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Tag: Access Holdings

  • Access Holdings expands pension market with ARM Pensions merger

    Access Holdings expands pension market with ARM Pensions merger

    Access Holdings has successfully completed its merger with ARM Pensions Managers Limited (ARM), a landmark move that has created one of Nigeria’s largest pension fund administrators, Access ARM Pensions Limited (AAPL).

    The completion of the merger was announced yesterday through a regulatory filing on the Nigerian Exchange (NGX).

    Access Holdings noted that the merger solidified the company’s growing influence in the pension fund administration sector, a key financial service segment in the nation.

    The transaction marked the final step in a long-anticipated acquisition process that began earlier this year when Access Golf Nigeria Limited, a significant shareholder in Access Pensions Limited, secured regulatory approvals to acquire a majority stake in ARM Pensions Managers.

    With the merger’s completion, AAPL now controls assets nearing N3 trillion and manages approximately 2.0 million retirement savings accounts.

    According to group, the merger provides Access Holdings a competitive edge in Nigeria’s pension administration sector, expanding its service offerings while enhancing its talent pool, client-focused innovations, and risk management capabilities.

    Access Holdings assured that the newly formed AAPL is positioned to provide stronger value propositions to clients, shareholders, and partners.

    Speaking on the development, AAPL’s Chief Executive Officer, Emenike Uduanu, emphasised the importance of the merger for the future of the company and its clients.

    He said: “This merger signals a bold step in our ambition and goal to become the leading pension fund administrator in Nigeria.

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     “It provides us the platform to expand our services, enhance operational efficiency, and drive innovation for the future. We are committed to making AAPL a symbol of trust and security for our clients as we work tirelessly to deliver long-term value for those planning their retirements.”

    The alliance was also hailed as a revolutionary success for both Access Holdings and ARM Pensions by Chairman of Access Holdings PLC, Aigboje Aig-Imoukhuede.

     “I am delighted at the closure of this transaction that brings these two winning companies together and excited by the opportunities that Access ARM Pensions Limited represents,” Aig-Imoukhuede said.

     “I am confident that we will establish our pension business as a leading brand in Africa’s retirement and benefits sector, paving the way for a brighter future for all our stakeholders,” he added.

    The successful merger was made possible following approvals from key regulatory bodies, including the National Pension Commission (PenCom) and the Federal Competition and Consumer Protection Commission (FCCPC).

    These approvals were critical in facilitating the acquisition of a controlling stake in ARM Pensions Managers, enabling the formation of AAPL.

    For Nigeria’s pension sector, this consolidation signifies a trend of mergers aimed at improving operational efficiencies and providing higher returns to contributors. With Nigeria’s pension assets steadily growing, experts’ opines AAPL’s management of N3 trillion in assets signals a robust capacity to shape the future of retirement savings in the country.

    According to market pundits, this merger demonstrates Nigeria’s evolving financial sector, where large-scale consolidations are becoming a strategy for growth.

    For international investors, Access Holdings’ aggressive expansion into pension fund administration enhances its attractiveness as a financial powerhouse in Africa, catering to both domestic and international markets.

    As AAPL forges ahead, the global financial community will be closely watching how the company leverages its newly expanded resources to innovate and compete in an increasingly digitised and customer-driven pension landscape.

  • Access Holdings to increase funding for infrastructure, others

    Access Holdings to increase funding for infrastructure, others

    Access Holdings Plc has reaffirmed its commitment to addressing infrastructure deficit and capital access challenges not only in Nigeria but across the continent. Managing Director, Access Bank Plc, Roosevelt Ogbonna said the bank’s focus on improving infrastructure at this time is informed by its desire to bridge the gap and connect Africa with the rest of the world.

     “As one of the continent’s largest and most diversified financial services groups, the Group is poised to   tackle Africa’s integration into global markets which remains a significant challenge, hindering the continent’s economic growth and development, particularly in an era where globalisation is rapidly reshaping economies worldwide.”

    The Access Bank’s chief, who spoke in the light of the bank’s ongoing Rights Issue presentation at the Nigerian Exchange (NGX), said: “we are positioning ourselves to be one of the most respected banks globally,” adding, “our focus is on superior service across all the continents and countries we are operational in.”

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    Access Bank’s customer base, he stated, is expected to grow to 125 million by 2027, further cementing our market leadership.

