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Access Bank Considers Dividend Payment for HY 2020

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New Access Bank logo

By Dipo Olowookere

The board of directors of Access Bank is proposing to pay an interim dividend to shareholders of the financial institution for 2020 half year.

This development was revealed in a notice the bank sent to the Nigerian Stock Exchange (NSE) on Wednesday after its board meeting.

Members of the board of the lender gathered today to discuss the financial statements of the company for the period ended June 30, 2020.

According to the disclosure, the accounts of the company were approved during the meeting, while the payment of the dividend was also discussed.

Access Bank said it will like to reward investors of the company with the cash incentive, but the final decision lies with the Central Bank of Nigeria (CBN).

Already, efforts are being made to forward the financial statements to the banking sector regulator for scrutiny and approval.

If the results are approved by the central bank, they would be filed to the exchange and the investing public will be able to have a good knowledge of the financial status of the bank and the amount to be paid as interim dividend.

Last year, the bank paid an interim dividend of 25 kobo per share to its shareholders.

Access Bank is one of the five tier-one lenders in Nigeria and it is on the premium board of the NSE currently selling at N6.25 per unit.

At the stock exchange today, shares of the company went down by 5 kobo or 0.79 per cent from the previous day’s value of N6.30 per share.

Business Post believes that the news of the interim dividend proposal may likely push the value up when the market resumes next Monday.

The stock exchange will be closed for business on Thursday and Friday for Sallah celebration in Nigeria. The federal government has declared public holiday for the two days to allow Muslims in the country to celebrate it.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Banking

CBN Introduces Fresh Fees on ATM Withdrawals

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ATM card pin with biometrics

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has announced an upward review of the transaction fees for automated teller machines (ATMs) for the first time in almost six years.

In a circular signed by its Acting Director of Financial Policy and Regulation Department, Mr John Onojah, at the apex bank said the revised charges will take effect from March 1.

The regulator said the move would address rising operational costs and enhance efficiency in the banking sector.

The last review of ATM transaction charges happened in 2019 when the CBN reduced the withdrawal fees from N65 to N35.

The latest increase means Nigerians will pay more for more ATM transactions when they use another bank’s ATM.

The apex bank said the review is in line with Section 10.7 of the ‘CBN guide to charges by banks, other financial and non-bank financial institutions (2020)’.

“In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020. (the Guide),” the CBN said.

“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.

“Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.”

According to the new policy, customers withdrawing from their bank’s ATMs (on-us transactions) will continue to enjoy free withdrawals.

However, a N100 fee per N20,000 withdrawal will be applied at on-site ATMs (those located at bank branches).

For withdrawals at ATMs of other banks (Not-on-Us transactions), an off-site withdrawal will attract a N100 fee plus a surcharge of up to N450 per N20,000 withdrawal.

The CBN clarified that the surcharge is the income of the “ATM deployer/acquirer and must be disclosed to consumers at the point of withdrawal”.

For international withdrawals using debit or credit cards, the CBN said banks and financial institutions are now permitted to apply “a cost-recovery charge equivalent to the exact amount charged by the international acquirer”.

“Furthermore, the three free monthly withdrawals allowed for Remote-On-Us (other bank’s customers/Not-On-Us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” the CBN statement added.

The apex bank urged all financial institutions to comply with the new directives before the implementation date.

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Banking

Access Bank Commits to Keeping Wigwe’s Vision on Death Anniversary

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Profile of Herbert Wigwe

By Adedapo Adesanya

Nigerian financial services institution, Access Bank Plc, has pledged to carry on the value and visions of its late chief executive, Mr Herbert Wigwe, who died one year ago in a helicopter crash in the United States.

Mr Wigwe, his wife Doreen, and son, Chizi alongside Mr Abimbola Ogunbanjo, the former group chairman of Nigerian Exchange (NGX) Group Plc also died in the crash in 2024.

