Banking
Access Bank Gives Strong Warning Signal to Competitors
By Ukhueleigbe Zacchaeus
A warning has been sent out to players in the Nigerian banking industry by Access Bank, which plans to revolutionise the sector as soon as its anticipated merger with Diamond Bank is completed.
At a joint media briefing in Lagos yesterday, the lender said things will have to change in the industry when the merger is finalised.
“Our merger with Diamond Bank will be an industry game changer! This new alliance is going to redefine banking in Nigeria like Globacom did in the telecoms sector,” Mr Victor Etuokwu, the Executive Director, Personal Banking at Access Bank, informed newsmen at the briefing.
According to him, “The focus is to drive the SME market by adding great values to their business,” pointing out that the “merger has already given customers the use of the highest number of ATMs in Nigeria free of the N65 withdrawal charges.”
He explained that both parties agreed to become an entity in order to provide a better deal for customers, noting that Access Bank’s wholesale ability and Diamond Bank’s retail ability will make the new enlarged entity the best in the country.
Clarifying on identity of the new bank, Mr Etuokwu said, “It is a merger; that’s the first one, and two, because a bank (referring to Diamond Bank) took a strategic position to stop its international operations does not mean there is something wrong with it.
“It is not new. In fact, a bank in Nigeria has taken a similar step before, which is Wema Bank.
“In the past, Wema Bank was a much bigger bank, but it later became a small national bank. It’s all strategy. That means that banks and brands will always do things that will put them ahead.”
Continuing, the Access Bank Executive Director said, “What we have done is a merger of two great brands for the benefit of our customers.
“Access Bank, as you have always known us, has been a wholesale bank, but after the merger with Intercontinental in 2012, we began to do some retail banking operations, but we know that is not our strength and Diamond Bank, as you know, is a leader in retail banking in Nigeria.
“So, we have come together to complement each other to create a bank that will have robust strength for both the wholesale and retail markets.
“So, it’s a merger, the coming together of two Nigeria’s great banks to create value for consumers, that’s what it is.”
He said further that, “For the last one month, we have been going around the country and people have asked this question and we have given them one response. What is important is the identity of the new enlarged bank. The identity of the enlarged bank will reflect the strength of Access Bank and the strength of Diamond Bank.
“If you come into the bank of the enlarged entity, you will know that Diamond Bank is inside this bank as well as Access Bank.
“If you are a corporate customer, it will appeal to you and if you are a retail customer, it will also appeal to you; that’s what we have.
On how the new identity will look like, the banker said, “We have the best bank consultants working on it to ensure that identity of the new enlarged entity has the best identities of both banks. So, name is always part of our identity, there is more to our identity than just name.
“I don’t think we should be too focused on the name but virtually, it is and that will be clear in the next six to eight weeks.
“When you work into a branch, you will know that this is Access Bank and this is Diamond Bank.”
By Aduragbemi Omiyale
The N3.97 billion commercial paper issuance of AG Mortgage Bank Plc will close on Thursday, June 18, 2026.
The sale of the debt instrument by the real estate lender commenced on Wednesday, June 10, 2026.
It is under the N5 billion commercial paper issuance programme of the lending firm aimed to support its short-term working capital and funding requirements.
The company is selling the papers in two series, with Series 2 offered at a discounted rate of 19.2895 per cent for 270 days, and Series 3 at a discounted rate of 19.3651 per cent for 364 days.
The minimum subscription is N5 million, and subsequent additions of N1 million.
AG Mortgage Bank is a leading primary mortgage bank in Nigeria with over two decades of experience in providing affordable mortgage financing and housing finance solutions.
The bank has grown its asset base to over N33 billion and remains a key participant in major housing intervention programmes, including the National Housing Fund Scheme and other government-backed mortgage initiatives.
Supported by a diversified product offering, strong institutional credibility, and an experienced management team, AG Mortgage Bank continues to deliver solid financial performance.
For FY 2025, interest income increased by 28.1 per cent to N3.65 billion, while profit after tax rose by 130.0 per cent to N1.05 billion, reflecting strong earnings growth, operational efficiency, and prudent risk management.