    This ambitious growth plan, in his words, “is part of the broader strategy to drive organic growth through strategic acquisitions, partnerships with international banks, and substantial investments in infrastructure and technology,”

    Access Holdings’ ambitious five-year strategic plan, Ogbonna highlighted, aims to establish a presence in at least 26 countries by 2027, including the Organisation for Economic Co-operation and Development (OECD) countries, the United Kingdom, France and the USA.

    To support this growth, he said, “Access Holdings plans to develop a cutting-edge digital platform and automated self-services to better serve its customers, as well as open cost-effective branches in strategic locations within and beyond Africa.”

    According to him, building on this key aspect of Access Holdings’ growth strategy is the formation of strategic partnerships with major players in the financial sector. One of which is the Group’s partnership with Safaricom Plc and M-PESA Africa to expand cross-border money solutions in Africa.

    As he put it, “this partnership will leverage Access Bank’s extensive network and presence across 15 African countries, including Nigeria, Kenya, Ghana and Tanzania, to provide affordable remittance solutions to key markets.

    He said Access Holdings is extending its cross-border money solutions in Africa through strategic alliances with Safaricom Plc and M-PESA Africa, leveraging its broad network of 15 African nations to provide competitive remittance options.

    Besides, he said , the financial services group is collaborating with MasterCard to create a payment infrastructure that integrates a single cross-border money transfer system across multiple African markets.

    This solution, Ogbonna emphasised, will enable businesses and consumers to make and receive international payments in over 150 countries, thereby enhancing the accessibility and efficiency of cross-border payments.

    He avowed that Access Holdings’ strategic expansion plan could position Africa as a global economic leader, expanding financial and credit services to remote areas of the continent.

    “The opportunities for African integration and economic progress are vast,” adding that by capitalising on its extensive network, large customer base, geographic reach, and market leadership, “Access Holdings is well-equipped to unlock new opportunities for African businesses and consumers, enhancing the continent’s interconnectedness.

    Ogbonna said Access Bank has experienced significant growth, particularly following its merger with Diamond Bank, pointing out that this merger has positioned Access Bank as one of the largest retail banks in Africa by customer base and the largest by total assets.

    He said Access Bank currently serves its markets through Retail, Business, Commercial and Corporate, saying over the past 18 years, the bank has demonstrated strong growth potential, solidifying its position as a leader in the African banking space.

    The goal of becoming Africa’s gateway to the world, he said, is driven by the company’s plan to be the continent’s preferred trade financier and payment solutions provider.

    According to him, this strategy leverages the enormous potential in trade and payment, including Africa’s $24 billion electronic payments market, growing at an annual rate of 30 per cent; the $950 billion in cross-border trade; and $100 billion in cross-border payments and remittances.

  • Access Holdings extends period for N351b rights issue

    Access Holdings extends period for N351b rights issue

    Access Holdings Plc has extended the acceptance period for its ongoing N351 billion rights issue, providing existing shareholders and other investors additional opportunity to participate in the new capital raising.

    Access Holdings is offering 17.772 billion ordinary shares of 50 kobo each to existing shareholders at N19.75 per share. The offer opened on Monday, July 08, 2024.

    The offer period, which was initially scheduled to close today, August 14, 2024, has now been extended to August 23, 2024. The extension followed approval of the Securities & Exchange Commission (SEC).

    In a regulatory filing at the Nigerian Exchange (NGX), Access Holdings explained that the decision to extend was in response to the recent nationwide protest that disrupted operations of businesses and individuals across Nigeria.

    The group stated that the extension also provides shareholders with ample opportunity to subscribe to their rights.

    Chairman, Access Holdings Plc, Aigboje Aig-Imoukhuede, has said the group decided on a rights issue as a commitment to the bond between the group and its shareholders.

    According to him, shareholders’ value was at the core of the group’s business vision and the group decided shareholders who had endured to build the group to its enviable status should reap the benefits.

    At the “Facts Behind the Rights Issue” session at the NGX, Aig-Imoukhuede said the group is moving to a new phase of its phenomenal growth where shareholders would reap bountiful returns on their investments.

    Read Also: Access Holdings outlines plans to put Africa on global markets

    He urged shareholders to pick their rights as they stand to gain more from their investments.

