Banking
Fidelity Bank Supports Contractor of $2.8bn AKK Gas Project
By Dipo Olowookere
The chief executive of Fidelity Bank Plc, Mr Nnamdi Okonkwo, has expressed the bank’s delight to be associated with the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project.
The gas project was flagged off on Tuesday, June 30, 2020, by President Muhammadu Buhari from the Presidential Villa in Abuja, with the groundbreaking ceremony held at Ajaokuta, Kogi State.
At the event, Mr Okonkwo, who was represented by the Executive Director, North, Mr Hassan Imam, lauded the initiative aimed to improve gas supply, enhance power generation and boost the productive capacity of the Nigerian industrial sector.
He pledged Fidelity Bank’s commitment to Oil Serv, the contractor of this project, saying, “As partner/banker to Oilserv, we are happy to meet all the financial obligations and other funding needs, required to successfully execute this project.”
Leveraging on its know-how and capacity, Fidelity Bank Energy Desk provides support to businesses in the oil and gas value chain.
The bank’s support for local content development, according to Fidelity Bank’s Executive Director, Corporate Bank, Mr Obaro Odeghe “underscores our support for the key infrastructure initiatives of the Federal Government, and our customer, Oilserv Limited; a market leader in the oil servicing space.”
Oilserv Limited is an indigenous Engineering Procurement, Construction and Installation (EPCI) company providing services to power and oil & gas companies/industries and have executed several landmark pipeline and gas infrastructure projects including OB-3 Pipeline Contract, OB-OB Project and currently the AKK pipeline project.
According to the CEO of Oilserv Limited, Mr Emeka Okwuosa, the project would be delivered within the contractual terms, adding that the company has the capacity to handle such a monumental project.
“We are ready for it and what we are doing today is the official flag off which is ground breaking. We are already working and laying the lines,” he stated.
He said the company had already employed over 600 employees, stating that this will be increased to 1000 or 15000 in due course.
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, in his address, commended President Buhari for his push and support to jumpstart the project which he said was critical to national development.
Mr Kyari explained that the project, when completed, will create an enabling environment for development, adding that NNPC has the capacity to deliver and create opportunities for the growth of other industries in Nigeria.
On his part, Mr Buhari said the landmark project was being developed at a critical time in Nigeria’s history, particularly now when it has become imperative to improve the country’s infrastructure asset.
The AKK Gas Pipeline Project, he said, will provide gas for generation of power, facilitate the development of new industries and revive moribund industries along transit towns in Kogi State, Abuja (FCT), Niger State, Kaduna State and Kano State.
“When operational, the cascading effect and impact of the project will be immeasurable.
“It has significant job creation potential both direct and indirect, while fostering the development and utilization of local skills and manpower, technology transfer and promotion of local manufacturing,” the President said.
The $2.8 billion gas project was designed in line with the key objectives of the federal government’s masterplan and was borne out of the need to not only boost domestic gas utilization in the country, but reduce the infrastructure deficit plaguing the oil and gas industry.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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