ACCESS Holdings Plc said it had opened a subsidiary in Malta, a country where Nigerian bigwigs have allegedly opened blending plants to facilitate the importation of petroleum products adversely affecting the Nigerian economy.

The chairman of Dangote Industries Limited, Aliko Dangote, had recently accused some officials of the Nigerian National Petroleum Company Limited (NNPCL), oil traders, and terminals of opening a blending plant in Malta to frustrate his 650,000 nameplate refinery which can serve Nigeria and also for exports.

“Some of the terminals, some of the NNPC people, and some traders have opened a blending plant somewhere off Malta. We all know these areas. We know what they are doing, Dangote had said.

Although the group chief executive officer of NNPCL, Mele Kyari, tried to dismiss the allegations, saying he did not own a blending plant in Malta, it is arguable whether his reaction was not convincing enough to fend off the allegation.

In a statement on Tuesday, December 10, sent to the Nigerian Exchange Group, Access Bank Group announced that The Access Bank UK Limited has established its first fully owned subsidiary in Malta, christened The Access Bank Malta Limited.

It hinted that the banking licence application has been approved by both the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA), signalling a significant step in enhancing trade connectivity between Europe and Africa.”

As a credit institution, the Malta subsidiary will bolster Europe-Africa trade flows.

Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships, it stated.

“By establishing operations in Malta, we will gain a foothold in a market that bridges Europe and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World. It further enhances our Bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the banking group’s managing director and chief executive officer, Roosevelt Ogbonna, said.

The managing director and CEO of The Access Bank Malta Limited, Renald Theuma, added, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”