    According to him, the additional capital will enable the group to maximise emerging opportunities and deliver long-term value to shareholders.

    He said the group is committed to strengthening ties with shareholders and enhance value creation.

    Managing Director, Access Bank, Roosevelt Ogbonna said Access Bank UK is well positioned to become one of the top 20 banks, generating profit of about $1 billion annually.

    He said the bank’s presence in this sophisticated market has continued to positions it strategically in the areas of facilitating and enhancing cross-border trade across the globe.

    According to him, its resolve to providing innovative financial solution has played a vital role in supporting businesses and investors involved in international trade over the years.

    He noted that the bank is currently in its consolidation phase to add value to shareholders investment, having invested heavily in new markets, skills and infrastructure, technology over the last 10 years.

    “All our earnings is in the UK dollarised. So it means every time there is a devaluation, our UK business continues to grow, so we have created a natural hedge. Going forward, our consolidation with shareholders will be to show what we have built over the years. Our international business is competing with other foreign banks in capitalisation. The institution has indeed delivered in all its commitment from 2002,” Ogbonna said.

  • Access Holdings outlines plans to put Africa on global markets

    Access Holdings outlines plans to put Africa on global markets

    Access Holdings, financial service organisation, is poised to unlock  opportunities for African businesses and consumers through its customer base.

    In a statement, the firm noted that effective implementation of its strategic expansion and consolidation plan can transform Africa and extend finance and credit facilities to all parts of Africa and the world.

    It said  acquisition of African Banking Corporation (Tanzania) Limited (BancABC Tanzania) aligns with Access Bank’s, one of its subsidiaries, aggressive pan-African expansion strategy and search for new acquisitions.

    Access Bank Managing Director and Chief Executive Officer, Roosevelt Ogbonna, described the acquisition as a strategic move  to support a strong banking network in East Africa.

    The firm  is also working to create a payment railroad with MasterCard in integrating a single cross-border money transfer across multiple African market.

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    It stressed its five-year plan to establish presence in 26 countries by 2027, including three Organisation for Economic Co-operation and Development (OECD) countries: United Kingdom, France, and America.

     The group aims to increase its customer base to 125 million by 2027, with 100 million projected to be in Nigeria, while  proposing to develop a tech-forward digital platform and automated self-services.

    To further underscore its growth, it has engaged in   strategic partnerships with major actors in the financial space as evident in its collaboration with Safaricom Plc and M-PESA Africa.

    “The goal to be Africa’s gateway to the world is based on plans to be the trade financier and payment solution provider of choice on the continent. This entails utilisation of value in trade and payment, including African electronic payment’s $24 billion revenue growing at 30 per cent annually; $950 billion of cross-border trade, as well as $100 billion cross-border payment and remittances,” the statement said.

  • N351b rights issue signals with shareholders, says Access Holdings

    N351b rights issue signals with shareholders, says Access Holdings

    Access Holdings Plc yesterday explained that it decided on a rights issue as a commitment to the bond between the group and its shareholders.

     Chairman, Access Holdings Plc, Aigboje Aig-Imoukhuede, said shareholders’ value was at the core of the group’s business vision and the group decided shareholders who had endured to build the group to its enviable status should reap the benefits.

    At the “Facts Behind the Rights Issue” session at the Nigerian Exchange (NGX) yesterday, Aig-Imoukhuede said the group is moving to a new phase of its phenomenal growth where shareholders would reap bountiful returns on their investments.

     Access Holdings is offering 17.772 billion ordinary shares of 50 kobo each to existing shareholders at N19.75 per share. The offer opened on Monday, July 08, 2024.

    Aig-Imoukhuede urged shareholders to pick their rights as they stand to gain more from their investments.

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    According to him, the additional capital will enable the group to maximise emerging opportunities and deliver long-term value to shareholders.

    He said the group is committed to strengthening ties with shareholders and enhance value creation.

    Managing Director, Access Bank, Roosevelt Ogbonna said Access Bank UK is well positioned to become one of the top 20 banks, generating profit of about $1 billion annually.

     He said the bank’s presence in this sophisticated market has continued to positions it strategically in the areas of facilitating and enhancing cross-border trade across the globe.

    According to him, its resolve to providing innovative financial solution has played a vital role in supporting businesses and investors involved in international trade over the years.

