Banking
Bristow Expands With Four New S76D Aircraft
**Reiterates commitment to providing excellent service in Nigeria
By Dipo Olowookere
Bristow Helicopters has reiterated its commitment to continued service excellence in Nigeria with the addition of four new S76D aircraft to its fleet.
At a media engagement in Lagos recently, management of Bristow Nigeria led by the Managing Director, Captain Akin Oni, reassured Nigerians that irrespective of the downturn in the oil and gas sector where Bristow operates, the company remains committed to operations in Nigeria and focused on providing a safe and efficient service throughout the country.
According to Mr Oni, “Notwithstanding the downturn in the sector and our reduced activities, Bristow remains committed to operations in Nigeria. We have been operating in our present form since 1969 and intend to continue to operate in Nigeria. Our focus remains on providing a safe and efficient service throughout Nigeria.”
“We are committed to developing new opportunities to serve the Nigerian market. Last year, we introduced a fixed wing business charter service operating the Lagos – Port Harcourt route for the benefit of our clients and other business corporations. This service is operated by 2 Embraer 135 aircraft.
“Last week, we expanded the service to include a Lagos – Abuja route, currently operating 3 days a week, as demanded by our clients. This service is an example of how we are able to diversify and provide a service outside our core oil and gas sector,” Mr Oni explained.
Recently in the oil and gas sector, Bristow introduced a search and rescue service, the first of its kind in Nigeria. The service will be provided by a Leonardo AW139 with capabilities for both day and night rescue operations.
In the development of national content, Bristow continue to recruit and train national cadets to qualify as pilots and engineers with the company expending about $250,000 (cadet pilots) and $80,000 (cadet engineers) per annum on training its cadets until qualification as pilots or engineers.
This year, Bristow has employed 37 recently qualified national pilots and engineers all of whom received Bristow sponsorship and support towards qualification while effective since April 2016, the company implemented parity in remuneration between the national and expatriate aircraft type-licensed pilots and aircraft maintenance engineers.
However, from the second half of 2014 as a result of decline in the global oil and gas market which affects Nigeria, Bristow has witnessed a significant reduction in the level of activity, the requirement for aircraft and flight hours for offshore transport leading to the release of 89 expatriate engineers and pilots and in addition, 26 support staff in 2015.
All releases according Bristow Nigeria Managing Director were done in agreement with the respective Labour Unions, the National Union of Air Transport Employees (NUATE) and the Air Transport Services Senior Staff Association (ATSSAN).
Furthermore in 2016 with the continuous shrinking of the oil and gas market, Bristow releases 29 more expatriate engineers and pilots and 16 support staffs including 21 national pilots and engineers.
Mr Oni stated that, “whilst the release of a staff is never an easy decision, the release of any national pilot or engineer is even more difficult. Most of our national engineers and pilots were recruited as cadets and received funding from the company for training. We very much view these national pilots and engineers as long term employees and future leaders of the company.”
“We have met with NAAPE on several occasions to discuss and agree compensation payable to the released national engineers and pilots. Some of these meetings have been presided by the Ministry of Labour. We continue to engage with NAAPE on the subject and remain open to an amicable dialogue to reach agreement on the matter,” he concluded.
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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