
By Modupe Gbadeyanka
Foremost East African lender, Equity Group Holdings Plc (formerly Equity Bank Group), has announced that its proposed share swap deal with one of the major shareholders of Nigeria’s Union Bank Plc, Atlas Mara Limited, has still not yielded the expected results.
In a notice to the Nairobi Securities Exchange (NSE) in Kenya on Tuesday, Equity Group, which is one of the most profitable banks in the region, confirmed that “as of the date of this announcement, the parties have yet to sign detailed transaction agreements and the Binding Term Sheet has expired.”
However, the disclosure, signed by the GMD/CEO of Equity Group, Mr James Mwangi, stressed that both parties are expected to “continue further discussions in early-2020 to try to reach mutually acceptable commercial terms with respect to the Proposed Transaction, or a variant of it,” further emphasising that. “There is currently no certainty that a transaction will materialise.”
Business Post gathered that Equity Group had initially agreed to exchange certain banking assets of Atlas Mara in four countries (Rwanda, Zambia, Tanzania and Mozambique) for 6.27 percent stake (about 252,482,300 shares) in Equity Group worth $109 million. This pre-contractual agreement was announced on Monday, April 29, 2019.
Under the binding term sheet, Equity Group proposed to acquire 62 percent of the share capital of Banque Populaire du Rwanda Plc (BPR); 100 percent of the share capital of African Banking Corporation Zambia Limited; 100 percent of the share capital of African Banking Corporation Tanzania Ltd; and 100 percent of the share capital of African Banking Corporation (Mozambique).
But the December 31, 2019 statement said both had been unable to finalise the deal, which was “subject to completion of confirmatory due diligence, the entering of detailed transaction agreements and obtaining regulatory and shareholder approvals.”
But it promised to make further announcements upon conclusion of any fresh binding transaction agreements, stating that until more updates regarding the proposed transaction are made, its shareholders and other investors are advised to exercise caution when dealing in its stocks on the NSE the Uganda Securities Exchange and the Rwanda Stock Exchange.
Equity Group said it “remains committed to its strategic objective of expanding its footprint in Africa to provide access to competitive, tailored financial services to improve people’s lives and livelihoods whilst also delivering significant value to its stakeholders and to its vision of building sub-Saharan Africa’s premier financial institution through delivering innovative products and services to customers, including, in particular, the effective use of technology.”
By Aduragbemi Omiyale
The N3.97 billion commercial paper issuance of AG Mortgage Bank Plc will close on Thursday, June 18, 2026.
The sale of the debt instrument by the real estate lender commenced on Wednesday, June 10, 2026.
It is under the N5 billion commercial paper issuance programme of the lending firm aimed to support its short-term working capital and funding requirements.
The company is selling the papers in two series, with Series 2 offered at a discounted rate of 19.2895 per cent for 270 days, and Series 3 at a discounted rate of 19.3651 per cent for 364 days.
The minimum subscription is N5 million, and subsequent additions of N1 million.
AG Mortgage Bank is a leading primary mortgage bank in Nigeria with over two decades of experience in providing affordable mortgage financing and housing finance solutions.
The bank has grown its asset base to over N33 billion and remains a key participant in major housing intervention programmes, including the National Housing Fund Scheme and other government-backed mortgage initiatives.
Supported by a diversified product offering, strong institutional credibility, and an experienced management team, AG Mortgage Bank continues to deliver solid financial performance.
For FY 2025, interest income increased by 28.1 per cent to N3.65 billion, while profit after tax rose by 130.0 per cent to N1.05 billion, reflecting strong earnings growth, operational efficiency, and prudent risk management.
By Aduragbemi Omiyale
The chairman of Access Holdings Plc, Mr Aigboje Aig-Imoukhuede, has reaffirmed the organisation’s long-term commitment to shareholders, expressing confidence in the company’s strategic positioning, which he said is underpinned by disciplined execution, a diversified business model, a strengthened capital base, and a clear focus on sustainable value creation.
