The Nation Newspaper

Tag: Access Bank

  • Access Bank appoints non-executive director

    Access Bank appoints non-executive director

    Access Bank has announced the appointment of Abba Mamman Tor Habib, as Non-Executive Director (ED).

    In a statement, the bank described the new ED as an outstanding banker with 20 years’ experience 15 of which were spent with Guaranty Trust Bank Plc where he retired in 2008 as an ED.

    His experience in GTBank spanned  corporate banking and risk management.

    Habib has since 2008 been the Managing Director of Gremcoh Services Limited, his family owned agriculture and real estate enterprise. He holds a First Class Bachelor of Science degree in Agric Economics from University of Maiduguri (1986) and Master of Science in Banking and Finance from Bayero University Kano (1997).

    He has attended several Executive Development programmes in leading institutions including African Development Bank, Harvard, IMD, D.C Gardner London and Insead.

    His appointment is subject to the approval of the Central Bank of Nigeria (CBN) and the Bank’s shareholders. Commenting on the appointment, Mrs. Mosun Belo-Olusoga the Chairman of Access Bank said: “We are very delighted to welcome Abba on the Board of Access Bank.

    ‘’He brings on board a very rich professional and board level experience relevant to our Bank and our industry. These skills will no doubt support our bank’s quest to become the World’s Most Respected African Bank.”

  • Access Bank’s winding-up suit against Tower Aluminium adjourned

    Access Bank’s winding-up suit against Tower Aluminium adjourned

    The Federal High Court in Lagos has adjourned a suit by Access Bank Plc seeking an order appointing the court’s Chief Registrar or any insolvency expert as a provisional liquidator of Tower Aluminium Plc.

    Tower Aluminium, however, has hired a new lawyer, Chief Anthony Idigbe (SAN) to defend it. Idigbe said he needed more time to study the case file as he had just been briefed.

    Access Bank wants the court to empower the liquidator to take over all traceable assets, property and funds in banks within and outside Nigeria belonging to Tower Aluminum.

    The bank also applied to take over finished goods, raw materials and assets in Tower Aluminium’s name at Plot 9 and 20, Oba Akran Avenue, Ikeja and at Plot 8, Block IV, Ogun State Housing Corporation Industrial Estate, Ota, Ogun State, pending the hearing and final determination of the petition.

    Access Bank sought a consequential order of interlocutory injunction restraining the respondent from tampering with the company’s funds in any bank until the petition is determined.

    The bank, through its lawyer Kunle Ogunba (SAN) of Insolvency Forte, said sometime in 2011, Tower Aluminium approached it for credit facilities to aid its business. It said it gave the company $20 million and another N800,000,000 to finance the importation of cold rolled steel sheets and aluminium ingots and to augment its working capital, with a repayment period of 180 days.

    The petitioner said the company “neglected and flagrantly” refused to liquidate the depositors’ funds, even after the loan was restructured.

    According to the bank, parties’ agreed that an outstanding N1.9 billion should be paid in 60 equal installments of N31,666,666,67 monthly, but “despite the various restructures and concessions, the respondent herein has continuously defaulted in the umpteenth payment arrangement.”

    Access Bank said the indebtedness now stands at N2,660,812,752.42.

    It said: “Placing the respondent’s assets in the custody of a provisional liquidator is to preserve the respondent’s assets pending the hearing and final determination of the petition to prevent same from being dissipated by the respondent’s directors, agents and privies.”

    However, Tower Aluminium has asked the court to dismiss the petition because the bank did not satisfy conditions that precede the institution of the proceeding.

    Besides, the company said the existence of “no action” clauses in their agreements indicates that the petitioner lacks the requisite locus standi to institute the action.

    “The petitioner failed to issue the requisite statutory notice/letter of demand provided for under Section 409 (a) of the Companies and Allied Matters Act.

    “The alleged debts purportedly owed by the respondent are not due and payable,” Tower Aluminium said.

    Justice Olatoregun-Ishola adjourned until May 30.

  • US, Access Bank, empower 50 ladies for digital training

    US, Access Bank, empower 50 ladies for digital training

    50 ladies drawn from different fields of life have been selected to participate in a special digital training on web application development.

    The training, which begins on April 2, will run for 12 consecutive weeks in Lagos.

    It is sponsored by the United States Diplomatic Mission in Nigeria and Access Bank with technical partnership from Hacey Health Initiatives, a non-governmental organisation.

