Banking
Nik Ogbulie Unveils ‘Inside Nigerian Banks’ In Lagos
By Dipo Olowookere
A book written by renowned Lagos-based financial journalist, Mr Nik Ogbulie, titled ‘Inside Nigerian Banks’, has finally been launched in Lagos.
The book, according to the author, captures the state of the Nigerian banking sector, with special reference to the series of developments, innovations, infractions, hopes, aspirations and disappointments within the various banking institutions in the last sixteen years.
He also disclosed that the piece is a new arrival in the anthology of banking sector intellectual research and publication and expresses confidence that it would interest stakeholders in the industry.
According to Mr Ogbulie, the 310-page book presents an insight into the economic intelligence outlook of Nigerian banks, with the intention of releasing their various properties and characteristics, in such a way that equity investors and services delivery consumers would quickly make their long-term decisions to avoid being caught in the web of the inconsistencies the author has perceived in many banks.
‘Inside Nigerian Banks’ was unveiled today at the Lecture Theatre of the Nigerian Institute of International Affairs, Victoria Island, under the Chairmanship of Mr Okenmor Fidelis Tilije, the Commissioner for Water Resources Development, Delta State.
The special guest of honour of the event was Professor Ndi Okereke-Onyiuke, former Director-General of the Nigerian Stock Exchange(NSE); while Jibril Aku, Head Strayegy, Ecobank Transnational Incorporated(ETI) and Chuka Onwuchekwa, MD/CEO , Aquila Leasing Limited and Chairman of Equipment Leasing Association of Nigeria (ELAN) were the guests of honour.
The author explained that ‘Inside Nigerian Banks’ is divided into eight chapters and offers readers the benefit of hindsight in its first chapter , ‘from Revolution to Reformation’, where the activities of the last four Governors of the Central Bank of Nigeria (CBN) were analyzed in line with the effectiveness or the efficiency of their policies in the consolidation mantra.
The book was chronological in buttressing the roles of the governors in the sanity that the industry enjoys and was even more critical in its presentation of the various controversies in some of the policies that trailed a lot of the decisions by each governor.
Short of rating the performances of the various governors, there are obvious imputations in the book that explain the proficiency of each governor above the other in all those efforts that were tailored to instil decorum in the industry.
However, the book is of the opinion that the last four governors have performed very patriotic functions in national economic development by concentrating on an industry that has been eager to meets global competitiveness.
The highpoint of the book is the author’s courage in dedicating the book to a woman he considers as the brain behind the success of the consolidation project, Professor Ndi Okereke-Onyiuke, former Director-General of the Nigerian Stock Exchange(NSE).
According to him, the various efforts like local and international road-shows, as well as high net-worth alliances with globally high-niche markets and equity franchise magnates propelled the perception of the Nigerian market and urged the investors to go for the Nigerian markets first.
The book noted that her tenure came with a drive that was consistent with the commitment to offer enough openings for all banks to raise cheap funds. It also mentioned that this motive did not only benefit the banks but caused an over-flow of investible funds into other equities than banks alone, to the extent that a bench-mark of over N14 trillion capitalization was recorded.
According to the book, the dedication was a way of encouraging Nigerian CEOs to embrace cross-section alliances as sine qua-non to national economic growth. The book noted that the Prof Okereke-Onyiuke’s leadership model is what Nigerians need to cultivate enduring growth alliances in the economy.
The book takes a copious look into all the banks and came up with positions that may continue to determine the rating of many agencies on our banks over time based on the depth of its data and the antecedents of the author who has spent some 26 years reporting the industry, the economy, public policies of the Nigerian governments, the World Bank/IMF and the nuances of other multilateral financial institutions on Nigeria.
In précised presentations, the about twenty banks are put in their proper places in terms of the future of their trade , and this forms a major basis for their going forward in the maze of struggles the industry is experiencing today.
The book, in all the detailed chapters may have set a platform for another intensive reform or has set up an interest for a new merger deal, signs of which current developments in the industry third quarter results may be giving credence to.
Carefully read, the book tries to tell Nigerians that the industry has come of age, but must watch their banks.
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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