    He noted that the bank is currently in its consolidation phase to add value to shareholders investment, having invested heavily in new markets, skills and infrastructure, technology over the last 10 years.

    “All our earnings is in the UK dollarised. So it means every time there is a devaluation, our UK business continues to grow, so we have created a natural hedge. Going forward, our consolidation with shareholders will be to show what we have built over the years. Our international business is competing with other foreign banks in capitalisation. The institution has indeed delivered in all its commitment from 2002,” Ogbonna said.

    Group Chairman, Nigerian Exchange Group (NGX Group) Plc, Alhaji Umaru Kwairanga said that Access Holdings in just two decades has transformed into the biggest financial services institution in Nigeria and one of the biggest in the African continent.

    Chairman, Nigerian Exchange (NGX), Ahonsi Unuigbe said the recent directive on recapitalisation issued by the CBN aims to strengthen the financial stability and resilience of banks.

     He assured that the NGX is committed to supporting banks, including Access Holdings, in their capital-raising efforts.

     “By providing a robust and efficient platform for capital formation, NGX facilitates the mobilization of resources necessary for banks to meet this regulatory requirement and sustain growth,” Ahonsi said.

  • Access Holdings set to launch N351b rights issue

    Access Holdings set to launch N351b rights issue

    • Offer may open next week

    Directors of Access Holdings Plc and their professional advisers yesterday signed off on a N351.01 billion rights issue, paving the way for the offer to open for subscription.

    The formal signing ceremony held at the group’s Lagos head office, saw the directors and professional parties signing the offer documents, a ceremony that completed all pre-offer processes.

    Access Holdings will be offering 17.77 billion ordinary shares of 50 kobo each to existing shareholders at N19.75 per share.  The rights issue was pre-allotted on the basis of one new ordinary share for every two existing ordinary shares held as at Friday, June 7, 2024.

    Shareholders of the group had at their annual general meeting in April 2024 unanimously mandated the company to raise $1.5 billion and N365 billion in a multi-tranche, multi-currency and multi-instrument capital raising exercise.

    Acting Managing Director, Access Holdings Plc, Bolaji Agbede, yesterday said the rights issue was a significant step in delivering the group’s 2023-2027 strategic plan.

    “The additional capital will enable us to maximise emerging opportunities and deliver long-term value to our shareholders,” Agbede said.

    She added that the offer was part of the group’s strategy to enhance its working capital requirements, which includes organic growth funding for its banking and non-banking subsidiaries.

    Subject to approval of the Securities and Exchange Commission (SEC), the acceptance list for the rights issue is expected to open on Monday, July 8, 2024, and close on Thursday, August 8, 2024.

    Chapel Hill Denham is the lead issuing house to the offer while Atlas Registrars Limited will serve as registrars to the exercise. The joint issuing houses are Coronation Merchant Bank, Stanbic IBTC Capital, Vetiva Advisory Services, Greenwich Merchant Bank, FCSL, First Ally Capital, FCMB Capital, Renaissance Capital Africa and Meristem Capital.

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    Other parties to the offer are Coronation Merchant Bank, Coronation Securities, Chapel Hill Denham Securities Limited, FSDH Capital, Cordros Capital, Cowry Securities, First Integrated Capital Management Ltd, Network Capital Ltd, CSL Stockbrokers Limited, Compass Investment & Securities Ltd, PAC Securities Limited, Dynamic Portfolio, Chartwell Securities Limited, Tiddo Securities Limited, and Futureview Securities Limited.

    Chairman, Access Holdings Plc, Mr Aigboje Aig-Imoukhuede, in a media chat with journalists after the annual general meeting, had said the group was focused on two major issues of banking sector recapitalisation and continuous good returns on investment to shareholders.

    He said the new banking recapitalisation is a “sensible prudential regulation” necessary to ensure that banks are in good position to withstand dynamics of their business environment.

    “I think on the issue of recapitalisation, first of all as a group, Access Holdings wholeheartedly endorses the recapitalisation signal by the CBN.

    “Banks, particularly after period of significant devaluation of the domestic currency, volatility in the exchange and interest rates regime are always encouraged to build up the capital buffers to ensure that whatever adverse effect within their balance sheet is a result of these dynamism changes in the environment will not affect their going concern.

