Banking
Guinness Nigeria Begins Local Production Of Spirits
By Dipo Olowookere
In a move aimed at reducing the import dependent profile of the Nigerian economy, creating more jobs and boosting the local sourcing of raw materials, leading manufacturer and Nigeria’s only total alcohol beverage company, Guinness Nigeria Plc, has commissioned a new production line that will support the local manufacturing of some of its spirits brands in Nigeria.
Some of the brands to be manufactured locally include Smirnoff X1 intense chocolate vodka, Smirnoff Extra Smooth Vodka, Gordon’s Dry Gin, Moringa Citrus Blend, McDowell’s No. 1 Reserved Whisky, McDowell’s VSOP and Royal Challenge Finest Premium Whisky.
The production line, with a design capacity of 1.2 million cases, is located within the Guinness Brewery, Ikpoba Hill, Benin city.
It was commissioned by the Executive Governor of Edo state, Mr Godwin Obaseki at amidst pomp, fanfare and commendation for this landmark stride by Guinness Nigeria.
Governor Obaseki, who nostalgically recalled his long personal relationship with the brand as a stockbroker, commended the board and management of Guinness Nigeria for this feat, and urged other companies to see the current economic recession as an opportunity for backward integration and expansion of their business horizons.
“This is a company I am very close to and very fond of, and so, I am quite excited that one of my first official corporate functions as Governor is to commission the new spirits line for the company.
“We are very pleased that Guinness is part of the landscape of Benin and Edo State, and has been so since 1974.
“And so, for us, you are a partner, and as a state, we will take our partnership very seriously. Even though the economic environment in Nigeria today is quite challenging and difficult, for us in Edo State, we see opportunities embedded in those challenges,” Mr Obaseki said.
Governor Obaseki also used the occasion to announce that the Edo state government would like to partner with Guinness Nigeria to create a minimum of two hundred thousand jobs over the next four years in line with his administration’s agenda.
In his remarks, Chairman, Guinness Nigeria, Mr Babatunde Savage described the commissioning as part of the company’s rich and prestigious legacy and a testament to its long term commitment to Nigeria.
“Guinness Nigeria has a strong heritage in Nigeria and in Benin since we built our brewery here in 1974 with a robust portfolio of global brands like Guinness and Johnnie Walker to boot.
“Today, we add to that strong heritage with the commissioning of our spirits production line in Nigeria – a first for Guinness Nigeria. With this line, we are now able to produce previously imported spirits locally and we are able to offer a wider variety of products to our consumers at a more affordable price point,” Savage enthused.
Mr Savage also reiterated the company’s commitment to making a marked and positive difference in the lives of Nigerians via strategic social interventions.
“As a responsible corporate citizen, Guinness Nigeria is interested in more than running a profitable business, we are also enriching our communities with investments in the areas of provision of water, health facilities and education scholarships to mention a few.
“As an example, in the water sector to date, we have impacted over 1.5million people in Nigeria through the provision of potable water to 25 communities in 14 States across Nigeria,” Mr Savage said.
President, Diageo Africa, Mr John O’Keffe, noted that the commissioning reinforces Guinness Nigeria’s position as the first and only Total Beverage Alcohol (TBA) Company in Nigeria.
“Guinness Nigeria is now able to offer a truly broad portfolio of beer, spirits and non-alcoholic drinks to consumers at every category and price point. Innovation is a competitive advantage for us in this market and we have a strong innovation pipeline with plans to introduce some exciting new products for our consumers to enjoy.
Also our commitment to local sourcing is further strengthened by the commissioning of this plant that will produce preciously imported spirits, using locally supplied raw materials. As part of our broader local raw materials (LRM) sourcing, we are looking to increase our locally sourced production inputs to 70% in the coming years,” Mr O’Keffe mentioned.
Some dignitaries present at the occasion include Managing Director, Guinness Nigeria Plc, Mr Peter Ndegwa, British High Commissioner to Nigeria, Mr Paul Arkwright, Edo State Deputy Governor, Hon. Philip Shaibu, Secretary to the State Government, Barr. Osarodion Ogie, Edo State Head of Service, Mrs Gladys Idahor, the Chief of Staff, Edo State Government, Mr Taiwo Akerele.
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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