Banking
CIBN Accredits Heritage Bank Academy, CBN Learning Centre
By Dipo Olowookere
The Heritage Bank Academy known as The Refinery has been accredited by the Chartered Institute of Bankers of Nigeria (CIBN) at a virtual ceremony held in Lagos.
The institution was issued with a certificate of accreditation alongside the Central Bank of Nigeria (CBN) Learning Centre, the Nigerian Stock Exchange (NSE) X Academy and 25 other Educational Training Service Providers (ETSP).
Others certified by the institute at the ceremony were Crown Agent UK; B. Adedipe Associates Limited; Chartered Institute for Securities and Investments (CISI), United Kingdom; Mactay Consulting Limited; Knowledge Beyond Limited; Brideswell Consulting Limited; Ultravantage Solutions; EdgeEcution Global Resources Limited and Katalyst Consulting.
In addition, the institute accredited Michael Stevens Consulting; NLP Nigeria Limited; Procept Associates Professional Services Limited; Don Mitchell & Co Limited; Bode Zakari Management Consultants; Success for ALL Limited; Edcof Educational Services Limited and Kloverharris Limited.
The accreditation was in accordance with CIBN’s role as the accreditation agency for the implementation of the competency framework released, as part of the strategy to redirect the banking industry towards the path of entrenching a sequenced competency development programme and build capacity for the stability of the financial system.
The Heritage Bank’s The Refinery supervised by the bank’s Human Capital Management Group was accredited by CIBN after assessing and evaluating its syllabus, curriculum and structure by a panel of technocrats and seasoned bankers set up by the Institute, which according to the chartered institute aligns with the Competency Framework of the Central Bank of Nigeria (CBN) and the professional paper standard of CIBN.
Speaking during the presentation, the CIBN President, Mr Bayo Olugbemi, said the event marks yet another significant milestone in the annals of the Institute and our continuing quest for the strengthening of the intellectual resources and capabilities of the human capital in the banking and finance industry. He stressed that apart from efforts towards addressing competency challenges, thereby enthroning a minimum standard for practitioners in the banking industry.
He applauded Heritage Bank for setting a high standard of learning facility which its structure and curriculum “is next to that of CBN’s training institute,” whilst stressing that the bank’s training school is the best in the Nigerian banking industry and at par with international best standard.
He equally informed the gathering that the certificates of accreditation presented to two bank academies and 26 ETSPs, bringing the total number of institutions under the programme to 19 bank academies; 75 Educational Training Service Providers; 69 solicited accreditation; and six unsolicited accreditation.
The MD/CEO of Heritage Bank, Mr Ifie Sekibo, described the lender as a forward-looking business whose strength lies in the ability to spot and mould talents into great professionals.
Mr Sekibo, represented by the Executive Director, Jude Monye, explained that the word The Refinery was chosen for the purpose of refining its employees to emerge as gold and harness the required skills to excel in their job functions.
He noted that The Refinery was established to train, nurture and arm young employees with the right skills needed to fast-track development and enable teams to flourish.
“Just as the word Refinery connotes, the Heritage Bank Plc Refinery is a Facility where crude talents or abilities are converted or ‘refined’ into ‘finished’ jewels for optimal performance.
“The training program is designed to take each participant on an enriching, rigorous and intellectually engaging learning journey to equip them with the fundamental competencies required of a professional banker.
“The curriculums are structured to accommodate both Core and Non-Core Banking competencies such as finance, credit and accounting, organizational and behavioural competencies to mention a few,” Mr Sekibo stated.
Meanwhile, about 300 employees who are fresh from universities across and outside the country with diverse academic backgrounds and impressive academic records underwent rigorous training in an intensive 12-week academic (practical and theoretical) programme with over 30 courses in Port Harcourt.
The Refinery is a tailored learning experience Institute with the perfect blend of technologies, techniques and methodologies to optimise training experiences, which will help employees, succeed in ensuring that the bank’s business stays ahead of the curve with the banking sector along with Heritage Bank’s target goals.
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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