Banking Archives — Page 7 of 10 — Business Bells

Business Bells

Category: Banking

  • Just In: Awosika Breaks Silence Over Sack As First Bank Chairman

    Just In: Awosika Breaks Silence Over Sack As First Bank Chairman

     

    The immediate past chairman of First Bank Nigeria Limited, Mrs. Ibukun Awosika has broken her silence since her sack by the Central Ban of Nigeria.

     

    Awosika insisted that the decision to sack reinstated Managing Director of the bank, Adesola Adeduntan, was taken in the best interest of the institution.

     

    According to her, she maintained consistency in her contributions to development of the bank in over five years as chairman.

     

    Awosika explained she joined the bank’s board in October 2010 after which she was appointed to chair the board of FBN Life Insurance Limited.

     

    The Central Bank of Nigeria (CBN) wielded the big stick on Awosika and Chairman of FBN Holdings, Mr. Oba Otudeko on Thursday.

     

    The CBN named Mr. Remi Babalola as replacement for Otudeko (FBN Holdings Chairman) and Tunde Hassan-Odukale as Mrs. Awosika’s replacement FBN (Chairman).

     

    Awosika, in a statement shared on Instagram, titled “My FBN Group Journey”, stated the decision to end the tenure of Adesola Adeduntan as the bank’s Managing Director was taken in the bank’s best interests.

     

    But the Central Bank of Nigeria (CBN) rejected the move by the bank’s board of directors

     

    CBN argued the tenure of Adeduntan was yet to expire.

     

    She said: “In October 2010, I was appointed to join the board of First bank of Nigeria.

     

    “A few months later, I was appointed to chair the board of its startup FBN Life Insurance Limited (a joint venture with Sanlam of South Africa). As its pioneer chairman, I had the privilege of working with a strong management team led by Val Ojumah.

     

    “Together with the rest of our team we built a company that became profitable in twenty four months and continues to be so.

     

    “In early 2013, I was moved from FBN Life Insurance Ltd to assume the chairmanship of FBN Capital working with a brilliant team led by Kayode Akinkugbe as the Managing Director.

     

    “We worked hard to build the institution, bought Kakawa Discount House which I was again asked by the Group to Chair.

     

    “We eventually merged the companies to create the FBN quest Merchant Bank Group, which I chaired until my appointment as chairman of First Bank of Nigeria on January 1st 2016.

     

    “For over five years, I have worked with a dedicated team of board and management, with the support of the Central Bank of Nigeria to rebuild and restructure the institution for its future.

     

    “This included cleaning up non-performing loans, establishing good operational governance systems and processes, building controls and an effective and robust risk management system.

     

    “I am confident we have brought First Bank of Nigeria to a place where it is more than able to deliver utmost value to its stakeholders and the nation at large.

     

    “As a board, we acted in what we clearly believed to be in the best interest of the bank and we had great plans and aspirations for where the bank could go to in its future, building on all the work that has already been done in the last five plus years.

     

    “Without a shadow of doubt, I will unequivocally state that I have always acted in honor and integrity with the utmost interest of the institution, all our stakeholders and the nation.”

  • Fidelity Bank Records 53.9% Profit Growth In Q1 2020

    Fidelity Bank Records 53.9% Profit Growth In Q1 2020

     

    Fidelity Bank says it recorded N10.1 billion in profit before tax (PBT) for the first quarter of 2021 which ended March 31.

     

    According to a statement released by the bank, this represents an increase of 53.9 percent when compared to N6.6 billion recorded in the corresponding period in 2020.

     

    Gross earnings increased by 7.7 percent year on year to N55.1 billion on account of 66.7 percent growth in non-interest revenue to N12.1 billion from N7.2 billion in Q1 2020.

     

    The bank’s unaudited results show an increase in net revenue by 13.4 percent from N30.3 billion in Q1 2020 to N34.4 billion in 2021.

     

    The bank explained that the increase in its non-interest revenue came from foreign exchange related income, digital banking income and account maintenance charge, among other.

