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Tag: Access Bank

  • Access Bank Lagos City Marathon eyes IAAF gold label

    Access Bank Lagos City Marathon eyes IAAF gold label

    Bukonla Olopade, the Project Manager, Access Bank Lagos City Marathon, says the Marathon office hopes to apply for the race as one of the International Association of Athletics Federation (IAAF) Gold labels.

    He made the assertion on Thursday at the Eko Hotels venue of the briefing to herald the 42km race, scheduled for Feb. 10.

    Olopade said that immediately after the race, the marathon office would apply for the race which, within two years, attained the rank of a Bronze-label race.

    “We will like to apply for the Gold label immediately after the race. When we started the marathon, our target was to attain Gold label within five years.

    “We have been able to attain a bronze label within two years, and it is a plus for us.

    “The race has come to stay, to make a statement because there will always be something new in every edition. I don’t think that it will be difficult moving to a gold label in three years.’’ he said.

    Olopade said that he hoped that the marathon would be adopted as a way of life by people.

    “We want to make it a way of life; to make the economy vibrant because a vibrant economy is a product of a vibrant people.

    “We encourage everyone to adopt this race as a good lifestyle,’’ he said.

    Meanwhile, Ibrahim Gusau, President, Athletics Federation of Nigeria (AFN), has said that he would be happy if the marathon was replicated in other states because it would translate to a healthier society.

    “Athletics, especially in Lagos is reaching a different level. I am optimistic that the gold label is attainable.

    “We will be happy if the race is replicated in other states because it translates to a healthier society. Children are beginning to see that they can make a life out of athletics.

    “Marathon is not only a way of life for fun, but a good living,’’ he said.

  • RenCap picks UBA, Access Bank as top stocks for banking sector

    RenCap picks UBA, Access Bank as top stocks for banking sector

    United Bank for Africa (UBA) Plc and Access Bank Plc have the upside potential and valuation for the highest returns in the banking sector, Renaissance Capital (RenCap) has said.

    In an investment research report titled: “Nigerian Banks: Path to Recovery”, RenCap noted that improving macro indicators points to a recovery in the Nigerian banking sector, which made the investment firm to increase its target prices for most of the stocks in the sector on the back of lower risk-free rate assumption of 13.0 per cent as against previous estimate of 14.0 per cent.

    “We believe earnings resilience will also be demonstrated by net interest margin protection. We are less concerned about the declining yield environment at Access Bank, Stanbic IBTC Holdings and FCMB Group, as we expect that improvements in the cost of funds will be more than offset asset-yield pressure. Our top picks in the sector remain UBA and Access Bank on upside potential and valuations, but we also like FBN Holdings and Stanbic IBTC Holdings, as we believe both banks have scope to report lower cost of risk in 2018. We like GTBank given the quality of its earnings, but believe that current valuations are full,” the report, anchored by Olamipo Ogunsanya stated.

    The investment firm noted that things appear to be looking up for the Nigerian economy after a challenging few years pointing out that improving macro-economic condition and high crude oil prices may lead to improvement in assets quality of banks.

    “We believe capital buffers will rise as profits improve and note that the banks are increasingly more comfortable, using an exchange rate of N330/$ – an average of the official rate and Investors and Exporters (I&E) window rate as against previous N306/$– to value their foreign currency portfolios. We take this to mean potential revaluation gains in fourth quarter 2017, which we think could offset any negative asset quality surprises,” RenCap stated.

    The investment firm, however, cautioned that the political risks might moderate performance in 2018 as Nigeria enters into election season.

    “Despite a positive macro backdrop, we believe 2018 will be a recovery story at best; earnings growth will be challenged by the declining yield environment, volatility in foreign exchange-related gains, and limited scope for cost efficiencies. Tough economic decisions are likely to be delayed till after the 2019 general elections, but the political risks that come with a pre-election year render us cautious on the recovery ahead,” RenCap noted.

    The UBA‘s board had last week approved the audited report and accounts of the bank for the year ended December 31, 2017. The directors also approved payment of final dividend for the 2017 business year.

    The bank’s Group Company Secretary, Bili Odum, confirmed the approval of the audited report and proposal for dividend payment, noting that the approved audited report has been forwarded to the Central Bank of Nigeria (CBN) for approval.

    He said the actual final dividend recommendation and the audited report would be released to the investing public after the approval by the apex bank.

    Market sources said they expected the bank to increase its dividend payout, citing the improvement in the overall performance of the bank in 2017.

