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Tag: Access Bank

  • Access Bank sustains improved performance

    Access Bank sustains improved performance

    Access Bank has remained on strong growth trajectory as latest earnings reports showed improvements across key performance indicators.

    The bank’s focus on assets quality and cost management, appeared to be paying off with strong earnings growth and significant reduction in loan loss provisions, driving overall performance to the Deposit Money Bank to the industry’s top chart.

    The improvements in fundamentals have positively impacted share pricing trend at the Nigerian Stock Exchange (NSE), with the bank’s share price rising by more than 70 per cent so far this year.

    Access Bank reported an impressive first quarter profits, showing improvement in performance indicators. The bank’s unaudited financial results for the first quarter ended March 31, 2017 showed an increase of 38 per cent in profit before tax to N31.2 billion when compared with N22.6 billion in the first quarter of 2016. The bank’s profit after tax rose by 34 per cent to N26.0 billion in 2017, up from N19.4 billion recorded in the corresponding period of 2016.

    Gross earnings stood at N116 billion, an increase of 44 per cent on N80.3 billion reported in comparable period of 2016. Interest income and non-interest income contributed 68 per cent and 31 per cent respectively to the gross earnings. Although loan growth remains subdued in the first quarter and some key fee income businesses weakened, margin expansion and gains on foreign exchange and derivatives have more than compensated. Funding income should remain strong in the near term, supported by relatively high yields on treasury bills.

    Also, key extracts of the full-year report for the period ended December 31, 2016 showed that pre-tax profit appreciated by 20 percent to N90.3 billion in 2016 from N75.4 billion recorded in the 2015. Also, post-tax profit climbed up by 9.23 percent to N90.3 billion in 2016 from N75.0 billion in 2015. Gross earnings increased from N337.4 billion in 2015 to N381.3 billion in 2016, indicating an increase of 13.05 percent.

    Further analysis of the bank’s finance showed that its balance sheet remained strong with a total assets standing at N3.54 trillion at the end of first quarter, compared to N3.48 trillion recorded as at December 2016. Derivative assets rose from N156 billion as at December 2016 to N161 billion, representing an increase of 3.2 per cent, while its investment in subsidiaries, properties and equipments increased by 2.5 per cent from N84.1billion to N86.2 billion. Its income from derivative instrument has been a topical line item around the bank’s earnings in recent years. The income line offsets the impact of currency devaluation on its foreign currency liability and has consistently supported non-interest income.

    The bank’s capital adequacy and liquidity ratios, which are a class of financial metrics used to determine a bank’s ability to pay off its short-term debts obligations, remain 21 per cent and 46.3 per cent respectively, more than the minimum regulatory requirement of 15 per cent and 30 per cent. The higher the value of the ratio, the larger the margin of safety a bank possesses to cover short-term debts. The bank raised a $300 million five-year Eurobond at 10.5 per cent in October 2016 in a bid to support its foreign exchange liquidity, which continues to enhance its balance sheet.

    The reports showed that the bank continues to focus on de-risking its portfolio, building a consolidated business, expanding its international network, and driving efficiency through technology innovation in a bid to successfully navigate the tough operating environment.  Asides restructuring existing loans, the bank has been cautious about risk asset creation – maintaining a zero exposure to the troubled power sector whilst restricting credit to quality names across other sectors. The bank continues to focus on enhanced technology and innovation to drive efficiency as the bank looks to contain its relatively high operating cost, which came from a high cost base post acquisition of Intercontinental Bank.

    Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe said that 2017 marks the end of the bank’s third five-year transformation journey and in the coming months, its priorities will be the delivery of its strategic objectives.

    “We will continue to improve on profitability and shareholder value by maintaining our capital and liquidity positions, assiduously implementing our cost management strategy, and exploiting retail business opportunities using our digital platforms and deepening market share of the wholesale business,” Wigwe said.

