Banking
Diamond Bank Appoints Okoli, Others As Directors
By Modupe Gbadeyanka
Diamond Bank has announced the appointment of three outstanding and successful Nigerian individuals as its directors.
The new appointees, according to a notice to the Nigerian Stock Exchange (NSE), are Mrs Chizoma Okoli, Mr Chiugo Ndubisi and Mr Rotimi Olayiwola Oyekanmi.
While Mrs Okoli and Mr Ndubisi were appointed as Executive Directors, Mr Oyekanmi was announced as an Independent Director.
Diamond Bank, in the notice signed by its Legal Adviser, Mrs Nkechi Nwosu, explained that the appointments would be “presented to the shareholders for ratification at the next Annual General Meeting (AGM) of the company.”
Mrs Okoli, who was appointed as an Executive Director, Business Development of Diamond Bank, was before her appointment, the Head, Business Development.
She has served in a number of capacities in the Bank since 1992 when she joined the organisation as an Executive Trainee in the Operations Unit, amongst which is Head, of the Corporate Banking Directorate. She is also on the Board of Diamond Bank, UK.
An alumnus of the Wharton Advanced Management Program of the University of Pennsylvania and the Senior Management Program of the Lagos Business School; Mrs Okoli is a 1989 Law graduate from the University of Benin. She was called to the Nigerian Bar in December 1990 and has an MBA from the Warwick Business School, Coventry, UK.
On Mr Ndubisi’s part, he is appointed to be the Executive Director/Chief Financial Officer. He had functioned as the Acting Chief Financial Officer (CPO) until July 2016 when he was appointed the substantive Chief Financial Officer.
He was previously the Head, Financial Management Division and formerly the Financial Controller. He has worked in several positions since joining the organisation in 1996 as an Executive Trainee.
Mr Ndubisi graduated in 1994 with a First Class Honours degree in Engineering from the University of Nigeria, Nsukka and holds a Master of Business Administration degree (MBA) from the University of Lagos, Akoka.
A Chartered Accountant and Banker, Mr Ndubisi has attended various local and international courses including the HSBC International Bankers’ course in London and the Citibank Foreign Exchange Workshop (Bourse Game). He is also an alumnus of the Advanced Managers Programme (AMP) of the Wharton Business School and the Senior Managers Programme (SMP) of the Lagos Business School.
Also, Mr Oyekanmi, appointed as an Independent Non-Executive Director, is a Chartered Accountant and a Fellow of the Institute of Chartered Accountants of Nigeria. He holds a BSc (Hons) in Economics from the University of Ibadan and an MSc. from the London School of Economics and Political Science, London.
His career spans over 33 years in the banking and investment sectors. He joined Arthur Andersen & Co (now KPMG Professional Services) in 1983 from where he moved to the International Institute of Tropical Agriculture as Chief Internal Auditor in 1988. He started his Banking career with Prime Merchant Bank Limited in 1991 as a Senior Manager. Between 2001 and 2009, he was Chairman, Venture Capital Association of Nigeria, a Director at African Venture Association and Chairman, African Venture Capital Association.
He was Group Head, Investment Banking at Ecobank Capital Nigeria from 2012 to 2013.
Mr Oyekanmi until his appointment was the Chairman of Rendeavour Group and RenMoney MFB Limited and a Partner in Apis Partners LLP, a private equity asset management Firm that supports growth stage financial services businesses in Africa and South Asia by providing them catalytic growth equity capital.
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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