Banking
How Stanbic IBTC is Uplifting Nigeria’s Education, Health Sectors
In furtherance of its avowed commitment to enrich lives in various Nigerian communities, Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has continued to raise the Corporate Social Investment (CSI) bar in Nigeria.
The latest CSI project commissioned by the organisation was the renovation of a set of classrooms at Ladipo Primary School, Mushin, Lagos, by the Business Development Unit of Stanbic IBTC Pension Managers Ltd., a subsidiary of Stanbic IBTC.
In his welcome remarks at the official handover of the facility, Eric Fajemisin, Chief Executive, Stanbic IBTC Pension Managers Limited, identified the Stanbic IBTC Group’s CSI pillars as education, health and economic empowerment.
He revealed that Stanbic IBTC employees voluntarily fund CSI initiatives while the organisation complements the amount they have raised through matching funds.
He added: “We chose to renovate these classrooms because of our love for education, these young students as well as this community. We believe that we cannot make much progress as a country without a well-educated workforce.”
In a message of appreciation to Stanbic IBTC, Olayiwola Olawale, a member of the Lagos State House of Assembly, representing the Mushin Constituency said that he was glad to see a corporate body like Stanbic IBTC contributing towards the growth of education in his constituency.
He said: “What Stanbic IBTC has done here is to make the learning environment more conducive for our pupils. I’m also using this opportunity to call on the staff of other corporate bodies to come to the aid of the students. Government alone cannot foot the bill of education.”
In a related development, the company earlier renovated and furnished both the Ayantuga Primary Health Care Centre, Mushin, and the Ajaebo Primary Healthcare Centre, Idi-Araba, with life-saving medical facilities, to enable the provision of better healthcare services to the communities.
While the employees of Stanbic IBTC Insurance Brokers Ltd were responsible for the CSI initiative at Ayantuga Primary Health Care Centre, the Risk Management Department of Stanbic IBTC Bank PLC took care of the intervention at Ajaebo Primary Healthcare Centre.
At Ayantuga, Anselem Igbo, Chief Executive, Stanbic IBTC Insurance Brokers explained: “We chose this hospital because we believe a greater number of people will benefit from this CSI project. We believe in the need to have a good environment for patients undergoing various forms of treatment so that they can recuperate faster.”
In response, Dr. Onasanya Oluwatosin, Medical Officer, Ayantuga Primary Health Care Centre said: “We are thankful to God and we are thankful to Stanbic IBTC, who have deemed it fit to partner with us in renovating this facility for the use by the community and the local government”
During the handover of the facility at Ajeabo Primary Healthcare Centre, Mr. Kayode Agbetoye, Head, Physical Channels Investigations, Stanbic IBTC, pointed out that the facility was refurbished to cater to the health needs of the people living within the community. He said: “Giving back to the society is part of our DNA at Stanbic IBTC and we are happy doing that. We are happy positively affecting lives and touching people.”
Expressing his gratitude to the management of Stanbic IBTC Holdings PLC, Hon. Olanrewaju Emmanuel Bamigboye, Chairman, Mushin Local Government Area, LGA, thanked the company for taking cognizance of the health of Nigerians and providing healthcare facilities to treat and prevent diseases in the society.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has reaffirmed that the old and new Naira notes will continue to be used for financial transactions in the country beyond December 31, 2024.
There had been rumours that the old and redesigned N200, N500, and N1,000 banknotes would no longer be legal tender from Wednesday, January 1, 2025, because the central bank would phase out the notes in compliance with a Supreme Court judgement of November 29, 2023.
But the apex bank, in a statement signed by its acting Director of Corporate Communications, Mrs Hakama Ali, on Friday, clarified that the apex court’s judgement being cited did not authorise the bank to phase out the banknotes by the end of this year.
According to her, the court allowed the CBN to leave the old and new notes to be used concurrently until it decides to gradually phase out the former.
The central bank’s spokesperson urged members of the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.
She urged them to continue to accept all Naira notes for daily transactions, encouraging banks to also adopt alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines,” the statement noted.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering 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.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European 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 chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “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.”
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