Banking
Access Bank Gives Strong Warning Signal to Competitors
By Ukhueleigbe Zacchaeus
A warning has been sent out to players in the Nigerian banking industry by Access Bank, which plans to revolutionise the sector as soon as its anticipated merger with Diamond Bank is completed.
At a joint media briefing in Lagos yesterday, the lender said things will have to change in the industry when the merger is finalised.
“Our merger with Diamond Bank will be an industry game changer! This new alliance is going to redefine banking in Nigeria like Globacom did in the telecoms sector,” Mr Victor Etuokwu, the Executive Director, Personal Banking at Access Bank, informed newsmen at the briefing.
According to him, “The focus is to drive the SME market by adding great values to their business,” pointing out that the “merger has already given customers the use of the highest number of ATMs in Nigeria free of the N65 withdrawal charges.”
He explained that both parties agreed to become an entity in order to provide a better deal for customers, noting that Access Bank’s wholesale ability and Diamond Bank’s retail ability will make the new enlarged entity the best in the country.
Clarifying on identity of the new bank, Mr Etuokwu said, “It is a merger; that’s the first one, and two, because a bank (referring to Diamond Bank) took a strategic position to stop its international operations does not mean there is something wrong with it.
“It is not new. In fact, a bank in Nigeria has taken a similar step before, which is Wema Bank.
“In the past, Wema Bank was a much bigger bank, but it later became a small national bank. It’s all strategy. That means that banks and brands will always do things that will put them ahead.”
Continuing, the Access Bank Executive Director said, “What we have done is a merger of two great brands for the benefit of our customers.
“Access Bank, as you have always known us, has been a wholesale bank, but after the merger with Intercontinental in 2012, we began to do some retail banking operations, but we know that is not our strength and Diamond Bank, as you know, is a leader in retail banking in Nigeria.
“So, we have come together to complement each other to create a bank that will have robust strength for both the wholesale and retail markets.
“So, it’s a merger, the coming together of two Nigeria’s great banks to create value for consumers, that’s what it is.”
He said further that, “For the last one month, we have been going around the country and people have asked this question and we have given them one response. What is important is the identity of the new enlarged bank. The identity of the enlarged bank will reflect the strength of Access Bank and the strength of Diamond Bank.
“If you come into the bank of the enlarged entity, you will know that Diamond Bank is inside this bank as well as Access Bank.
“If you are a corporate customer, it will appeal to you and if you are a retail customer, it will also appeal to you; that’s what we have.
On how the new identity will look like, the banker said, “We have the best bank consultants working on it to ensure that identity of the new enlarged entity has the best identities of both banks. So, name is always part of our identity, there is more to our identity than just name.
“I don’t think we should be too focused on the name but virtually, it is and that will be clear in the next six to eight weeks.
“When you work into a branch, you will know that this is Access Bank and this is Diamond Bank.”
By Aduragbemi Omiyale
The creative industry in Nigeria may have nothing to worry about with the likes of Stanbic IBTC Bank around the corner.
The financial institution, which has not hidden its love for the sector, has promised to continue with its strategic investment in the country’s designers and artists.
Speaking at an event, An Evening of Fashion, Art & Lifestyle, the Executive Director for Personal and Private Banking at Stanbic IBTC Bank, Mr Olu Delano, represented by the Head of its Private Banking Segment, Ms Layo Ilori-Olaogun, said the company was proud to be associated with the programme, which it also sponsored.
“At Stanbic IBTC, we recognise Nigeria’s creative sector as a vital driver of economic diversification, employment, and global cultural influence.
“We are proud to support the individuals behind these platforms that elevate African excellence and provide visionary talents the visibility that they deserve.
“Nights like this reaffirm our commitment to continued strategic investment in our artists and designers,” he stated.
The invitation-only ceremony, which was held at The Garden, Federal Palace Hotel, Victoria Island, Lagos, hosted by Africa’s leading luxury fashion house, 2207bytbally, in collaboration with the acclaimed art collective Torrista, brought together high-net-worth individuals, art collectors, designers, media personalities, and luxury brand executives for an unparalleled showcase of creativity and sophistication.
The evening opened with a breathtaking runway presentation featuring three signature segments from the Evolve collection by 2207bytbally: Denim, Ethnic, and 2207 Prints. Each piece exemplified the meticulous craftsmanship, bold innovation, and cultural storytelling that has established the brand as a standard-bearer in African luxury fashion.
Complementing the couture was a curated exhibition by Torrista, transforming the venue into an immersive gallery. Commissioned artworks exploring themes of culture, femininity, and evolution created a robust visual dialogue with the collections, demonstrating the seamless harmony that can result when fashion and fine art converge.
“This evening was about more than clothes or canvases; it was about showing the world that African creativity is limitless. When fashion and art share the same space, magic happens, and tonight, Lagos felt that magic,” the Creative Director of 2207bytbally, Tolu Bally, stated.
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
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