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PenCom approves acquisition of Access Bank’s pension business by FBN

by Radarr Africa
written by Radarr Africa

The National Pension Commission (PenCom) says it has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited.

FBN Holdings Plc, has through its subsidiary First Pension Custodian Limited, agreed with Access Bank Plc to buy out the latter’s pension subsidiary Access Pension Fund Custodian in a deal involving 100 per cent ownership transfer.

In a notice on Monday, PenCom said Access Pension would transfer its assets to First Pension Custodian Limited which is a subsidiary of First Bank Holdings Plc. It said Access Bank is divesting from the pension business.

The commission said it is committed to the effective regulation and supervision of the pension industry. “The National pension commission (PenCom) wishes to inform the general public and relevant Stakeholders that PenCom has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited,” the notice reads.

“The acquisition is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, transfer of all assets under its custody to First Pension Custodian Limited and the return of its operating license to PenCom.

“The Commission assures Stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry.”

SOURCE: Premium times

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Access BankAfricaAFRICA NEWSBanking, Finance & Investment

Access Bank, Foundation launches work skills programme for undergraduates Students in Niger

by Radarr Africa
written by Radarr Africa

Enterprise, Growth, and Opportunities (EGO) Foundation, a development organization with the goal of reducing poverty and unemployment in Africa, has launched its work skills (entrepreneurial) programmed for undergraduates and fresh graduates in Nigeria.

The event, which was held at the Federal College of Education (FCE) Technical in Lagos, was the first of its kind in the College, and drew hundreds of participants (students) from the institution and beyond.

Several of the participants benefitted through scholarships into tech-related programmed, free mentoring with accomplished professionals, jobs and internships offers, as well as funding opportunities provided by the organizers. In his opening remarks, the Executive Director of EGO Foundation, Toluwase Olaniyan, reminded the audience of the changing world of work and why having the right skill set can make all the difference in their careers.

According to him, “Thankfully, we have credible organisations and individuals who have partnered us on this project, and will provide all necessary skills and resources you need to succeed.”

The partners included Access Bank Plc, First Founders INC, Caladium Consulting Limited, WordenHCD Limited among others.

Also, the FCE’s Dean of Student Affairs, Dr. Akinola Ojelade, who represented the institution’s registrar, noted that the skills acquisition event was timely due to the current realities of the world, as he charged the students to learn all that is necessary to make them relevant after their academic programmes.

The event featured both entrepreneurship and employability sessions with seasoned facilitators, including leading strategist, Ayo-Bankole Akintujoye, who stirred the audience through critical thinking, while successful entrepreneur, David Lanre Messan, elaborated on strategies to navigate the business space in Nigeria. Head of Human Resources at CreditWave Finance Limited, Ifreke Brendan, facilitated a CV writing workshop.

Head, Business Support at LSETF, Taiwo Olaniyan, who spoke on the various opportunities that Lagos State provides through the organization, said: “These include grants, low-interest loans, and access to infrastructure.” She encouraged the students not to feel too young to start their own businesses, noting that mistakes are sometimes necessary in order to become successful in any endeavor.

Olaniyan further outlined the kinds of proposals that often get the Trust Fund’s approval, adding: “The projects we support must show the capacity to create jobs.”

According to the Head, Group Sustainability Access Corporation, Access Bank Plc, she said the bank is committed to enhancing the employability as well as the entrepreneurial skills of the youths to make them employable, self-reliant and job creators.

The Executive Director of EGO Foundation, Olaniyan, thanked the headline sponsor, Access Bank,  for its commitment to building a sustainable society through interventions like this, which is designed to upskill young people in the country.

EGO Foundation has teamed up with Access Bank to deliver this project in three states of Lagos, Ogun and Oyo. The project, which was flagged off today at the Federal College of Education Akoka, will be moving to Ogun and Oyo States soon.

SOURCE: This day

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AfricaAFRICA NEWSBanking, Finance & InvestmentUncategorized

Access Bank to starts it’s commitment to women’s empowerment

by Radarr Africa
written by Radarr Africa

ACCESS Bank Plc, one of Nigeria’s leading banks has stated its commitment to women’s empowerment after graduating the first group of female drivers through the W-Initiative.

