In recognition of the impact of his exceptional leadership on Africa’s largest retail bank, CEO and Group Managing Director, Access Bank, Herbert Wigwe has emerged as the Best Banking CEO in the recently concluded 2021 Global Brands Magazine Awards.
Speaking on this Award, Herbert Wigwe said, “This feat would not have been possible without the incredible team at Access Bank who have consistently put in their best to ensure that we achieve our vision of becoming the world’s most respected African bank.
“Together, we have made decisions, taken risks, and taken on challenges that have led to this recognition. Once again, I deeply appreciate this award and I am confident that this is the beginning of many more giant strides for Access Bank.”
Over the years, Wigwe has spearheaded Access Bank’s cultural, technological and digital transformation, which has resulted in sustained growth in financial performance and the creation of strategic initiatives that have impacted the industry and the economy.
Under Wigwe’s audacious leadership, Access Bank has championed financial inclusion by providing financial services to over 22 million previously underbanked individuals; given over 1 million women access to financial and non-financial offerings through its ‘W’ initiative; and set the pace in digital banking through its novel digital initiatives, such as FacePay, and Access More.
2,355 total views, 9 views today
Access Bank Launches $500m Senior Unsecured Eurobond
Nigeria’s largest bank by assets base, Access Bank Plc, has announced successful launch of a $500 million 144A/RegS Senior Unsecured Eurobond – 5-year unsecured note under the Bank’s $1.5billion Global Note programme – as part of its Global Medium-Term Note Programme.
This is contained a notice signed by the company’s secretary, Sunday Ekwochi, and made available on the website of the Nigerian Exchange Limited (NGX).
The transaction, the notice said, recorded a massive interest from top quality investors globally, including the United States, Europe, Middle East, Asia and Africa, anchored by a number of large tickets.
The offering achieved the lowest (outstanding) Nigerian bank Eurobond coupon, supported by an over 3x oversubscribed orderbook of over $1.6 billion, which represents the largest orderbook ever for a Nigerian bank Eurobond transaction. The bond which will mature on the 21st of September, 2026, was issued with a yield and coupon of 6.125%, with interest payable semi-annually in arrears. The coupon of 6.125% is another first in the corporate Eurobond issuance space.
The bond is already trading at a premium from issue levels with bids around 5.89% levels whilst offers are around 5.78% as the unmet demand from the auction filtered into the secondary market. (101/101.50 indicative price)
The bank said the net proceeds of the Eurobond will be used to provide medium term funding in a bid to enhance its capacity and support its general banking purposes.
Commenting on the Eurobond Issuance, the Group Managing Director of Access Bank, Dr Herbert Wigwe said: ’’At Access Bank we remain committed to our vision to become the World’s Most Respected African Bank and Africa’s Gateway to the World. The success of our US$500 million Senior Unsecured Eurobond is yet another stride towards the realisation of that vision and underscores our investors’ confidence in the Access Bank story. We are pleased with the diversity of the order book and the success of this issuance further strengthens our resolve to deliver on our strategic objectives.’’
1,384 total views, 30 views today
Desist From Forex Malpractices, CBN Warns commercial Banks
The Central Bank of Nigeria has warned Deposit Money Banks to always observe due diligence and desist from all forms of malpractices in foreign exchange transactions.
The apex bank gave the warning in a letter by Ozoemena Nnaji, Director of Trade and Exchange Department, addressed to the DMBs.
Nnaji urged the banks to ensure to know their customers and also to know their customers’ businesses.
She said the directive was necessitated by recent occurrences in the FX market.
“The CBN wishes to remind all banks that it is their responsibility to not only know their customers (KYC requirements) but also know their customers’ businesses (KYCB requirements).
“Given this responsibility, and in view of recent occurrences in the market, the CBN will like to remind banks to desist from all forms of FX malpractices.
“We wish to reiterate that FX operating licences of any bank or banks that are found culpable with ongoing investigations will be suspended for at least one year,” the director said.
She urged all the DMBs concerned to take note and ensure compliance.
1,674 total views, 30 views today
UBA Records N7.6bn Profit In 2021 First-Half Results
The United Bank for Africa (UBA) Plc has reported a profit before tax of N76.2 billion in the first half of the year.
This represents a 33.4 percent appreciation compared to the N57.1bn recorded in the same period of 2020.
The profit was the highest in the first half of the year, according to the bank’s result filed with the Nigerian Exchange.
The result also showed the bank’s gross earnings grew 5.0 percent to N316billion from N300.6billion, while total assets rose to N8.3 trillion from N7.7trillion.
Customer Deposits also crossed the N6trillion mark growing by 7.4 percent to N6.1trillion in the period under consideration, compared to N5.7 trillion as at December 2020.
The Group’s Shareholders’ Funds remained robust at N752.5billionn up from N724.1billion in December 2020, reflecting its strong capacity for internal capital generation.
In line with the bank’s culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc has declared an interim dividend of 20kobo per share for every ordinary share of 50kobo each, held by its shareholders.
Reacting to the result, UBA’s Group Managing Director/Chief Executive Officer, Mr. Kennedy Uzoka, expressed delight over the bank’s performance, adding, “This has been a strong first half for us, as global economic recovery exceeded expectations, creating a positive rub-off on consumer and corporate confidence, savings and investment activities”.
Continuing, the GMD pointed out that the bank recognises the far-reaching effects of the pandemic on businesses globally.
1,220 total views, 28 views today
- Lagos APC To Adopt Consensus Candidate For Oct. 2 State Congress
- BBNaija: Angel Tells Pere How To Deal With Saga After ‘Betraying Him’
- Ndume Blasts Buhari’s Unending Loan Requests, Decries Senate’s Speedy Approvals
- Doctors Advised Me To Drink More Water — Bawa, Chairman Of Anti-graft Agency, EFCC Speaks On Slumping At Event
- Shehu Sani Defects To PDP
JOIN US ON FACEBOOK
Entertainment2 weeks ago
BBNaija: “Shameful For A Married Woman” – Boma, Tega Doing ‘Stuff’ Under Duvet Sparks Outrage (See Video)
Entertainment4 days ago
BBNaija: Nigerians Drag Angel For Showing Off Her Private Part To Housemates (Watch Video)
Headline2 months ago
Female Italian Fan Go Topless, Gives Free Show After Euro 2020 Win (Watch Video)
World news3 years ago
Why I Quit Nun To Become A Porn Star After 8 Years At Convent – Yudi Pineda
News3 years ago
Popular Lagos Pastor In Sex Scandal
Headline3 months ago
EXCLUSIVE: LG Election: Crisis Rocks APC In Epe As Party Leaders Accuse Lagos Deputy Gov Of Imposing Three Candidates
Headline3 months ago
EXCLUSIVE: Lagos LG Polls: How Tinubu Prevailed On Aggrieved Aspirants To Drop Ambition, Pacify Supporters
Entertainment3 months ago
Nigeria’s Democracy Has Been Thrown Into The Mud -Adekunle Gold