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Tag: Access Bank

  • Access Bank lifts women with ICT skills

    Access Bank lifts women with ICT skills

    As part of its capacity building initiative, the Access Bank Plc has concluded plans to boost the skills of women in the area of information and communication technology (ICT).

    The Group Managing Director of the bank, Herbert Wigwe, who disclosed this during the Women’s History Month Launch in Lagos, at the weekend, said the training would equip the women on the relevance of information technology. This, he said, would enhance their capability in information technology handling.

    He said the role of women in the economic development of the nation cannot be overemphasised, hence the need for the training.

    The programme was organised by the Public Affairs Section of the United States Consulate General, Lagos in partnership with Ideas Builders Initiative and Access Bank Plc.

    Wigwe said the training would last for a period of twelve months, assuring that the bank would upgrade the information and communication technology (ICT) systems to provide better services and build a more robust ICT platform as well as upgrade the branch networks and facilities to serve the growing number of clients and further improve the working environment of its staff.

    Besides, he said the bank hopes to develop its distribution channel infrastructure to provide better and more efficient services to clients as well as augment its working capital to expand its loan book in its medium term strategic objectives.

    Wigwe said as the Nigerian banking industry becomes more and more competitive, it would increase its market share by developing products that would offer better value and by showing better understanding of individual customer needs.

    While lauding the initiative behind the programme, the presidential candidate of KOWA Party, Prof. Remi Sonaiya, said the Ideas Builders’ Initiative, a nongovernmental organisation, deserves commendation for focusing attention on women, agriculture and rural community development.

    She also lauded the organisation for scaling up its women programme ultimately to make women succeed first as individuals before taking up other roles in the society.

    Of note, she said, was the organisation’s plans to extend its tentacles to secondary schools, a development, she emphasised, that was well thought out.

    The highpoints of the occasion was the launch of the ‘School Vegetable Gardening Project’ targeting public schools in the four geo-political zones of the country.

  • Access Bank extends N53b rights issue

    Access Bank extends N53b rights issue

    •Equities still bullish

    Shareholders of Access Bank Plc have been granted additional two weeks to pick up their rights in the ongoing rights issue of N52.6 billion.

    The management of the bank urged shareholders to take advantage of the extension to pick up their rights. It is expected that trading on the rights issue on the Nigerian Stock Exchange (NSE) will also continue during the period.

    Rising Access Bank’s share price helped the equities market to sustain its bullish run. The bank’s share price rose marginally by 0.15 per cent yesterday, substantially higher than 0.05 per cent recorded by the average benchmark index at the NSE, the All Share Index (ASI).

    Aggregate market value of all quoted equities on the NSE rose from N10.210 trillion to close at N10.215 trillion while the ASI inched up from its opening index of 30,601.13 points to close at 30,614.93 points. This moderated average year-to-date return to -11.66 per cent.

    Securities and Exchange Commission (SEC) approved the extension of Access Bank Plc’s rights issue to March 18, 2015. Access Bank is offering 7.63 billion ordinary shares of 50 kobo each to existing shareholders at N6.90 per share. The rights issue, which opened on January 26 2015, was initially scheduled to close yesterday.

    The bank stated that the extension of the acceptance period was done to give shareholders ample time to subscribe for their rights.

    Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe, urged shareholders to take advantage of this extension to fully exercise their rights, assuring them of quality return on their investments.

    “We are going to give good returns on investment as our target is to be among top three banks in 2017,” Wigwe said.

    He added that the bank was already talking to institutional investors, high net-worth investors and individuals, particularly investors who understand the value of long term investments.

    Many shareholders have commended the performance of the bank and ability of its management to consistently enhance the quality and value of their investments.

    Damola Adekunle, a Lagos-based shareholder and self-avowed satisfied customer, expressed optimism that the rights issue would be fully subscribed citing the quality of the bank’s leadership and its vision.

    He added that some of the strategic initiatives and decisions taken in the last couple of years have signalled that the bank is heading in the right direction.

    The net proceeds of the issue will be used to boost the bank’s working capital, enhance its information technology and expand branch network. These are expected to ultimately lead to improved performance and returns to investors.

