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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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EPL: Bacary Sagna predicts scorelines for Man City vs Utd, Arsenal vs Tottenham fixtures

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Former Arsenal defender, Bacary Sagna, has predicted the scoreline for Manchester City’s Premier League clash against Manchester United.

Sagna also predicted the outcome of Arsenal’s Premier League tie against Tottenham Hotspur.

Man City will host Man United in a Premier League derby at Etihad on Sunday, while Arsenal will take on Tottenham in a London derby at Emirates on Saturday afternoon.

Providing his predictions, Sagna said Man City would beat Man United by three goals to nil, while Arsenal will defeat Tottenham 2-0.

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“I can’t see anyone other than City winning this match. I think City will win 3-0,” Sagna told Lord Ping.

He added, “Arsenal will win. Arsenal 2-0.”

“Listen, make no mistake, this will be a tough game for Arsenal. Tottenham has quality players, dangerous players. Son [Heung-min] has come into a bit of form. [Harry] Kane, we all know what he can do.”

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Volleyball: Offa, Customs win Premier League

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Offa Volleyball Club (male) and the Nigeria Customs Service (female) have emerged the champions of the 2022 Nigeria Volleyball Premier League competition.

In the men’s final match at the indoor hall of the Ondo State Sports Complex, Akure, Offa defeated Nigeria Correctional Service 3-2 (25-16, 23-25, 25-17, 17-25, 15-11), while in the women’s category, Customs emerged champions, beating Nigeria Security and Civil Defence Corps 3-0 (25-23, 27-25, 25-21) on the final day of the league.

Offa coach, Suleiman Ajeigbe, expressed delight over the victory, saying the trophy would be going to Offa community for the first time.

Ajeigbe also commended his players for properly executing their game plan and playing to instruction.

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He said, “I feel so proud, I feel so excited and I give all glory to God almighty. It has been a very challenging one, but to the glory of God. In the history of the Nigeria Volleyball Premier League, Offa, a local government in Kwara State will be lifting the trophy, this is historical, this has never happened before.

“Offa Volleyball Club came into being to help the youths in my community. I started the club to ensure that every member of my team is Kwara-born, majority of them are born in Offa. It is to the glory of God that I was able to start it, most of my players are playing outside the country now. I started the club in 2010, so it’s been a long time actually.”

Customs coach, Sunny Akapson, said his side’s victory was as a result of hard work, determination and dedication.

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EPL: Glen Johnson predicts result of Arsenal vs Tottenham derby clash

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Former Chelsea star, Glenn Johnson has provided his prediction for Saturday’s North London derby between Arsenal and Tottenham.

Mikel Arteta’s side will receive Antonio Conte’s Spurs at the Emirates on Saturday.

The Gunners would be leapfrogged by Tottenham at the top of the Premier League table if they hand Arteta’s side their second defeat of the season.

Arsenal has won six out of seven of their opening games, losing once to Manchester United.

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Spurs are unbeaten and just a point behind them in third, with Tottenham able to leapfrog their rivals with a victory.

Johnson told SafeBettingSites: “It’s going to be a tough one to call, to be honest.

“Tottenham looks great, Arsenal looks great. Finally, we’ve got two good teams going into the north London derby!.

‘This is their first big test, for both teams. [I’m going] 2-1 to Arsenal.’

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