    He assured stakeholders that the bank was now stronger and well positioned to deliver long-term value to its stakeholders. According to him, although the macro-economic conditions and corresponding implications on the banking industry remain uncertain, the bank’s diversified banking model, robust balance sheet and solid management team give it the strength and resilience that will keep the financial institution in good stead.

    “By diligently executing our strategy, we will continue to maintain improved profitability and create the capacity to continue to invest in our key areas of strength.  As we come to the end of our third five-year transformation journey, our top priority in the coming year will be to cement our position as a dominant corporate bank and establish ourselves as a formidable retail player, leverage digital technology and innovation to create value for our customers whilst unlocking new revenue streams and deliver seamless and superior customer experience across all our service touch points,” Wigwe said.

  • Access Bank, others may take over Etisalat

    Access Bank, others may take over Etisalat

    TELECOMS firm Etisalat Nigeria is on the verge of being taken over by its bankers following the collapse of talks on its payment of a $1.72 billion (about N541.8 billion) debt.

    The lenders may take over the firm as soon as the legal requirements are met.

    The eventual take-over is as a result of the inability of Emerging Markets Telecommunications Services (EMTS), promoted by-one time Chairman, United Bank for Africa Hakeem Bello-Osagie, to agree with the banks on the debt restructuring plan.

    However, Dutch company EMTS Holding BV,  has up to June 23 to complete the transfer of 100 per cent of the telco’s shares in Etisalat to the United Capital Trustees Limited, the legal representative of the consortium of banks.

    Etisalat Group, the parent company of Etisalat Nigeria, gave this indication yesterday in a letter sent to the Abu Dhabi Securities Exchange in Abu Dhabi, United Arab Emirate (UAE).

    But Etisalat Nigeria Vice President, Regulatory & Corporate Affairs, Ibrahim Dikko said discussions were ongoing. In a statement, he said: “Discussions are on-going regarding other issues such as the trading name during this transition phase. Operations and services to our subscribers remain normal and will in no way be affected as we continue to deliver quality services to our subscribers. We will continue to tap into the rich, creative and innovative resources within our workforce to build a stronger business upon the stable foundation we have laid in our nine years of operations.”

    The Nigerian Communications Commission (NCC) which, alongside the Central Bank of Nigeria (CBN)  brokered truce between the telco and its lenders warned that the provisions of the Nigeria Communications Act must be strictly followed.

    NCC spokesman Tony Ojobo, while assuring the over 21 million customers of the telco that the regulator would do its best to ensure seamless service delivery, warned that the take over of the telco must follow the letters of the law.

    Ojobo said: “In view of the recent development, NCC wishes to reassure all stakeholders in the telecoms sector in particular the subscribers on the Etisalat network that the Commission will ensure that the integrity of Etisalat network is not compromised.

    “Accordingly, the Commission has drawn the attention of the banks to provisions of the Nigerian Communications Act (NCA) 2003 Section 38:

    “Sub section 1 – The grant of a license shall be personal to the licensee and the license shall not be operated by, assigned, sub licensed or transferred to another party unless the prior written approval of the commission has been granted;

    “Sub section 2 – A licensee shall at all times comply by the terms and condition of the license and the provision of this act and its subsidiary legislation.”

    A letter dated June 2017, with No. Ho/GCFO/152/85 endorsed by Etisalat Group Chief Financial Officer, Serkan Okandan, lamented that efforts by EMTS to restructure the repayment of the syndicated loan by a consortium of banks to Etisalat Nigeria collapsed.

    “Further to our announcement dated 12 February, 2017, Emirates Telecommunications Group Company PJSC, ‘Etisalat Group’ would like to inform you that EMTS (‘the company), established in Nigeria and an associate of Etisalat Group with effective ownership of 45 per cent and 25 per cent ordinary and preference shares respectively, defaulted on a facility agreement with a syndicate of Nigerian banks (EMTS lenders).

    “Subsequently, discussions between EMTS and the EMTS lenders did not produce an agreement on a debt restructuring plan.