  • Access Bank’ N53b rights issue closes amidst optimism

    Access Bank’ N53b rights issue closes amidst optimism

    Application list for the N53 billion rights issue by Access Bank Plc closes today amidst optimism that the bank would leverage on its premium brand and recent successes to achieve full subscription. Shareholders of the bank have up till the close of business today to submit their acceptance forms. Also, the Nigerian Stock Exchange (NSE) will hold its last trading session on the rights issue today.

    Access Bank Plc is offering about 7.63 billion ordinary shares of 50 kobo each at N6.90 to existing shareholders on the basis of one new share for every three shares held. The rights issue had opened on January 26, 2015.

    It is however unclear as at press time if Access Bank will seek for extension of the application period. The bank needs to proof to the Securities and Exchange Commission (SEC) that there are exceptional reasons to warrant extension as there were no many public holidays and industrial and civil disturbance during the offer period.

    Market analysts said the bank could achieve its target given its underlying value. Analysts at Afrinvest Securities had said Access Bank Plc has strong potential to generate high capital gains and above-average dividend yields to investors.

    A review of high-value stocks by the investment firm indicated that the bank’s share price could rise to N11.80 per share over the next 12 months. The 12-month target price represents a capital gain of 71 per cent on the bank’s rights issue price of N6.90 per share.

    According to analysts, Access Bank could also deliver above-average returns to long-term investors with its dividend yield at 9.5 per cent.

    Analysts placed the “buy” ticker on Access Bank, implying that investors are encouraged to take position in the bank as its 12-month return will definitely not be less than 25 per cent.

    The net proceeds of the N53 billion offer would be used to upgrade the information and communication technology (ICT) systems of the bank to provide better services and build a more robust ICT platform as well as upgrade the branch network and facilities to serve the growing number of clients and further improve the working environment of staff.

    The bank would also use part of the proceeds to further develop its distribution channel infrastructure to provide better and more efficient services to clients while it would also augment its working capital to expand its loan book in its identified sectors of growth in line with its medium term strategic objectives. Access Bank would also use part of the proceeds to pursue opportunities for international expansion.

    In a strategic preview of the bank, the management of Access Bank outlined that the ongoing recapitalization is part of its strategic initiatives aimed at realizing the bank’s strategic vision of becoming the world’s most respected African bank by 2017 and attain a top three position in any of its chosen market segments, based on all performing metrics.

    The bank stated that it would focus on five key broad initiatives over the next the next three years with each initiative targeted at various areas of the bank’s operations. These included customer relationship, products, delivery channels, relationship management and product pricing.

    The bank stated that its number one priority will be its customers and it will continue to focus on improving and deepening the relationship with the customers by embarking on customer sub-segmentation, which will improve the feedback process and transform the whole customer experience.

    Under the superior product initiative, the bank plans to develop superior banking products, which will act as “game changers”, tailor-made for specific customer needs.

    According to the bank, as the Nigerian banking industry becomes more competitive, it can increase its market share by developing products that offer better value and by showing a better understanding of individual customer needs.

    “The bank is in the process of optimising its services distribution channels. The goal under this initiative is to improve the service delivery channels to customers by providing a wide range of distribution channels, such as mobile banking and mini cash centres, while improving the bank’s operational efficiency by rationalising its branch network,” the bank stated.

    The bank also plans to automate and improve its product pricing to maximize returns and minimise risks, in line with its risk management guidelines. This is expected to boost profitability by improving its return on risk-adjusted capital model for pricing its products and services.

    Under the relationship management initiative, Access Bank aims at maintaining and strengthening its relationship with existing customers, while attracting new customers. The bank plans to attract new customers based on trust and the strong working relationship with existing clients.

    Chairman, Access Bank Plc, Mr. Gbenga Oyebode, noted that in furtherance of the bank’s objective of ranking as one of the top three banks in its chosen markets, it has identified certain sectors and market segments as growth opportunities for the next five years adding that enhancement of the bank’s capital base is critical to the realisation of the potentials in the identified sectors.

    He outlined that the capital raising is also to stand the bank in good chance in the event of regulatory headwinds.

    According to him, the Central Bank of Nigeria recently designated eight banks, including Access Bank, as Systematically Important Banks (SIBs). SIBs will be required to have an additional one per cent buffer of tier1 capital above the minimum capital required by other banks.

    “These developments make the enhancement of the Bank’s capital base imperative for the realisation of its strategic objectives,” Oyebode said.

