Banking
Diamond Bank Shocks South-South Customers With SUV, N25m
By Dipo Olowookere
Winners have emerged in the Diamond Bank SavingsXtra promotion draw for south-south customers and prizes given to respective beneficiaries.
At the draws held recently in Port-Harcourt at the Odual road branch of the bank, a brand new SUV was won as well as N25 million.
The SavingsXtra draw is part of Diamond Bank’s way of promoting a savings culture and satisfying its customers.
The ceremony, which attracted industry stakeholders, relevant regulatory bodies, customers, shareholders, journalists and management staff of the bank, saw Mr Imariagbe Austin of the Sapele Road branch, Benin City emerge as the winner of the star prize of a brand new SUV.
At the draws, 10 lucky customers went home with N1million each and a further 31 customers won N500,000 each.
The draws were conducted through an electronic process certified by the top audit firm KPMG who had a representative present to monitor the event.
Mr Osita Ede, Head of Mass Market Segment, Diamond Bank Plc, in his opening speech, informed that the Diamond SavingsXtra account was created to promote a savings culture and enhance financial inclusion among Nigerians.
He stated that the reward scheme was just one of the ways in which the bank sought to appreciate customers for their loyalty to the bank.
Mr Edeh pointed out that coming up in the no-too-distant future is Diamond Bank’s nationwide monthly draw in which thirteen people will be awarded the sum of N1m each, two people the sum of N2 million each and one lucky person will win the salary-for-life which sees the winner earn a salary from Diamond Bank plc every month for a period of 20 years.
To qualify for the monthly draw, Mr Osita Edeh informed the gathering that all a customer needs to do is maintain a minimum monthly balance of N5,000.00 while additional deposits would count as multiple entries thereby increasing the customer’s chances of winning.
Present at the occasion were past winners from draws within the region.
Mr Duru Chukwuebuka Francis, a salary-for-life winner who emerged from the Eket branch of Diamond Bank plc, said he didn’t believe he had won until he got the first credit alert from the bank.
Mr Duru, a trader in building materials, went further to state that representatives from the bank have continuously proffered invaluable advice on investment opportunities making him a better business manager.
Mrs lawal Fatima, who won N1m in February, on her part, declared that she resigned from her job at the end of January and in February she was told she had won in the SavingsXtra promotion.
She informed the gathering that she made judicious use of the money, investing in a profitable venture which she is using to take care of herself.
In her words, “I can say that Diamond Bank is one of the most SME-friendly banks because I believe the essence of this money is to help people earn a living and so I appreciate Diamond bank for assisting people in establishing themselves.”
Head of Retail performance, Southern Directorate of Diamond Bank Plc, Mrs Tonye Ukpong, declared that the Savingsxtra Reward scheme was here to stay.
She informed all present that the Bank has paid out over N4 billion over eight years and N600 million has been earmarked for winners this year.
She encouraged customers to cultivate the savings culture because that is what the Diamond SavingsXtra account seeks to promote, stating that Diamond Bank Plc would not relent in its efforts to create mutually beneficial relationships between the bank and customers through its services and offerings.
The winners were selected in a poll drawn from all the states within the bank’s south-south directorate.
Some winners from the day included, Aliyu Mahammed Salifu, Ladi Anne Yougha netimah, Eyo Ekpenyong, Tunji Adetayo Owoseni, Ngozi stella Omolafe, Emwanmwan lucky Agbonrierien, Felicia Olachi Onyegbula, Mrs Osuoha Ifeoma Vivian, Goka John Osaro, Alh Saleh Danlami Sulaiman.
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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