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Barclays pulls out of African market after almost 100 years with £538million Absa sale

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British multinational bank and lender, Barclays announced it has exited the African market after selling its remaining 7.4% stake in South African bank, Absa as a final process that was started six years ago.

Earlier this year, Barclays sold a similar sized stake for £526 million. This sale makes its largest and most dramatic pull from Africa. The exit also marks the final step in Barclays’ plans to withdraw the vast majority of its presence from Africa. A plan that was set in motion back in 2016 when Jes Staley, the CEO of Barclays at the time said the firm would shift to focus more of its efforts in the US and Britain.

Those plans started a venture that caused the bank to sell its 62% ownership in Barclays Africa, a joint venture between Absa and Barclays that employed some 45,000 people before the time of the exit. or about a third of all Barclays employees. With millions of customers served, Absa controls banks in ten African nations, including Ghana, Kenya, Botswana, and Tanzania.

The shift in focus toward the UK and the US also includes plans to end smaller operations in Asia, Brazil, parts of Europe and Russia.

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Barclays was South Africa’s biggest lender until 1986 when it left the country at the height of apartheid. The bank later returned and restarted its operations in the country with its corporate and investment banking division in 1995 when the climate was calmer.

The bank restarted its retail banking operation in the country in 2005. The British lender’s only presence in Africa will now be reduced to a representative office in Johannesburg which is able to support its investment, private and corporate banking clients.

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What they are saying

Bosses at Barclays said the 7.4% sale would earn Barclays around £538 million, representing around a £31million loss on its investment.

The bank also confirmed that while they have offloaded the remaining stakes, they do still have one remaining office in Johannesburg with 15 staff who work with investment corporate and private banking clients and more than 100 Africa-focused bankers around the world.

Barclays said the earnings from the sale will be channelled into general corporate purposes.

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History of Barclays in Nigeria

  • In 1925, Union Bank of Nigeria bank became known as Barclays Bank DCO (Dominion, Colonial and Overseas) after it was acquired by Barclays Bank. After Nigeria’s independence in 1960 and the enactment of the Companies Act of 1968, the bank was incorporated as Barclays Bank of Nigeria Limited (BBNL, est. 1969).
  • Between 1971 and 1979, the bank went through a series of changes including its listing on the NSE and its shares acquired and transfers were driven by the Nigerian Enterprises Promotion Acts (1972 and 1977).
  • This resulted in Barclays bank evolving into a new wholly Nigerian-owned enterprise. To reflect the new ownership structure, and in compliance with the Companies and Allied Matters Act of 1990, the name was changed to Union Bank of Nigeria Plc.

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UCL: Bayern compounds Man U’s woes in 7goals thriller, as Arsenal return with a bang

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Bayern Munich on Wednesday night compounded Erik Ten Hag’s Manchester United’s woes in a seven-goal thriller at the Allianz Arena.

The German champion beat Manchester United 4-3, leaving manager Ten Hag with more questions than answers about his defensive options following the team’s humiliating 3-1 home defeat to Brighton over the weekend.

Goals from Leroy Sane, and Serge Gnabri gave the German side a two-goal advantage in the first half before United fought their way back into the game.

Harry Kane and Mathys Tel completed Bayern’s lead over Man United in a game that was more of a contest than many expected.

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After the break United again started well, pulling a goal back on 49 minutes with Rasmus Hojlund recording his first goal for the club with the aid of two deflections.

Within minutes, Bayern won a penalty which made the game safe, and Eriksen was adjudged – first by VAR, who advised the ref to watch a replay – to have handled Dayot Upamecano’s header.

From the penalty spot, Kane made no mistake, and though Casemiro bagged two late goals to make things interesting, Tel’s goal saw the German champions take control of the group while United desperately needed a break.

Arsenal on the other hand enjoyed a fine return to the Champions League as they thrshed PSV Eindhoven 4-0 at the Emirates Stadium.

The Gunners made a return to the Champions League after six years of absence from Europe’s elite competition. Arsenal last played in the Champions League in 2017.

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Bukayo Saka, Leandro Trossard, Gabriel Jesus, and Martin Odegaard all scored as Arsenal sent the right warning across.

Arsenal started a goal rush with Saka getting Gunner’s first inside eight minutes before Trossard doubled the lead, Jesus added a third before the break and Odegaard capped off a fine evening.

David Raya retained his place in the Arsenal goal having replaced Aaron Ramsdale for Sunday’s Premier League win at Everton.

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Amusan relishes historic Diamond League win

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World women’s 100m hurdles record holder, Tobi Amusan, says the track in Eugene, Oregon holds a special place in her heart and her list of conquests.

