Banking
Okada/Keke Ban: Lagos to Flood Roads With Buses in April
Lagos State Commissioner for Information and Strategy, Mr Gbenga Omotoso, has disclosed that from next month, the state government would be assuaging the pain being felt by residents by injecting buses of different sizes and capacities into the public transportation space to serve as alternative to Okada and Keke.
“We are using this opportunity to inform Lagosians that the palliatives promised by the Government will be coming very soon, most likely in April,” the Commissioner said after a security meeting held at the State House in Marina on Wednesday.
The meeting was chaired by Governor Babajide Sanwo-Olu, who chaired the gathering was attended by Commanders of all security formations in the state.
Mr Omotoso said the government was not resting on its oars in providing required infrastructure that would improve traffic situation and transportation across the state.
He disclosed that the government would be holding a ground-breaking ceremony on the long-awaited Red Line rail project, which, he said, would be held on March 25. He added that updates would also be shared on the ongoing Blue Line rail project handling by Lagos Metropolitan Area Transport Authority (LAMATA).
On the closure of Eko Bridge, the Commissioner said the government would work assiduously to lessen the pain of commuters plying the route. He, however, noted that the closure of the bridge was a necessary precautionary measure taken to avert an incident that may result into loss of lives.
The commissioner urged residents to continue to support the government’s efforts at securing the state, stressing that the Mr Sanwo-Olu administration would deploy all resources to ensure safety of lives and property in Lagos.
“About security, Lagosians should be rest assured that Government is on top of the situation and that all is well. Every action we take is to show that we put the interest of Lagosians at heart and their welfare is on the front burner at all times,” Mr Omotoso said.
Also, the Commissioner said the state government has warned uniform men, especially those in the police and the military, to desist from flouting the Lagos State Transport Sector Reform Laws.
He emphasised that it is illegal for any security operative in mufti to ride commercial motorcycles on routes where Okada and tricycles have been restricted, noting that the enforcement of the restriction order would be executed with more force to completely keep Okada and tricycles away from the restricted routes.
Members of the Security Council, the Commissioner said, frowned at a situation in which uniform men flouted the State’s Transport Sector Reform Laws, warning security operatives, especially police officers and military personnel, to stop taking passengers on their motorcycles on restricted routes.
Mr Omotoso said, “We have just concluded the State Security Council meeting, where we reviewed the ongoing enforcement of Okada and Keke restriction order in the six Local Government Areas. Matters concerning uniform men engaging in commercial motorcycle operation came up in our discussion and there has been an order restricting them from doing that.
“Only a uniform man who is fully kitted and who rides motorcycle as his own personal mode of transportation is allowed. If any uniform man ventures into commercial motorcycle operation or Keke, the action of such a person is illegal and such persons are going to be arrested if they are caught.”
The Commissioner reiterated that the State would not relax the laws restricting Okada and tricycles on the highways, praising Lagosians for standing firm behind the Government in the ongoing enforcement of the restriction order.
By Aduragbemi Omiyale
An initiative aimed to challenge business leaders and innovators to transcend current horizons has been introduced by Stanbic IBTC Bank through a thematic campaign known as There is Possible, Then There is More.
The idea is to a mindset of amplified possibility, sustained growth, and transformative partnerships, with Stanbic IBTC Bank positioned as a pivotal enabler.
With this campaign, Stanbic IBTC Bank is positioning itself as a trusted ally for Nigerian CEOs who want to do more, become more, and achieve more.
The Executive Director for Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, said, “As a bank, our mission is to not only meet the financing needs of Nigerian CEOs, but to inspire them to reach for more.
“We understand the challenges they face and the aspirations they hold, and we are equipped to support their ambitions, and extend them even further thereby, helping them to achieve exponential growth.”
He emphasised that, “This campaign is evidence of our commitment to being more than just a bank; we want to be the partner that propels our customers beyond their goals.
“We empower our clients with the tools and resources necessary for success by fostering collaboration and mutual growth and this proactive approach underscores our commitment to supporting business leaders and inspiring them to dream bigger and achieve greater heights in their respective industries.”
Business Post reports that the campaign officially debuted with a striking teaser, with An Open Letter to All CEOs on key digital platforms, digital out-of-home screens, and social media feeds. For days, the public speculated. This week, the letter was finally revealed—and with it, a most human and resonant message.
The Open Letter to CEOs is more than just an advertising creative campaign; it is a genuine call to action.
