INSTANT NEWS

Another serious merger or acquisition is imminent in the Nigerian banking sector as Zenith Bank Plc and First Bank are said to be eyeing smaller banks in the industry to build their asset and capital bases.

Blueprint gathered from reliable sources within the industry that talks are currently ongoing between Zenith Bank and Union Bank, and a tentative arrangement may have been reached to commence due diligence.

While both banks are yet to confirm or deny the merger, the source revealed that talks have reached final stage, and that official statement may be issued any moment from now.

Recall that Nigeria’s oldest bank FirstBank was also on track to merge or acquire Polaris and Heritage Banks respectively. The bank issued a press release on the Nigerian stock exchange that did not deny the claims but also did not confirm if it is true.

Deals like these are typically not confirmed until the clearance is obtained from the Securities and Exchange Commission.

It is not immediately clear why both banks will be considering a merger, however, Union Bank owners Atlas Mara with a 49 per cent stake has been under pressure to exit their African holdings.

Last year (February), Atlas Mara co-founder Bob Diamond announced he was resigning his post as Chairman of the company. The company said it was looking at selling off banking assets in countries where it was not the dominant player.

Earlier in January, Union Bank sold its United Kingdom subsidiary to MBU Capital Limited. The London-based management investment firm acquired Union Bank UK after emerging as the most preferred bidder. According to the bank, “This sale is aligned with Union Bank’s strategy to geographically streamline its business operations to focus on growth opportunities in Nigeria.”

Union Bank also recently raised N20 billion in series 3&4 commercial paper after successfully raising N24.3 billion through the issuance of the Series 1 and 2 of its N100 billion commercial paper programme.

According to findings, a merger firmly solidifies Zenith Bank’s position as the largest bank by total assets after falling second to Access Bank with N7.1 trillion. It also gives Zenith Bank control over several juicy assets and right of ways owned by Union Bank from its legacy years.

In a notification that was sent to the Nigerian Stock Exchange (NSE), the banking group recorded a 10.3 per cent growth in profit. The profit before tax as of December 31, 2019, was N20.35 billion as against the N18.45 billion that was achieved for the corresponding period for 2018.

Zenith Bank, on the other hand, reported a record profit after tax N208 billion out of a gross earning of N662 billion. Zenith Bank’s net assets of N941.8 billion dwarfs Union Bank’s net assets of N252 billion as of 2019.

The Vice Presidential Candidate of the Peoples Democratic Party, PDP, in the 2019 general election, Peter Obi has reacted to the death of Rev Sr Henrietta Alokha, Principal of Bethlehem Girls’ College, Abule Ado, Lagos.

It's reported that Rev Sr Henrietta was among the 17 who lost lives in the early morning explosion which occurred at Abule-Ado.

The principal was said to have died while rescuing students.

Reacting, Obi on his verified Twitter page consoled with the management of the Bethlehem College, even as he praised the heroic act by the deceased principal.

The former governor of Anambra state also expressed his condolences to those who lost their lives in the sad incident.

Obi wrote: “When it mattered most, Rev Sr Henrietta Alokha, Principal of Bethlehem Girls College, Abule Ado, Lagos, heroically put her life on the line to rescue her students in the Sunday explosion, in Lagos.


“Sadly she lost her life in the process when the caving roof fell on her. May her soul and that of all those who died in the tragedy rest in peace. Amen.”

Meanwhile, NNPC Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, on Sunday evening has denied claims that the explosion was from one of its pipelines.

In a statement on Sunday, the NNPC boss said investigations found that a truck hit some gas cylinders stacked in a gas processing plant located near the corporation’s system 2B Pipeline Right of Way which resulted in the explosion.

“The explosion was so huge that it led to the collapse of nearby houses and damaged NNPC pipeline and efforts were made to curtail the resultant fire,” he added.

The profile of young Nigeria tennis player, Nene Yakubu, has continued to rise as she recently helped the country to a gold medal at the recently concluded West/Central Africa CAT qualifiers.

Yakubu, who won all her games in the tournament, was the captain of the country’s U-12 team. She also helped her teammates, Khadijat Mohammed and Success Ogunjobi, in the double as the country qualified for the main CAT championship in Morocco later in the year.
Yakubu won her singles game against Gabon 6-0, 6-0 before partnering with a teammate to win the double with the same scoreline. One of her teammates, however, made it 3-0 against Gabon with 6-0, 6-1 win in the other single game.

She repeated the result against Togo 6-0, 6-0 in her single before winning the double 6-2, 6-2, although her teammate lost her game 6-4, 6-4, they team already done enough to win 2-1 as they emerged the overall winner.

Against Benin republic she won her game 6-1, 6-1 while in her doubles it ended 6-0, 6-0. Her teammate won 6-0, 6-1 for a 3-0 defeat of the Beninoise.