    Oyebode noted that the bank has put in place adequate measures to safeguard it against possible headwinds and risks.

    According to him, management of Access Bank has broadly categorised the potential risks into risks to the entire banking industry and risks specific to Access Bank. Potential risks to the entire banking industry include headwinds from regulatory changes. The bank has set comfort buffers above regulatory limits to reduce the impact of any unexpected regulatory changes. Potential risks specific to the bank include, but are not limited to, composition of the bank’s deposits, loan book concentration, and foreign currency risks.

     

     

  • Access Bank, police partner on fraud control

    Access Bank, police partner on fraud control

    Access Bank Plc and the Police Special Fraud Unit (PSFU), Ikoyi, Lagos, yesterday reiterated their joint commitment in effective fraud investigation and control.

    Speaking yesterday at a training organised by the bank for compliance officers and PSFU officers in Lagos, the Chief Compliance Officer, Access Bank Plc, Pattison Boleigha reassured the Police of the lender’s continued support for the police during its investigations.

    He said that criminals have gone ahead of internal control officers and that it is only through effective collaboration with the police that their activities can be checked. He also said that Know Your Customer (KYC) policy of the Central Bank of Nigeria (CBN) is the foundation of banking that should be followed.

    “KYC is the foundation of banking. You need to know who the customer is, before you will be able to meet his or her needs. Proper customer due diligence should come naturally in financial institutions. In Access Bank, KYC and extended due diligence processes, form a major cornerstone of our anti-money laundering and tracking financial terrorism programme,” he said.

    Bolegha explained that customer due diligence and knowing the beneficial owners of an account has been placed as a primary objective for every bank internal control system to achieve proper control within the system.

    He said the bank carries out a customer due diligence risk assessment to know the type of customers it wants to deal with and the right risk management system that would apply. “So, if we know that we don’t have the right risk management system to deal with a customer, we will not carry out transaction with such customer. This helps us to reduce the risk of KYC failure,” he said.

    The Deputy Commissioner of Police at PSFU, Ikoyi, Zubairu Muazu said the training for its officers is part of the Corporate Social Responsibility (CSR) implemented by the lender, aside several support extended to the lender last year.

    “Today’s training will enhance our job interface of preventing fraud and financial crimes. We believe that we need to come together and understand ourselves better to improve partnership between both parties,” he said.

    Muazu explained that effort of the police in fraud control is yielding positive results as fraud cases are declining. “Fraud cases are not rising. The cooperation between the police and the financial sector is getting better, and we are doing our best to reduce fraud in the system,” he said.

  • Access Bank has high growth potential, say analysts •One-year return could be 71%

    Access Bank has high growth potential, say analysts •One-year return could be 71%

    Access Bank Plc has strong potential to generate high capital gains and above-average dividend yields to investors, according to current stock recommendation by Afrinvest Securities Limited.

    The stock recommendation, released on Monday, indicated that the bank’s share price could rise to N11.80 per share over the next 12 months. The 12-month target price represents a capital gain of 71 per cent on the bank’s rights issue price of N6.90 per share.

    According to analysts, Access Bank could also deliver above-average returns to long-term investors with its dividend yield at 9.5 per cent.

    Analysts placed the “buy” ticker on Access Bank, implying that investors are encouraged to take position in the bank as its 12-month return will definitely not be less than 25 per cent.

    Access Bank Plc is offering about 7.63 billion ordinary shares of 50 kobo each at N6.90 to existing shareholders on the basis of one new share for every three shares held. The rights issue opened on January 26 and will close on March 04, 2015.

    Interim results of the bank for the nine-month period ended September 30, 2014 showed 17.3 per cent increase in gross earnings to N181.8 billion in 2014 as against N155 billion recorded in the corresponding period of 2013. Total assets rose to N2.07 trillion, an increase of 13 per cent from N1.84 trillion recorded in the comparable period of 2013. Profit for the period rose by 28 per cent to N35.4 billion compared with N27.6 billion recorded in the corresponding period of 2013. Basic earnings per share thus increased by 28 per cent to N1.54 as against N1.21 posted in the comparable period of 2013.

    Managing Director, Access Bank Plc, Mr Herbert Wigwe, had last week assured that the bank is committed to creating better shareholders’ value and ensuring good returns to investors in the bank.