     

    It said total customers’ induced transactions across all its service channels increased by 30.4 percent year on year and 17.1 percent quarter on quarter.

     

    Commenting on the results, Nneka Onyeali-Ikpe, chief executive officer of Fidelity Bank Plc, said the bank is committed to sustaining its performance.

     

    She said Fidelity Bank increased its operating expenses by N1.3 billion (6.2%) to N23.0 billion as a result of N4.3 billion growth in regulatory charges.

     

    Excluding the increase in regulatory charges, the bank said its total operating expenses would have dropped by 13.8 percent to N18.6 billion from N21.6 billion in Q1 2020.

     

    “We commenced the year showing impressive double-digit growth in profitability and improved performance across key efficiency indices whilst ensuring our business model continued to deliver strong positive results in line with our guidance for the 2021 financial year,” she said.

     

    “Total deposits increased by 3.1% YTD to N1,751.3bn from N1,699.0bn in 2020FY, driven by 5.5% increase in low cost deposits (Demand: 6.2% | Savings: 4.1%). Foreign currency deposits increased by 15.7% YTD (N46.9bn) and now accounts for 19.7% of total deposits from 17.5% in 2020FY, as we harness the benefits of our renewed drive in Diaspora Banking as well as the recent CBN Naira-for-Dollar Incentive Scheme for diaspora remittances to Nigeria.

     

    “Retail Banking continued to deliver impressive results as savings deposits increased by 4.1% YTD to N441.6bn and we are on course to achieving the 9th consecutive year of double-digit growth in savings deposits. Savings deposits was responsible for 32.9% of the absolute growth in total deposits and now accounts for 25.2% of total deposits compared to 25.0% in 2020.

     

    “Net Loans and Advances increased by 7.6% YTD to N1,426.3bn from N1,326.1bn in 2020FY. However, the actual growth was 6.8% while the impact of the currency adjustment (2020FY: N400.3/$ – Q1 2021: N407.6/$) accounted for a 0.8% YTD growth in the loan book. Cost of risk came in at 0.4% and the NPL ratio dropped to 3.6% from 3.8% in 2020FY.

     

    “We are committed to sustaining our growth trajectory and achieving the long-term strategic aspirations of the Bank as we look forward to delivering another set of good results in the next quarter.”

  • Read FULL TEXT of CBN Governor’s Statement On The Management Crisis Rocking First Bank

    Read FULL TEXT of CBN Governor’s Statement On The Management Crisis Rocking First Bank

     

    Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has announced the reinstatement of Sola Adeduntan, as the managing director and chief executive officer of First Bank of Nigeria Limited.

     

    He also ordered the immediate removal of all directors of FBN Limited and FBN Holdings Plc.

     

    Emefiele gave this directive during a media briefing on Thursday.

     

    Here is the governor’s message in full.

     

    1.0 Good afternoon ladies and gentlemen.

     

    2.0 The media has been awash with commentaries on the purported management changes at First Bank of Nigeria Ltd (FBN) and the related regulatory inquiry by the Central Bank of Nigeria (CBN) to the Board of First Bank of Nigeria Limited. It has therefore become necessary for me to address the public to clear any misconceptions.

     

    3.0 Ordinarily the board is vested with the authority to make changes in the management team subject to CBN approval. However, the CBN considers itself a key stakeholder in management changes involving FBN due to the forbearances and close monitoring by the Bank over the last 5 years aimed at stemming the slide in the going concern status of the bank. It was therefore surprising for the CBN to learn through media reports that the board of directors of FBN, a systemically important bank under regulatory forbearance regime had effected sweeping changes in executive management without engagement and/or prior notice to the regulatory authorities. The action by the board of FBN sends a negative signal to the market on the stability of leadership on the board and management and it is in light of the foregoing that the CBN queried the board of directors on the unfortunate developments at the bank.

