Access Holdings says its banking subsidiary, Access Bank Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of a 100 percent equity stake in Bidvest Bank Limited.

Sunday Ekwochi, Access Holdings’ secretary, announced the agreement in a corporate filing on the Nigerian Exchange Limited (NGX) on Thursday.

Access Holdings said the acquisition is expected to close in the second half of 2025, subject to regulatory approvals.

“This agreement reflects the 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,” the statement reads.

 

“Founded in 2000, Bidvest Bank 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 financial year ended June 2024, Bidvest Bank reported total assets equivalent to $665 million and audited profit before tax of $20 million.

“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.”

 

‘ACQUISITION OF BIDVEST BANK WILL SUPPORT ACCESS BANK’S EXPANSION PLAN’

Commenting on the deal, Roosevelt Ogbonna, managing director (MD) and chief executive officer  (CEO) of Access Bank, said the acquisition supports the company’s ambition to expand across Africa and solidify its presence in key markets, with South Africa being a top priority. 

“It underscores our commitment to establishing a more resilient, diversified, and sustainable business model that leverages technology to meet evolving customer needs,” Ogbonna said.

“Bidvest Bank provides a unique opportunity to blend its strong local expertise with Access Bank’s robust trade and retail banking capabilities, creating a platform for long-term growth and value creation.”

On his part, Mpumi Madisa, chief executive officer of Bidvest Group, said he is pleased that Access Bank meets the objectives of the South African company, and provides reassurance for the continued sustainability and prosperity of the bank.

“The transaction aligns with Access Bank’s expansion objective to build the scale needed to become a major player in its market,” Madisa said. 

“By leveraging Bidvest Bank’s robust local capabilities and Access Bank’s established pan-African presence, the Bank will have increased capacity for intra- and inter-Africa trade, connecting businesses and creating new opportunities for regional integration.”

Madisa said the deal will enable the bank to advance, scale, and sustainably grow in today’s fast-changing, technology-driven, and highly competitive sector.

The World Bank has said until Nigeria has an efficient data-gathering process the fight against corruption and transparency in governance will continue to be affected.

The World Bank Country Director, Dr. Ndiamé Diop, stated this in Abuja at the AGORA Policy conversation on anti-corruption.

Represented by the Senior Bank Official, Debby Isa, Diop noted that Nigeria must get its data-gathering process right to avoid leakages.

“We talk about transparency, but to achieve transparent reports, you need accurate and reliable data. Right now, the data system involves numerous manual processes that allow for leakages, long compromising fiscal transparency,” Diop said.

Delivering the keynote address, Professor Adele Jinadu, explained that the current method anti-corruption agencies are adopting in tackling graft would not achieve the desired result.

He condemned the country’s leaders’ attitude towards the law. He also warned against scapegoating some citizens in the guise of fighting corruption.

“We are dealing with a toxic environment where corruption pervades every institution. No matter the reforms, corruption is ultimately about morality. Our leaders consistently act contrary to the laws they pledge to uphold.

“The message is clear: eternal vigilance is the price of liberty. Let the sentinels on the watchtower remain awake. Nurturing such civic virtues is an indispensable guardrail against the culture of impunity in our political system,” Professor Jinadu said.

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, decried that corruption is pervasive in all government offices at all levels.

Represented by Mrs. Adjoke Liman, Olukoyede called for attitudinal change.

He assured that the commission would continue to intensify its fight against graft.

“Corruption remains a huge enterprise involving theft of public resources at all levels of government. Public skepticism and the ease with which public funds are siphoned without warning systems hinder the fight,” he said.

Daniel Bwala, the Special Adviser on Public Communications and Media to President Bola Ahmed Tinubu, has stated that his principal is qualified to contest elections in 2027.

Bwala insisted that Tinubu would not be distracted by people’s comments about the 2027 poll.

He stated this in Abuja on Wednesday at the national secretariat of the All Progressives Congress (APC).

“So, the time for politicking is not yet, and when that time comes, we are going to be ready for everyone.

