Awaiting regulatory approval, the goal is to tap into the increasing flow of trade and investment between Africa and the Middle East.

Yasmin Masithela, CEO of Absa’s corporate and investment banking division, confirmed the plan. “We’re setting up a Dubai office in the first quarter of 2026,” she stated during an interview in Johannesburg. “We’re just waiting for regulatory approval.”

For Absa, the decision goes beyond expanding its footprint, to staying competitive. Several South African banks, including Investec, Standard Bank, Rand Merchant Bank, and Nedbank, already have a presence in Dubai, positioning themselves to benefit from the region’s economic growth. Absa is now making its move to ensure it doesn’t fall behind.

The Middle East has become highly important in Africa’s economic sector, with Gulf countries investing over $100 billion on the continent since 2014. The UAE’s trade with sub-Saharan Africa has surged by more than 30%, and Saudi-Africa trade has multiplied twelvefold in the same period. 

The UAE’s trade deal with Kenya and Saudi companies like Jameel Motors expanding into South Africa are just recent examples of this growing engagement.

With the establishment of a base in Dubai, Absa aims to connect African businesses with Gulf investors and vice versa. Infrastructure development is a key part of this strategy. “You want to be closest to the clients that are driving the businesses that are aligned to your strategy, and infrastructure development has always been one of our strategic objectives,” Masithela explained.

This expansion builds on Absa’s existing international presence in the UK, the US, and a recently launched unit in China. However, while the bank expects moderate earnings growth this year, the impact of the Dubai office will be seen over time. 

Through this collaboration, NEXIM aims to enhance the capabilities and performance of Nigerian export businesses. This will be achieved by utilizing the NEXIM Export Academy, an online platform that offers exporters capacity-building training and access to financing to expand their operations.

The partnership emphasizes the importance of the NEXA platform, which was launched in 2022 with the support of Sapphital, in empowering numerous businesses with the necessary resources for successful export activities, improved quality control, and competitive positioning in the global market.

The platform’s objective is to stimulate the growth of non-oil exports and foreign exchange by fostering collaboration among all stakeholders in the value chain, facilitating learning, enhancing quality, and promoting intra-African and global trade.

During the signing ceremony of the Memorandum of Understanding in Abuja, Abba Bello, the Managing Director of NEXIM, highlighted the bank’s intention to raise awareness about export opportunities for both large and small businesses, emphasizing that export and import activities are no longer exclusive to major companies.

The bank aims to provide entrepreneurs with knowledge about processes, documentation, and compliance requirements related to export and import activities.

The initiative aims to inspire, connect, and empower women, particularly female entrepreneurs, by providing them with financial support, business skills training, and mentoring opportunities.

Abiodun Olubitan, Group Head W Initiative, stated that the Womenpreneur Pitch-a-ton program creates an enabling environment for female entrepreneurs to grow their businesses.

Access Bank has been a strong advocate for women’s economic empowerment in Africa, and the W Initiative focuses on financing, capacity building, and networking opportunities for women.

Since its inception in 2019, the program has received over 150,000 applications, awarded Mini-MBA training to 300 women, and provided over N45 million in grants.

For the 2023 Womenpreneur Pitch-a-ton program, Access Bank plans to increase the number of finalists to 120 women entrepreneurs.

The program will run to August 11, 2023. Eligible female entrepreneurs must have an existing business for at least one year, with at least 50% female ownership and be between the ages of 18 and 55. Interested applicants are required to fill out an online application on the website www.womenpreneur.ng.

The online applications will be reviewed and screened by independent business experts. Five hundred candidates will be selected to submit a sixty-second video pitch. From these submissions, the top 120 candidates will be chosen as finalists.

The program will span three months and include eight weeks of mini-MBA training in collaboration with the International Finance Corporation (IFC). The finalists will have the opportunity to pitch their businesses to a Pan-African jury panel and compete for financial grants and other consolation prizes.

In summary, the Womenpreneur Pitch-a-ton Season 5 is a comprehensive program designed to empower female entrepreneurs across Africa through financial support, business training, and mentoring opportunities. Access Bank’s W Initiative aims to be the leading advocate for women’s economic empowerment in the region

The bank stated that no funds were diverted by any member of staff. They labeled these allegations as wrong and defamatory, stating that unrelated facts and conjecture were used to create a fictitious narrative.

Heritage Bank recently initiated the implementation of its long-term sustainability plans, which involve restructuring the bank, ensuring cost efficiency, and managing its assets and resources to restore the financial institution.

As part of this process, there was a reduction in the workforce. However, the bank emphasized that the affected employees were duly compensated by the bank’s policy.

The bank’s decision to reduce the workforce was necessary to improve the pace of growth and achieve its turnaround targets. They aim to continue providing outstanding financial services to their customers.