     

    4.0 As you may be aware, FBN is one of the systemically important banks in the Nigerian banking sector given its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers, amongst others. By our last assessment, FBN has over 31m customers, with deposit base of N4.2trn, shareholders funds of N618bn and NIBSS instant payment (NIP) processing capacity of 22% of the industry. To us at the CBN, not only is it imperative to protect the minority shareholders, that have no voice to air their views, also important, is the protection of the over 31m customers of the bank who see FBN as a safe haven for their hard-earned savings.

     

    5.0 The bank maintained healthy operations up until 2016 financial year when the CBN’s target examination revealed that the bank was in grave financial condition with its capital adequacy ratio (CAR) and non-performing loans ratio (NPL) substantially breaching acceptable prudential standards.

     

    6.0 The problems at the bank were attributed to bad credit decisions, significant and non-performing insider loans and poor corporate governance practices. The shareholders of the bank and FBN Holding Plc also lacked the capacity to recapitalize the bank to minimum requirements. This conclusions arose from various entreaties by the CBN to them to recapitalize.

     

    7.0 The CBN stepped in to stabilize the bank in its quest to maintain financial stability, especially given FBN’s systemic importance as enumerated earlier. Regulatory action taken by the CBN in this regard included:

     

    1. Change of management team under the CBN’s supervision with the appointment of a new Managing Director/ Chief Executive Office in January 2016.

     

    1. Grant of the regulatory forbearances to enable the bank work out its non-performing loans through provision for write off of at least N150b from its earning for four consecutive years.

     

    iii. Grant of concession to insider borrower to restructure their non-performing credit facilities under very stringent conditions

     

    1. Renewal of the forbearances on a yearly basis between 2016 and 2020 following thorough monitoring of progress towards exiting from the forbearance measures

     

     

    8.0 The measures had yielded the expected results as the financial condition of FBN improved progressively between 2016 when the forbearance was initially granted to the current financial year. For instance, profitability, liquidity and CAR improved whilst NPL reduced significantly.

     

    9.0 Notwithstanding the significant improvement in the bank’s financial condition with positive trajectory of financial soundness indicators, the insider related facilities remained problematic.

     

    10.0 The insiders who took loans in the bank, with controlling influence on the board of directors, failed to adhere to the terms for the restructuring of their credit facilities which contributed to the poor financial state of the bank. The CBN’s recent target examination as at December 31, 2020 revealed that insider loans were materially non-compliant with restructure terms (e.g. non perfection of lien on shares/collateral arrangements) for over 3 years despite several regulatory reminders. The bank has not also divested its non-permissible holdings in non-financial entities in line with regulatory directives

     

    11.0 Following further review of the situation and in order to preserve stability of the bank, so as to protect minority shareholders and depositors, the Management of the CBN in line with its powers under BOFIA 2020 has approved and hereby directs:

     

    1. Immediate removal of the all directors of FBN Ltd and FBN Holdings Plc

     

    1. The appointment of the following persons as directors in FBN Ltd and FBN Holdings Plc Holdco

     

    1.Chairman – Remi Babalola

     

    2.Dr. Fatade Abiodun Oluwole

     

    3.Kofo Dosekun

     

    4.Remi Lasaki

     

    5.Dr Alimi Abdulrasaq

     

    6.Ahmed Modibbo

     

    7.Khalifa Imam

     

    8.Sir Peter Aliogo

     

    9.UK Eke – Managing Director Bank

     

    1. Chairman – Tunde Hassan-Odukale

     

    1. Tokunbo Martins

     

    1. Uche Nwokedi

     

    1. Adekunle Sonola

     

    1. Isioma Ogodazi

     

    1. Ebenezer Olufowose

     

    1. Ishaya Elijah B. Dodo

     

    1. Sola Adeduntan – Managing Director

     

    1. Gbenga Shobo – Deputy Managing Director

     

    1. Remi Oni – Executive Director

     

    1. Abdullahi Ibrahim – Executive Director

     

    12.0 The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensure the stability of the financial system. There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the bank and position it as a banking industry giant.

