Banking
Bidvest Risks Moody’s Downgrade Over Access Bank Takeover
By Adedapo Adesanya
Ratings agency, Moody’s, has placed the ratings of Bidvest Bank on review for downgrade, raising worries of Access Bank to properly fund the bank amid takeover plans.
Access Bank Plc, the banking subsidiary of Access Holdings Plc, entered into a binding agreement for the acquisition of 100 per cent equity stake in Bidvest Bank Limited in December.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
However, in its new rating, Moody’s flagged the capacity of the Nigerian lender to fund the bank, in comparison with that of its owner, the Bidvest Group.
Bidvest, valued at R88 billion on the Johannesburg Stock Exchange (JSE) in December announced Access Bank as the preferred buyer of its banking unit, Bidvest Bank, in a deal worth R2.8 billion subject to the usual regulatory approvals.
The Bidvest Bank book, which mainly consists of leased assets, loans and advances, totalled R6 billion in December, funded by deposits of R8 billion.
Bidvest Bank generated a trading profit of R371 million and an operating income of R377 million in its most recent financial year.
After the finalisation of the acquisition, Bidvest Bank will be merged with Access Bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
However, Moody’s has placed Bidvest Bank on review for downgrade to the following ratings: the Ba2 domestic-currency long-term issuer rating; the Aa2.za national scale domestic-currency long-term issuer rating; the P-1.za national scale short-term issuer rating; the ba3 Adjusted Baseline Credit Assessment (Adjusted BCA); and the b2 BCA.
The main reason for the potential downgrade is that Access Bank’s rating (long-term deposit ratings of Caa1 positive, Baseline Credit Assessment of caa1) is far lower than Bidvest Bank’s current rating (long-term Corporate Family Ratings of Ba2 stable).
Access Bank’s Caa1 rating is judged as poor quality and very high credit risk.
“The review for downgrade on the domestic-currency long-term issuer rating and the Adjusted BCA of Bidvest Bank will primarily focus on assessing the progress in the acquisition process, including the obtention of regulatory approvals, and the likelihood of the acquisition being completed,” said Moody’s.
“A successful completion of the acquisition by Access Bank could lead to a multi-notch downgrade of Bidvest Bank’s issuer rating due to the loss of two of the notches of parental support uplift from Bidvest Group.”
“This is because the potential new shareholder, Access Bank, has both a lower capacity than Bidvest Group to support the bank, as indicated by the lower rating of Access Bank in comparison to that of Bidvest Group; and a lower rating than Bidvest Bank itself.”
Moody’s said that Bidvest Bank’s current Ba2 domestic-currency long-term issuer rating benefits from two notches of uplift from its b2 BCA. This reflects the high chance of affiliate support from Bidvest Group if the need arises.
The Bidvest Group is expected to safeguard the bank’s financial health and operational stability despite the impending divestment.
The review for downgrade on the bank’s standalone BCA looks at the uncertainties regarding the future strategic direction of the bank post-disposal.
Moody’s said that this “includes the potential disruption to its activities during the disposal process as well as the bank’s post-acquisition financial fundamentals, which will depend on how it is combined with Access Bank’s existing South African operations.”
It added that the review will also assess whether the current positioning of Bidvest Bank’s b2 standalone BCA two notches above Access Bank’s caa1 standalone BCA would remain appropriate in case of successful completion of the acquisition.
Moody’s said a parent entity’s creditworthiness can directly and indirectly affect the credit standing of its bank subsidiaries.
“The bank’s b2 BCA reflects the bank’s solid capitalisation, high liquidity and improving profitability, underpinned by solid niche franchises in the fleet finance and management segment, as well as in the foreign exchange segment,” said Moody’s
“These strengths are moderated by the bank’s weak asset quality and relatively modest deposit-gathering franchise.”
“There is limited upside potential on the ratings given the review for downgrade.”
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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