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 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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