Tuesday, May 25, 2010

SKYE BANK SET TO ACQUIRE WEMA BANK
With the June 30, 2010 deadline given by the apex bank, Central Bank of Nigeria to all banks to have its yearly report submitted, doom is said to be looming at one of Nigeria’s oldest banks, Wema Bank.
Impeccable sources divulged that Wema Bank’s initial move to raise fund through public offers to recapitalize ahead the deadline has been dropped and the acquisition of the financial house has now been the option. Those who should know revealed that Wema Bank’s poor results, unending boardroom crisis, among others has been a torn in the flesh to the management of the bank. Insiders revealed that despite the new investors in the bank- SW8 Investment Limited that nominated the current management led by Mr. Segun Oloketuyi as Group Managing Director/Chief Executive Officer (GMD/CEO), the bank still contends with many internal financial crisis that has made some shareholders to take a leave.
Sources revealed that when SW8 Investment Limited took over the management of Wema Bank, some foreign investors showed interest in the bank to inject substantial amount of capital to help the situation, but later found out that N87 billion lifeline requested by Central Bank of Nigeria is an impossible target, looking at the bank’s present situation.
Another impeccable source alleged that the movement of Mr. Segun Oloketuyi who was an executive director from Skye Bank, to Wema Bank is a strategy to study the financial situation of the bank, which its management knows will soon crash and then sell it out to Skye Bank.
The source alleged that the management of Wema Bank’s finances by its former GMD/CEO, Mr. Adebisi Omoyeni threw the bank into its bad state.

ACCESS BANK BAGS IFC’s MOST ACTIVE ISSUING BANK IN AFRICA AWARD
Access Bank Plc has emerged the winner of this year’s International Finance Corporatives (IFC) award in the category of “Most Active Issuing Bank in Africa.”
The award, which was under the IFC’s Global Trade Programme was announced at the 3rd IFC’s Partners meeting held in Istanbul, Turkey few weeks back.
The Global trade Finance Programme has 380 member banks from 182 countries around the world.
By its emergence as the winner of the prestigious award, Access Bank Plc has reinforced its exceptional capacity in trade services for the third year running, having clinched the IFC’s award for “Innovations in Trade Structures” and Best GTFP Network Bank at the 2007and 2008 meetings respectively.
The award places Access Bank as one of the few banks globally who will enjoy the status of being both an issuing bank (in Nigeria) and a confirming bank (in the United Kingdom).
The recognition accorded the bank by the international finance corporation, participating under its Global Trade Finance Programme, is an eloquent testimony to the Bank’s expertise and excellent capacity in the trade finance and also underscores the level of progress of the bank’s investment in its trade finance capacity, competency and delivery has recorded and is an indication of its tremendous value inherent in its compelling trade finance value proposition.

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