Banking
SON Clears Air on Fake Amstel Malta Rumour
**Praises Nigerian Breweries
By Dipo Olowookere
The statutory body vested with the responsibility of standardising and regulating the quality of all products in Nigeria, the Standard Organisation of Nigeria (SON), has debunked claims of a fake Amstel Malta in circulation.
Addressing newsmen in Lagos on Thursday, a Deputy Director at SON, Mr Fred Akingbesote, emphasised that there was no fake Amstel Malta in the market.
Mr Akingbesote confirmed that the NIS logo on Amstel Malta was the highest mark of quality from SON and commended the management of Nigerian Breweries Plc, makers of the Amstel Malta, for its commitment to the highest quality standard.
He stated that Nigerian Breweries is one of the first companies to adopt the new NIS logo which was launched in September 2015.
The Deputy Director, who represented the Director General of the organisation at the media parley, explained to journalists that Nigerian Breweries have met all SON safety and quality requirements and have complied with all requirements of the new National Industrial Standard (NIS) logo.
Mr Akingbesote maintained that the people behind the defamation were just playing on the intelligence of Nigerians.
“We have a website (www.son.gov.ng) which contains all information on our standards and quality regulations. Every Nigerian who has doubts about any product certified by SON should crosscheck the facts,” he said.
Also speaking on the occasion, Corporate Affairs Adviser of Nigerian Breweries Plc, Mr Kufre Ekanem, explained that the Amstel Malta was one of the first brands to comply with SON directives.
He added that the brand revised its packaging in line with the guidelines and approval of National Agency for Food, Drug Administration and Control (NAFDAC) and in compliance with the new mandatory NIS quality logo from the SON
“In the normal course of product and packaging renovation, old packaging and the new introduction co-exist in the market until the old one dries out. In view of the 12-month shelf life, we currently have Amstel Malta with both the old and new packaging in some parts of the market,” Mr Ekanem said.
He maintained that Nigerian Breweries is a world class multinational company that has operated in Nigeria for over 70 years and that the quality of its brands has been one of the key success factors of the company across these decades.
“Every pack of Amstel Malta is produced to the highest quality-control standards of Nigerian Breweries,” he noted.
He also said before the company rebranded Amstel Malta in 2016, it got the necessary approvals from the relevant agencies.
Mr Ekanem assured consumers that every pack of Amstel Malta contains the same premium quality malt drink that they have come to love.
He informed that the company has reported the defamation attempt to the police and remains grateful that the police authorities are investigating the case further.
It would be recalled that in August 2016, Amstel Malta, the premium, low sugar formulated malt drink from the stable of Nigerian Breweries, launched a new credential campaign WhyAddMore.
Shortly after the campaign, a picture went viral that a fake version of the Amstel Malta was in circulation.
This was because the new packaging wore the new NIS logo while the old packaging had the old NIS logo of SON.
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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