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Access Holdings Tops PBSI Ranking For Tier-1 Banks Report 2024

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By Gloria Ikibah 
 
 
Access Holdings PLC has been named the leading Tier-1 Bank in the 2024 Proshare Bank Strength Index (PBSI) report, and this is in recognition of its outstanding performance.
 
Naijablitznews.com reports that the PBSI, which evaluates banks based on a comprehensive set of financial metrics derived from audited financial statements for the Financial Year 2023, underscored Access Holdings’ significant strides in the banking sector.
 
According to Proshare’s latest report Access Holdings is top, alongside other prominent institutions such as Zenith Bank, FBNH, Ecobank, UBA, and GTCO. 
 
As the Nigerian banking sector evolves, Access Holdings stands out for its proactive approach to addressing macro and microeconomic risks. 
 
The report draws parallels to the challenges faced by United States banks, such as Silicon Valley, First Republic, and Signature Banks, in 2023 due to poor asset and liability management (ALM).
 
With the Central Bank of Nigeria’s ongoing banking sector recapitalisation programme, the report highlights the importance of investment in financial technology, customer service scalability, and digital asset engineering between 2024 and 2026.
 
Analysts emphasise that, “With higher capital levels, banks must use the larger amounts of cash available to improve shareholder returns and customer service experiences. Many banks will get cut at the knees by lacking a deliberate strategy to transition from cash flow to value creation.”
 
The report further highlighted Nigeria’s economic trajectory, noting, “Nigeria’s GDP in 2005 was N38.78trillion and rose to 77.94trillion, roughly two times in 2023, suggesting an average annual growth rate of 3.55 per cent in the last two decades. However, between 2000 and 2005, bank equity sizes grew over ten times or by 1,150 per cent from N2billion to N25billion. In other words, for a decade and a half, banks have used ten times more equity in their businesses than before 2005, yet the country’s GDP growth has been modest.”
 
The report, however, clarifies that simply raising Nigerian banks’ equity base is not a guarantee for economic growth and development. 
 
“Transforming bank equity into drivers of economic growth requires more than money; it requires a coordinated public and private sector plan, with what Proshare analysts have repeatedly called a whole-of-government approach to policies, programmes, and processes”, it stated.
 
Reviewing bank performances in 2023, Proshare analysts observed that banks were pursuing increasingly aggressive approaches to acquiring digital market share while supporting lower operating costs (lower cost-to-income ratios (CIRs)). 
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ECOWAS Parliament to Hold 2024 3rd Extra-Ordinary Session in Togo

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By Gloria Ikibah 
 
The Economic Community of West African States (ECOWAS) Parliament is set to convene its third Extra-Ordinary Session of 2024, alongside its Second Parliamentary Seminar, from September 24 to October 3, 2024, in Lomé, Togo. 
 
This significant gathering will bring together representatives from 15 West African nations to discuss pressing issues in the ECOWAS sub-region. 
Budget Review and Planning
 
During this session there will be a review of the implementation of the Parliament’s 2023 budget and assessment of the mid-term budget for 2024. 
 
According to a statement from the Parliament’s Communications Division, “this review is crucial in ensuring that our budget aligns with the region’s development goals.”
 
Additionally, discussions will cover the 2025 draft budget of the Community Parliament. 
 
“Strategic planning is key to fostering economic growth and development in our region”, the statement further noted.
 
Capacity Building for New Legislature
 
A parliamentary orientation seminar for members of the newly established Sixth Legislature will precede the Extra-Ordinary Session. This seminar aims to enhance members’ understanding of ECOWAS institutions and equip them with the knowledge required to represent the people of the sub-region effectively.
 
The Speaker of ECOWAS Parliament, Rt. Hon. Memounatou Ibrahima, stated, “The seminar will prepare our new members to make informed decisions that benefit our citizens from day one.”
 
