Vice President of IMANI Africa, Bright Simons, has blown an alarm on an emerging turf war ongoing over the takeover of Societe Generale – Social Security Bank (SG-SSB).
Bright Simons revealed that there is a secret war between a Nigerian banking giant and a Moroccan big bank to take over the Ghanaian bank.
The Nigerian bank has been identified as Access Bank, while the Moroccan bank is the Bank of Africa.
In a social media post on August 21, 2025, on X, Bright Simon detailed, “Apparently, a secret war is underway between Nigerian and Moroccan big banks to take over a Ghanaian bank”.
The think-tank vice president noted that Societe Generale, like many banks in Ghana, have drifted from its purpose.
He explained, “Like most former special-purpose/quasi-policy banks in Ghana, SG has drifted far from its original purpose and is now an undifferentiated tier-one bank, competing mostly for upper crust.
The two frontrunner banks competing to snap up SG’s shares are, according to some sources, Bank of Africa (Morocco-origin) and Access Bank (Nigeria-origin).
It does not seem like SSNIT and the government of Ghana have any clear strategy or preference”.
According to Bright Simons, the Central Bank has decided that the SG makes a choice, and they would be subjected to a minimum standard.
“The Bank of Ghana appears to suggest that once SG makes a choice, it would subject it to minimal standards based on the “fit-and-proper person (owner)” rules, which would be perfunctory as both frontrunners are already active on the market.
If the authorities were so inclined, some factors that could weigh on their minds would be competition and external commercial linkages. An objective analyst might suggest that BoA’s smaller footprint poses less market concentration risk. Its Maghreb links could also be seen as diversifying since Ghana is already well exposed to the Nigerian banking ecosystem.
But these are marginal factors. And Access Bank has strong points too, its dynamism, for instance”, Mr Simons explained.
Bright Simon additionally explained why no global player seeks to replace Societe Generale , adding that global banks are retreating from the African market.
He added, “Why didn’t another global player seek to replace SG? Well, global banks are in a sort of general retreat from Africa.
When news broke in May last year that SG’s exit was imminent, the suggestion was that it was an exit from multiple mediocre and marginal African markets to focus on strategic locations like Morocco, Senegal, and Ivory Coast. Very much part of a consolidation trend.
This may come as a bit of a surprise to those who know how profitable African banking looks on the surface. All those net interest margins that would make a Global North bank swoon”.
Mr Simons, using a chart under his post, illustrated why it is now time for Africa’s homegrown mega banks to step up to the plate and make a play for their own global ambitions.
He detailed, “As careful readers would see from the attached charts, however, there are important nuances. Though prepared under some data constraints, the charts clearly show that, adjusted for risk, inflation, and exchange rate, quite a chunk of the juicy returns disappear from the standpoint of a global HQ observer.
Next, you look at contribution to regional top- and bottom-line numbers, and the risks and regulatory burden suddenly look cumbersome. In the past, the view was that exposure to some of the edgiest trends could only be had in places like Africa. Tight regulation at home and abroad has, however, abated the appetite of global banks”.
Bright Simon, in his post, also detailed why the Societe Generale was founded in 1975 by Ghana’s public pension fund.
He wrote, “The bank in question, Societe Generale (SG), formerly SSB, was founded in 1975 by Ghana’s public pension fund, SSNIT, to serve financial inclusion purposes, similar to, say, the postbanks in Japan”.
SSNIT retained the controlling share until 1997 (the govt sold out in 1995). In 2004, the French bank, SG, took control. SSNIT now owns about 19% while SG owns 60%+”.
In addition, Bright Simon added that a reliable source available to him reports that SSNIT has decided to jump into the bidding war, but is reportedly offering the lowest price on account.
He wrote, “ A usually reliable source backs a new report that SSNIT has decided to throw its hat in the ring.
SSNIT is reportedly offering the lowest price on account of “local goodwill”, it says it can muster.
SG’s mothership in Paris is tighter with the Moroccans. For obvious reasons, Morocco is SG’s most strategic market in Africa on various dimensions.
Access Bank is reportedly working hard on deploying more political capital.
So, the game is on”, he added.
Meanwhile, the Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, in March 2025, revealed the prospective buyers engaging BoG in the sale of shares in Societe Generale.
Speaking during the 123rd Monetary Policy Committee (MPC) press conference in Accra on Friday, March 28, he stated, “The sale of shares in Societe Generale is ongoing, a number of prospective buyers have touched base with us. But as you know, we are central bank regulators; ours is to issue a no objection, ours is to ensure that the prospective buyer meets the fit and proper requirements. And so we await negotiations on their part. When it is included, we will then look at the aspect that we have to look at.
“We will have to make sure that they meet the policy guidelines when it comes to mergers and acquisitions, and to make sure that everything is fit and proper”.
“So that is where we are as far as the SG transaction is concerned. We are waiting for the shareholders, we are waiting for the agreements that can be reached, and then we will get involved for that sale to go to the next step”, he added.
See the post below:
1. Apparently, a secret war is underway between Nigerian and Moroccan big banks to take over a Ghanaian bank.
— Bright Simons (@BBSimons) August 21, 2025
2. The bank in question, Societe Generale (SG), formerly SSB, was founded in 1975 by Ghana's public pension fund, SSNIT, to serve financial inclusion purposes, similar… pic.twitter.com/kf6mEdBo5i