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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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Nigeria Congratulates Friedrich Merz on Election as Germany’s New Chancellor

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By Gloria Ikibah

The Federal Government of Nigeria has extended heartfelt congratulations to the Federal Republic of Germany on the election of Friedrich Merz as the new Chancellor.

Merz, leader of Germany’s conservative bloc, secured his position with 325 votes in the 630-seat Bundestag during a vote held on Tuesday, May 6, 2025. His emergence marks a new chapter in German leadership and has been hailed by Nigeria as a demonstration of the strength and maturity of Germany’s democratic system.

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In a statement signed by Kimiebi Imomotimi Ebienfa, spokesperson of the Ministry of Foreign Affairs, Nigeria praised the peaceful and transparent electoral process that led to Merz’s victory and commended Germany for its steadfast commitment to democratic values.

“Nigeria commends Germany’s strong democratic traditions and values, which have once again been demonstrated through a peaceful and transparent electoral process.

“We are confident that under Friedrich Merz’s leadership, Germany will continue to play a pivotal role in advancing global peace, stability, and prosperity”, the statement read.

The statement reaffirmed the long-standing ties between Nigeria and Germany, highlighting key areas such as trade, investment, security, and sustainable development as critical pillars of cooperation.

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“As longstanding partners, Nigeria looks forward to deepening bilateral relations with Germany in areas of mutual interest”, Ebienfa said, as he stressed Nigeria’s readiness to collaborate further in multilateral spaces like the United Nations.

Nigeria conveyed best wishes to the new Chancellor for a successful tenure and reiterated its willingness to work closely with Germany for the mutual benefit of both countries and the international community.

Friedrich Merz succeeds Olaf Scholz as Chancellor, taking the reins at a time of significant political and economic shifts in Europe.

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High Airfare Costs Hindering West African Unity – Speaker Ibrahima

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…as ECOWAS say airfare within the region is highest

By Gloria Ikibah

Speaker of the ECOWAS Parliament, Hon. Mémounatou Ibrahima, has raised concerns over the soaring cost of air travel across West Africa, warning that it poses a serious threat to regional integration and the free movement of citizens.

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Speaking on Tuesday at the opening session of a regional parliamentary meeting in Lomé, Togo, Ibrahima said the current state of air transport within the sub-region is far from ideal, especially for a region that has long preached the gospel of unity and seamless mobility.

“Without affordable and efficient transport systems, the dream of a truly integrated West Africa will remain out of reach,” she said.

The meeting, which falls under the Sixth Legislature’s delocalised sessions, brought together members of the ECOWAS Parliament’s Joint Committee on Infrastructure, Energy and Mines, Agriculture, Environment, and Natural Resources. The session is themed: “Air Transport as a Means of Integration for West African Peoples: A Strategy for Reducing Airline Ticket Costs.”

Participants included aviation experts, policymakers, and civil society actors, all focused on developing workable strategies to address the high cost of airfares—a problem many say discourages both business and cultural exchanges among member states.

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Ibrahima underscored the importance of air transport not only for economic growth but as a symbol of unity in a region where road networks remain underdeveloped and borders, though open in theory, are still difficult to cross in practice.

She blamed the soaring airfares to multiple taxes and charges imposed across airports in the region, fragmentation of the aviation market and poor infrastructure.

She said: “The theme that brings us together today, ‘Air Transport as a Means of Integration for West African Peoples: A Strategy for Reducing Airline Ticket Costs,’ is of paramount importance to our community. It reflects a major issue facing our citizens: the prohibitive costs of air travel between our countries, which hinder the free movement of people and compromise our ambitions for regional integration.

“Therefore, there is no need to emphasize the importance of air transport in a country’s economy, especially within a sub-regional community. Indeed, air transport is an essential lever for economic development and sub-regional integration. It promotes trade, stimulates tourism, strengthens cultural and social ties, and contributes to the growth of our economies. In reality, there can be no free movement without transport facilitation. And among these facilitations, transport costs figure prominently.

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“These airports contribute financially to state budgets in several ways, including landing fees, air ticket taxes, security taxes, non-aviation taxes, and revenues from commercial activities at the airport. However, it is clear that all these fees make air ticket costs prohibitive within the ECOWAS region, thus hampering a major driver of development: tourism.