The bank recently held a graduation ceremony and presented certificates to the first set of female trainees that were successfully trained on how to drive and modern driving skills. This initiative was launched in July, and in the last five months, over 1,800 people have indicated an interest in participating, while over 120 women have been directly impacted by this initiative.

Speaking during the ceremony, Victor Etuokwu, deputy managing director, Retail Banking North, said the driver’s training programme conducted by the bank on quarterly basis is primarily aimed at empowering women in Nigeria to be better drivers, adding that the exercise, which started many months ago can add value to the female graduands and how they are able to explore the vast and varied opportunities presented by what they have learned in the future.

He declared that the training programme shows the high level of importance attached to women in society, adding that the programme shows how deliberate Access Bank is when women are concerned. “Training and empowering women in Nigeria is something we believe in, and something that we, as a bank, know is right and genuine for us as a bank and as a business. And banking with them has been exceptionally beneficial for usand in this bank, we are very proud to work with women,” Etokwu said. He stated that women are part of Access Bank’s life and are cherished by the management and staff, and you can’t take away women as part of everyday existence. He added that Access Bank connects women and empowers them.

SOURCE: Vanguard news

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AfricaAFRICA NEWSBanking, Finance & InvestmentCryptocurrencyUncategorized

Access Bank disowns fake news on cryptocurrency platform

by Radarr Africa
written by Radarr Africa

Contrary to an unsubstantiated report circulating on the internet, Access Bank Plc has not launched any Bitcoin bank or introduced a cryptocurrency product.

A statement by the Bank’s management dissociated the financial institution from the information pushed out by a fictitious webpage.

The article shows the photographs of the Managing Director, Mr. Roosevelt Ogbonna, illicitly downloaded from Access Bank’s social media pages and then manipulated to fit the misleading narrative being promoted in the bogus article.

“The quotes also attributed to Mr. Ogbonna in the contrived interview are also completely false”, the disclaimer reads.

“For the record, at no time did Mr. Ogbonna grant any interview on the subject of a Bitcoin bank or made any comment on cryptocurrency business. Access Bank continues to maintain its absolute commitment to excellent practices in accordance with the laws of Nigeria.”

The statement said the bank is cooperating with the authorities to investigate the source of the fake news to ensure the perpetrators are brought to justice. “The board, management, and staff remain committed to transparency, outstanding corporate governance, and the promotion of global best practices for the good of our customers and all stakeholders,” it added.

About Access Bank
Access Bank Plc, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by the Access Bank Group. It is licensed by the Central Bank of Nigeria, the national banking regulator.

About Red Media Africa
Red Media Africa (www.redmediaafrica.com) is the PR & Empowerment Marketing division under the parent brand, RED. It focuses on using inspiration, empowerment, and action to help brands and organizations connect with their audiences, enhance their bottom line, and lead in their industries. It has 6 major practice areas: Corporate Practice, Technology Practice, SME Practice, Governance Practice, Faith Practice, and International Practice – with work for brands across Nigeria, Ghana, Kenya, and South Africa. It has been recognized with multiple local and international awards including the Gold SABRE Awards for PR Campaigns and the Young Lions PR competition for the next generation of creatives.

SOURCE: Premium news

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AfricaAFRICA NEWSBanking, Finance & Investment

Access Bank to unveils a specialized debit cards for women

by Radarr Africa
written by Radarr Africa

After empowering female entrepreneurs who graduated from its initiative, called ‘WomenpreneurPitch-A-THON’, Access Bank has further extended its innovation to introducing a specialized payment card for women.

The bank recently unveiled the new W-branded debit card specifically targeted at women. “The Access Bank card for women is an innovation and the innovation is linked with identity and the identity is linked with women,” said Ajoritsedere Awosika, chairman, of Access Bank.

“For us in Access bank, women are indeed very special; women contribute a great deal to our going forward and to the expansion of the business in banking,” she said.

Roosevelt Ogbonna, the managing director/CEO, said the initiative was introduced as part of the bank’s mandate to empower female entrepreneurs with financial and business skills, adding that the bank has been doing this for the last four years.

