The South African unit of one of Nigeria’s largest lenders, Access Bank, has seen an exodus of senior executives amid concerns of a lax compliance regime, with the group roping in its Nigerian executives to steady the ship and put the group on a growth path in Africa’s most industrialised economy. The group in December announced the imminent departure of its South African business CEO, Sandile Shabalala, who will step down in March, roping in Abiodun Dada as co-pilot in the transition period. Shabalala is leaving the role less than two years into the role.
Business Day has now established that Shabalala is not the only senior executive who has left the bank over the past month. The company’s chief credit officer, Subash Maharaj, and chief compliance officer, Mariska van der Veen, have also left the company. Van der Veen, who held the role since May 2024, oversaw specialists across wholesale, corporate, commercial and alliance banking, as well as anti-money-laundering compliance and exchange control.
Insiders said compliance issues in the bank have contributed to the exodus by senior management, pointing to the suspension of the lender’s forward exchange contracts and swaps as examples of governance lapses. The bank has since suspended offering or facilitating transactions in forward exchange contracts and swaps after “updated regulatory requirements, which we are proactively implementing”, according to a letter issued to clients. The bank said it is engaging South Africa’s central bank over its forward exchange contracts and swap dealings.
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“Access Bank South Africa confirms that it is engaging constructively with the South African Reserve Bank in relation to a supervisory matter concerning its forward exchange and swaps licence. This intervention relates to a specific product area and does not affect the bank’s core banking operations or its ability to service customers,” the lender told Business Day. “The bank has implemented targeted measures to further strengthen its governance, compliance oversight and risk management frameworks in line with regulatory expectations. These enhancements form part of Access Bank South Africa’s ongoing commitment to maintaining robust controls and a strong compliance culture.” Access Bank burst onto the South Africa scene in 2001 when it bought a controlling stake in Grobank.
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