    “So, we endorsed the policy by CBN and it is good and sensible prudential regulation. It is not the first time CBN has come up with such policy. In 2004, when Access Bank had about N3 billion capital and it was increased to N25 billion.

    “Between 2004 and 2007, our team when I was the Chief Executive Officer, our team raised $2 billion common equity capital and therefore, if come 2024, Access Bank, much older, wiser, stronger, larger and significantly respected by the capital market with over 800,000 shareholders, raising $300 milliion in capital is not much a challenge,” Aig-Imoukhuede said.

    Underlining the reasons for its diverse capital raising programme, Aig-Imoukhuede said the group believes in ensuing that shareholders of all categories have opportunities to continue with the group in its journey.

    He said the group also has a very unique relationship with capital markets in Nigeria and international, thus the focus of its capital raising exercise.

    At the meeting, shareholders increased the issued share capital of the company from N17.773 billion of 35.545 billion ordinary shares of 50 Kobo each to N26.659 billion of 53.318 billion ordinary shares of 50 kobo each by the creation of additional 17.773 billion ordinary shares of 50 Kobo, ranking pari-passu with the existing ordinary shares of the company.

    The meeting also approved a resolution empowering the board to establish a capital raising programme of up to $1.5 billion or its equivalent, through the issuance of ordinary shares, preference shares, Alternative Tier 1, convertible and/or non-convertible notes, bonds or any other instruments, whether by way of a public offering, private placement, rights issue, book building process or any other method or combination of methods, in such tranches, series or proportions and at such dates, coupon or interest rates within such maturity periods and upon such terms and conditions as may be determined by the board subject to obtaining the requisite regulatory approvals.

    Shareholders mandated the company to raise capital of up to N365 billion by way of a rights issue on such terms and conditions and on such dates as may be determined by the directors, subject to obtaining the approvals of the relevant regulatory authorities.

    As part of the capital raising process, the meeting approved that any shares not taken by existing shareholders within the period stipulated under the rights issue may be offered for sale to other interested shareholders of the company on such terms and conditions as may be determined by the directors subject to the approvals of the relevant regulatory authorities.

  • Access Holdings leads equities to N95b recovery

    Access Holdings leads equities to N95b recovery

    Access Holdings Plc was the most sought after shares at the stock market yesterday as Nigerian equities rebounded after a streak of losses.

    Transactions in Access Holdings, Nigeria’s largest bank, accounted for 16.4 per cent and 20.4 per cent of the market’s turnover volume and value respectively.

    Benchmark indices at the Nigerian Exchange (NGX) indicated average gain of 0.17 per cent, equivalent to net capital gain of N95 billion.

    The overall market performance was buoyed by widespread positive sentiments, with three out of every four transactions closing on the upside.

    Access Holdings combined its chart-leading activities with above-average gain, rising by 0.27 per cent to N18.80 per share, 10 basis points above the market’s average return for the day.

    Nigerian stock market operates a volume-driven pricing system under which specified volume of share is required to effect a price change. Thus, in a situation of voluminous supply without concurrent demand, price drops and vice versa.

    Market analysts agreed that price appreciation in large trading underlines the relative strength of a stock.

    The bullish rally on Access Holdings came as the board of the company indicated it would be paying interim dividends to shareholders on the first half results of the group, continuing a longstanding tradition of twice dividend payments.

    The board of Access Holdings is scheduled to meet on July 30, 2024 to review the audited report and accounts for the half year ending June 30, 2024. Interim dividend payment is also on the agenda of the meeting.

    Under the extant rules, payment of interim dividend is subject to profitability, audit of the accounts and general state of the company, especially banks that require Central Bank of Nigeria (CBN)’s regulatory approval for their financial results.

    Access Holdings paid total dividend of N74.65 billion for the 2023 business year, representing a dividend per share of N2.10. This included a final dividend of N63.98 billion or N1.80 per share and interim dividend of N10.66 billion or 30 kobo per share.

    The dividend payment was against the background of significant growths in the operations of the bank, with gross earnings rising to N2.595 trillion in 2023, the highest within the banking industry. Access Holdings’ net profit had jumped by 306.9 per cent to N619.32 billion in 2023.

    Access Holdings had grown net profit by 121.8 per cent in first quarter 2024 to N159.29 billion as against N71.80 billion recorded in corresponding period of 2023, raising expectations that the bank might surpass its previous performance.