The bank rewarded female entrepreneurs who emerged winners in its grand finale of W-Initiative’s Womenpreneur Pitch-A-THON Season four, with prices ranging from N500,000 to N5 million.

Ogbonna noted that as an institution, it is not about making money but making an impact on the nation, saying the small and medium enterprises are the engine room of the economy.

“As the largest bank in the market, the largest bank in Africa by customer base, if we truly need to make an impact in the lives of the communities we serve, we have to start by making an impact on the small and medium scale businesses, understanding that they are the engine room for growth and will push through GDP growth across many markets,” he said.

He said across the world, a good 90 percent of SMEs control economic activity despite not being the largest businesses, but they control and they are the largest employers of labor about 60 percent. A good 43 percent of them are owned by women. “So, we cannot leave women out of the conversation, while 67 percent of them are owned by youths.”

Chioma Afe, group head, of marketing, and communications, who introduced the W-branded debit card, said “the W-card is about empowering women, explaining that a survey was done on how women want to be differentiated, called, and how they want to stand out in the market. That was how the idea around the female differentiated debit card was born, she said.

Launched in 2019, in partnership with the International Finance Corporation (IFC, a member of the World Bank Group), the Womenpreneur Pitch-a-ton program is the first women-in-business support initiative of its kind in the industry offered by Access Bank’s W Initiative.

The program in its maiden edition provided a free mini-MBA certification for 50 women entrepreneurs in Nigeria as well as financial grants worth N9 million to the top five applicants.

SOURCE: Business day

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Access BankAfricaAFRICA NEWSBanking, Finance & InvestmentBusinessCentral AfricaNewsNigeriaWestern Africa

Access Bank to acquire majority stake in Angola-based Finibanco

by Radarr Africa
written by Radarr Africa

Access Holdings Plc, trading as Access Corporation, on Tuesday announced its planned acquisition of majority equity stake in Angola-based Finibanco S.A by Access Bank Plc.

Sunday Ekwochi, Company Secretary of Access Bank PLC, made this known in a statement on Tuesday.

Ekwochi said the transaction would be effected via the purchase of existing shares owned by Montepio, the Holding Company for Banco Montepio, one of Portugal’s commercial banks.

He said: “Access Holdings Plc, trading as Access Corporation (‘the Corporation’) today announces that its wholly owned subsidiary, Access Bank Plc (the Bank) has entered into a binding agreement with Montepio Holding SGPS S.A (‘Montepio’) to acquire a 51 per cent majority shareholding in Finibanco Angola S.A. (the Transaction).

“Finibanco Angola S.A. (Finibanco) is a profitable, well-capitalised full-service commercial bank with over 20 branches and around US$300 million in total assets that has operated in Angola since 2008.

“The Angolan market as the sixth largest economy in Africa and the seventh largest country overall, with a vast and diversified natural resource base and a growing population represents a strong potential for the bank’s growth aspiration.

“The Transaction furthers the bank’s strategy to be Africa’s payment gateway to the world whilst working with other Africa-focused multilaterals to provide robust and efficient payment platforms and ecosystems to serve the continent.”

The Company Secretary said that the prospective operation was expected to contribute strongly to the bank’s overall growth path and financial results over the long-term.

Ekwochi also said the transaction, which was subject to regulatory approvals in Nigeria and Angola, was expected to close in the first half of 2023, following fulfillment of customary conditions precedents.

According to him, upon completion of the transaction, the bank is expected to increase its shareholding in Finibanco S.A and will reach certain conditional agreements in this regard.

Commenting on the transaction, Dr. Herbert Wigwe, Group Chief Executive Officer of the Corporation, said: “At Access, our vision remains clear as ever and our determination to harness accretive opportunities within and outside Nigeria is our core strategic focus.

ALSO READ: Absa Bank and MasterCard Foundation to grant ¢2.5m to Fintech/Agritech Startups

“Angola represents an opportunity for our shareholders to participate in what we believe will engender stronger value upside as Africa fully emerges.