    “Accordingly, the company received a default and security Enforcement Notice on 9 June 2017 requesting EMTS Holding BV (EMTS BV) established in the Netherlands, and through which Etisalat Group holds its interest in the company) requiring EMTS BV to transfer 100 per cent of its shares in the company to the United Capital Trustees Limited (the Security Trustee”) of the EMTS Lenders by 15 June 2017.

    “Subsequently the EMTS lenders extend the deadline for the share transfer to 5.00 pm Lagos time on 23 June 2017,” the filing said.

    The telco has been under pressure since 2016, following the demand notice for the recovery of the loan facility it obtained from a consortium of banks in 2015.

    The loan, which involved a foreign-backed guaranty bond, was for the telco to finance a major network rehabilitation and expansion of its operational base in the country.

    Unable to meet its debt servicing obligations agreed last year, the consortium, prodded by their foreign partners, threatened to take over the company and its assets across the country.

    But the intervention of the Nigerian Communications Commission (NCC) and its financial sector counterpart, the Central Bank of Nigeria (CBN) succeeded in persuading the banks to rethink their threat and give Etisalat a chance to renegotiate the loan’s repayment schedule.

     

  • Access Bank, others take over Etisalat over N541bn debt

    Access Bank, others take over Etisalat over N541bn debt

    A consortium of banks, led by Access Bank Plc and other Nigerian and foreign banks, has taken over the management of Etisalat Nigeria, effective from June 15.

    The takeover followed Etisalat’s inability to repay $1.7 billion (N541 billion) loan sourced from the banks.

    The loan, which involved a foreign-backed guaranty bond, was for Etisalat to finance a major network rehabilitation and expansion of its operational base in Nigeria.

    The Emerging Markets Telecommunications Services (EMTS) led by former Chairman of United Bank for Africa (UBA), Hakeem Bello-Osagie, had tried to reach agreement on debt restructuring with the banks, but the move collapsed at the last time.

    However, EMTS Holding BV, established in the Netherlands, has up to June 23 to complete the transfer of the company’s 100 percent shares in Etisalat to the United Capital Trustees Limited, the legal representative of the consortium of banks.

    Etisalat Group, the parent company of Etisalat Nigeria, announced the takeover in a filing to the Abu Dhabi Securities Exchange in Abu Dhabi, United Arab Emirate.

    The filing, with reference number Ho/GCFO/152/85, and dated June 20, 2017 signed by Etisalat Group’s Chief Financial Officer, Serkan Okandan, said efforts by EMTS to restructure the repayment of the syndicated loan sourced from a consortium of banks to Etisalat Nigeria collapsed.

    It said, “Further to our announcement dated 12 February, 2017, Emirates Telecommunications Group Company PJSC, “Etisalat Group” would like to inform you that Emerging Markets Telecommunications Services Limited “EMTS” (“the company), established in Nigeria and an associate of Etisalat Group with effective ownership of 45% and 25% ordinary and preference shares respectively, defaulted on a facility agreement with a syndicate of Nigerian banks (“EMTS Lenders”).

    “Subsequently, discussions between EMTS and the EMTS Lenders did not produce an agreement on a debt restructuring plan.

    “Accordingly, the company received a default and security Enforcement Notice on 9 June 2017 requesting EMTS Holding BV (EMTS BV) established in the Netherlands, and through which Etisalat Group holds its interest in the company) requiring EMTS BV to transfer 100 per cent of its shares in the company to the United Capital Trustees Limited (the Security Trustee”) of the EMTS Lenders by 15 June 2017.

    “Subsequently the EMTS Lenders extended the deadline for the share transfer to 5.00 pm Lagos time on 23 June 2017.”

     

  • 20 families win in Access Bank’s Family Fortune promo

    20 families win in Access Bank’s Family Fortune promo

    Access Bank Plc has delighted 20 of its customers who were the first set to take part in the promo. These gifts include rechargeable fans, microwave ovens among others.

    The surprise gifts precedes the emergence of the first batch of winners from the weekly random selections that would soon be unveiled by the Bank.