    UBA had earlier paid an interim dividend of 20 kobo per share, after the audit of its 2017 half-year results. It had declared a final dividend of 55 kobo per share, in addition to an interim dividend of 20 kobo for the 2016 business year.

    Key extracts of the interim report and accounts of UBA for the nine-month period ended September 30, 2017 showed that gross earnings rose by 26 per cent while pre and post tax profits grew by 33.2 per cent and 23 per cent respectively.

    UBA’s gross earnings rose to N333.9 billion in third quarter 2017 as against N265.5 billion reported in corresponding period of 2016. Group’s operating income stood at N236.9 billion in 2017 compared with N183.3 billion recorded in the corresponding period of 2016, representing a 29.3 percent growth.  Profit before tax jumped to N78.3 billion in 2017 as against N58.8 billion recorded in the similar period of 2016. Profit after tax grew from N49.5 billion in 2016 to N60.9 billion in 2017.

    The balance sheet showed that while the group closed the third quarter with total assets of N3.77 trillion, a year-to-date growth of 7.6 per cent, the bank prudently grew net loans to N1.6 trillion, a 6.0 per cent year-to-date growth in the loan book. Group’s shareholders’ fund grew by 13.3 per cent to N507.6 billion in 2017 while the annualised return on average equity stood at 18 per cent.

    Access Bank in December 2017 launched a new five-year plan that aimed at making the bank Nigeria’s foremost in the next five years.

    The new plan is the latest in a series of transformative strategies that have resulted in sustained growth. From 2013 to November 2017, Access Bank has increased its total assets at a CAGR of 18 per cent and delivered shareholder returns of 90 per cent. The bank has also grown its customer base from 90,000 in 2002 to over 8.0 million in 2017 and in the same period opened 351 new branches.

    The new five-year strategy is expected to accelerate this growth story to position Access Bank as the leading Nigerian bank by 2022.

  • Access Bank, Western Union reward customer with car

    An Access Bank Plc’s customer, Tope Olaoluwa Johnson, has emerged one of the winners in the Western Union year-end promotional campaign. The customer won  a Hyundai Accent car, in the final draw of a campaign that was initiated by Western Union, one of the global payment services providers in the country.

    Johnson, who is an Abuja-based customer of the Tier-1 lender, was presented with the car at an event held at the weekend, in Lagos. The promo which started last year saw Western Union giving out six cars to its customers in Nigeria as well as other consolation prizes such as shopping vouchers, throughout the duration of the exercise. Another customer of Access Bank, Bukola Deborah, was one of the consolation prize winners.

    Head of Remittance at Access Bank Plc, Funmilayo Afolabi, praised Western Union for the initiative, while urging other Access Bank’s customers to take advantage of such promos when next it comes up.

    “This promo is highly appreciated, and it is really an eye-opener, that when you reward people they will get encouraged and this will motivate other people to make sure such campaigns are going on, they participate. The promo is a partnership with Access Bank, in which Western Union ran a promo towards the end of last year where they had cars to be given out”.

    “This draw was done about two weeks ago and a customer of Access Bank emerged one of the winners. The promo was to encourage people to use Western Union Money Transfer to send money to their friends and relatives outside Nigeria. And this winner in Access Bank only sent N100, 000 to one of the African countries and he is our customer from Abuja.”

    On his part, Johnson said: “Initially when they told me about it, I did not believe it. Access Bank really surprised me. I am proud of the bank.”

  • Angela Omokore adopts low profile

    Angela Omokore adopts low profile

    While the roads were clear and the flowers were in full bloom, Angela Omokore rode the crest of fame and milked it for all it was worth. She travelled in private jets and wore expensive jewellery. Now the road is strewn with legal hurdles she must jump over. The snow is falling and Angela is left with no choice but to recoil into the warmth of her anonymous cocoon.

    Ever since the EFCC beamed its searchlight on alleged shady deals between her husband, Jide Omokore, and former petroleum minister, Diezani Allison-Maduekwe, Angela, has sought refuge in the cloak of anonymity.

    The former Zenith and Access Bank top shot was even at one time considered a likely candidate for the CEO of Access Bank. Those heady days now feel like fuzzy dreams for Angela, who is rumoured to have jetted out to a European country for obvious reasons.

  • Analysts pick UBA, Access Bank, five others as stocks to watch

    Investors looking for high returns on investment should consider a diversified portfolio of leading companies in the banking, healthcare, consumer goods, financial services and industrial goods sectors.