“For my part, several factors may contribute to the high cost of air fares in our region. These include, among others: excessive taxation and high airport fees; a fragmented aviation market, with national airlines operating in isolation rather than in synergy; a lack of modern infrastructure adapted to the needs of air transport; weak implementation of agreements liberalizing African airspace, notably the Yamoussoukro Declaration.”

The Speaker further warned of the implications for the region’s long-term goals, noting that the ECOWAS Vision 2050 would remain elusive without an efficient and affordable air transport system.

“If we are to achieve the objectives of the third pillar of ECOWAS Vision 2050, ‘Economic Integration and Interconnectivity,’ it is up to us, as representatives of the peoples of ECOWAS and in view of our responsibility in the Community’s decision-making process, to explore viable and sustainable solutions. Our role is crucial in the realization of these reforms”, she warned.

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Ibrahima therefore urged the Legislature to develop strong recommendations that would guide Member States and relevant institutions in establishing a policy framework for more accessible regional air transport.

“I am convinced that the discussions that will take place during this meeting, to which we have invited African air transport experts and leaders, will be fruitful and will lead to concrete proposals to address this major challenge.

“Together, let us commit to working towards more efficient regional aviation, serving the integration and development of our community and for significant progress towards the Sustainable Development Goals (SDGs) and the aspirations that underpinned the African Union’s Agenda 2063”, she added.

Delivering the keynote address, Vice-President of the Togolese National Assembly, Dzereke Yao, described the theme of the meeting as both timely and crucial. He stressed that the issue of air travel within West Africa can no longer be treated as secondary, given its central role in connecting economies and people across the sub-region.

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Yao warned that the high cost of airline tickets is steadily eroding the progress made toward regional integration, arguing that it discourages interaction, trade, and mobility among citizens of ECOWAS member states.

He also used the occasion to commend President Faure Essozimna Gnassingbé for what he called his consistent commitment to African unity and cross-border collaboration.

According to him, “Togo continues to play a pivotal role in ECOWAS affairs, thanks to the President’s leadership and the country’s steady investment in aviation and transport infrastructure”.

Yao urged delegates to approach the meeting with a clear sense of purpose, insisting that the deliberations must result in actionable outcomes  and not just talk.

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“This gathering must produce more than a communique,” he said. “The citizens of West Africa are waiting for real solutions that will make regional travel less of a luxury and more of a right.

“This paradoxical situation merits our attention because our community boasts considerable potential, whether in population size, economic growth, or youthful dynamism.

“I therefore hope that it will lead to solid, pragmatic, and ambitious recommendations,” he urged, adding that a competitive and open airspace would benefit all citizens in the region”, he said.

Yao explained that the geographical location of Togo and modern facilities, gave the country a strategic edge in facilitating regional air mobility.

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The vice-president also ememphasised the importance of translating political will into sustainable reforms that will boost connectivity and unlock economic opportunities across the sub-region.

Alao ECOWAS Commissioner for Infrastructure, Energy and Digitalization, Sédiko Douka, disclosed that recent studies conducted by renowned organizations showed that air transportation within West Africa is still less than 10 percent, which represents the lowest.

According to Douka, this situation has become a barrier to the integration of the region. This is as he said the ECOWAS leadership was concerned with the situation and has mandated the Commission to coordinate and harmonize the air transport policies, programs, and projects of Member States.

He stressed the importance of the Lome meeting to address the gap, revealing that the meeting has the blessing of the Heads of State and Government.

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He said: “The air tariff in West Africa remains excessively high compared to other countries in the world. In this case, it is less expensive to make the flight to another African country than to travel between two countries in ECOWAS. This situation is counterproductive for the future of the West African region and the collective airspace.

“That recent studies conducted by renowned organizations in 2024 have shown low growth in air transport in West Africa (less than 10%). This, at a time when other regions, for example, record 40.4% for North Africa, 21.4% for Southern Africa, and 20.5% for East Africa. Other comparisons made in terms of domestic flights, intra-African travel, major airlines, and airport size have also shown that West Africa lags far behind these same regions mentioned above.

“In response to this instruction, a meeting of Ministers responsible for Air Transport was convened on November 8, 2024, here in Lomé. The meeting concluded with modalities for the gradual reduction of taxes, fees, and charges aimed at making air transport more affordable. Thus, an Additional Act A/SA.2/12/24 6, relating to the common policy on fees, taxes and air transport charges in ECOWAS Member States and its implementation strategy, were adopted by the Ministers and submitted to the Conference of Heads of State and Government of ECOWAS on December 15, 2024, which endorsed them.”

