Banking
Meyer Plc Appoints New Managing Director, Secretary
By Modupe Gbadeyanka
One of the leading paints manufacturers in Nigeria, Meyer Plc, has announced the appointment of Mr Bamidele Akinnola as its new Managing Director.
According to a statement issued by the company, Mr Akinnola was appointed for the position on October 1, 2016.
It was also disclosed that Mrs Ifetola Fadeyibi was appointed the Company Secretary on November 8, 2016, revealing further that both appointments were approved by the Board of Directors on November 8, 2016.
According to the statement, Mr Akinnola started his career in 1995 with Cadbury Nigeria Plc, where he spent about 15 years.
His career in the multinational company offered him unique opportunities to acquire relevant experiences in General Business Management, Strategy Development & Execution, Manufacturing, Quality, Health, Safety & Risks, Supply Chain Management, Project Management, Sales Operations and People Management.
In 2007, he was appointed Manufacturing Manager in charge of the Confectionery Business unit and had a short stint as a consultant between October 2010 and December 2011 with Jetstar Consulting Ltd, Lagos a consulting firm providing Technical consulting services to a broad spectrum of clients across FMCG, Processing, Printing and Packaging businesses.
In February 2012, Mr Akinnola joined UAC Foods Limited as General Manager, Operations and in July 2012, he was appointed General Manager, Supply Chain in an expanded role that included Procurement, Manufacturing, Sales Operations, Logistics and Distribution.
Before joining Meyer Plc in October 2016 as Managing Director, he had a brief stint with Dansa Foods Limited as General Manager, Operations and later as acting Managing Director.
Mr Akinnola is said to be a highly focused and result-driven individual with an unwavering passion for excellence. He has over 20 years’ experience across various industries. As a professional, he has achieved leadership roles in various areas of functional responsibilities in the corporate environment with track record of outstanding achievements.
He holds a Bachelor degree in Microbiology from the University of Lagos and a MBA degree in Operations Management. He also holds professional certificates in Supply Chain Management from Canada & the USA. He has attended various developmental programs both within and outside the Country.
He belongs to a number of professional bodies including: Nigerian Institute of Management (NIM), Supply Chain Management Association (SCMA, Canada), Council of Supply Chain Management Professional (CSCMP, America) and Nigerian Institute of Food Science & Technology (NIFST). He is also a Fellow of the Institute of Logistics Management of Nigeria (ILMN).
On her part, Mrs Ifetola Fadeyibi graduated from Obafemi Awolowo University lIe-lfe, Osun State with a second class upper degree in Law in 2000 and was called to the Nigerian Bar in 2002. She began her legal practice as an intern at the Law Firm of Chris Ogunbanjo & Co. in 2000. She joined the Law Firm of Jackson, Etti & Edu in 2002 under the National Youth Service Corp programme and rose to the position of an Associate in the Firm till May 2008.
Thereafter, she joined the Company Secretariat and Legal Department of Capital Express Assurance Ltd (a life insurance company) in July 2008 as an Assistant Manager. In 2012, she briefly worked in the law firm of Kola Awodein SAN & Co, and later became the Company Secretary of Afromedia Pic. in August 2012, where she worked before her appointment with Meyer Pic. as Company Secretory.
She has cognate experience of over 14 years in legal and company secretarial services. She is a member of the Nigerian Bar Association and an Associate of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
By Aduragbemi Omiyale
The deputy managing director of First Bank of Nigeria (FBN) Limited, Mr Ini Ebong, has offloaded some shares of FBN Holdings Plc, the parent firm of the banking institution.
A regulatory notice from the Nigerian Exchange (NGX) Limited confirmed the development on Thursday.
It was disclosed that the transaction occurred on Friday, December 12, 2025, on the floor of the stock exchange.
The sale involved about 11.8 million shares, precisely 11,783,333 units traded at N31.14 per share, amounting to about N366.9 million.
Mr Ebong, who studied Architecture from University of Ife and obtained Bachelor and Master of Science degrees, became the DMD of First Bank in June 2024. Prior to this appointment, he was Executive Director, Treasury and International Banking since January 2022.
He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the bank’s Treasurer from 2011 to 2016.
Before joining First Bank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Limited, the Nigerian registered subsidiary of Renaissance Capital. He also worked with Citigroup for 14 years as Country Treasurer and Sales and Trading Business Head.
He has a passion for market development and has worked actively to drive change and internationalisation of the Nigerian financial markets: foreign exchange, fixed income and securities.
He has worked closely with regulatory bodies such as the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) in assisting with the development of fresh monetary and foreign exchange policies, to broaden and deepen markets and open them up to international practices.
At various times he has facilitated and delivered courses and seminars on a wide variety of subjects covering Money Markets, Securities and Foreign exchange trading and market risk management subjects to regulators, corporate customers, banks and market participants.
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