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
The Central Bank of Nigeria (CBN) has reaffirmed that the old and new Naira notes will continue to be used for financial transactions in the country beyond December 31, 2024.
There had been rumours that the old and redesigned N200, N500, and N1,000 banknotes would no longer be legal tender from Wednesday, January 1, 2025, because the central bank would phase out the notes in compliance with a Supreme Court judgement of November 29, 2023.
But the apex bank, in a statement signed by its acting Director of Corporate Communications, Mrs Hakama Ali, on Friday, clarified that the apex court’s judgement being cited did not authorise the bank to phase out the banknotes by the end of this year.
According to her, the court allowed the CBN to leave the old and new notes to be used concurrently until it decides to gradually phase out the former.
The central bank’s spokesperson urged members of the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.
She urged them to continue to accept all Naira notes for daily transactions, encouraging banks to also adopt alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines,” the statement noted.
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.”
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