The chopper, a Eurocopter EC 130, crashed near Nipton on February 9, 2024, on the edge of the Mojave Desert Preserve, when heading to Las Vegas where the victims were going to watch the Super Bowl.

The ill-fated helicopter left Access Bank without its visionary leader and the Herbert Wigwe family without their parents and brother and the Ogunbanjo’s without their patriarch.

In a post on X, formerly Twitter, the institution said, “Today marks one year since the world stood still for us. On this day, we lost Herbert, Doreen, and Chizi—three remarkable souls who left an indelible mark on our lives and our hearts.

“One year later, we still feel the void, but we also feel the weight of their legacy—one that challenges us to be better, do better, and strive for greatness.

“As we reflect, we carry forward the values they instilled and honor their memories by walking the path they paved for us.”

Access Corporation is headquartered in Lagos, Nigeria and operates through a network of more than 600 branches and service outlets, spanning three continents, 18 countries, and 50+ million customers managed by over 28,000 employees. Access Bank, the corporation’s banking business, is one of Africa’s largest retail banks by customer base and total assets.

For eight years until May 2022, Mr Wigwe led Access Bank Plc as its chief executive through an extraordinary growth period. Some of the accolades accorded him included Banker of the Year, 2020 by Leadership Awards; African Banker of the Year, 2021 by African Banker Award; and Best Banking CEO, 2021 by Global Brands Magazine Awards.

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Advans Nigeria Appoints Odetayo as Deputy Chief Executive Officer

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Elizabeth Odetayo

By Modupe Gbadeyanka

To improve operational efficiency, Advans La Fayette Microfinance Bank has appointed Mrs Elizabeth Odetayo as the new Deputy Chief Executive Officer.

She will work closely with the Chief Executive Officer, Mr Gaetan Debuchy, and the executive team to drive the bank’s strategic initiatives, optimize operational performance, and expand its reach to empower more individuals and businesses with access to tailored financial solutions.

Before her new appointment, she served as the Chief Financial Officer (CFO) of Advans La Fayette Microfinance, where she played a pivotal role in shaping the bank’s financial strategy, ensuring robust fiscal management, and supporting its mission to provide inclusive financial services to underserved communities.

A statement from the financial institution disclosed that the appointment of Mrs Odetayo became effective Saturday, February 1, 2025.

She is expected to bring her over 20 years of wealth of experience and a proven track record of excellence in the financial services sector to her new role.

“This strategic appointment underscores the bank’s commitment to fostering leadership from within and strengthening its executive team to drive continued growth and innovation,” a part of the statement read.

Mrs Odetayo has demonstrated exceptional leadership, strategic vision, and a deep understanding of the microfinance industry.

Her expertise in financial management, risk assessment, and operational efficiency has been instrumental in advancing the bank’s objectives and enhancing its impact on clients and stakeholders.

Commenting on the appointment, Mr Debuchy said, “Elizabeth’s appointment as Deputy CEO is a testament to her dedication, expertise, and outstanding contributions to our bank.

“Her deep understanding of our operations and her commitment to our mission position her to help steer the bank toward achieving its strategic goals.

“We are confident that her leadership will further strengthen our ability to deliver impactful financial services to our clients.”

In her reaction, Mrs Odetayo said, “I am honored to take on this new responsibility and to continue contributing to the growth and success of the bank.

“I look forward to collaborating with our talented team to drive innovation, enhance customer experience, and expand our reach to create lasting value for the communities we serve.”

Advans La Fayette Microfinance remains committed to its mission of fostering financial inclusion and empowering individuals and businesses through accessible and sustainable financial solutions.

The appointment of Mrs Odetayo as DCEO marks an exciting new chapter in the bank’s journey toward achieving its vision.

Her promotion and over 130 staff in 2024 is a demonstration of the bank’s commitment to empowering its employees, fostering a culture of excellence, and driving productivity against all odds. By investing in internal talent, Advans continues to build a strong, motivated workforce that is equipped to deliver on its mission and vision.

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