Against Sierra Leone, she won her singles 6-2, 6-1. Her doubles 6-3, 6-1 and her team mate won at 6-2, 6-2 for another 3-0 win for Nigeria.

Five counties played in the girl category while nine countries played in the boys’ category.

While the girls emerged as the champions as they returned to the country with the gold medal, the boys finished second with silver medal.

The last time Team Nigeria qualified was three years ago.

The political leader of South South zone, Deputy Senate President, Ovie Omo Agege; Minister of State Petroleum Timprey Silva; Minister of Niger Delta Senator Godswill Akapabio and National Vice Chairman, South South of the ruling All Progressives Congress (APC) Prince Hillard Eta have shunned the zonal consultative meeting convened by Edo State Governor, Godwin Obaseki.

The South South leaders, who are pro-Oshiomole, claimed that the convener of the meeting lacked constitutional power to call such zonal meeting.

Their absence at the meeting, which held Thursday night at Edo House, was reportedly due to opposition to Obaseki.

The National Vice Chairman, South South had on Wednesday declared the Obaseki convened meeting illegal and outside the armbit of the party’s constitution.

Eta, in a telephone interview, hinted that Obaseki has sent letters of invitation to leaders of the party in the zone, to attend a consultative meeting he planned for Thursday at Edo State Governor’s lodge in Abuja.

The APC leader said he gathered that the meeting was to discuss the issue of the National Chairman of the APC, Comrade Adams Oshiomhole, whom he vowed to ensure he is removed as chairman.

“I saw the invitation the governor is sending out to people inviting them for a meeting. But I am calling on all our party leaders to shun the meeting because he has no right to convene such meeting. I am the South South Vice Chairman of the party and any APC leadership meeting is convened by me.

“I have also communicated to our political leader in the zone, the Deputy Senate President, Senator Ovie Omo-Agege and he is not aware of any such meeting. So we are calling on all our leaders not to attend any such meeting because it is ill conceived and ill motivated,” he stated.

Aside from the South South leaders, it was also gathered that some invitees from Cross Rivers State that came for the meeting turned back when it became glaring that the decision may be influenced by a Minister who had majority of the attendees.

However the meeting pushed Acting National Secretary of the ruling All Progressives Congress (APC) Chief Victor Giadom to take over as acting national chairman of the party at the Emergency National Executive Committee meeting slated for Tuesday in Abuja.

Those in attendance at the meeting unanimously endorsed Giadom.

Justifying the choice of Giadom, Obaseki, in a communique after the meeting that lasted for hours, claimed he has provided the much needed leadership for the party since the on-going crisis of the party began.

The meeting also demanded that the party should respect the present zoning arrangement by retaining the chairmanship of the party in the South South zone, even in acting capacity.

It further resolved that the most senior party officer from the zone being the Acting National Secretary, Chief Victor Giadom, should be confirmed Acting National Chairman of the party at the Tuesday emergency NEC meeting.

The second confirmed case of COVID 19 in Nigeria may be discharged and allowed to go home in few days after testing negative to the virus, the Minister of Health, Dr. Osagie Ehanire, has stated.

He also said the index case is clinically stable and much improved.

He too may be discharged when the viral load is at acceptable limits, subject to the review of the doctor.
The Minister, who made these known in a briefing in Abuja on Friday, said: “As at today, 13th of March 2020, Nigeria has recorded still just two confirmed cases of COVID-19. One case is now negative and will be discharged from care, while the other will follow in a few days.

“The index case (the Italian) is clinically stable and is much improved. Steady progress till early next week will guide the medical team in discharging him. The second confirmed case, a contact of the index case is testing negative for the virus, meaning he has cleared the virus and will be allowed to go home.

“A group of four children and their teacher flew into Lagos from the United States. Prior to their arrival, Nigeria CDC was informed by US-CDC, that this group had been in the same space with a confirmed case. We therefore sent these travelers into isolation on their arrival.

“Tests were done, which came back negative for all of them. They will stay in self-isolation for 14 days. After 14 days of follow up with no symptoms, all contacts of the index case will be permitted to go home and rejoin society”.

He added: “WHO has now declared COVID-19 a pandemic. It calls for cooperation and collaborative action to increase resources to quickly detect and control this outbreak. It is not a call for fear and panic. COVID-19 cases in China have continued to decline, evidence that the pandemic can be controlled.


“The Federal Ministry of Health is monitoring the global situation closely and seeking WHO advice. The Ministry through Port Health Services will prioritize measures for the containment of COVID-19, especially the screening of passengers at Points of Entry.