    The 50 lucky females were unveiled at the weekend at the corporate headquarters of Access Bank. They were selected from over 1,518 applicants.

    Hacey’s co-founder, Isaiah Owolabi, said the females will learn skills developing web applications, mobile applications, games application and utilization of micro-electronic platforms.

    The project tagged Code for Impact Initiative, according to the Head, Sustainability Corporate Communications of Access Bank, Omobolanle Victor-Laniyan, will ensure the trainees “develop value-adding applications that will help contribute solutions to addressing social and environmental challenges in line with the Sustainable Development Goals.”

    The bank, she said, is committed to economic empowerment of females to reduce cases of trafficking, sex trade and exploitation of ladies.

  • Fitch upgrades Access Bank’s credit rating

    Fitch upgrades Access Bank’s credit rating

    Access Bank Plc yesterday announced an upgrade of its national scale credit rating by Fitch Ratings.

    Fitch Ratings, a global leader in credit ratings and research, has affirmed the Long-term IDRs of Access Bank Plc (Access) and upgraded the National Ratings. The National Rating of the Bank has been upgraded to ‘A(nga)’/‘F1(nga)’ from ‘A-(nga)’/‘F2(nga)’ to reflect the improvement in creditworthiness over time relative to peers and to the best credits in Nigeria.

    In Fitch’s opinion, banks will continue to face multiple threats in the course of 2016, particularly from tight foreign currency liquidity, worsening asset quality and pressure on regulatory capital ratios. However, Access’ Viability Rating (VR) is affirmed as these risks are to a large extent already captured in the ratings.

    The Long-term Issuer Default Ratings (IDR) of Access remains on Stable Outlook as the rating is driven by its Viability Ratings (VR) and there is no expectation of any material change in the Bank’s intrinsic creditworthiness.

    Access’ Support Rating Floor (SRF) of “4” reflects the authorities’ unchanged ability and willingness to provide extraordinary support. The agency believes that while there is a limited probability of external support, the authorities have a stronger ability to support the bank’s local currency obligations if required.

    The senior debt rating of Access (issued via Access Finance BV) is in line with its long-term IDR. The senior debt rating is affirmed due to the affirmation of the bank’s long-term IDR.

    Access Bank’s major strengths, which underpin its long- and short-term ratings, include its size and franchise, its strong risk management and the group’s solid capitalization.

    The bank’s improved rating further reinforces its resolve to deliver leading innovative and differentiated products and services to its customers in its quest to become the world’s most respected African bank by 2017.

  • Lagos, Access Bank, partner on CSR

    The Lagos State Government has partnered with Access Bank’ Corporate Operations Division to carry out Corporate Social Responsibility (CSR) works. Both institutions have rebuilt Keke Nursery and Primary School Agege, Lagos state.

    The exquisitely built school was handed over to the Executive Chairman, State Universal Basic Education Board (SUBEB) Dr. Ganiu Oluremi Shopeyin, who was represented by Mrs. Adaramosu H.I.

    Access Bank’s Executive Director Operations and I, Ojini Olaghere, who was  as represented by the Head Corporate Operations Division, Banjo Adegbohungbe praised the Lagos State Government for giving the bank the opportunity to share in the welfare of Nigerian pupils.

    “Access Bank is very concerned about the welfare of students in Nigeria, we believe that creating a great environment for learning will greatly improve the standard of education in Nigeria. We decided to rebuild Keke Nursery and Primary School because we understand that the future of our country is hinged on our children and educating them is the responsibility of all. Access Bank takes CSR seriously and we at the Corporate Operations arm are at the fore front of the Bank’s drive,” he said.

  • Access Bank Lagos City: All eyes on Teslim Balogun Stadium

    Access Bank Lagos City: All eyes on Teslim Balogun Stadium

     • As Lagos Marathon begin with Expo

    Though the main act, the 2016 Access Bank Lagos City Marathon, will not flag off until February 6, the main build up activities to the first full international marathon in Nigeria in 30 years, Lagos City Marathon Expo, starts today at the Teslim Balogun Stadium.

    First of its kind in Nigeria, Marathon Expos are integral of big marathon races worldwide with major marathons like New York, Dubai, London, Boston, Chicago, Tokyo, Berlin drawing thousands of vendors and exhibitors annually.

    The theme of the Lagos City Marathon is Hospitality, Wellness and Wellbeing. Over the weekend, some of the exhibitors were seen mounting their stands in readiness for today, the day one of the Expo.