    He assured that the bank would deliver on its promise of good returns urging investors to take advantage of the bank’s ongoing rights issue to take bigger stakes in the bank as it continues to pursue its vision of being the top three banks in the next three years.

    He noted that though the downtrend at the stock market had negatively affected the share price of the bank, its fundamentals remained strong and the offer price is a good entry price for investors.

    “We don’t manage share price, but the fundamentals of the bank are very strong. We are going to give good returns on investment as our target is to be among top three banks in 2017,” Wigwe said.

    He said the bank has been talking to institutional investors, high networth investors and individuals who understand the value of long term investments to take positions in the bank.

    He expressed optimism on the success of the rights issue noting that initial reports have indicated that shareholders were enthusiastic about the rights issue and have been taking up their rights.

    The net proceeds of the N53 billion offer would be used to upgrade the information and communication technology (ICT) systems of the bank to provide better services and build a more robust ICT platform as well as upgrade the branch network and facilities to serve the growing number of clients and further improve the working environment of staff.

    The bank would also use part of the proceeds to further develop its distribution channel infrastructure to provide better and more efficient services to clients while it would also augment its working capital to expand its loan book in its identified sectors of growth in line with its medium term strategic objectives. Access Bank would also use part of the proceeds to pursue opportunities for international expansion.

     

     

  • Access Bank sponsors GTR export finance conference

    Access Bank sponsors GTR export finance conference

    Access Bank Plc is a platinum sponsor in the ongoing GTR sixth Annual West Africa Trade & Export Finance conference in Lagos.

    The GTR, the global financial services information providers hosting the two-day programme which started yesterday,  said the event attracted over 300 business leaders and providing expensive networking opportunities for domestic  and international financial institutions, local Small and Medium Enterprises (SMEs).

    GTR Managing Director, Peter Gubbins said the annual West Africa trade and export finance conference has rightly become a flagship event within the GTR calendar. “Many delegates and supporters return year after year and have helped develop this key industry gathering into a hotbed of contemporary discussion and unrivaled networking. We look forward to facilitating business in the region for many years to come,” he said.

    Also in attendance are global corporate, lawyers, policy makers and specialist trade finance risk analysts. As the biggest trade and export finance gathering in West Africa, the conference brings together decision makers from some of the country’s biggest corporate players, including Kola Karim, Group Managing Director & Chief Executive Officer of Shoreline Energy International-as well as other niche industry specialists to give their unique insights in today’s market. Karim said Nigerian banks have come of age and are funding key projects that are supporting the economy.

    The conference also attracted many local and international delegates from the banking and financial services sectors to discuss liquidity challenges, corporate demand for capital, the impact of changing global trade flows and specific industry case studies.

    Producer of the event, Paul Greetham said Nigeria’s economy has flourished of late with optimism growing in many sectors.

     

  • Access Bank to become most respected African bank

    Access Bank to become most respected African bank

    Access Bank Plc plans to become world’s most respected African bank and a top-three brands in all business segments within the next three years.This is hingedon its ability to  harness net proceeds of  N53 billion rights issue to strengthen its capital base and explore new growth opportunities.

    Access Bank Plc is offering about 7.63 billion ordinary shares of 50 kobo each at N6.90 to existing shareholders on the basis of one new share for every three shares held. The rights issue opened on January 26 and will close on March 4.

    In a strategic preview of the bank, the management of Access Bank outlined that the ongoing recapitalisation is part of its strategic initiatives aimed at realising the bank’s strategic vision of becoming the world’s most respected African bank by 2017 and attain a top three position in any of its chosen market segments, based on all performing metrics.

    The bank stated that it would focus on five key broad initiatives over the next the next three years with each initiative targeted at various areas of the bank’s operations. These included customer relationship, products, delivery channels, relationship management and product pricing.

    The bank stated that its number one priority will be its customers and it will continue to focus on improving and deepening the relationship with the customers by embarking on customer sub-segmentation, which will improve the feedback process and transform the whole customer experience.

    Under the superior product initiative, the bank plans to develop superior banking products, which will act as “game changers”, tailor-made for specific customer needs.

    According to the bank, as the Nigerian banking industry becomes more competitive, it can increase its market share by developing products that offer better value and by showing a better understanding of individual customer needs.