In it, Stanbic IBTC Bank acknowledges the resilience and achievements of Nigerian business owners even in the face of adversity. But it also dares to ask: What more could be achieved with the right support, partnership, and financial foresight?
Overall, Stanbic IBTC Bank’s vision reflects a deep understanding of the crucial role that financial institutions play in the broader economic ecosystem—one where banks serve as catalysts for growth and achievement.
From trade financing to investment advice, capacity development to transactional banking, Stanbic IBTC Bank offers a suite of solutions designed specifically to meet the evolving needs of today’s CEOs — from start-ups and SMEs to established corporations and multinationals.
By Adedapo Adesanya
The acquisition of the National Bank of Kenya by Access Bank Plc may linger a bit because securing the approval of the Central Bank of Nigeria (CBN) may be a challenge despite its Kenyan counterpart giving its blessings to the transaction.
Recall that on Monday, the Central Bank of Kenya (CBK) and the National Treasury approved the deal which will see KCB sell 100 per cent of NBK at 1.25 its book value to the Nigerian lender which had both signed an agreement for the purchase in March 2024.
Though the CBK has given its approval, the CBN also needed to authorise the acquisition for it to be completed.
Reports suggest the deal appears to have halted as the Nigerian apex bank flagged it for regulatory breaches and failure to receive proper notice.
It also said there were missing disclosures and a non-compliant structure and has asked both parties to resubmit the deal.
This development put a snag in Access Bank’s second acquisition in Kenya for the Nigerian bank after it bought Transnational Bank Limited in 2019.
Access Bank has plans to double the share of assets outside its home market by 2027 and has seen deal build on the bank’s growing operations in the Democratic Republic of Congo and Rwanda.
However, one of these may not happen as the CBN reportedly wants Access Bank to exit the Democratic Republic of Congo and shut down its London office as part of broader efforts to streamline Nigerian banks’ foreign operations.
Access Bank has been on a Mergers and Acquisition (M&A) streak across the continent, acquiring Grobank in South Africa, BancABC in Botswana and Mozambique, Diamond Bank in Nigeria, and Finibanco Angola in line with the visions of its late founder, Mr Herbert Wigwe.
It also has plans to buy Standard Chartered subsidiaries in Cameroon, The Gambia, and Tanzania (it has already completed acquisitions in Angola and Sierra Leone) as well as an 80 per cent stake in Finance Trust Bank (FTB) of Uganda which was announced in January 2024 and has gotten partial approval from Uganda’s financial authorities but has pending approval from the CBN and Bank of Uganda.
At the time of this report, both the CBN and Access Bank could not be reached by Business Post for comments on this development.
By Dipo Olowookere
Additional shares of First HoldCo Plc worth about N149.6 billion have been listed on the Nigerian Exchange (NGX) Limited.
The fresh equities were introduced to the stock exchange on Monday, April 7, 2025, to increase the total issued and fully paid-up share of the financial services provider to 41,877,841,591 ordinary shares of 50 Kobo each.
Before now, First HoldCo had a total of 35,895,292,792 ordinary shares of 50 Kobo each but this increased with the addition of another 5,982,548,799 ordinary shares of 50 Kobo each.
The new equities were from the rights issue of the organisation, which saw shareholders getting one new stock for every existing six stocks held at the close of business on Friday, October 18, 2024.
The exercise, which was oversubscribed by 25.46 per cent, was part of the strategies to meet the new minimum capital requirement of the Central Bank of Nigeria (CBN) for its banking business, First Bank of Nigeria Limited.
The banking arm of First HoldCo is in the tier one category in Nigeria and it is required to have at least N500 billion as its capital base because of its operations outside the country.
Business Post reports that the fresh 5,982,548,799 ordinary shares of First HoldCo listed on the bourse last Monday was at a unit price of N25, amounting to N149.6 billion.
Confirming this development, the NGX in a notice said, “Trading licence holders are hereby notified that additional 5,982,548,799 ordinary shares of 50 Kobo each at N25.00 per share of First HoldCo Plc were on Monday, April 7, 2025, listed on the daily official list of Nigerian Exchange (NGX) Limited.
The additional shares listed on NGX arose from First HolCo Plc’s rights issue of 5,982,548,799 ordinary shares of 50 Kobo each at N25.00 per share
“With the listing of the additional 5,982,548,799 ordinary shares, the total issued and fully paid-up shares of First HoldCo Plc have now increased from 35,895,292,792 to 41,877,841,591 ordinary shares of 50 Kobo each.”
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