  • CBN Sacks All First Bank Holdings Directors, Reinstates Sola Adeduntan As MD

    CBN Sacks All First Bank Holdings Directors, Reinstates Sola Adeduntan As MD

     

    The Central Bank of Nigeria (CBN) has reinstated Sola Adeduntan as the Managing Director And Chief Executive Officer of First Bank of Nigeria Limited.

     

    Godwin Emefiele, Governor of the CBN, announced this during a press briefing on Thursday.

     

    He also ordered the immediate removal of all directors of FBN Limited and FBN Holdings Plc.

     

    Emefiele directed the constitution of an interim board to clean up and stabilise the tier-1 lender.

     

    The apex bank appointed Remi Babalola as the interim chairman of FBN Holdings Plc, while other members appointed include, Peter Aliugo, Fatade Oluwole, Kofo Dosekun, Remi Lasaki, Alimi Abdulrasaq, Ahmed Modibo, and Khalifa Iman.

     

    The CBN, however, directed U.K. Eke to remain as the Group Chief Executive Officer of FBN Holdings Plc.

     

    Tunde Hassan-Odukale is the new chairman of First Bank Limited; other members include Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Dodo, Sola Adeduntan as managing director, Remi Oni, Gbenga Sobo and Abdullahi Ibrahim.

     

    On Wednesday, the CBN had queried the board of First Bank of Nigeria Limited over the removal of Sola Adeduntan, without due consultation with regulatory authorities.

     

    “The CBN was not made aware of any report from the board indicting the managing director of any wrong-doing or misconduct; there appears to be no apparent justification for the precipitate removal,” the letter signed by Haruna Mustafa, CBN’s director of banking supervision, read.

     

    “We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank, which has enhanced its asset quality, capital adequacy and liquidity ratios amongst other prudential indicators.

     

    “It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiry of his second tenure, which is due on December 31, 2021.”

     

    Speaking during the press briefing, Emefiele said the apex bank suspected that the board removed Adeduntan because he took some decisions which were not in line with the major shareholders of the bank “who felt hurt and felt he should be removed”.

     

    “This is a bank were depositors’ fund is almost 10 times shareholders’ fund, our interest is to protect depositors and minority shareholders who have no voice in this business. We will not sit idle and allow this to continue,” Emefiele said.

     

    “I spoke to Mr. Oba Otudeko (chairman of First Bank Holdings), he refused to grant my entreaties. I had to call two of his major shareholders to call him to ask the board not to take such decisions without the approval of the CBN. He refused to pick the calls of these shareholders — who are also owners of the bank.

     

    “I called him the second time, I heard on another phone one of the shareholders begging him not to take that decision, he insisted on taking that decision. I sent the shareholder back to the office of Mr. Oba Otudeko to appeal to him to suspend the decision, he refused to see the shareholder. I feel we have done our best and we would not allow a shareholder who cannot subject himself to regulatory control and authority to remain as the director of a bank.”

     

     

  • Gbenga Shobo Succeeds Sola Adeduntan as First Bank MD

    Gbenga Shobo Succeeds Sola Adeduntan as First Bank MD

     

    Gbenga Shobo has been appointed as the new managing director and chief executive officer of First Bank of Nigeria Limited with effect from April 28.

     

    Ibukun Awosika, the bank’s chairman, announced his appointment in a statement on Wednesday.

     

    Shobo will succeed Sola Adeduntan, who will be leaving the bank in accordance with the term limit for chief executives, after leading the bank since January 2016.

     

    “We are proud to announce Gbenga Shobo as our new MD/CEO. His appointment has proven the resilience of our succession planning mechanisms and the value we place on our long-standing corporate governance practices, which underpin the institution’s enduring sustainability and 127-year legacy,” Awosika said.

     

     “The board is confident that Gbenga has the experience and understanding of the bank and the know-how to lead the bank through this next phase of growth, which is focused on positioning First Bank as the pre-

    eminent bank in our chosen markets, delivering value to our stakeholders.