    “The bank is in the process of optimising its services distribution channels. The goal under this initiative is to improve the service delivery channels to customers by providing a wide range of distribution channels, such as mobile banking and mini cash centres, while improving the bank’s operational efficiency by rationalising its branch network,” the bank stated.

    The bank also plans to automate and improve its product pricing to maximise returns and minimise risks, in line with its risk management guidelines. This is expected to boost profitability by improving its return on risk-adjusted capital model for pricing its products and services.

    Under the relationship management initiative, Access Bank aims at maintaining and strengthening its relationship with existing customers, while attracting new customers. The bank plans to attract new customers based on trust and the strong working relationship with existing clients.

    Chairman, Access Bank Plc, Mr. Gbenga Oyebode, noted that in furtherance of the bank’s objective of ranking as one of the top three banks in its chosen markets, it has identified certain sectors and market segments as growth opportunities for the next five years, adding that enhancement of the bank’s capital base is critical to the realisation of the potentials in the identified sectors.

    He outlined that the capital raising is also to stand the bank in good chance in the event of regulatory headwinds.

    According to him, the Central Bank of Nigeria recently designated eight banks, including Access Bank, as Systematically Important Banks (SIBs). SIBs will be required to have an additional one per cent buffer of tier1 capital above the minimum capital required by other banks.

    “These developments make the enhancement of the bank’s capital base imperative for the realisation of its strategic objectives,” Oyebode said.

    He outlined that the net proceeds of the offer would be used to upgrade the information and communication technology (ICT) systems of the bank to provide better services and build a more robust ICT platform as well as upgrade the branch network and facilities to serve the growing number of clients and further improve the working environment of staff.

    He added that the bank would also use part of the proceeds to further develop its distribution channel infrastructure to provide better and more efficient services to clients while it would also augment its working capital to expand its loan book in its identified sectors of growth in line with its medium term strategic objectives. Access Bank would also use part of the proceeds to pursue opportunities for international expansion.

    Oyebode noted that the bank has put in place adequate measures to safeguard it against possible headwinds and risks.

    According to him, management of Access Bank has broadly categorised the potential risks into risks to the entire banking industry and risks specific to Access Bank. Potential risks to the entire banking industry include headwinds from regulatory changes. The bank has set comfort buffers above regulatory limits to reduce the impact of any unexpected regulatory changes. Potential risks specific to the bank include, but are not limited to, composition of the bank’s deposits, loan book concentration, and foreign currency risks.

    “The bank has strong internal risk management teams dedicated to monitoring all of the bank’s identified risks and exposures. Our governance and risk-management framework policies remain strong and robust. Over the years, these policies have protected the bank whilst allowing us to pursue opportunities that drive long-term growth and value. The board of directors is confident that the bank has the appropriate capacity to protect and safeguard the interests of its depositors and shareholders at all times,” Oyebode stated.

    He urged shareholders to pick their rights, pointing out that by accepting their rights, they will be supporting the bank to further consolidate its position as a Tier I bank and be well positioned to achieve its strategic market leadership objectives.

     

  • Access Bank achieves 100% tax compliance

    Access Bank achieves 100% tax compliance

    Access Bank Plc yesterday, received recognition from the Lagos State Internal Revenue Service (LIRS) for achieving 100 per cent tax compliance. The Lagos State Governor, Babatunde Fashola presented the award to the bank.

    Receiving the award, the Group Managing Director, Mr. Herbert Wigwe, said the lender is grateful to be so recognised as a tax compliant institution.

    “We know of only one way to conduct our business and that’s the socially responsible way. We encourage the LIRS to continue their good work as the quest for a better Lagos is the responsibility of all,” he said.

    Wigwe was represented by the bank’s Chief Financial Officer, Seyi Kumapayi.

    Fashola said tax payment is a social contract between the government and the governed which must be kept. While commending the bank for being a tax compliant organisation, he said revenues from taxation have helped the state to fulfill its developmental roles to the people.

    He said the Lagos State government has built a tax system that works and that it has sustained the state in the face of declining oil price.

    “The price of oil has dropped drastically. The federal allocations to the states have dropped. In spite of those droppings, Lagos State has paid salaries regularly.  We paid 15 per cent bonus in December because we created a model of public finance that works,” he said.