“NCDC has launched a new website focused solely on COVID-19. It is updated daily and has information needed, including daily situation reports, guidance for schools, guidelines for health workers and more. The website is covid19.ncdc.gov.ng”.

The Minister added: “The multi-sectoral EOC (Emergency Operations Centre) continues to oversee national response activities. We have progressed in assessing treatment centres and have now ensured that every state identifies a location that can be used to manage cases. We are supporting these states to scale up capacity to meet existing needs
“On 12th of March, the Ministry of Foreign Affairs organised a meeting with Members of the Diplomatic Corps in Nigeria. We provided the Ambassadors and High Commissioners updates on Nigeria’s response strategy.

“We also called for solidarity and cooperation in responding to this pandemic and especially to urge their governments to introduce tighten health screening at their points of departure so as to reduce risk of virus exportation to other countries.”

On the point of entry policy on prevention and control of cross border transmission of yellow fever, Dr. Ehanire explained that due to ongoing transmission of Yellow Fever in parts of Nigeria, it is pertinent to activate Nigeria’s Point of Entry Policy on Prevention and Control of Cross Border Transmission of Yellow Fever in line with WHO recommendation for all international travelers (nine months and older), arriving in areas with evidence of persistent or periodic transmission of yellow fever.
The Minister said: “Consequently, the Federal Ministry of Health requested Nigerian Civil Aviation Authority (NCAA) to communicate this to airlines for compliance.

“Due to the COVID-19 outbreak, the Federal Ministry of Health reviewed the policy to allow passengers without Yellow Cards or proof of vaccinations board their flights to Nigeria, with the understanding that they will be given a Yellow Fever vaccination, on arrival at our Points of Entry.

“The vaccination is free of charge and the yellow card is at a nominal cost. This is in the interest of the health security of the public and all passengers. The effective date of the revised policy implementation was 11th March 2020. The revised policy was also communicated to NCAA for airlines to be so informed.

“WHO recently declared the COVID-19 outbreak a pandemic. The Ministry of Health, through Port Health Services has prioritised measures for COVID-19 containment, especially the screening of passengers at Points of Entry.

“However, other surveillance and prevention activities, including the implementation of the policy on prevention and control of cross border transmission of yellow fever, are still very important. Nigerians are required to obtain a yellow fever vaccination if they have not done so, and to show their yellow card or proof of vaccination before any international travel and upon arrival.

“The position of the Federal Ministry of Health is in line with global best practices and WHO recommendations”.

The English Premier League on Friday, suspended all fixtures until April 4.

This is coming after Arsenal manager Mikel Arteta and Chelsea winger Callum Hudson-Odoi tested positive for coronavirus.

“Following a meeting of shareholders today, it was unanimously decided to suspend the Premier League with the intention of returning on 4 April, subject to medical advice and conditions at the time,” the Premier League revealed in a statement.

Everton also announced their entire first-team squad and coaching staff have been told to self-isolate after a player reported symptoms consistent with COVID-19.

Kenya, Ghana, and Gabon, on Friday reported their first confirmed cases of infection with the new coronavirus.

In East Africa, Kenya reported one case on Friday, while in West Africa, Ghana reported two cases just as Gabon said it had logged one case.

This, however, raised the total number of African countries affected by the pandemic to 15.

According to Kenyan Health Minister, Mutahi Kagwe, the patient is a Kenyan citizen who had recently travelled to the U.S.

The Gabonese Health Ministry said that the infected person in Gabon was a national who had returned from a trip to Bordeaux, France on March 8.

The ministry added that Gabonese authorities were in the process of tracing all contacts the patient had since his arrival in the capital, Libreville.

According to the Ghanaian Health Ministry, both infected individuals returned from Norway and Turkey.

The Ghanaian Minister of Health, Kwaku Agyeman-Manu said that both patients were currently being kept in isolation and were stable.


“I wish to assure all Ghanaians that the Government of Ghana together with all health partners will continue to work assiduously to ensure the situation is contained,” he said.

Health Minister Eteni Longondo of Congo, reported the country’s second confirmed case of COVID-19, the respiratory disease caused by the new virus, involving a Cameroonian national who lives in the central African country, who travelled to France.

Congo has already had to contend with an outbreak of the Ebola haemorrhagic fever in its Eastern border region since mid-2018, though the last Ebola patient was discharged from a treatment centre in the city of Benin.

However, experts had considered Africa to be at high risk in relation to the coronavirus due the continent’s close economic ties with China where the disease outbreak originated in December 2019.

The continent’s outbreak has so far been limited compared with those in Asia or Europe.

Meanwhile, the World Health Organisation (WHO) recorded 129 cases of COVID-19 in 12 of Africa’s 54 countries, with three casualties in Northern Africa, compared to more than 125,000 confirmed cases globally.

(NAN)