“We remain committed to making these disciplined and well-structured investments towards creating a strong, holistic platform that will be competitive, diversified, and compelling for years to come.”

Wigwe added that the corporation would continue to update the market on the transaction in line with its disclosure obligations.

Source: The Eagle online

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AfricaAFRICA NEWSAirtelBusinessBusiness InsightsDangote IndustriesMobile Telecommunications Network (MTN)NewsNigeriaTelecommunicationsWestern Africa

Top 5o Brands: Dangote emerges most valuable brand in Nigeria

by Radarr Africa
written by Radarr Africa

The 2022 annual top corporate brand evaluation report, “TOP 50 BRANDS NIGERIA” has been released. Dangote Group, a fully integrated Conglomerate has again emerged as the Most Valuable Brand in the country.

Dangote emerged top with an aggregate score of 83.7 Brand Strength Measurement (BSM) Index score. This is followed by MTN, Globacom and Access Bank in fourth place.

Others among the top 10 are Airtel Nigeria, Coca-Cola, Zenith Bank, GTCO, First Bank and UBA at fifth to tenth positions respectively.

The annual top brands evaluation report which is now like a report card, with which top corporate brands have an independent opinion about their brand performance, from the consumers’ points of view has also become a sort of ‘bragging’ right and a source of pride for the brands that made the top 50 league table, particularly, those that took the lead.

In a statement after the public presentation, the rating firm said: “The annual top brand evaluation is a qualitative, non-financial estimation of value of top corporate brands in the country.

A measure of consumers’ perceptions and how positive or otherwise towards a brand, and how this affects its overall strength, using the Brand Strength Measurement (BSM)index, a model that tests a brand’s ability to deliver on its promise to the consumers from the consumers’ points of view.

Brands today have become a necessary part of our everyday’s life, from waking moment to going to bed, even the choice of bedding.

This is so much more in the light of emergence of concepts of consumer awareness, differentiation, purchase justification and the new world economy, the brand is playing a quintessential role.

In his address TOP 50 BRANDS NIGERIA, CEO, Taiwo Oluboyede said, “Brand has become a critical differentiator that helps consumer’s choice and also separates the top corporate organisations from the others and even much more.

He likened the task of building formidable and continuously strong brand to a flower, he said “When you plant a flower, you keep watering and pruning it to grow and until it blossoms, and this you do for its lifetime.

“If you omit or forget to prune or water, regardless of how beautiful it is at the beginning, it dies. The same is applicable to brands.

ALSO READ: Dangote Sugar commits billions to CSR schemes in Adamawa, Nasarawa

That is why we have seen brands that dropped from the 50-league table in recent times, while new ones emerge.”

He said further “So, the responsibility lies with the owners and promoters to consistently maintain compelling propositions and live up to their promises.

As we all know, it’s not just about making propositions, but living up to its demands and consistently so. This is what makes a top brand.”

Source: Techeconomy

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Access BankAfricaBanking, Finance & InvestmentBusinessNigeriaWestern Africa

Access Bank gets ISO certification

by Radarr Africa
written by Radarr Africa

Access Bank Plc has attained the MSECB Management System Certificate in accordance with the management system requirements in ISO 37301:2021. This feat sees the institution become the first bank to achieve certification against this standard. 

Published in April 2021, the ISO 37301 Compliance Management System seeks to provide a certifiable global benchmark for compliance systems.

The certification which was issued upon review of the Bank’s compliance management system contributes to SDGs 8, 16 and 11, affirming its commitment to promoting sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all; promoting peaceful and inclusive societies for sustainable development, providing access to justice for all, building effective, accountable and inclusive institutions at all levels, as well as making cities and human settlements inclusive, safe, resilient and sustainable.

Commenting on the feat, the Managing Director of Access Bank Plc., Roosevelt Ogbonna, said, “This certification demonstrates that the Bank’s Board of Directors and Management are committed to meeting internationally accepted standards in our global banking operations, particularly in the areas of sustainability and compliance. We believe that attaining this global standard would serve to deepen the trust that our stakeholders have in our institution as we continue to innovatively bridge worlds and connect customers to opportunities.” 