    Corporate organisations and government bodies expected at the  Expo include Access Bank the title sponsor of Lagos City Marathon, Gsk, Ladel’s Baby Centre, Airtel, another sponsor of the marathon, Food Clique, Oniru Family, Eko Hotel, Lagos State Ministry of Tourism, SuperSport and a host of others.

    Tayo Popoola, the Lagos City Marathon head of Events and Ceremony, said the aim of the marathon is to bring all the stakeholders in the health, wellness, and well-being industry together to promote a healthier Nigeria,

    “The essence of the Lagos City Marathon is not just about elite athletes, economic benefits, showcasing Lagos to the world and other good benefits that the marathon will bring to Lagos and Nigeria, more than these, we also aim to promote the culture of running which scientists have proved to be beneficial to the human body, when you have healthier citizens, you have better workforce and spend less on health and healthcare.’’

    Popoola also revealed that all the athletes; including elite runners, fun runners and other class of runners will collect their kits at the Expo.

    She also revealed that there will be food, music and drinks, while celebrities from the media, musicians, actors, traditional rulers and other very important Nigerians will be guests of the Expo daily.

    Deji Tinubu, the Special Adviser and Chairman Lagos State Sports Commission who is also the Chairman of the Organising Committee Lagos City Marathon ,will formally declare the Expo open on Thursday. The curtain will be drawn on the Expo on February 3.

  • Countdown to Access Bank Lagos City Marathon: 70,000 runners indicate interest

    Countdown to Access Bank Lagos City Marathon: 70,000 runners indicate interest

    • As organizers hope to hit hundred thousand marathoners

    Eighteen days to the much talked about athletics event meant to kick start the athletics calendar in the country, organisers of the Access Bank Lagos City Marathon have stated that 70,000 runners have picked up forms to take part in the maiden edition of the 42km race.

    In a chat with the media officer of the Athletics Federation of Nigeria (AFN), Kayode Thomas, he noted that 51 foreign athletes and 50 athletes were set to take part in the race slated for February 6.

    He said: “We are expecting more foreign athletes to show interest. We already have 51 foreign athletes and 50 elite athletes who have shown interest. We have also exhausted about 70,000 forms for participants and we are expecting to reach our target of 100,000 partipants in the next few days. The media accreditation is ongoing and also  volunteers are expected to come in for  accreditation.”

    Meanwhile, about N92 million  is up for grabs for marathoners who can run from the Old Lagos (National Stadium Surulere) to New Lagos (Eko Atlantic City), a distance of 42.195 kilometres, in less than three hours, Lagos City Marathon is indeed a sure bet cash cow for those who earn their living running road races and marathons around the world.

    Its prize money of $50,000 each, for the first male and female winners, makes it one of the two most lucrative marathons in Africa, the other being the Comrades Marathon in Durban, South Africa. It also ranks among the world’s best.

  • Access Bank, US Consulate celebrate PWDs

    Access Bank, US Consulate celebrate PWDs

    Access Bank in conjunction with the US Consulate and Hacey Health Initiative have empowered Persons with Disabilities (PWDs) for their heroic resilience and fighting spirit despite many odds.

    It was at the commemoration of the International Day of Persons with Disabilities (PWDs), which held at the corporate headquarters of the bank in Victoria Island.

    The Group Head, Corporate Communications/External Affairs of Access Bank, Amaechi Okobi, said PWDs deserve commendation and support from the larger society.

    He said with almost 10million PWDs in the nation, there was a need for their inclusivity in the larger society.

    This, he said, “will bolster efforts of the Nigerian government and key stakeholders in improving the health, empowerment and right of persons living with disability.”

    The Communications Head of US Consulate, Dehab Gehbreab, said PWDs do not need sympathy but support to flourish in their endeavours.

    She called for change of attitude towards PWDs, saying they need the support of all to succeed with their projects.

    She urged Nigeria to always showcase their exploits and achievements to encourage others not to capitalise on physical disabilities to take to begging.

    The real disability, according to her, is in the mind and not in physical organs.

    The Project Director of Hacey Health Initiative, Isaiah Owolabi, called on government and key stakeholders to consider ways of relieving the stress PWDs in daily living.

    He said they are bona fide citizens with rights, stating that they have much to contribute to the socio-economic development of the nation if given a chance.

    “PWDs are endowed. They are not helpless or useless. They have brains with ideas that will transform the society.