The Nigerian wrapped up her season on an outstanding and record-breaking note by clinching the Wanda Diamond League title for the third consecutive year on Sunday night on the track she has come to affectionately call her own.

The 26-year-old posted an impressive performance in the 100m hurdles event at the Oregon Diamond League despite facing tough competition from Olympic champion Jasmine Camacho-Quinn, Kendra Harrison, Danielle Williams, Nia Ali, Tia Jones and Megan Tapper.

Amusan started off strong and maintained her lead, clearing the final hurdle and finishing with an impressive season best time of 12.33secs. Camacho-Quinn from Puerto Rico gave a strong chase, coming in second in 12.38secs, while USA’s Harrison took third place in a time of 12.44secs.

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The world champion, Jamaica’s Williams, finished fourth in 12.47secs.

This remarkable victory marked Amusan’s third consecutive Diamond League title, making her only the second woman in Diamond League history to achieve a hat-trick of 100m hurdles titles.

The Nigerian athlete accomplished this feat on the same track in Oregon, where she had won the World Championship the previous year and set the current world record of 12.12secs.

After the race, an elated Amusan said, “I came out here and said it’s my race to lose, and I will give my all. I said it’s 200 or nothing because, 100 per cent, I am not winning today (Sunday). So, I came out here, and I told God to give me the strength.

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“I said this (racing in Eugene) is God’s track. I came here, I’m like ‘This is my track; I’m going to dominate’ and God did just that.”

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Amusan expressed gratitude to God, dedicating her win to her coach, her family, her fans and everyone who had supported her throughout the challenging year.

“Right now, I just want to rest. I’m just grateful to God; that’s all I can say this season. This win is not about me; it’s for my coach, my family, and everyone who supported me throughout this year. It’s been a rough one, and I’m just thankful,” she said.

The record-setting victory provided a glorious end to the season for Amusan, who had experienced disappointment after failing to defend her world title at the World Athletics Championships in Budapest, Hungary, in August.

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I want to use my global network to help Nigerian soccer academies, says UK-born football agent, Nathaniel

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Chris Nathaniel has, for several years run one of the world’s leading sports talent and entertainment management agencies – his dream is to lead a Nigerian consortium to success with a Premier League team.

Based in London, United Kingdom, and operating throughout Europe and the world for some of the top names in sport, Chris reveals how it all started for him and his team and the interesting things they do for their clients.

Chris, proud of his Nigerian roots, said: “I’ve been in the sports and entertainment business for a long time. I first started with Chelsea legend, John Terry, then Manchester United legend, Rio Ferdinand, when they were both at their peak, so two top England stars.

“I also spent time looking after Wilfred Bonny (ex-Swansea who became the highest ever paid African player with his transfer to Manchester City), Steven Nzonzi (ex-Stoke City and World Cup winner with France in 2018), Brazilian midfielder, Robinho and now Luis Diaz (Liverpool), and quite a few other players.

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“I also looked after other talents like Usain Bolt and former WBC Heavyweight Boxing champion, Deontay Wilder, so sports and entertainment are in my blood. On the music front, I have worked with hip-hop icons like Jay Z, P Diddy, 50 Cent, and other talents, like models and actors, so quite experienced across the whole sports and entertainment industry.”

Nathaniel led the first ever African consortium to bid for a Premier League club Newcastle in 2008, unfortunately the bid was not accepted by then owner Mike Ashley, who eventually sold out to the Arabs.

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However, Nathaniel reveals he has unfinished business and has reached out to wealthy Nigerians, including Dangote, to launch another bid for a Premier league club. Nathaniel points to the recent valuation of clubs like Manchester United and Tottenham to highlight how Premier League clubs are great takeover targets – his knowledge of club values, structures and accessibility as takeover targets is second to none.

They are all profitable businesses and give tremendous global presence and Nathaniel believes having a Nigerian owner of a top club will not only be profitable, but it will give Nigeria a greater global profile, enhancing the economy and encouraging tourism. The potential for booming business in Nigeria will then help with the general development of Nigerian football.

Chris believes football in Nigeria needs an overhaul from top to bottom very similar to what the English FA did after continued failures at major tournaments. In England this resulted in a change of fortune for the English national team, which is now challenging for trophies for the first time since winning the World Cup in 1966.

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Nathaniel said: “We look after football players, we give them full support in coaching, mental health, support their passions and everything you can imagine.

“We take care of every angle for them, our job is to make sure they have long sustainable careers, make sure the right politics are played at their different football clubs, and make sure they get the best out of themselves to become the best they can be.

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