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Nigerian Access Bank enters the Cameroonian market

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Nigerian banking group Access Bank just created a subsidiary in Cameroon. With an initial capital of about XAF14.5 billion, the new subsidiary’s headquarters will be in Douala, Cameroon’s economic capital.  

The administrative board of this subsidiary is constituted of seven members with only one Cameroonian, the legal notice published for the creation indicates. These members are Patience Melone, Iyabode Soji-Okusanya, Fatai Oladipo, Abraham Aziegbe, Ibukunoluwa Odegbaike, and Elliz Nzo Azu.

Created for a duration of 99 years, the bank has chosen Price Water House Coopers as its external auditor and will operate in the management of current accounts, savings collection, checks payment and credit granting.

As required by the rules in force, the launch of Access Bank Cameroon’s activities in Cameroon is still subject to the issuance, by the Ministry of Finance and the banking commission COBAC, of various legal notices and authorizations to the bank’s shareholders.

If it succeeds in launching its subsidiary in Cameroon, Access Bank Plc will become the 16thcommercial bank to operate in the country and will meet one of its compatriots, United Bank of Africa (UBA), on that market. Let’s note that it is entering the Cameroonian market some years after the departure of another Nigerian group, Oceanic Bank International namely.

Some years ago, Oceanic Bank International took over 54.5% of Union Bank of Cameroon’s (UBC) assets saving it from bankruptcy. However, in 2011, Ecobank had to buy Oceanic Bank International’s assets in UBC, which is a well-rooted bank in the Anglophone regions of Cameroon.

Let’s note that last January 15, 2019, Access Bank Plc’s executive director Victor Etokwu announced that apart from the Cameroonian subsidiary, the banking group would create subsidiaries in two other African countries this year. The banking group will then have 18 subsidiaries in Africa.

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Opposition Coalition Hardens Stance Against INEC Following Massive Abuja Demonstration

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Following an anti-INEC protest in Abuja, leaders of the African Democratic Congress (ADC) held a closed-door meeting with top figures from the Peoples Democratic Party (PDP) to discuss the electoral body’s recent refusal to recognize the ADC’s new leadership.

Among those present at the meeting are Senator David Mark, National Chairman of the ADC, former Vice President Atiku Abubakar, former Kano Governor Rabiu Musa Kwankwaso, Presidential candidate of Labour Party, (LP) in the last election, Peter Obi.

Others are former Attorney-General of the Federation, Abubakar Malami, former Secretary to the Government of the Federation, Babachir Lawal, Former Rivers State Governor Rotimi Amaechi and Senator Aminu Tambuwal among others.

On the side of the PDP, are Oyo State Governor Seyi Makinde, factional National Chairman Turaki, Professor Jerry Gana, former Senate President Adolphus Wabara, former Niger State Governor, Babangida Aliyu, and other members of the National Working Committee, of the PDP.

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Akpabio Represents Tinubu At Commissioning Of Landmark Lagos Projects

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Senate President Godswill Akpabio has inaugurated the new Opebi-Mende-Ojota Link Bridge Project and the Multi-agency complex, Alausa, now known as Bola Ahmed Administrative Complex in Lagos State.

Akbabio represented President Bola Tinubu, who has been in Lagos for the past few days and is scheduled to embark on a two-day working visit to inaugurate about six key projects executed by Governor Babajide Sanwo-Olu.

In a video shared on X by Sanwo-Olu’s aide, Jubril Gawat, on Wednesday, the Senate President unveiled the project alongside Imo State Governor, Hope Uzodimma; the senator representing Lagos East District, Tokunbo Abiru; Sanwo-Olu, and some other dignitaries.

While cutting the ribbon, he said, “On behalf of President Bola Ahmed Tinubu, I commission these projects.”

Recall that the Special Adviser to Sanwo-Olu on Media and Publicity, Gboyega Akosile, in a post on X recently had said that the President would commission “iconic, transformative and legacy projects” delivered by his principal.

According to him, the projects include the Ojota-Opebi Link Bridge, the Lagos State Geographic Information Service building in Alausa, the Lagos State Multi-Agency Complex, the Tolu Schools Complex in Ajegunle, the Maracana Stadium, and the Lagos Food Logistics Hub in Abijo.

“Please join the Lagos State Governor, Mr Babajide Sanwo-Olu, to welcome President Bola Ahmed Tinubu to a two-day working visit to our dear State. While here, the President will commission some of our iconic, transformative, and legacy projects,” Akosile stated.

This development led the state government to announce partial road closures across key parts of the state for the commissioning of critical infrastructure projects scheduled for Wednesday and Thursday.

In a statement issued on Tuesday, the State Commissioner for Transportation, Mr. Oluwaseun Osiyemi, said the temporary closures were necessary to ensure safety and the smooth conduct of the events.

The government advised motorists to plan their movements and avoid affected corridors during the specified periods to minimise traffic disruptions and delays.

According to the statement, the Opebi-Mende Link Bridge will be commissioned on Wednesday, April 8, between 9:00 a.m. and 1:00 p.m., affecting traffic in the Opebi-Allen, Ikeja, and Ojota areas.

“All motorists transiting this corridor during the specified hours should seek alternative routes to avoid congestion and ensure timely arrival at their destinations,” the statement said.

On Thursday, April 9, two commissioning events are scheduled between 9:00 a.m. and 1:00 p.m. The first is the commissioning of the Tolu Schools Complex, which will affect traffic in the Olodi Apapa and Ajegunle areas.

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Dangote Refinery Denies Fuel Price Hike, Maintains Current Rates

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Dangote Petroleum Refinery & Petrochemicals has officially denied reports of a new fuel price hike, affirming that its current pricing structure remains stable.

A company source confirmed that the refinery is maintaining its existing rates to ensure market stability and steady product availability.

The company confirmed that its pricing structure remains intact, with the gantry price at N1,200 per litre and the coastal price at N1,153 per litre.

“We are maintaining our existing price and have not implemented any new pricing for our customers,” the source said.

The source added that the refinery remains focused on ensuring the steady availability of refined petroleum products across Nigeria and the wider African market, reinforcing its role in supporting supply stability.

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