 
Empowering Women through Financial Inclusion
 
In conjunction with these events, the ECOWAS Female Parliamentarians Association (ECOFEPA) will host a symposium on October 1, 2024, focused on “Financial Inclusion for Women Empowerment.” 
The forum will explore the challenges women face in accessing financial services and discuss ways to promote their economic empowerment.
 
“Financial inclusion is essential to unlocking women’s potential and fostering regional development,” the Chairperson of ECOFEPA stated.
 
Naijablitznews.com reports that the ECOWAS Parliament, also known as the Community Parliament, serves as a platform for dialogue, consultation, and consensus among representatives of the people of West Africa, with a mission to promote regional integration. 
 
Established under Articles 6 and 13 of the ECOWAS Revised Treaty of 1993, the Protocol creating the Parliament was signed in Abuja on August 6, 1994.
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Occurrences In Edo Election Deeply Disturbing—Dr Tanko

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The National Coordinator of the Obidients Movement, Dr Yunusa Tanko has slammed the malpractices that characterized the just concluded Edo State Governorship election describing it as deeply troubling.

Dr Tanko in a statement issued in Abuja stressed that the outcome of the election has revealed a disconcerting occurrence that did not not reflect the true wishes of the people.

Those with a conscience must stand firm against the individuals and agencies abusing their positions to weaken our democratic institutions. Edo State election is a clear signal that electoral reforms are urgently needed, and we must prioritize the protection of our democratic processes.

It is time to collectively push for a true independent electoral commission, transparent campaign financing, voter education and empowerment.

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It is time to ensure that individuals and organizations are made to be strictly held accountable for electoral misconducts and Offences as a way of safeguarding our democracy.

As Obidients, we urge Nigerians irrespective of party affiliations to come together and defend our democracy from this type of brigandage for the future of our nation to ensure that power stays in the hands of the people, not in the grasp of a select few.

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Edo: Obi finally speaks on Akpata’s defeat, says it’s a ‘state capture’

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Labour Party presidential candidate, Mr Peter Obi has described the results of the just concluded Edo State elections as a case of “state capture.”

Recall the Independent National Electoral Commission (INEC) announced that Senator Monday Okpebholo of the All Progressives Congress (APC) won the election, with Asue Ighodalo in second place and Olumide Akpata from the Labour Party finishing third.

In a tweet on Monday afternoon, Obi criticized the electoral process, saying that the elections in Edo do not reflect a genuine democratic system.

He disclosed that politics should focus on serving the nation rather than merely seizing power.

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Obi pointed out that the flawed leadership recruitment process in the country is leading to dire consequences, urging those in authority to rectify the situation rather than rely on it to maintain their positions.

He disclosed the significant investments made in the INEC’s IReV and BVAS systems, stressing that these tools must be properly utilized to combat electoral fraud.

Obi called on agencies and individuals undermining democracy to consider the long-term implications of their actions, warning that society will ultiultimately seek justice for the damage done.

He tweeted:

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“What happened over the weekend in the name of election in Edo State does not in any way represent the democratic process we chose as a method of electing our political leadership.

“Instead, it was a blatant example of ‘state capture’ and continued gross undermining of our democratic process and values.

“Any nation whose leadership recruitment process is so fatally flawed is doomed, and we are all seeing the effect in our country.

“I urge those in authority not to allow this situation to stand, or depend on it to remain in power.

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“As a country, we have invested significantly in IReV and BVAS, and they must be allowed to function and used properly in order to free our electoral process from the massive falsification that has plagued it and worsening.

“To the agencies and individuals being used to undermine our democracy simply because they hold positions of authority, please remember that your time in office is not eternal. The society that you are helping to destroy today will eventually take her revenge on you tomorrow.

“To the lecturers and others complicit in perpetuating this charade, you must reflect deeply on the roles you are playing in damaging the very foundation of our democracy.

“The damage you are causing today will inevitably take revenge on you tomorrow and affect your children in the future.

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“This kind of action has no place in a true democracy. That is why I have always maintained that today’s politics is not about capturing power, but about saving the country and making it work for everyone, regardless of their background.”

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