    The promo which comes under the bank’s family savings scheme was instituted to promote savings culture in the country. It is designed to reward the collective savings habit of families with grand prizes and competitive interest rates while they enjoy the confidentiality of their banking transactions as individuals

    The Group Head, Inclusive Banking, Access Bank Plc, 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.

    Continuing, she said, “We want to transform and impact the lives of our most valuable customers. Access Bank is not just encouraging customers to save, but we are also rewarding them for choosing to bank with us.”

    The nationwide savings Promo, first of its kind in the industry with over 100,000 gifts to be given away, targets the family units with weekly, monthly and the mega random selections. Among prizes to be given away by the Bank include home furniture, 42 inch televisions, mobile phones and home theatres for 100,000 families respectively.

    At the mega random selection which would hold in Lagos in December 2017, 3 families will go home as proud winners of a house each. There are also other luxurious prizes to be given away, including family holidays, 16 KVA generators, brand new cars, and 50 others to receive scholarships.

  • Access Bank, UBA, others hit highs as equities sustain rally

    Several stocks set new highs on Thursday as Nigerian equities continued their rally amidst increased investors’ appetite for bargain stocks across the sectors. Two first-tier banks- United Bank for Africa (UBA) and Access Bank, the two leading agricultural stocks-Okomu Oil Palm and Presco, Seplat Petroleum Development Company and May & Baker Nigeria Plc spiraled to their highest prices in more than 12 months on Thursday.

    With exactly three advancers to every decliner, the benchmark indices at the Nigerian Stock Exchange (NSE) indicated an average gain of 0.77 per cent yesterday, equivalent to net capital gain of N87 billion. The average year-to-date return also improved to 22.56 per cent, providing equities investors with positive inflation-adjusted returns.

    Several other stocks in the banking, industrial goods and consumer goods also continued to trade around their highest prices in spite of recurring profit-taking transactions that seek to convert and lock in capital appreciation.

    Seplat, the highest gainer for the second consecutive trading session, recorded a gain of N39.13 to close at N425 per share, its highest price in more than a year. Seplat is riding on the back of the lifting of Force Majeure on Forcados export terminal, which is expected to boost production volumes, forward earnings and cash flow of Seplat. Okomu Oil Palm recorded the fourth highest gain of N2.88 to set a new 52-week high of N60.63. Presco followed with a gain of N2.83 to close at a new high of N59.53.

    Also, May & Baker Nigeria continued to ride on its new domestic vaccine production partnership with the Federal Government, adding 23 kobo to close at a new high of N2.59. United Bank for Africa rose by 38 kobo to a new 52-week high of N8.84 while Access Bank consolidated its tier-one capitalisation with a gain of 70 kobo to close at a new 52-week high of N10.27.

    Overall, aggregate market value of all quoted equities at the NSE rose from its opening value of N11.300 trillion to close at N11.387 trillion. The All Share Index (ASI), the benchmark index for quoted equities, appreciated to 32,937.98 points as against its opening index of 32,686.72 points.

    There were 45 gainers to 15 losers. Sectoral indices showed widespread positive sentiment. The NSE Oil & Gas Index rose by 4.9 per cent. The NSE Banking Index appreciated by 3.0 per cent while NSE Consumer Goods Index rallied 1.3 per cent. On the negative side, the NSE Industrial Goods Index declined by 1.0 per cent while the NSE Insurance Index slipped by 0.2 per cent.

    Other top gainers yesterday included Forte Oil, which rose by N5.41 to close at N58.33; Total Nigeria added N4.49 to close at N279.50, International Breweries rallied N2.71 to close at N29.24, UAC of Nigeria gathered N1.70 to close at N18.53, Nigerian Breweries chalked up N1.49 to close at N156.50 while Cadbury Nigeria rose by N1.31 to close at N14.22 per share.

    Total turnover stood at 528.69 million shares valued at N4.84 billion in 5,603 deals. Banking stocks remained atop activities’ chart. Access Bank was the most active stock with a turnover of 81.82 million shares valued at N832.43 million. FBN Holdings followed with 71.42 million shares worth N471.73 million while United Bank for Africa placed third with 67.13 million shares worth N586.54 million.

