Banking
Access Bank Vows to Maintain Top Spot on FMDQ OTC
By Dipo Olowookere
Group Managing Director/Chief Executive Officer of Access Bank Plc, Mr Herbert Wigwe, has said the bank would maintain its number one position on activity chart of FMDQ OTC Securities Exchange.
Access Bank has remained number one on the activity chart, accounting for the highest value of securities trading on the platform.
It led the top 10 banks to trade N121.59 trillion on the FMDQ OTC in 2016, a value that represented 71 per cent of the overall turnover in the market.
Speaking at the FMDQ OTC office penultimate Thursday at the ceremony to list Access Bank’s N35 billion commercial paper (CP), Mr Wigwe said the bank would deplore needed resources to maintain its leadership position.
According to him, the successful raising of N35 billion under the bank’s N100 billion CP programme is one of the strategies to remain an international financial group.
He had noted that the high level of confidence investors reposed on the bank led to the successfully raising of the N35 billion from the market.
“Access Bank was able to raise N35 billion from the money market, the largest listed commercial paper issuance ever in Nigeria despite the current economic headwinds and prevailing tight liquidity situation in the country. This indicates the high level of investor confidence in Access Bank. This issue will allow us create a liquidity buffer as we align our liquidity management to international best practice based on our internal Liquidity Adequacy Assessment Process (ILAAP).This is particularly important given the prevailing macro environment and its impact on industry liquidity,” he said.
Also speaking at the ceremony, Vice President & Divisional Head, Marketing & Business Development of FMDQ, Ms. Tumi Sekoni, congratulated Access Bank Plc on successfully raising of N35 billion from the market at relatively competitive rates. She also lauded the contribution the bank was making to the development of the Nigerian markets, highlighting that the positive impact a quotation of this sort would have on the market was not to be underestimated.
Following the signing of the FMDQ CP Quotations Register and the presentation of the FMDQ CP Quotations Certificate to the issuer, Mr Abubakar Jimoh of Coronation Merchant Bank Limited, said: “There is strong investors’ perception towards corporates with strong fundamentals and a good track record like Access Bank. This issue further demonstrates Access Bank’s commitment to continuously explore innovative financing options and consistently drive value growth for its stakeholders”.
Also speaking at the ceremony, Mr Ayo Fashina, of Chapel Hill Denham, said: “This largest ever CP Issuance in Nigeria’s money markets, provides further credence to Access Bank’s long-standing reputation as a top-grade issuer. We remain grateful to the domestic institutional investors – especially the Nigerian pension fund administrators – for their overwhelming support, and to the FMDQ-OTC management and team, who have worked with us to ensure a timely completion and quotation of this CP issuance”.
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
By Modupe Gbadeyanka
The Banker Magazine of the Financial Times Group in the United Kingdom has announced Zenith Bank Plc as Bank of the Year, Nigeria.
At the Banker’s Bank of the Year Awards 2024 held on in London on Wednesday, December 4, 2024, it was stated that Nigerian lender clinched the award for its strong management, sound business model and strategy, and approach to sustainability and ESG banking practices.
The chief executive of Zenith Bank, Ms Adaora Umeoji, described the recognition as a “testament to the unwavering trust and loyalty of our esteemed customers, the unparalleled leadership and guidance of the board and management as well as the hard work and dedication of our staff.”
She said, “It also reflects our bank’s steadfast commitment to delivering excellent services to our customers and contributing to the growth and development of the Nigerian economy.”
“We will continue to invest in innovative technologies, expand our range of products and services, and maintain our commitment to exceptional customer service in order to sustain our position as Nigeria’s Number One Bank,” Ms Umeoji assured.
The Banker’s Bank of the Year accolade is among the most coveted and widely regarded award in the banking industry.
Often contested by the world’s leading financial institutions, the winners span across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.
Recall that last month, Zenith Bank commissioned its branch in Paris, France following the granting of the final approval by the country’s banking regulator, the Autorité de ContrôlePrudentiel et de Résolution (ACPR).
This is part of the bank’s global expansion strategy, and its commitment to serving clients wherever their businesses are around the world.
Zenith Bank has continued to earn numerous awards, with this latest accolade coming on the heels of several recognitions, including being the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine.
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has published some phone numbers citizens can call to report any bank that fails to give them cash over-the-counter or at Automated Teller Machines (ATMs).
In a circular, the banking sector regulator said cash has been made available to lenders to disburse to their customers, saying they have no reason to do so.
DMBs are directed to ensure efficient cash disbursement to customers OTC and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance,” a part of a circular signed by acting Director of Currency Operations, Solaja Mohammed Olayemi; and the acting Director for Branch Operations, Isa-Olatinwo Aisha, stated.
It encouraged members of the public who are unable to obtain cash at their banks to “report these instances using the designated reporting channels and format provided,” saying it will “assist the CBN in addressing issues hindering the availability of cash and further improve currency circulation.”
They are to reach the central bank through designated phone numbers of the CBN branch in the state where the incident occurred or via email.
According to the circular, the complaints should be sent with “the relevant details which shall include account name/name of the DMB/amount/time and date of incidents, amongst others.”
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