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    Total turnover at the NGX stood at 276.364 million shares valued at N4.120 billion in 7,597 deals. AIICO Insurance followed Access Holdings with a turnover of 23.955 million shares valued at N22.906 million. Guaranty Trust Holding Company (GTCO) placed third with 13.850 million shares valued at N608.119 million. Fidelity Bank followed with 13.231 million shares worth N133.746 million while Skyway Aviation Handling Company recorded 12.0 million shares worth N244.804 million.

    The All Share Index (ASI)- the common, value-based index that tracks all share prices at the NGX, rose from its opening index of 99,217.60 points to close at 99,385.44 points.

    Aggregate market value of all quoted equities rose from its opening value of N56.126 trillion to close at N56.221 trillion.

    There were 35 gainers to 13 losers. FTN Cocoa Processors, Oando and CWG emerged the highest gainers with a gain  of 10 per cent each to close at N1.54, N13.75 and 60 kobo respectively. C & I Leasing followed with a gain of 9.33 per cent to close at N3.28 while Veritas Kapital Assurance advanced by 9.09 per cent to close at 96 kobo per share.

    On the negative side, Secure Electronic Technology led the losers’ chart with 10 per cent to close at 54 kobo. Cornerstone Insurance followed with a decline of 8.64 per cent to close at N2.01. Royal Exchange shed 7.58 per cent to close at 61 kobo per share. Tantalizers lost 4.17 per cent to close at 46 kobo while Universal Insurance depreciated by 2.78 per cent to close at 35 kobo per share.

  • Access Holdings, NBDN partner on confab

    Access Holdings, NBDN partner on confab

    The Nigeria Business and Disability Network (NBDN) is set to hold the second edition of The Nigeria Diversity and Inclusion Conference on Wednesday, May 29, 2024.

    To be hosted by Access Holdings, the conference will serve as a platform for employers to enhance disability confidence, foster inclusion practices, and promote job readiness for people with disabilities in the workplace. Under the theme ‘Disability Inclusion in Corporate Sustainability,’ the event aims to highlight the economic value of disability inclusion and its significance in achieving sustainable business practices.

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    NBDN, an employer-led initiative, recognises that disability inclusion is not only a matter of social responsibility, but also makes good business sense. By creating a disability-smart business environment, employers can tap into the potential and capabilities of over 30 million Nigerians with disabilities, thereby increasing business revenue, growth, and enhancing brand reputation.

    The International Labour Organisation (ILO) established the Global Business and Disability Network (GBDN) to champion disability mainstreaming within the framework of workplace diversity and inclusion. NBDN, as the national body of employers in Nigeria championing disability inclusion, is an offshoot of this global network. Incubated by Sightsavers Nigeria and the Chartered Institute of Personnel Management in 2020, NBDN is currently chaired by Access Holdings.

    The conference will feature a lineup of esteemed speakers, including Omobolanle Victor-Laniyan, Head, Group Sustainability, Access Holdings PLC; Dr. Joy Shuaibu, Country Director, Sightsavers; Dr. Toyin Aderemi, Senior Global Advisor, Save the Children International; Rotimi Odusola, Corporate Affairs Director, Guinness Nigeria; Godfrey Adejumo, Head of Corporate Affairs and Sustainable Business, Unilever; Tonye Osifo, CSR Manager, Total Energies Nigeria; Dr. James David Lalu, Executive Secretary/CEO, National Disability Commission; Olaitan Olatunde, Sustainability Manager, Standard Chartered, and more.

    The event will feature keynote addresses, plenary and panel discussions, networking sessions, and interactive workshops, providing attendees with an opportunity to share success stories and foster partnerships for accessible workplaces and inclusive employment.

  • Access Holdings seeks responsible use of AI at smart banking summit

    Access Holdings seeks responsible use of AI at smart banking summit

    Access Holdings Plc, a leading financial services group, has reiterated the need for ethical considerations in using Artificial Intelligence (AI), calling stakeholders in the financial industry to factor its sustainability implications.

    This call to action was driven by a compelling keynote address delivered by Executive Director of IT & Digitalisation at Access Holdings, Lanre Bamisebi, at the Smart Banking Summit 2024 held in Kenya on Wednesday.