    The governor said that Lagos State will continue to thrive because it implements a robust tax administration which he said should be emulated nationwide.

    Executive Secretary, Manufacturers Association of Nigeria (MAN), Joseph Emoleke agreed that the dwindling state of the nation’s revenue profile is no longer news to discerning Nigerians.

    He said while some governments, especially at the states’ level, have over the years, deliberately tinkered with their revenue mix for funding government operations thereby insulating the operations of government from oil revenue volatility, regretably to a large extent, others have not, he stated.

  • Access Bank gets SEC’s approval on N53b rights issue

    The Securities and Exchange Commission (SEC) has approved the plan by Access Bank to raise funds from existing shareholders, paving the way for the bank to open application list for the N52.6 billion rights issue.

    Access Bank Plc is offering about 7.63 billion ordinary shares of 50 kobo each at N6.90 to existing shareholders on the basis of one new share for every three shares held. Shareholders of the bank had approved the bank’s proposal to raise additional equity at an extraordinary general meeting in Lagos on October 13, 2014. Access Bank’s share price rose by 4.81 per cent to close at the Nigerian Stock Exchange (NSE) yesterday at N5.23.

    The bank said the capital raising falls in line with its five-year corporate strategy plan to be one of the top three banks in the country and the “world’s most respected African bank”. The strategy is anchored on four critical pillars including capital, human capital, governance and risk management.

    It added that the rights issue will also enable it to be more competitive and meet the funding needs of its blue chip customers that meet its credit risk criteria.

    Group managing director, Access Bank Plc, Herbert Wigwe said the proceeds from the offer will be used to upgrade the bank’s information technology platforms to enable it provide better services, upgrade the bank’s branch networks and further improve the working environment.

    “The funds raised would provide Access Bank with additional capacity to further consolidate its leading corporate banking business as well as additional capital headroom to support our increasing market share in the SME and retail segments,’” Wigwe said.

    According to him, in spite of the challenging conditions in the nation’s banking sector with regulatory changes and increased competition, Access Bank has continued to sharpen its execution skills, thereby ensuring a solid platform to build on.

    Access Bank Plc had launched a highly successful $400 million Eurobond in June 2014. The transaction followed the bank’s highly successful $350 million five-year senior debt issued in 2012. Access Bank is rated B (Fitch) and A+ Agusto & Co.

    Meanwhile, the Nigerian equity market started the week on a negative note as the benchmark index at the NSE, the All Share Index (ASI), declined by 0.11 per cent to close at 29,779.17 points. This worsened the average year-to-date return at -14.07 per cent.

  • Access Bank harps on financial support for SMEs, youths

    Access Bank harps on financial support for SMEs, youths

    The Group Managing Director, Access Bank Plc, Herbert Wigwe has reiterated the bank’s commitment for financial empowerment for Small and Medium Enterprises (SMEs) and the youths in Africa.

    Speaking yesterday at the Africa Sustainable CEO Business Roundtable in Lagos, Wigwe,, who discussed how the lender is financing youth entrepreneurs and SMEs in the continent,  said traditional problems, such as access to finance, environment and the right knowledge on the society where they operate, are some of the factors affecting today’s youths.

    Wigwe, who was represented by the Executive Director, Personal Banking, Victor Etuokwu disclosed that the lender has a team that drives and adds value to SMEs in the country.

    “What we have done in Access Bank is that we have a team to drive and add values to SMEs. Finance is not the  major issue, but building capacity and understanding things around. We also have programmes that support women entrepreneurs because we find it interesting working with them,” he said.

    The United Nations Global Compact, organisers of the programme, charged African Chief Executive Officers to collaborate in contributing to the post-2015 development in Africa.

    Executive Director, UN Global Impact, Dr. Georg Kell in his remarks enjoined local networks to partner to help achieve economic growth in the continent.  He also added that the UN Global Compact will support CEOs and the Nigerian government in their efforts to sustain future business in Africa.

    CEO, Safaricom Ltd and Board member, UN Global Compact, Mr Robert Collymore said collective actions, long term mindset and corporate sustainability can help run a sustainable business while Commissioner for Economic Planning and Budget, Lagos State, Mr Ben Akabueze noted that government should appoint an ombudsman to tackle corruption, organize regular open forum between public and private sector to discuss problems and way forward.