The ‘Scramble for Africa’ was the invasion, occupation, colonisation and annexation of African territory by European powers during the period of New Imperialism, between 1881 and 1914. It is also called the ‘Partition of Africa’ and the ‘Conquest of Africa’. In 1870, only 10 per cent of Africa was under European control; by 1914, it had increased to 90 per cent of the continent, with only Abyssinia (Ethiopia) and Liberia still being independent. The only colony the United States had claim to was Liberia, which was established by the American Colonisation Society on January 7, 1822.
Belgium colonised Congo (today’s Democratic Republic of Congo) and Ruanda-Urundi (comprising modern Rwanda and Burundi, 1922 to 1962), the Germans got German Kamerun (now Cameroon and part of Nigeria, 1884 to 1916), German East Africa (now Rwanda, Burundi and most of Tanzania, 1885 to 1919), German South-West Africa (now Namibia, 1884 to 1915) and German Togoland (now Togo and eastern part of Ghana, 1884 to 1914). Italians colonised Italian Libya, Italian Eritrea and Italian Somaliland. Portugal got Portugal Portuguese West Africa (now Angola), Mainland Angola, Portuguese Congo (now Cabinda Province of Angola), Portuguese East Africa (now Mozambique), Portuguese Guinea (now Guinea-Bissau). Russia got Russia Sagallo (now Djibouti, 1889).
Almighty Great Britain, with her strong monarchy, got Egypt, Anglo-Egyptian Sudan (1899 to 1956), British Somaliland (now part of Somalia), British East Africa, Zanzibar Bechuanaland (now Botswana), Southern Rhodesia (now Zimbabwe), Northern Rhodesia (now Zambia), British South Africa, South Africa Transvaal Colony, Cape Colony of Natal, Orange River Colony South-West Africa (from 1915, now Namibia). Spain was lucky in the scramble, it got Spanish Sahara (now Western Sahara) and Spanish Guinea (now Equatorial Guinea) Fernando Po.
Factors of productions always decide and affect the location of industries. Most wineries are located in the regions that have grapes in abundance, leather and tannery factories are sited in areas with large abundance of hides and skin. There is always a correlation between tomato processing factories and regions with abundance of tomatoes.
The same analogy applies to the location of banks. Banks are located in areas that have much business or commercial activities. FESTAC, as a community, defies this economic logic.
Founded after the 1977 Festival of Arts and Culture (FESTAC), this middle class residential neighbourhood boasts of 25 commercial banks that operate at optimum capacity.
Guaranty Trust Bank (GTB) Plc is a conservative bank when it comes to opening of branches. As at today, GTB has three branches in FESTAC – Apple Junction, Second Avenue and 23 Road. They still operate an active Automated Teller Machine (ATM) centre at AP Filling Station on 21 Road. First Bank of Nigeria (FBN) Plc has three branches – Apple Junction branch after SUNFIT, 41 Road and 23 Road; Access Bank operates two branches – 4th Avenue and 32 Junction. United Bank for Africa (UBA) Plc was among the pioneer banks in FESTAC, it operates two big branches at 21 Road and 23 Road. Diamond Bank, one of the victims of the recent robbery, operates two branches, one at 4th Avenue, the other branch is at Agboju. Zenith Bank’s branches are strategically located at 1st Avenue and Amuwo before the Golden Tulip gate. ECOBANK operates two branches, one at 21 Road, the other branch is located at Amuwo before the FESTAC Link Road. First City Merchant Bank (FCMB) has her presence in 4th Avenue and Amuwo before the link bridge. Outside these banks that have two or three branches, every other bank has a branch in FESTAC. Union Bank of Nigeria (UBN) operates at 32 Road, Sterling Bank has a branch at 21 Road, Unity Bank is at Agboju, Fidelity Bank and Standard Chartered are located at 1st Avenue, Stanbic IBTC operates from Gacoun Plaza 23 Road, while Skye Bank shares a border with Zenith Bank at First Avenue.
What could have necessitated these 24 banks operating in a residential neighbourhood? The answer will continue to blow in the wind. Maybe the availability of cash. There is no major market, no tank farm or higher institution.
After the recent robbery in FESTAC, the police said they recovered N27 million from the robbers. How much did the robbers make away with? This N27 million cash and the unaccountable loot of the robbers were all grabbed before 10am.
If I should paraphrase the lyrics of 2face Idibia, ife n’eme na (something is happening in) FESTAC.
• Osigwe, the MD/CEO of Fullpage International Communications Limited, wrote in from Lagos.