The statement reiterated the bank’s focus, commitment, and collective effort to drive growth and deliver exceptional service to all stakeholders, including customers, employees, and other parties involved.

In correspondence received via email on 5th June, Stanbic IBTC Bank communicated to its customers that individuals initiating Form A requests are obligated to provide valid tax clearance certificates (TCCs) covering three years.

According to the communication, customers are required to furnish a TCC that remains valid for the three years directly preceding the current year of assessment.

Additionally, it is necessary to upload all other required documents on the Central Bank of Nigeria’s Trade Monitoring System (TRMS) portal when submitting a Form A request.

This directive applies to all pending requests awaiting foreign exchange (FX) allocation, irrespective of their stage in the TRMS portal.

The primary purpose of the Tax Clearance Certificate (TCC) is to serve as evidence of compliance with tax obligations, ensuring adherence to the stipulations outlined in Section 85 (2) of the Personal Income Tax Act, Cap P8, LFN 2004 (as amended).

While acknowledging that this requirement may cause inconvenience, Stanbic IBTC Bank extends sincere apologies for any difficulties encountered. The bank emphasizes its legal obligation to comply with tax regulations as a means to uphold the integrity of the financial system.

The bank reassures its customers of its unwavering commitment as a trusted financial partner and promises to provide timely updates on any further developments. The understanding and cooperation of customers in this matter are greatly appreciated.

Rasheed Bolarinwa, President of ACAMB, said in a statement on Wednesday that banks will continue to operate during the election period.

“The attention of the Association of Corporate Affairs Managers of Banks (ACAMB), the umbrella body of Corporate and Marketing Communications Professionals working in Nigeria’s banking sector, has been drawn to the trending social media message purporting that the Central Bank of 

“Because of the general elections taking place in Nigeria over the next two weekends, the Central Bank of Nigeria (CBN) was shutting down banking services for five days from Thursday, February 23rd, to Monday, February 27th, 2023,” the statement reads.

“ACAMB hereby wishes to debunk the fake news in its entirety and wishes to assure Nigerians and the banking public that there is no iota of truth in the viral message that is being circulated.

Up until this moment, no Deposit Money Banks (DMBs) or other institutions providing financial services have received any directive or communication from the CBN to close the doors of their physical banking halls or shut their digital platforms and online banking channels against their customers because of elections.

“ACAMB further wishes to assure customers that their respective banks have put in place measures to ensure that depositors can as usual, access money in their accounts during this period.

“Also, customers who wish to carry out transfers or use electronic banking services will have unhindered access to these services before, during, and after the elections.

“ACAMB urges Nigerians not to panic and to also avoid uncontrolled spending as a result of the fake news about the alleged plan to shut down bank branches and all digital banking channels. Members of the public should discountenance the trending message maliciously concocted by its faceless authors to cause disaffection among the citizenry and the DMBs.

“ACAMB calls on Nigerians to be peaceful and orderly during the elections and wishes the nation successful conduct of free, fair, and credible elections.”

This information was found in a corporate disclosure document that the bank gave to Nigerian Exchange Limited.

The appointment followed the Central Bank of Nigeria’s approval, according to a statement made by Temitayo Adegoke, Company Secretary & Chief Legal Counsel.

Manish Singhal has over twenty-six (26) years of expertise in the financial services industry, according to his statement about him.

He also oversees the implementation of IT-related policies and the activities relating to the IT infrastructure of SBI, among other responsibilities.

Before his current role at SBI, Singhal worked as a full-time Director and Chief Financial Officer at SBICAP Securities Limited (a wholly owned subsidiary and broking arm of the State Bank of India). During his career at SBI, Singhal has held several other positions.

He has vast experience in Business Development, Risk Management, Compliance, Customer Service, Human Resources, Administration, and Products Development

This was said by the CBN Governor, Godwin Emefiele on Tuesday when he testified before a House of Representatives ad hoc committee.

Recall the CBN on Sunday had announced the extension of deadlines to deposit old Naira notes after several pleas from Nigerians.

Femi Gbajabiamila, the Speaker of the House, claims that the CBN Act requires commercial banks to accept obsolete currency.

“After the expiration date, such naira notes changed will no longer be legal tender but it also says that even five months, three months, or two months after, even in June, all the old notes presented to the bank shall be redeemed by the bank,” Mr Gbajabiamila had said in a speech on Thursday.

While speaking at the hearing, Emefiele said he is in agreement with the parliament on section 20.

“Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this,” he said.

He explained further that “if you have your money that you have not been able to send to the bank. We will certainly give you the opportunity to bring them back into the CBN to redeem it.

Either you pay it to your bank account or you want to do an exchange — we give you. You will not lose your money. This is the assurance I give to Nigerians,” he stated.