“The president’s agenda, which is working well, is what will naturally endear Nigerians to vote for him for the second term.

“He is more than eminently qualified constitutionally to contest for the second term in office, and God willing, if God gives him life and health, we do hope that he will run his cause as provided by the Constitution,” he said.

Bwala said the APC is not bothered by the victory recorded by the opposition National Democratic Congress (NDC) in Ghana’s presidential election.

The presidential spokesperson said Tinubu’s administration has gained public trust, noting that Nigerians are witnessing its impactful efforts, “focusing on everyday realities beyond political affiliations”.

“They don’t actually care whether you are white or black-skinned or whatever, as long as what matters to them on their dinner table is dealt with,” he said.

The national grid has collapsed for the eleventh time in 2024, leading to a nationwide blackout.

Data obtained from the Nigerian system operator’s portal showed that the grid recorded zero megawatts (MW) as of 2pm on Wednesday.

Confirming the collapse on its X page, Abuja Electric Distribution Company (AEDC) said the system failure at the grid happened at 1:33pm.

“We wish to inform you that a system disturbance occurred on the national grid at 1:32pm today causing power outage across our franchise areas,” AEDC said.

“While gradual restoration of power supply has commenced, be assured that we are coordinating closely with relevant stakeholders to restore power fully as soon as the grid is stabilized.”

Also, Friday Adakole, head, corporate communications, Jos Electricity Distribution Company (JEDC), on Facebook, said the current outage affected all feeders.

“The current outage being experienced within our franchise States is a result of loss of power supply from the national grid,” Adakole said.

“The loss of power supply from the national grid occurred this afternoon at about 1333 hours of today, Wednesday, 11th December 2024, hence the loss of power supply on all our feeders.

“We hope to restore normal power supply to our esteemed customers as soon as the grid supply is restored back to normalcy.”

The Transmission Company of Nigeria (TCN) had yet to confirm the incident at the time of the report.

On February 4, Nigerians experienced the first national grid collapse.

The national grid collapsed again on March 28, April 15, July 6, and August 5.

Another blackout was recorded on October 14, October 15 and October 19.

On November 6, another grid collapse was recorded and 72 hours later, the grid collapsed again.

Adebayo Adelabu, minister of power, had on October 17, said the frequent system failure at the national grid is inevitable due to the outdated infrastructure.

The minister also said the country will continue to experience grid disturbances until there is a complete overhaul of the system.

Adelabu said more investment in power infrastructure will prevent future collapses.

Jarrett Tenebe, chairman of the All Progressives Congress (APC) in Edo, has defended Monday Okpebholo, governor of the state.

On Tuesday, Okpebholo stuttered before lawmakers while reading figures from his 2025 budget proposal.

The governor said the N605 billion appropriation bill represents a 25 percent increase from the 2024 budget.

“The Edo state Appropriation Bill of six billion… 605 billion… 76 million…” Okpebholo began, his hands unsteady and voice quivering in the rarefied assembly.

“Let me take it again. 506 billion… 605 billion… sorry… 776 billion… sorry, it’s confusing me.”

Okpebholo’s admission elicited laughter and murmurs in equal doses from the lawmakers.

Defending the snafu, Tenebe said Okpebholo struggles with figures because he does not know how to steal public funds.

In a video, the state’s APC chair said unlike a handful of politicians from Edo, Okpebholo is no kleptomaniac.

“The social media has been agog with the governor’s budget presentation about mistake on N605 billion and the rest of it all,” Tenebe said.

“It’s a normal thing. People make such mistakes. I don’t know figures… and that’s how to know original and innocent people.

“Monday Okpebholo is not a thief and he is not familiar with figures. Anybody who wants to talk and continue to talk is nonsense.

“He is the governor of the state, he is performing and he’ll continue to perform and anybody who does not like his face should go to hell and burn to ashes. Period!”