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The certification is valid for three years, is subject to satisfactory surveillance audits and will also be used as a management measuring tool. The tool will be used to evaluate Access Bank’s business continuity policies and operations, sustainability practices, and management compliance systems. 

As a leading financial institution, Access Bank continues to promote responsible environmental stewardship and stimulate socially responsible development. Its management approach to sustainability is grounded on global best practices and aims to impact across the triple bottom line of people, planet, and profit. Its compliance management strategy has continued to evolve as it constantly seeks to meet the demands of a dynamic and fast-changing world. 

Source: The eagle online

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Access BankAfricaBanking, Finance & InvestmentBusinessNewsNigeriaWestern Africa

Access Bank secures $280m financing from DfC to support SMEs

by Radarr Africa
written by Radarr Africa

Access Bank Plc has secured a $280 million funding commitment from the International Development Finance Corporation (DFC) to support small businesses in Nigeria.

In a statement on Monday, the public affairs section, US Consulate General, said Scott Nathan, chief executive officer (CEO), DFC and Roosevelt Ogbonna, managing director, Access Bank, signed the commitment letter.

According to the statement, the agreement was signed at a ceremony in Nigeria during Nathan’s visit.

It said the loan would help address the financing gap for small- and medium-sized enterprises (SMEs) and advance financial inclusion in Nigeria.

“The loan is expected to support at least 4,000 new SME loans in Nigeria. In addition, the loan proceeds will be on-lent across more than a dozen sectors in the Nigerian economy, with a specific focus on women-owned SMEs, and on loans with longer tenors, which will provide more flexibility to borrowers,” the statement reads.

In his remarks, Nathan said DFC’s investment in Access Bank demonstrated US’s support for private sector-led development in Nigeria and throughout West Africa.

“The $280 million loan from DFC will boost financial inclusion in Nigeria and empower women, bolstering the country’s economic growth,” he said.

ALSO READ: FGN shuts Scorpion Oil Services over irregular operations

On her part, Mary Beth Leonard, US ambassador to Nigeria, said: “We welcome U.S. International Development Finance Corporation CEO Scott Nathan to Nigeria.

“We look forward to discussing with the public and private sectors [on] how DFC funding can be leveraged to unleash the full economic potential of Nigeria through support to the country’s small and medium-sized businesses, financial sector, and climate change-focused enterprises.”

Also speaking, Ogbonna expressed delight at the strategic partnership with DFC to support the multitude of businesses across Nigeria that stand to “benefit from greater access to finance, especially in an environment that is in need of stronger economic diversification”.

“We look forward to utilising the partnership with DFC in driving further economic expansion and inclusion in Nigeria, with a strong focus on non-oil sectors and women businesses,” Ogbonna said.

Source: The cable

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Access BankAfricaBanking, Finance & InvestmentEducationNigeriaWestern Africa

Access Bank to support education with $1.7m raised at UK charity event

by Radarr Africa
written by Radarr Africa

Access Bank has raised $1.7 million at its Charity Polo Tournament held at The Guards Polo Club, Egham, Surrey, United Kingdom.

The money, the bank said, will be directed towards the building and equipping of over 100 classroom blocks in the less developed areas of Nigeria.

These donations, according to the Group Managing Director of Access Corporation, Herbert Wigwe, “Serve as building blocks towards achieving a brighter future for the country, while challenging the various state governments to take sustainable actions towards ensuring all boys and girls complete free, equitable and quality primary and secondary education.

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“We thank all attendees and donors for buying into our vision and assure that Access Bank will not relent in its efforts to see that every Nigerian child regardless of tribe, gender and religion is given a fair chance for a better tomorrow.”

Managing Director of Access Bank, Roosevelt Ogbonna, also added that, the polo event remained the greatest investment towards ensuring a great future for the vulnerable Nigerian child.

The Polo tournament, which is executed in partnership with Fifth Chukker and UNICEF, in Kaduna, South Africa and the UK has been an extension of Access Bank’s efforts to support anti-poverty and anti-HIV/AIDS campaigns in Nigeria. This is the first edition of the UK-based tournament to be held since the outbreak of COVID-19 pandemic.

Source: This Day

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