    On the downside, Dangote Cement recorded the highest loss of N3.97 to close at N205. Julius Berger Nigeria followed with a loss of N1.86 to close at N38. Guaranty Trust Bank dropped by 15 kobo to close at N33.55 while Lafarge Africa lost 11 kobo to close at N52.64 per share.

    “While the equities market is expected to ride on the positive developments in the economy, we note that that the run of gains over the past weeks may have limited the upside for some stocks. Nonetheless, we still maintain the market may be set for a “year round bull run” following the improved flexibility in the administration of foreign exchange and anticipated strong second quarter earnings season,” Afrinvest Securities stated in a positive review of equities outlook.

  • Businesswoman faces N1.2m fraud charge

    Businesswoman faces N1.2m fraud charge

    A businesswoman, Chidinma Okoro, who allegedly defrauded two men of N1.2 million, was on Wednesday arraigned in an Ikeja Magistrates’ Court.

    The accused, 44, who resides at No. 2, Church St., Ogundare Estate, Aminkanle area of Alagbado in Lagos, is facing a two-count charge of fraud and stealing.

    The Police Prosecutor, Insp. Peter Nwangwu, told the court that the accused committed the offences between Feb. 2 and Aug. 30, 2014, at his residence.

    He alleged that the accused fraudulently obtained the cash sum of N1.2million from the complainants, Mr Emenike Daniel and Mr Utoh Chijioke.

    “The accused collected the said amount from the complainants on the pretext of supplying them goods from the U.S and U.K, as agreed upon,” he said.

    Nwangwu alleged that the complainants paid the sum of N1.2million into the Access Bank and Zenith Bank accounts of the accused.

    He told the court that Okoro reneged on the agreement and refused to refund the money to the complainants.

    “The accused absconded and relocated to an unknown destination until she was recently apprehended by the police,” Nwangwu said

    The offences contravened Sections 285 and 313 of the Criminal Law of Lagos State, 2015 (Revised).

    The News Agency of Nigeria (NAN) reports that Section 313 prescribes a 15-year jail term for offenders, while Section 285 stipulates three years imprisonment.

    The accused, however, pleaded not guilty to the charge.

    The Chief Magistrate, Mrs Y.O. Aje-Afunwa, granted the accused bail in the sum of N500,000, with two sureties in like sum.

    She said the sureties must show evidence of three years tax payment to the Lagos State Government and adjourned the case until June 17,  for hearing.

     

  • Access Bank boosts savings with ‘Family Savings Scheme’

    Access Bank boosts savings with ‘Family Savings Scheme’

    Access Bank Plc has unveiled a new savings scheme tagged ‘Family Savings Scheme’ initiated to give its customers a boost in their savings. The exercise is in line with the bank’s commitment to promote savings culture among the populace.

    The ‘Family Savings Scheme’ is a savings scheme designed to encourage families to save together and enjoy exclusive privileges such as high interest rates and family rewards while they continue to enjoy the confidentiality of their banking relation and manage their accounts as unique individuals.

    The scheme provides access to people who are presently excluded from financial services whilst promoting capital accumulation and investment boom.

    Under the scheme, a minimum of four family members are encouraged to bank with Access Bank and enjoy exclusive value propositions. Eligible family members include partners, children, parents, aunts, uncles, cousins and grandparents.

    According to the bank’s Executive Director, Personal Banking, Victor Etuokwu, the scheme comes under new segment in the Bank – Family Banking Segment. “This is not a new product but a new segment in the bank. We have basically pulled together the various products we offer to unique family members under this Segment,” he said.

  • GeNs@gtbank.com: Fraudulent bank alert to be careful of

    GeNs@gtbank.com: Fraudulent bank alert to be careful of

    Fraudsters have taken another turn in the game of defrauding innocent but unsuspecting Nigerians of their hard earned currencies by sending transaction messages and demanding a follow-up within 24Hours.