     

    “I would like to thank Sola for his dedication and efforts during his helm at the Bank, and before as CFO. The board and I are grateful for his leadership of the bank over the last 5 and a half years and believe that the strong foundations created during his term will provide an excellent basis for our continued success.”

     

    Awosika said Shobo was appointed as the bank’s deputy managing director (DMD) in 2016.

     

    He also formerly served as executive director overseeing the retail banking/public sector businesses in the Lagos & West directorate and was hitherto the executive director overseeing the retail business in the South directorate.

     

    “As part of his responsibility for retail banking, he has been instrumental in developing and growing the bank’s agency banking business, which today, is the market leader in agency banking, leveraging partnerships and best-in-class technology and bringing banking services to millions of unbanked and underbanked customers in Nigeria and across various countries where we operate through our African subsidiaries,” she added.

     

    The bank’s board also appointed Abdullahi Ibrahim as deputy managing director while Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu were appointed as executive directors.

     

    The appointments are subject to all regulatory approvals.

  • Reps Ask CBN To Suspend Recapitalisation Of Microfinance Banks

    Reps Ask CBN To Suspend Recapitalisation Of Microfinance Banks

     

    The House of Representatives has asked the Central Bank of Nigeria (CBN) to suspend the planned recapitalisation of microfinance banks (MFBs) until the economy stabilises and considered safe for a new deadline.

     

    This follows a motion by Saidu Abdullahi, vice-chairman of the house committee on finance, during plenary on Wednesday.

     

    In October 2018, CBN reviewed the minimum share capital requirement of the three categories of MFBs: Unit MFBs from N20 million to N200 million; state MFBs from N100 million to N1 billion; and national MFBs from N2 billion to N5 billion.

     

    The following year, it reviewed the requirement with a view to ensuring continued operations of these banks in rural, unbanked and underbanked areas of the economy.

     

    In April 2020, the apex bank revised the deadlines for MFBs recapitalisation due to the COVID–19 pandemic impacts.

     

    The CBN said: “MFBs operating in rural, unbanked and underbanked areas (Tier 2) shall meet the N35 million capital threshold by April 2021 and N50 million by April 2022.

     

    “MFBs operating in urban and high density banked areas (Tier 1) are expected to meet the N100 million capital threshold by April 2021 and N200 million by April 2022.

     

    “State MFBs shall increase their capital to N500 million by April 2021 and N1 billion by April 2022.

     

    “National MFBs are expected to meet the minimum capital of N3.5 by April 2021 and N5 billion by April 2022”.

     

    Moving the motion, Abdullahi made reference to a survey conducted by the National Association of Microfinance Banks (NAMB) which showed that out of 874 licensed MFBs, about 612 may be negatively affected by the recapitalisation policy.

     

    According to the findings, only 30 percent of MFBs would be able to meet the April 2021 deadline while 70 percent are likely to be out of business with severe consequences for the financial services industry.

     

     “In addition to the negative economic impact of the COVID–19 pandemic, Nigeria’s economy recently exited recession, the implication of which will be a significant slowdown in economic activities as the liquidity position of the government and businesses have been impacted negatively,” Abdullahi said.

     

    “In times like this, economic thinkers advocate for injection of more liquidity into the economy to stimulate economic activities, encourage spending and prevent job losses as well as support indigenous businesses.”

     

    He said the green chamber is worried about the findings, adding that if the result actualises it will aggravate unemployment, compound the challenges of insecurity, youth restiveness, poverty, apathy and hopelessness across the country.

     

    The lawmakers, therefore, mandated the committee on banking and currency to interface with CBN to find a workable solution to the challenges associated with recapitalisation of MFBs, adding that a feedback be submitted within four weeks for further legislative action.

  • Banks Lift Blockage of USSD Transactions on MTN

    Banks Lift Blockage of USSD Transactions on MTN

     

    Commercial banks have reconnected MTN customers earlier denied access to the unstructured supplementary service data (USSD) payment channels.

     

    In a letter seen by TheCable, on Sunday, Karl Toriola, Managing Director And Chief Executive Officer of MTN Nigeria, announced a decision to revert discount offered to banks on airtime sales to 4.5 percent commission.