    Speaking on the topic, “AI Guardians: Securing Compliance and Mitigating Risks,” Bamisebi’s keynote shed light on the imperative to strike a balance between innovation and responsibility as the banking sector and broader society embrace AI’s transformative potential.

    “Artificial Intelligence has the power to revolutionise our societies. Over the years, this has become increasingly evident, offering unprecedented opportunities for growth, efficiency, and innovation. From enhancing customer service to optimising risk management, AI’s potential benefits in finance are vast. However, as we embrace AI, we must also ensure that its deployment is ethical, secure, and compliant with regulatory standards to mitigate risks effectively,” he said.

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    As the transformative power of AI continues to fuel innovation, concerns remain about its negative impact on the environment. According to OpenAI researchers, since 2012, the amount of computing power required to train cutting-edge AI models has doubled every 3.4 months. They also posit that by 2040, the emissions from the Information and Communications Technology (ICT) industry will reach 14 per cent of the global emissions, with the bulk of those emissions coming from ICT infrastructure, particularly data centres and communication networks.

    Speaking to these concerns, Bamisebi said, “The exponential growth of AI adoption must be met with thoughtful consideration for its environmental footprint. As we harness the power of AI, we must prioritise sustainable practices to mitigate its energy consumption and carbon emissions, ensuring a harmonious coexistence between technological advancement and environmental preservation.

    “We must embrace our roles as guardians, and place comprehensive regulatory frameworks, ethical standards, and continuous learning at the fore of our considerations so that we create a future that is safe, inclusive, and prosperous for all,” Bamisebi charged.

    Themed ‘Navigating the Next: Africa’s Leap into Smart, Secure, and Inclusive Banking’, the summit was a pivotal gathering of leaders spearheading the digital evolution in the African banking and finance space.

    Other contributors at the summit include Winnie Kaaka, Head of Product and Digital Banking, Access Bank Plc; Harry Hare, Co-Founder and Chairman, dx5; Moses Okundi, CIO/CTO, Absa; Tim Theuri, CISO, Safaricom/M-Pesa Africa; Daniel Adaramola, CISO, SunTrust Bank Nigeria Ltd; Steve Njenga, Founder and CEO, Metis Technology Solutions Ltd, and more.

  • Access Holdings assigns N427m shares to senior executives

    Access Holdings assigns N427m shares to senior executives

    Access Holdings Plc has awarded about 24 million ordinary shares worth N427 million to its senior executives as part of the group’s compensations for their leadership roles.

    The recipients of the shares, which were crossed at the Nigerian Exchange (NGX), included Acting Group Chief Executive Officer of Access Holdings, Bolaji Agbede, Managing Director of Access Bank, Roosevelt Ogbonna and six others.

    A total of 23.8 million ordinary shares worth N427.13 million were awarded to some of the group’s senior executives and executives of Access Bank, its flagship subsidiary. This was in pursuant of the terms of its shareholders’ approved employees’ performance share plan.

    According to the regulatory filings, Ogbonna got the highest amount of shares totalling 12.35 million shares worth N220.37 million, with the shares crossed at N17.85 per share. Agbede was vested with 2.22 million shares valued at N39.795 million.

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    Other directors, who had shares vested include Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank, with 1.23 million shares worth N22.16 million; Iyabo  Soji-Okusanya, Executive Director, Commercial and Investment Banking Division, Access Bank, with 1.69 million shares worth N30.36 million, and Chizoma Okoli, Access Bank’s Deputy Managing Director, Retail South, who got 1.73 million shares valued at N30.85 million.

    Others also included Dr Gregory Jobome, Executive Director, Risk Management, and Hadiza Ambursa, Executive Director, Commercial Banking, who received 1.73 million shares valued at N30.85 and N31.02m respectively and Access Holdings’ Company Secretary, Sunday Ekwochi, who was vested with 1.21 million shares worth N21.72 million. The shares were vested on May 3rd and May 6th. The vesting of the shares is not a purchase or sale transaction in the context of the Exchange’s Rules.

    Shareholders of Access Holdings had at their annual general meeting increased the issued share capital of the company from N17.773 billion of 35.545 billion ordinary shares of 50 Kobo each to N26.659 billion of 53.318 billion ordinary shares of 50 kobo each by the creation of additional 17.773 billion ordinary shares of 50 Kobo, ranking pari-passu with the existing ordinary shares of the company.