Speaking at the 4th Annual General Meeting (AGM) of the firm on Wednesday, he explained that the temporary suspension of dividend distributions was a consequence of regulatory compliance requirements rather than any deterioration in the group’s financial performance.
Mr Aig-Imoukhuede reaffirmed that the financial institution’s earnings capacity remains strong and that the board’s position reflects adherence to supervisory expectations and prudent capital management principles.
He assured shareholders of the board’s commitment to resuming dividend payments as soon as the relevant regulatory conditions are satisfied, noting that, “Our approach is clear: capital retained today must translate into greater value tomorrow and sustainable returns for our shareholders.”
The Chairman reiterated the strategic imperative underpinning the company’s next phase of growth, saying, “Our strategy, From Scale to Value, reflects the natural evolution of our journey. Scale created opportunity; value creation is how we fully realise it.”
He noted that while the organisation continues to generate strong returns, ensuring that earnings per share consistently exceed the cost of capital remains central to unlocking sustainable shareholder value.
The retired banker also acknowledged the significant unrealised value embedded within the firm’s international subsidiaries and reiterated management’s focus on improving market recognition of that intrinsic value over time.
Commenting on the financial performance of the group in 2025, he said Access Holdings accelerated provisions on legacy and regulatory forbearance credit exposures, resulting in elevated impairment charges.
He explained that the group consciously prioritised balance sheet strength and long-term resilience over short-term earnings optimisation.
“Periods of economic uncertainty often reveal more about an institution than periods of uninterrupted growth. Our focus remains on building a business that is not only growing, but improving in the quality, resilience, and sustainability of its earnings,” he stated.
Last year, the financial services organisation delivered pre-tax profit of N1.007 trillion, underscoring the strength of its diversified platform and expanding earnings base across key markets. Total assets increased to N51.56 trillion, while customer deposits grew strongly, reflecting sustained franchise momentum and deepening customer trust.
By Modupe Gbadeyanka
A new report highlighting the transformation from a newly established fintech venture into one of Nigeria’s leading payment infrastructure providers has been launched by HabariPay Limited.
The report, known as the HabariPay Impact Report 2025, provides stakeholders with a comprehensive evolution, innovation journey, business performance, and impact of the fintech subsidiary of Guaranty Trust Holding Company (GTCO) Plc on the digital payments landscape.
The company’s contributions to enabling digital commerce, supporting businesses, strengthening payment infrastructure, and expanding financial access through technology-driven solutions were also captured in the piece.
The HabariPay Impact Report 2025 also highlights the organisation’s strong financial and operational performance, the growth of the Squad platform, and the development of infrastructure that powers payment acceptance, switching, transfers, merchant services, and value-added solutions.
The publication further explores the role of innovation, talent development, and ecosystem partnerships in driving the company’s success.
It showcases HabariPay’s investments in innovation through initiatives such as the Take on Squad Hackathon and the Squad Hackademy, both of which are helping to develop future technology talent and accelerate the creation of practical solutions to real-world challenges.
“As a technology-driven company, we believe that impact extends beyond financial performance. It is reflected in the businesses we enable, the merchants we support, the infrastructure we build, and the opportunities we create for the next generation of innovators.
“The HabariPay Impact Report 2025 captures this journey and demonstrates our commitment to creating sustainable value for customers, partners, and the broader economy,” the Managing Director of HabariPay, Ms Eduofon Japhet, said.
“The HabariPay Impact Report 2025 represents more than a reflection on our achievements; it is a testament to the deliberate investments we have made in building sustainable payment infrastructure, empowering businesses, fostering innovation, and creating long-term value for our stakeholders.
“As we look ahead, we remain committed to expanding our capabilities, deepening our impact, and shaping the future of digital payments through technology-driven solutions that are secure, scalable, and inclusive,” she added.
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