    “All we need is to support them and not look down on them for any reason at all,” Owolabi counseled.

    A PWD, Damilola Akintade, said they deserve all the support of stakeholders for inclusivity in the wider society.

    He lamented that many were being forced into begging because of negligence and lack of support.

    The session featured No Boundaries, a documentary on the exploits of four PWDs dubbed heroes for their extraordinary feats despite physical limitations.

  • Special show sponsored by Access Bank to air on CNN International

    Passion to Portfolio, the CNN International series about entrepreneurs harnessing their passion in the global marketplace, was aired as a special 30-minute programme on Wednesday last week.

    The high-profile show is the first of four special Passion to Portfolio programmes airing in 2016. In addition to the extended shows, Passion to Portfolio segments will continue to air fortnightly in the CNN International business show, World Business Today.

    Passion to Portfolio segments and the extended shows are sponsored by Access Bank, one of Nigeria’s largest and fastest-growing full-service banks headquartered in Lagos. The Access Bank advertising and sponsorship campaign originally launched in November 2014 and spans CNN International’s TV and digital platforms.

    The special show aired on 15 January, featured successful innovator, Daymond John, co-founder of the global clothing label, FUBU, and host of the hit US TV show, Shark Tank. Recognised as a branding and marketing expert, John gave CNN viewers insights into what it takes to succeed in business. “I had a passion for dressing people, the money came later,” multi-millionaire John tells Passion to Portfolio. The show also turned the spotlight on Oprah Winfrey’s long-time hairdresser, Andre Walker, celebrity jeweller, Chris Aire, and Michelin-starred restaurateur, Yenn Wong.

    The show will be aired seven times on CNN International. It debuted last week and will continue to January 20th.

  • Access Bank rallies as shareholders get N5.7b interim dividend

    Access Bank rallies as shareholders get N5.7b interim dividend

    Access Bank Plc was a major contrarian stock in the negative trading at the Nigerian stock market yesterday as the top-tier commercial bank released its half-year earnings report, showing impressive growths across key fundamentals.

    On the strength of the six-month earnings, which saw 43 per cent growth in gross earnings and 39 per cent in profit after tax, the board of the bank has recommended distribution of N5.72 billion as interim dividend to shareholders. The breakdown of the dividend recommendation indicated that shareholders on the register of the bank as at the close of business on September 3, 2015 would receive a dividend per share of 25 kobo. More than 830,000 shareholders would benefit from the interim dividend, which becomes payable on September 10, 2 105.

    Against the average decline of 0.98 per cent, Access Bank’s share price rose by 4.91 per cent, the fourth highest percentage gain, to close at N4.29 as the news made the round at the Nigerian Stock Exchange (NSE).

    Key extracts of the audited report for the six-month ended June 30, 2015 showed that gross earnings rose by 43 per cent to N168.3 billion in first half 2015 as against N117.9 billion recorded in comparable period of 2014. The top-line was boosted by an 18 per cent increase in interest income to N98.9 billion in the first half of 2015 compared with N83.6 billion in the comparable period of 2014. Group profit before tax leapt by 44 per cent to N39.1 billion as against N27.1 billion in previous year while profit after tax grew by 39 per cent to N31.3 billion in first half 2015 compared with N22.6 billion in first half 2014.

    Non-interest income had risen by 101 per cent to N69.4 billion in first half 2015 as against N34.6 billion in first half 2014. Return on average equity improved to 21.6 per cent in first half 2015 from 16.5 per cent in 2014.

    Group managing director, Access Bank Plc, Mr. Herbert Wigwe said the results reflect the bank’s concerted efforts to deliver on its growth objectives for 2015.

    According to him, while the first half of the year was defined by significant macro-economic and policy headwinds with major impact on all aspects of its business, the group despite those challenges reported improved profits in the first half of the year with significant contributions from its securities trading business.

    He commended the strong support from shareholders of the bank noting that the success of the recently concluded rights issue which raised N41.8 billion has placed the bank in a stronger position.

    “With our capital position secure, our priority will be to focus on; driving migration of our customers to alternative platforms  to boost profitability of our channels; implementing  our customer service improvement initiatives; generating low-cost liability from continued engagement with customers; growing risk assets by deepening market share in target sectors; optimising and improving penetration of our customers’ value chain and driving operational efficiency through  cost containment and procurement optimization measures,” Wigwe said.