Banking
Heritage Bank, HIS, Tuchi to Offer Affordable Mass Transit in Lagos
By Dipo Olowookere
Relief is on the way for the estimated over 7 million passengers plying Lagos roads on a daily basis, as Heritage Investment Services Limited (HIS) has signed a memorandum of understanding (MoU) with Tuchi Technologies Nigeria Limited to provide affordable mass transit for commuters in Lagos metropolis, which Heritage Bank Plc is the banker to the project.
Besides HIS and Tuchi, other parties to the MoU are Solola & Akpana, legal advisers; Kedari Capital, financial advisers and Hedgestone Capital Partners Limited, one of the prospective investors in the project.
The affordable mass transit allows passengers to make an e-hailing in order to book for the Lagos State coloured buses in the Lagos metropolis within the state.
In a statement made available by the Divisional Head, Corporate Communications of the bank, Mr Fela Ibidapo, said Heritage bank was focused on achieving its primary role of financial intermediation through intervention in the transportation sector, which will create jobs and bring about economic growth for the State.
According to him, this is a milestone achievement for the bank in supporting the commuting experience; challenges inherent in the sector and social well-being of more than 7million of Lagos residents who rely on public transport daily
Speaking at the signing ceremony in Lagos on Tuesday, Mr Olusegun Akanji, a director of HIS said the company is an investment vehicle that has committed itself to impact investing to support small and medium scale enterprises (SMEs) in a bid to create new set of businesses that are technologically-oriented.
He said technology is the future of the world in terms of employment generation, wealth creation and economic development.
The director noted that, “If you want to see those indications achieved in the world we are going into now, you need to focus on technology, particularly technology that is mobile driven and this is one of the reasons why are partnering and investing in this new initiative under the brand name, Tuchi Technologies.”
Mr Akanji said HIS would make some significant investment in the company to get it off the ground.
Also speaking, Mr Patrick Atuche, Managing Director of Purpledot Media, promoters of Tuchi Technologies said they came up with the initiative to solve transportation system problems in Lagos State.
He said the new initiative is a transportation system that would enable commuters to move from one place to another conveniently and comfortably, adding that it will operate like the Uber transportation system, except that it will use buses as its means of transportation.
Mr Atuche said commuters would be able to book a bus from one destination to another by logging into the company’s app on their phones to know where the next available bus is and when it would get to their bus stop.
The Managing Director who described the operations as convenient and reliable added that initially the buses would operate from Ajah to Oshodi and from Oshodi to Ajah before it would spread to other parts of the metropolis.
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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