    Analysts at GTI Securities said seven companies including United Bank for Africa (UBA), Access Bank, United Capital, Fidson Healthcare, Flour Mills of Nigeria, Dangote Cement, Lafarge Africa and Zenith Bank should be on investors’ watch list.

    GTI Securities, which stocks to watch had successfully achieved 95 per cent of indicated targets, premised its analysis on corporate earnings and market information.

    UBA had recorded a well-rounded performance in the third quarter of 2017 as growing market share and improving efficiency led to significant improvements in gross earnings and profitability.

    Key extracts of the interim report and accounts of UBA for the nine-month period ended September 30, 2017 showed that gross earnings rose by 26 per cent while pre and post tax profits grew by 33.2 per cent and 23 per cent respectively.

    UBA’s gross earnings rose to N333.9 billion in third quarter 2017 as against N265.5 billion reported in corresponding period of 2016. Group’s operating income stood at N236.9 billion in 2017 compared with N183.3 billion recorded in the corresponding period of 2016, representing a 29.3 percent growth.  Profit before tax jumped to N78.3 billion in 2017 as against N58.8 billion recorded in the similar period of 2016. Profit after tax grew from N49.5 billion in 2016 to N60.9 billion in 2017.

    The balance sheet showed that while the group closed the third quarter with total assets of N3.77 trillion, a year-to-date growth of 7.6 per cent, the bank prudently grew net loans to N1.6 trillion, a 6.0 per cent year-to-date growth in the loan book. Group’s shareholders’ fund grew by 13.3 per cent to N507.6 billion in 2017 while the annualised return on average equity stood at 18 per cent.

    Access Bank in December 2017 launched a new five-year plan that aims at making the bank Nigeria’s foremost bank in the next five years.

    The new plan is the latest in a series of transformative strategies that have resulted in sustained growth. From 2013 to November 2017, Access Bank has increased its total assets at a CAGR of 18 per cent and delivered shareholder returns of 90 per cent. The bank has also grown its customer base from 90,000 in 2002 to over 8.0 million in 2017 and in the same period opened 351 new branches.

    The new five-year strategy is expected to accelerate this growth story to position Access Bank as the leading Nigerian bank by 2022.

    The new strategy has six strategic levers including digitally led, retail banking growth and consolidation in wholesale markets, customer focused, analytics-driven, with robust risk management, strong global collaboration in key gateway markets and the creation of a universal payments gateway.

  • Access Bank gets CBN’s sustainable banking awards

    Access Bank Plc has received top honours at the inaugural Nigeria Sustainable Banking Awards.

    The bank won in four categories during the award presentation in Lagos.

    The categories are: Sustainable Bank of the Year, Sustainable Transaction of the Year (Oil and Gas Sector), Sustainable Transaction of the Year (Agriculture) and Excellence in Women Economic Empowerment.

    The awards were conferred by the Central Bank of Nigeria (CBN) in recognition of Access bank’s outstanding success and leadership in Nigeria’s sustainable banking development.

    Access Bank’s Group Managing Director/CEO, Herbert Wigwe, said: “We are truly honoured to have been selected as the overall winner in all the categories of this prestigious award. Sustainability is embedded into every aspect of our business operations. It is simply a way of life for us at Access Bank. It is inspiring to receive recognition for our longstanding success in adhering to sustainable banking principles.”

    These honours cap-off a year during which the bank has received 14 awards across various categories. Some of these awards are the Most Sustainable Bank of the Year Award by World Finance for the seventh time; the Most Outstanding Business Sustainability Award by Karlsruhe Sustainable Finance Awards for the second consecutive time; five awards presented at the recently-concluded Sustainability, Enterprise and Responsibility Awards (SERAs) including Most Responsible Company of the Year Africa (Overall Winner), Best Company in CSR/Sustainability in West Africa.

    Wigwe said added: “While we are delighted by the numerous accolades, this level of recognition from our regulators is, particularly, significant because it serves as validation that our tireless efforts are essential to the development of Nigeria’s sustainability journey.”

     

  • Access Bank: innovation is antidote against irrelevance

    THE Executive Director, Personal Banking, Access Bank,  Mr Victor Etuokwu, has identified investment in innovation as the only antidote to sinking into irrelevance by organisations.

    He said this realisation led to the support the bank has given to the African Fintech Foundry (AFF), which he said would promote technology, not only in finance but in health, security, agriculture and other vital sectors of the economy.