     

    The mobile network operator (MNO) had reduced banks’ commission from an average of 3.5 percent to 2.5 percent, this led to a disagreement between MTN and commercial banks.

     

    “Our virtual meeting between yourself (Wigwe) and Segun Agbaje (MD of GTBank) on the one hand and myself (Toriola) and Modupe Kadri (chief financial officer of MTN Nigeria) on the other refers,” the letter read.

     

    “In an attempt to resolve the current USSD recharge impasse, given the interventions from our regulators, we hereby agree The Banks revert to the status quo of 4.5% commission.

     

    “However, the banks and MTN Communications Nigeria Plc, shall sit to agree on various options that will result in the reduction in the costs on 6th of April 2021.”

     

    Commercial banks had asked MTN to reverse its action to the old commission or would block MTN airtime recharge services in both mobile banking applications and unstructured supplementary service data (USSD) payment channels.

     

    Due to MTN’s refusal to revert back the commission percentage, commercial banks except Zenith Bank, which is connected directly to the MNO, denied customers access to the USSD platform, leaving many subscribers stranded and frustrated as they were informed to recharge their lines with physical cards.

     

    On Friday, Isa Pantami, minister of communications and digital economy, had said the issue encountered by MTN users through the USSD channel will be resolved soon.

     

    On Saturday, MTN had offered alternative channels for its subscribers to use in recharging their lines such as dialling *904# and *606#, and other electronic payment platforms.

  • Access Bank Posts Gross Earnings of N764.7bn, Profit N125.9bn In 2020

    Access Bank Posts Gross Earnings of N764.7bn, Profit N125.9bn In 2020

     

    In spite of a challenging economic and regulatory landscape, Access Bank Plc has recorded gross earnings of N764.7 billion for the financial year ended December 31, 2020.

     

    The Bank’s audited gross earnings shows a 15 per cent improvement from the N666.75 billion posted for the comparative period of 2019. While the Bank’s Profit before Tax stood at N125.9 billion, it also posted anon-interest income of N275.5 billion, a significant 112 per cent y/y growth from 2019. This is despite the cost of operating its enlarged franchise.

     

    According to the Group Managing Director and CEO of Access Bank Plc, Herbert Wigwe, the institution’s resilient performance “is testament to the effectiveness of our strategy and capacity to generate sustainable revenue.”

     

    “The strategic actions that the Bank has taken over the past 12 months evidence a strong focus on retail banking and financial inclusion, an African expansion strategy and a drive for scale for sustainable value creation. In 2020, Access Bank proudly opened its doors for business in Kenya and Mozambique, further increasing our footprints across the African Continent. Access Bank Zambia also concluded the acquisition of Cavmont Bank Limited in January 2021 and the Group recently announced the approval by relevant regulatory authorities for the acquisition of Grobank Limited, creating an inroad into the South African market in realization of the Group’s strategic ambitions.

     

    “In view of the opportunities that exist in the market, we will be transitioning to a HoldCo structure. The Bank has received the Approval-In-Principle from the Central Bank of Nigeria for the restructuring and the HoldCo will consist of 4 subsidiaries in order to tap into the market opportunities that are available in the consumer lending market, electronic payments industry and retail insurance market. Going into the fourth year of our 5-year cyclical strategy, our focus remains on consolidating our retail momentum and expanding our African footprint in a sustainable manner,” Wigwe said.

     

    Access Bank Plc recorded a consistent growth in its retail banking business, reporting a 5.8 million growth in customer sign-on during the year through our financial inclusion efforts. This increase in customer base led to a retail revenue of N177.2 billion, a 64.4per cent increase from its full year 2019 figures of N107.8bn. The Bank’s customer deposits also grew by 31 per cent to N5.59 trillion in December 2020 with savings account deposits standing at N1.31trillion. Similarly, net loans and advances grew by 18 per cent to N3.61trillion in comparison to its full year 2019 figures of N3.06 trillion.

