Banking
Zenith Bank Announces New Appointments
By Modupe Gbadeyanka
Three new appointments have been announced by Zenith Bank Plc and are waiting the approval of Central Bank of Nigeria (CBN).
The three appointees are Ms Adaora Umeoji, Mr Ebenezer Onyeagwu and Mr Ahmed Umar Shuaib.
While Ms Umeoji and Mr Onyeagwu were appointed as new Deputy Managing Directors (pending CBN’s nod), Mr Shuaib was named an Executive Director of the bank.
Group Managing Director of Zenith Bank Plc, Mr Peter Amangbo, in a statement, said at the “meeting of the board of directors of Bank held on October 19, 2016 2016, Ms Adaora Umeoji (Executive Director) and Mr Ebenezer Onyeagwu (Executive Director) of the bank respectively were appointed Deputy Directors of the bank, subject to the approval of the Central Bank of Nigeria (CBN).”
He further said, “The board also approved the appointment of Mr Ahmed Umar Shuaib as Executive Director.”
According to the statement, prior to her current appointment, Ms Umeoji was the executive director in charge of the Business Group in Abuja and the Northern Zone of the bank.
She holds a Bachelor Degree in Sociology and MBA in Business Administration. Adaora has over twenty years cognate banking industry and a very broad executive management experience spanning credit and marketing, treasury operations, branch management and human resources.
She has attended several executive management programs including the Harvard Business School and Wharton Business School amongst others.
She is a member of several provisional bodies including the Nigerian Institute of Management (NIM) and Chartered Institute of Bankers of Nigeria (CIBN).
In his own, Mr Onyeagwu was until his current appointment the Executive Director in charge of Institutional Banking Group and equally supervised other strategic business Groups and Zones in the bank.
He has 24 years cognate banking industry experience which spans Branch operations, Credit and Marketing, Internal Control and Institutional Banking.
Mr Onyeagwu is a fellow of the Institute of Chartered Accountant of Nigeria (FCA) and has attended several executive management programmes including Wharton Business, Columbus Business School and Harvard Business School amongst others.
Also, Mr Shuaib, until his appointments as an executive director, was the general manager in charge of Abuja Zone.
His banking career spans over 23 years covering branch operations, branch management and credit and marketing.
Mr Shuaib is a fellow of Nigerian Institute of Loan and Risk Management. Honorary Senior Member, Chartered Institute of Bankers and Member, Nigerian Institute of Management. He has attended numerous executive programmes both within and outside the country, including Strategic Business course at the London Business School and Harvard Business School, USA.
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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