Malam Aminu Umar Kofar Mazugal, a civil servant, from Dala Local Government Area, returned bundles of U.S. dollars worth over N40 million that were accidentally left behind by a visitor at the Abubakar Imam Urology Centre in Kano.

The owner of the money, Alhaji Ahmed Mohammed, accidentally left it in a bag at the hospital’s parking lot near a mosque, where he had briefly sat before rushing off to catch a flight.

After the owner departed, Aminu Umar, a hospital staff member who was working with colleagues to clear the pavements, discovered the bag of money.

Umar told Daily Trust that after about an hour, the owner returned to inquire about the bag, and he promptly returned it to him.

He said the owner offered Umar a reward, but he declined, though he provided his phone number and the owner promised to contact him upon return from abroad.

Dr. Aminu Imam Yola, the Chief Medical Director of the hospital, confirmed the incident and stated that the hospital management had submitted Aminu’s name to the Kano State Hospitals Management Board for special recognition.

Justice M. A. Adegbola of an Oyo State High Court sitting in Ibadan on Wednesday granted an interim order restraining, human rights lawyer, Dele Farotimi, his publishers, and their re-publishers from further publication and sale of the book titled: “Nigeria and its Criminal Justice System.”

The order specifically named publishers and their re-publishers including Amazon Online Bookstore, Rovingheights Bookstore, Booksellers Bookstore, Jazzhole Lagos Bookstore, Glendora Bookshop, Quintessence Lagos Bookstore, and Patabah Books Limited.

Additionally, it stated that the publication, whether hard or soft copy must be stopped from further publication and sale through any mainstream or social media platform or any other means whatsoever,  pending the hearing and determination of the motion on notice for interlocutory injunction.

It would be recalled that Mr Adebayo Adenipekun, SAN instituted suit Number: I/1442/2024: Adebayo Adenipekun versus Dele Farotimi & Anor at the Oyo State High Court on Monday, 9th December 2024.

The Motion on Notice for interlocutory injunction was adjourned by the Court to 7th January 2025.

Senate President Godswill Akpabio has declared the seat of Monday Okpebholo at the upper legislative chamber vacant.

During a valedictory session in his honour on Wednesday, Akpabio declared Okpebholo’s seat vacant, acting on a request by Abba Moro, the minority leader of the senate.

Okpebholo was the senator representing Edo central until he became the governor of Edo. He took his oath of office in November after winning the governorship election in September.

Akpabio asked the Independent National Electoral Commission (INEC) to conduct a by-election to fill the seat.

“So in line with your letter and the Constitution, the seat of Edo central central senatorial district is hereby declared vacant,” the number three citizen said.

Earlier, Moro premised his request paragraph D of section 68 of the constitution.

“This vacancy has become necessary following Senator Monday Okpebholo’s inauguration as governor of Edo State, and in accordance with the Constitution, his seat is now deemed vacant, and we invite you to declare,” the senator said.

With the demise of Ifeanyi Uba, senator representing Anambra south, and vacant seat of Okpebholo, the upper legislative chamber has 107 senators out of 109.

FIFA has confirmed Saudi Arabia as the host of the 2034 FIFA World Cup.

The world football governing body announced at an online FIFA Congress on Wednesday.

The Middle Eastern country submitted the sole bid for the competition and got the nods of 200 FIFA member federations in the virtual event.

“The vote of the congress is loud and clear,” Gianni Infantino, FIFA president, said.

Saudi Arabia’s bid has attracted criticism since the country tabled the proposal in 2023. Some of the critics referenced the country’s human and women’s rights history.

However, FIFA’s bid evaluation team deemed Saudi’s human rights concerns only “medium risk”.

FIFA also ratified the decision to hold the 2030 World Cup across six countries on three continents.

Spain, Portugal, and Morocco are the joint hosts of the competition. In commemoration of the World Cup’s centenary, the opening three matches will take place in Uruguay, Argentina, and Paraguay.

The World Cup was first held in 1930 and hosted by Uruguay.

FIFA had announced the numerous hosts of the event at the Congress in 2023.