     

    As the Bank intensified recovery efforts, undertook significant write off and leveraged its robust risk management practices, its asset quality improved to 4.3 per cent  compared to its 2019 report of 5.8 per cent and this is expected to continue to trend downwards as it strives to surpass the standard it had built in the industry prior to the merger with Diamond Bank.

     

  • Access Bank Gets Go-Ahead to Acquire South African Bank

    Access Bank Gets Go-Ahead to Acquire South African Bank

     

    Access Bank says it has acquired regulatory approval for its proposed acquisition of Grobank Limited, a South African bank.

     

    This was announced in a statement signed by Sunday Ekwochi, the company secretary, on Friday.

     

    Grobank, formerly known as South African Bank of Athens, is a financial firm committed to supporting the food and agriculture value chain in South Africa and the African continent at large.

     

    In September, Access Bank said it received the “approval in principle” of the Central Bank of Nigeria (CBN) to restructure into a holding company.

     

    The bank also announced a definitive agreement with GroCapital Holdings to invest in Grobank Limited over two tranches.

     

    Ekwochi said Access Bank has received the approvals of both South African and Nigerian regulatory authorities for its proposed acquisition of Grobank.

     

    He said the development is a significant milestone in the transaction, which is expected to be completed in the second quarter of 2021.

     

    The company’s secretary quoted Herbert Wigwe, chief executive officer of Access Bank, as saying the approval is in line with the company’s vision of becoming the most respected bank out of Africa.

     

    “Today’s announcement represents significant progress in delivering on our strategic intent of becoming Africa’s Gateway to the World in pursuit of our vision to be the World’s Most Respected African Bank,” he said.

     

    “Our presence in South Africa will no doubt accelerate the attainment of our goal of delivering our More than Banking promise to 100 million unique customers across the continent. It will also build on our existing foundation and deliver enhanced value to our shareholders, employees and other stakeholders.”

  • World Water Day: Heritage Bank Assists Community In Installation Of Borehole

    World Water Day: Heritage Bank Assists Community In Installation Of Borehole

    Heritage Bank Plc has joined the rest of the globe to celebrate the World Water Day 2021 with plans to assist a community in dire need of clean water by installing a borehole.

     

    The theme for this year’s WWD 2021 is “Valuing Water,” which focuses on the importance of freshwater and presses for sustainable management of water resources. According to the United Nations, the day is aimed at raising awareness about 2.2 billion people living without access to safe water resources globally.

     

    “The value of water is about much more than its price.” This day is celebrated keeping in line with Sustainable Development Goal number 6 which is aimed at achieving water and sanitation by all for 2030,” UN stated.

     

    It further explained that global water demand is likely to rise by over 50 per cent by 2040.

     

    To this effect, as part of efforts to implement the Central Bank of Nigeria’s (CBN) sustainable banking principle, Heritage Bank Plc has instituted a Corporate Social Responsibility’s (CSR) campaign project to assist a community in dire need of clean water by installing a bore hole.

     

    This campaign project, according to the bank will be executed in two phases; the first involves nominations call for community that is in dire need of water will be put on its social platforms from 22nd March 2021, which will run for 30 days.

     

    The bank in a statement signed by the Divisional Head, Corporate Communications, Fela Ibidapo, disclosed that thorough research will be conducted on communities that put up for nominations and the most in need will be chosen.

     

    In furtherance, the community leaders would be engaged, which will herald commencement of the project and handing over the borehole to the community.

     

    Speaking on WWD 2021, the MD/CEO of the Bank, Ifie Sekibo said the adoption of the campaign project shows how Heritage Bank values water and making clean water accessible to the under-privilege, living in urban slums and rural areas.

     

    According to him, to access safe water resources globally, higher value must be given to protecting the ecosystem in ensuring good quality water supply.

     

    Sekibo, who further canvassed for the implementation of Sustainable Banking Principle, tasked stakeholders to continually promote the need for more productive value of water, which would bring about developmental impact to society, while protecting the communities and environment in which financial institutions and their clients operate.