“Our primary concern is to comply with ICAO principles and recommendations on setting charges, which are: (i) non-discrimination between users, (ii) transparency, appropriate pricing for services provided, and (iii) user consultation.”

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“The recommendations made by the Ministers to Member States for efficient regional air transport include, among others: Commit to eliminating all taxes in accordance with these ICAO principles and recommendations;”

“Reduce the passenger service charge and the security charge by 25%; reduce the cost of aviation fuel, etc.”

“All this, with the aim, I say, of making our region efficient in terms of air transport, with its 400 million inhabitants”, he said.

He also charged the meeting to consider the issue of common rules for passenger compensation in the event of denied boarding, cancellation, or significant delays of a flight within the ECOWAS region.

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“The task now lies in working towards the implementation of these community texts by ECOWAS member states, whose effective implementation start date has been set for January 1, 2026, a 15-month period to allow them to prepare, particularly from a budgetary perspective”, he stated.

The ECOWAS Commissioner also charged Members of Parliament that the region is counting on them “to implement the community texts that the states themselves initiated and participated in the development, review, and adoption process.”

He therefore urged them to engage strongly with member states to raise awareness about the implementation of these additional acts with a view to the sustainable development of air transport in West Africa.

“As ECOWAS celebrates its 50th anniversary, it is an opportune time to highlight the organization’s visibility. While many achievements have been made in various areas/sectors of regional integration, these remain largely unknown to ordinary citizens, either due to a lack of awareness, communication, or simply the highly political orientation given to ECOWAS’s vision by stakeholders. Opportunities such as these allow you, as a Representative of the People, to gain a comprehensive view of the challenges, issues, strengths/weaknesses, opportunities/threats, and sectoral achievements,” he added.

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Creative Industry Holds Key to Massive Job Growth – Speaker Abbas

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By Gloria Ikibah

Speaker of the House of Representatives, Tajudeen Abbas, has identified Nigeria’s creative industry as the country’s second-largest source of employment.

He made this known on Wednesday during the opening of a public hearing on a proposed law to establish the National Institute for Film and Media Technology in Ukawu. The event took place in Abuja.

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Abbas, who was represented by Rep. Amos Magaji of the Zangon/Kataf/Jaba federal constituency, said the creative sector holds even greater potential, with projections indicating the capacity to generate up to 2.7 million new jobs by the year 2025.

He said: “I understand that the creative sector is the second-largest employer of labour in the country, and has the potential to create an additional 2.7 million jobs by 2025.

“This indicates that the creative economy worldwide contributes over 6.1 percent to global gross domestic product (GDP, averaging between 2 per cent and 7 per cent of national GDPs”.

Naijablitznews.com recalled that the proposed legislation was introduced by Rep. Nkem Kama, who represents the Ohanivo Federal Constituency in Ebonyi State.

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Speaker Abbas noted that the bill aligns with the broader goals of the House, especially in advancing reforms in technical education.

He emphasised the need to modernize learning systems so that students are better prepared with practical skills suited for the demands of today’s job market.

According to him, equipping young Nigerians in this way would position them to play a more active role in driving the country’s economic progress.

“We are committed to ensuring the integration of entrepreneurship modules in technical and vocational education curricula to enable students to go into private ventures and become self-employed”, he added.

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The Speaker restated the commitment of the House to integrating fast-evolving fields like robotics, renewable energy, and other cutting-edge innovations into Nigeria’s technical and vocational education system.

He stressed the importance of not falling short in preparing young people for the future, ememphasising the urgency of embedding modern tools.particularly artificial intelligence into the nation’s training frameworks.

“We must not be found wanting in the fulfillment of our commitments.

“We would have failed if we did not provide our children with the opportunities that they need to achieve their purposes and become fulfilled as human beings.

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“The world was already running away with Artificial Intelligence.

“We cannot be left behind. Education is the bedrock of development, and the need for educational institutions that will develop the skills of our people ought to have been addressed yesterday”, he stated.

Earlier in his remarks, Chairman, House Committee on Information, National Orientation, Ethics and Values, Rep. Fatoba Olusola, restated the imperatives of investing on film and media sector.

Olusola said that the film and media sector had the capacity to take the youths out of the streets and boost the economy.

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