Banking
First Bank Appoints Olusegun Alebiosu as Acting MD
By Adedapo Adesanya
First Bank of Nigeria has appointed Mr Olusegun Alebiosu as its acting managing director, following the exit of Mr Adesola Adeduntan from the helm of the tier-one Nigerian lender.
Mr Alebiosu has been the bank’s executive director/chief risk officer since 2022 and has been in the banking industry for nearly three decades, with expertise in credit marketing, trade, corporate and commercial banking, and credit risk management among others.
Mr Alebiosu takes the mantle from Mr Adeduntan, who surprisingly exited the role abruptly on Saturday even though he was due to complete his tenure in December.
Mr Adeduntan resigned from the financial institution to “pursue other interests” on Saturday, April 20, 2024, and the company could not hold its anticipated Extraordinary General Meeting (EGM).
“I have, however, decided to proceed on retirement with effect from April 20, 2024, to pursue other interests,” the veterinary doctor turned banker said in his resignation letter.
His exit comes almost three years after his first sacking by the bank under then Ms Ibukun Awosika but he was returned to the position shortly after by the Central Bank of Nigeria (CBN) under the then-governorship of Mr Godwin Emefiele, who removed Ms Awosika and Mr Oba Otudeko, who was then the chairman of FBN Holdings.
The decision to appoint Mr Alebiosu was reached on Sunday after a Saturday board meeting of the bank could not resolve the controversy surrounding Mr Adeduntan’s resignation.
Mr Alebiosu has core competence also in oil and gas, project financing, agriculture, shipping and aviation.
He completed his Bachelors in Industrial Relations and Personnel Management at the University of Lagos in 1990 after which he obtained a Masters in International Law and Diplomacy from the institution in 1997.
The new acting CEO started as a graduate at the defunct Oceanic Bank in 1991.
From 2006 to 2011, he served as the group head of credit policy and product programmes at the United Bank for Africa (UBA). He would later fill the role of chief credit risk officer at the continental development finance institution, African Development Bank (AfDB), in 2011.
At Coronation Merchant Bank Limited, where he served until 2015, he similarly led the company’s risk management unit.
An alumnus of Harvard Kennedy School of Governance, Mr Alebiosu also holds a Master of Science degree in Development Studies from the London School of Economics.
He has been a chartered accountant for over two decades and now enjoys the status of fellow of the Institute of Chartered Accountants of Nigeria. He is an associate of the Nigeria Institute of Management, a member of the Chartered Institute of Bankers of Nigeria and a member of the Nigeria Institute of International Affairs.
He will be tasked with securing approval to source N300 billion from the capital market as the CBN mandated banks in the country to increase their capital bases as the country chases a $1 trillion economy.
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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