Banking
Access Bank Carpets ICPC Over Arraignment Story
By Dipo Olowookere
The management of Access Bank Plc has rubbished reports in some sections of the media that the bank and its official were recently charged to court by the Independent Corruption Practices and Other Related Offences Commission (ICPC).
The lender and its officials were reported to have been dragged to court over their alleged refusal to lift a Post-No-Debit (PND) order on the accounts belonging to Blaid Properties Limited and Blaid Construction Limited.
Reacting to the issue via a statement, Access Bank said the report, which it claimed contained misleading information, was mainly “calculated to embarrass the bank, its executives and stakeholders.”
The financial institution said it was not aware of “any criminal charge filed against it or any of its officers” neither has any of its officers been served with any criminal summons.
“The publications were calculated to harass and intimidate the bank and its officers for no just cause,” the statement noted.
It said, “As a responsible financial institution which conducts its business transparently within the confines of the law, we consider it imperative to state the following facts relating to the matter.
“Contrary to the publication, neither the bank nor any of its officers mentioned in the publication were arraigned by the ICPC as reported.”
Access Bank explained that, “The ICPC had on the January 18, 2017 instructed the bank not to allow any withdrawal from the Accounts which it was investigating at the time. The bank complied with the instruction by restricting the accounts.
“By another letter dated November 6, 2017, the ICPC instructed the bank to lift the PND on the accounts. In compliance with this second directive, the bank took steps to engage the customers to re-activate the accounts which had since gone dormant due to the restrictions earlier placed on them.
“However, by another letter dated November 9, 2017, the Special Presidential Investigation Panel on Recovery of Public Property directed the bank to place PND on the accounts. The Presidential Panel by its letter of November 14, 2017 subsequently, reiterated its earlier directive amongst others and invited officers of the bank to an interview with its instruction on the accounts.
“Again, by a letter dated November 28, 2017, the ICPC ordered the bank to lift the PND on the accounts stating that the order supersedes any order or orders placing PND on the accounts.
“The bank by its letter dated November 29, 2017 notified the ICPC that the PND was at the instance and request of the Presidential Panel and that there was a pending suit and application filed by the Federal Government of Nigeria, Attorney General of Federation and the Presidential Panel seeking to restrain the bank from releasing any funds from the accounts.
“The bank also notified the ICPC of court to transfer the funds in the accounts to the Registrar of the Federal High Court pending the determination of the suit filed by the Federal Government of Nigeria.
“The bank subsequently received an invitation from the ICPC addressed to its branches and not the Group Managing Director or any of the officers mentioned in the media publications. The bank honoured the invitation and there again reiterated the foregoing facts.
“Notwithstanding the clear facts presented by the bank, the ICPC demanded that the bank provide evidence that the PND had been lifted by Thursday December 7, 2017 failing which its officers would be detained.
“Being a responsible organisation, officers of the bank returned to the ICPC with an advice from the bank’s Solicitors again stating why the bank cannot lift the PND in disregard of the directive of Presidential Panel and the case in court in which the Federal Government and the Attorney General of the Federation in suit No FHC/ABJ/CS1114/2017 were seeking to restrain the bank from releasing funds in the accounts.
“Given what had transpired we were therefore rudely shocked to read the newspaper publications given fact that the bank and its officers have not done anything to warrant being charged for any offence.”
Access Bank said it was “at a loss as to how a government agency setup to fight graft would attempt to criminalize the bank and its officers for complying with the directive of the Presidential Panel to place PND on the accounts which are subject of pending suits.”
“We have stated the above facts to clear any misgivings or mischief calculated to embarrass or intimidate the bank. As a responsible corporate citizen, we remain committed to the ideals of good corporate governance, due process and rule of law,” the lender assured.
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.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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