    Etuokwu, who spoke at the AFF Conference in Lagos, said 12 pioneering firms in FinTech would jostle for space at the conference to give new lease of life to the entire business ecosystem.

    He said: “AFF is Access Bank’s accelerator, which seeks to create new opportunities in Nigeria and sub-Saharan Africa. The Foundry is designed to provide a platform to inspire and challenge African innovators, entrepreneurs and developers. The idea of the Foundry was conceived a year ago as the bank was thinking of better ways to remain relevant in the coming years.”

    Also, Head, AFF, Mr. Victor Okigbo said the collaboration between banks and financial technologies (FinTechs) will promote the democratisation of financial services and promote financial inclusion.

    Okigbo who, argued that the application, services and solutions created by FinTechs will  make the achievement of these goals possible.

    He said: “Loans that were hitherto inaccessible to everyone becomes accessible as a result of this great collaboration. Financial advisory services  only to the top one per cent will consequently be made available to a more larger audience.”

    On the importance of the conference, he said: “We are bringing together disparate groups that represent different financial services and emerging FinTech disruption and  we are helping them to connect, and also surrounding them with investors, mentors, coaches and opportunities.”

    Mr Okigbo said the conference serves as a meeting point for all the different groups to collaborate and create the future.

    Recalling how the idea came, Etuokwu said management realised that innovation was the only insurance the bank had against irrelevance.

    “AFF will provide African tech start-ups seeking to launch their product, with capacity building and training in business development and would also provide connectivity to global innovation grids, promote access to capital, create opportunities for partnerships and showcase best practices and successes in Africa-led innovation solutions”.

    He said the bank was looking for better ways to serve its customers and stakeholders and remain relevant in an ever-changing world. He said AFF and AFF Disrupt conference are part of the ways to grow and maintain the market share of the bank.

    “We knew right from the beginning that we needed to have people who are different and can be very creative outside a regular banking environment. That was why we created this Foundry.

    “It took us a long time looking for those who will run it, and we have the team that we think will take us to that effort,” he said.

    He concluded that the idea is to generate new products and enter new markets, an open environment for every person who is creative, including innovators and developers, as they will gather a team of investors so that innovations would sought for and harnessed effectively and efficiently.

  • Access Bank’s customers win house, car

    Access Bank’s customers win house, car

    Access Bank Plc has rewarded over 137 of its  customers who won several prizes in the ongoing  Family Fortune promo.

    The prizes won  include a four bedroom terrace house in Lekki, a 2017 KIA Cerato car, two 15 KVA soundproof generators, three all-expense paid trip to Dubai by a family of four and  five scholarships worth N1 million each for any member of the family.

    Others are 20 shopping spree worth N25,000, 50 DSTV decoders with  one month  subscription and 50 GOTV decoders with one month subscription each.

    Celestine Ikwuka Obinabor, resident of Oka Afa in Ejigbo area of Lagos won the four bedroom terrace house in Lekki, while Ayoola Olayiwola Noah, resident of Jos, Plateau State won the KIA Cerato car.

    The well attended event was graced by officials of National Lottery Regulatory Commission, Ernst& Young, Lagos Lottery Board and the Consumer Protection Council.

    A total of N150,000 for seven days is the least cumulative amount a family must retain to qualify for the weekly selections. For the monthly and mega selection, a total of N300,000 cumulatively for 30 and 90 days respectively is required to automatically qualify.

    Speaking at the draws, Access Bank Executive Director, Business Banking,Titi Osuntokun, said the mega draw is the first time in the country where people will win a house, car, 15 KVA soundproof generators two all-expense paid trip Dubai for three families, full scholarships worth one million for five, 125 consolation  prizes in one sweep.

    Group Head, Inclusive Banking, Access Bank, Ope Wemi-Jones, expressed appreciation to customers for their loyalty and trust in the bank, adding that the promo was initiated to add value to customers, who continued to do business with the bank.

    Access Bank’s Executive Director, Personal Banking, Victor Etuokwu, said the system under which the promo was conducted remains transparent making it easy for customers to win.He said there is benefits in saving .

    “You can imagine what has happened to the lives of the people that won. Family that saves together stays together.”

  • Access Bank restates commitment to best practices

    Access Bank restates commitment to best practices

    •Denies claims of wrongdoing

    Access Bank Plc has restated its commitment to ideals of good corporate governance, due process and rule of law in its operations as it continues to implement its medium-term five-year strategy aimed at making it the foremost Nigerian bank by 2022.