    If you have an account with Guaranty Trust Bank (at least the ones concerned so far) this message is for you. Beyond GTB, this is pertinent to everyone who saves money or other valuables in the bank.

    Recently, fraudsters have grown even smarter by using disguised email name like GeNs@gtbank.com, udirect@ubagroup.com, diamondbank@diamondbank.com to send initiated debit transaction from the victim’s account and further ask for other details.

    Some customers of GTBank have fallen victim of this fraudulent message. In fact, other people who do not bank with GTB, like a colleague who got his message from mny@inetlab.net under the disguise of GeNs@gtbank.com, also received the message.

    Concerned banks so far, include, Access Bank Plc, Diamond Bank, GTBank, UBA and StanbicIBTC

    Read the experience of an individual who fell victim below:

    This happened to me OluwaDamilola Ayomi Olatunbosun (ayomiessentials) a few hours ago (now weeks). I got an email from GTB (my one and only bank) some hours ago that I was debited 14,500 for a bulletin I subscribed for, the email further read I should click a link to oblige and another link below to decline, I clicked on the link to decline cos the mail read it will be assumed that I agreed to the terms and conditions if I don’t respond to the mail in 12hrs…

    I clicked on the link to decline the offer since I don’t want my 14,500 to be debited for some magazine I didn’t subscribe for (note that I got these same email last week and I got tried calling GTBank customer service that day, I gave up after wasting about 600naira worth of airtime, I felt the need to respond when if got the message today again)….

    Lo and behold the link took me to my Internet banking page, it requested that I enter my log in details which I did…the page requested I answer my test question which I did 1st then entered my 6 digits token code which Is usually requested when doing online banking.

    Almost immediately I filled the form, the page kept loading and I was hoping I’d see a page where I’ll click the Decline button or something then the worse thing happened…. I got an alert that all the money in my account has been debited. They left only the kobo for me this happened to me less than 2hrs ago.

    I went to the nearest GTBank and I was told that my account was hacked.
    The debit alert I got showed that I recharged with all the money in my account.
    Lo and behold I was given the number that was recharged at the bank 08170003208 (I was told at the bank that I used my money to recharge that number thinking it’s mine, I wonder if wanted to call heaven or hell that I will recharge that much of money on recharge)All my money is gone and nothing can be done about it, I’m sharing these with you all so u won’t fall a victim.Please be careful.
    Note that the mail came from opokonwa@gmail.com under the disguise of GeNs@gtbank.com

    A fraudulent alert from a supposed UBA alert system reads:

    ‘Dear Customer,

    Thank you for succesfully SUBSCRIBING for the U-Direct monthly Bulletins.

    We are processing to debit your account with the sum of 16,450 NGN as our monthly charge for the subscription as per our terms and conditions.

    If you are not aware of this subscription and Wish to Cancel this, kindly follow our website below to unsubscribe.

    Note: To Unsubscribe, A mobile code will be sent to your registered mobile number to Cancel After Security Validation

    https://www.ubadirect.com/Login.jsp/unsubscribe/portal/rBanking/axisebanking/AxisRetailLogin/!ut/p/a1/04_Sj9CPykssy0xPLMnMz0vMAfGjzOKNAzxMjIwNjLwsQp0MD

    Things You Must Know

    1. After 24hrs you cannot cancel subscription and Debit will be processed on your account.

    2. If you have been successfully debited, you will receive your ticket number by mail after 24hrs.

    A fraudulent alert from a supposed Diamond Bank alert system reads:

    However, the banks have not been silent on this issue as it continued to notify its customers of possible scams and how to avoid being defrauded. One of such is from GTBank saying:

    Dear Customer,
     

    Scam Alert

    This is a reminder that you should never disclose your account or card details to anyone or enter your personal banking details on a website that is sent as a link in an SMS, Email, Online or any Social Media Platform. Exit any page immediately if you are asked to enter your account, card or internet login details.
     

    GTBank, its staff or agents will never call or send you an email asking for your account details, PIN, Card or other Personal Bank details in exchange for monetary or material reward.
     