By Aduragbemi Omiyale
The chairman of Access Holdings Plc, Mr Aigboje Aig-Imoukhuede, has reaffirmed the organisation’s long-term commitment to shareholders, expressing confidence in the company’s strategic positioning, which he said is underpinned by disciplined execution, a diversified business model, a strengthened capital base, and a clear focus on sustainable value creation.
Speaking at the 4th Annual General Meeting (AGM) of the firm on Wednesday, he explained that the temporary suspension of dividend distributions was a consequence of regulatory compliance requirements rather than any deterioration in the group’s financial performance.
Mr Aig-Imoukhuede reaffirmed that the financial institution’s earnings capacity remains strong and that the board’s position reflects adherence to supervisory expectations and prudent capital management principles.
He assured shareholders of the board’s commitment to resuming dividend payments as soon as the relevant regulatory conditions are satisfied, noting that, “Our approach is clear: capital retained today must translate into greater value tomorrow and sustainable returns for our shareholders.”
The Chairman reiterated the strategic imperative underpinning the company’s next phase of growth, saying, “Our strategy, From Scale to Value, reflects the natural evolution of our journey. Scale created opportunity; value creation is how we fully realise it.”
He noted that while the organisation continues to generate strong returns, ensuring that earnings per share consistently exceed the cost of capital remains central to unlocking sustainable shareholder value.
The retired banker also acknowledged the significant unrealised value embedded within the firm’s international subsidiaries and reiterated management’s focus on improving market recognition of that intrinsic value over time.
Commenting on the financial performance of the group in 2025, he said Access Holdings accelerated provisions on legacy and regulatory forbearance credit exposures, resulting in elevated impairment charges.
He explained that the group consciously prioritised balance sheet strength and long-term resilience over short-term earnings optimisation.
“Periods of economic uncertainty often reveal more about an institution than periods of uninterrupted growth. Our focus remains on building a business that is not only growing, but improving in the quality, resilience, and sustainability of its earnings,” he stated.
Last year, the financial services organisation delivered pre-tax profit of N1.007 trillion, underscoring the strength of its diversified platform and expanding earnings base across key markets. Total assets increased to N51.56 trillion, while customer deposits grew strongly, reflecting sustained franchise momentum and deepening customer trust.
By Modupe Gbadeyanka
A new report highlighting the transformation from a newly established fintech venture into one of Nigeria’s leading payment infrastructure providers has been launched by HabariPay Limited.
The report, known as the HabariPay Impact Report 2025, provides stakeholders with a comprehensive evolution, innovation journey, business performance, and impact of the fintech subsidiary of Guaranty Trust Holding Company (GTCO) Plc on the digital payments landscape.
The company’s contributions to enabling digital commerce, supporting businesses, strengthening payment infrastructure, and expanding financial access through technology-driven solutions were also captured in the piece.
The HabariPay Impact Report 2025 also highlights the organisation’s strong financial and operational performance, the growth of the Squad platform, and the development of infrastructure that powers payment acceptance, switching, transfers, merchant services, and value-added solutions.
The publication further explores the role of innovation, talent development, and ecosystem partnerships in driving the company’s success.
It showcases HabariPay’s investments in innovation through initiatives such as the Take on Squad Hackathon and the Squad Hackademy, both of which are helping to develop future technology talent and accelerate the creation of practical solutions to real-world challenges.
“As a technology-driven company, we believe that impact extends beyond financial performance. It is reflected in the businesses we enable, the merchants we support, the infrastructure we build, and the opportunities we create for the next generation of innovators.
“The HabariPay Impact Report 2025 captures this journey and demonstrates our commitment to creating sustainable value for customers, partners, and the broader economy,” the Managing Director of HabariPay, Ms Eduofon Japhet, said.
“The HabariPay Impact Report 2025 represents more than a reflection on our achievements; it is a testament to the deliberate investments we have made in building sustainable payment infrastructure, empowering businesses, fostering innovation, and creating long-term value for our stakeholders.
“As we look ahead, we remain committed to expanding our capabilities, deepening our impact, and shaping the future of digital payments through technology-driven solutions that are secure, scalable, and inclusive,” she added.
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