    In a regulatory filing submitted at the Nigerian Stock Exchange (NSE), Access Bank indicated that its operations have always been guided by extant rules and laws.

    Against the background of allegations of purported charges against the bank and its officials by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the bank stated that it was not aware of any criminal charges or criminal summon against it or any of its officers.

    In the statement signed by the Company Secretary, Access Bank Plc, Mr. Sunday Ekwochi, the bank decried the attempt to criminalise the bank and its officers for complying with the directive of the Special Presidential Investigation Panel on the Recovery of Public Property.

    The bank noted that the Presidential Panel had on November 9, 14 and 22, 2017 severally directed it to place a post-no-debit (PND) on the account of a customer-Blaid Properties Limited.

    According to the bank, the ICPC had on January 18, 2017 instructed it to place a PND on the account of Blaid Properties Limited, which the anti-graft agency was investigating at that time. The ICPC however instructed the bank to lift the PND on November 6, 2017 and the bank immediately started the process of activating the otherwise dormant account.

    In the process, the Presidential Panel directed the bank to place a PND on the account, a request the bank had to comply with based on the advice of its legal team.

    Access Bank stated that contrary to impression of being created, it has continued to engage the ICPC on its position and legal advice with regard to the directive of the Presidential Panel and the ongoing court case on the PND on the account of Blaid Properties Limited.

    Access Bank recently launched its new five-year strategic plan aimed at making it Nigeria’s foremost bank.

    Presenting the new five-year strategy to the investing public at the NSE in Lagos, Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe, said the bank was setting out a new and ambitious five-year strategy which will put it at the forefront of Africa’s changing financial landscape by creating a universal payments gateway to dominate international trade and inter-African payments.

  • Access Bank backs Project LEAD

    Access Bank backs Project LEAD

    Access Bank Plc has supported the Project LEAD initiative in line with its Corporate Social Responsibility (CSR) plans.

    Speaking at the weekend, the Access Bank Group Managing Director/CEO, Herbert Wigwe, said the L.E.A.D Project by the Personal Banking Division of Access Bank has chosen to foster development in areas of academic and moral excellence, financial literacy, reading culture and personal leadership amongst secondary school students across the nation.

    He said the lender recognises the importance of the society around it, which forms the bedrock of its activities both as an organisation and as individuals. “This is very evident in our corporate philosophy and fully expressed in our passion for customers as a core value. We have taken this passion beyond the walls of the banking hall, expressed it with our deepening roots in sustainability and it is not surprising the amount of accolades we receive for our efforts at Corporate Social Responsibility and Sustainability,” he said.

    Wigwe, who was represented by the bank’s Executive Director, Personal Banking, Victor Etuokwu, said CSR is very important to the lender.

    He said: “At Access Bank, sustainability is at the core of our business. With Project LEAD, we want to raise 1,000 leaders that will be role models. We will also be boosting financial literacy among the youth,” he said.

    “As individuals, we are well aware of the state of our environment and that is why we have, through various initiatives executed either as groups within the bank or as a corporate entity, provided solutions to the identified challenges within our environment. Providing innovative solutions for the markets and communities we serve is truly a culture that we have imbibed within the organisation,” he said.

    The LEAD Project  represents Leadership, Enterprise and Academic Development. It is targeted at driving improvement in secondary school students in academic and moral excellence, financial literacy, reading culture and personal leadership.

    “We believe that these are four critical areas every young student requires as a foundation to excel. Given the dearth of mentoring and guidance amongst the youth today, we are keen on impacting the younger generation because we believe every young person deserves an opportunity to excel. To enable us achieve this, we have carefully selected Project Revamp Africa as our technical partners,” he said.

    Project Revamp Africa, led by Kelechi Anyalechi,  is an initiative poised to revive educational values, maximise potentials and develop young leaders.

    Project L.E.A.D will be executed in secondary schools across the six geo-political zones in Nigeria and our objective is to reach more than 30,000 secondary school students, over a three-year period, who would have been impacted positively and positioned for excellence in their academics, leadership skills and financial literacy.

    The project which would be in phases will during the first phase reach at least 10,000 students in different states of Nigeria. Through a follow up process, we plan to raise 1,000 leaders, who will become young role models to their peers and contribute their quota towards the growth and development of their community and indeed the nation at large.