    You can help us stop these types of scams by following any of the simple steps below:
     
    • Fake Online Flyers: take a screenshot that clearly shows the link (website address) and send it to us by email at complaints@gtbank.com so that we can work to block the site.
       
    • Scam Calls, SMS, and Emails: Report the phone number to GTConnect (see numbers below) and forward such emails to complaints@gtbank.com
     
    Thank you for choosing Guaranty Trust Bank plc.
    As observed with all analysed scam alerts from the above mentioned disguised Bank email addresses, the fraudsters attempt to create an emergency for you to which a delay might cost you some money. Kindly note, that silence to this message might be very important as it allows you think properly but swiftly notify your bank.
    Similarly, demand the contact number of your Account Manager from your nearest bank branch to be able to monitor your account on the go.
    Whatever the case might be with your initiated transactions or fraudulent attempts, vigilance is paramount. Be careful of your kind of response in order not to

  • Man in court for requesting friend’s ATM pin code from bank

    A 34-year-old man, Samson Oyedoyin, who allegedly went to a bank to ask for his friend’s internet banking pin code was on Monday appeared in an Ikeja Magistrates’ Court in Lagos.

    Oyedoyin, whose address was not stated, is being tried for intent to commit felony.

    The prosecutor, Insp. Clement Okuoimose, told the court that the accused committed the offence on April 24 at Access Bank, Ogba, Lagos.

    He said that Oyedoyin attempted to commit felony by requesting for the internet banking pin code of a bank account belonging to Mr Semiu Adegoke.

    “The accused went to the bank, requesting for the pin code of his friend who is a customer to the bank without his consent,” he said.

    Okuoimose further said a member of staff of the bank then called the owner of the account, Adegoke, who denied giving the accused instruction to access his bank account.

    “When the account holder was called, he said that the accused was his friend but denied sending him to the bank.

    “The accused was arrested and handed over to the police.”

    The offence contravened Section 404 of the Criminal Law of Lagos State, 2011.

    Section 404 prescribes seven years imprisonment as penalty for intent to commit felony.

    The accused pleaded innocence of the offence and was granted bail in the sum of N50, 000 with one surety in like sum.

    The Magistrate, Mrs M. I Dan-Oru, adjourned the case until May 25 for mention.

  • Access Bank committed to financial market devt, says MD

    Access Bank committed to financial market devt, says MD

    The Group Managing Director/CEO, Access Bank of Nigeria Plc, Herbert Wigwe has reiterated the lender’s commitment to the development of the Nigerian financial market.

    Speaking yesterday at the 2017 forex seminar organised by the lender in Lagos, the bank chief said the support is unflinching and deeply rooted in its desire to see a liquid, structured, sustainable and well developed market that is global in its reach and conducive for businesses both great and small.

    “We have consistently partnered with the Federal Government and the CBN on the implementation of their strategic initiatives to ensure that sectors of the economy had access to foreign exchange based on our financing and execution capabilities.  We also play a pivotal role in the development of the derivatives market in Nigeria, having executed over 25 per cent of the total derivatives traded in the Nigerian financial market in 2016 and continue to push the frontiers of market development offering possibilities,” he said.

    The bank chief explained that based on the bank’s role as active participant in the development and provision of liquidity in the local financial market, the Financial Markets Dealers Quotation (“FMDQ”) has continuously ranked it as number one  of the 23 authorised dealers – a position that it currently maintain as at date.

    “Further to this, Access Bank provides innovative solutions that cut across funding, foreign exchange, liquidity, investment, hedging and other risk management needs that are aimed at helping our customers to manage their foreign exchange risks while we maintain our role as liquidity providers,” he said.

    He said the seminar will not only engender positive discussions on the policy directions of the forex market, but will also proffer solutions and hope to the business environment.

    Speaking on exchange rate stability, Managing Director, Renaissance Capital Nigeria, Temi Popoola, said the rate at which the naira exchanges against the dollar is inconsequential.