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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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EU Allocates €5.4 Million for Flood Relief in Sahel and Lake Chad Regions

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By Gloria Ikibah 
 
The European Union has given the sum of €5.4 million in humanitarian aid to support communities affected by severe floods in the Sahel and Lake Chad regions. 
 
 
This aid is expected to benefit Chad, Niger, Nigeria, Cameroon, Mali, and Burkina Faso, where more than 4.4 million people have been impacted. 
 
 
The recent floods caused extensive damage, destroying homes, health facilities, schools, roads, and agricultural lands, and increasing the risk of waterborne diseases due to poor access to clean water, hygiene, and sanitation.
 
 
The funding is aimed at delivering urgent food aid, shelter, clean water, sanitation, and other essential services in the hardest-hit areas. The allocation is as follows: Chad (€1 million), Niger (€1.35 million), Nigeria (€1.1 million), Mali (€1 million), Cameroon (€650,000), and Burkina Faso (€300,000). This is in addition to the €232 million in humanitarian support already provided to these countries earlier in the year.
 
 
The EU and its partners have been responding to the floods, adjusting existing initiatives and contributing to the International Federation of Red Cross and Red Crescent Societies’ (IFRC) Disaster Response Emergency Fund (DREF). 
 
 
Commissioner for Crisis Management, Janez Lenarčič, highlighted the severity of the flooding, and stated that heavy rains in the Sahel and Lake Chad regions have displaced millions and caused widespread devastation. 
 
 
Lenarčič reaffirmed EU’s commitment to providing relief to those most affected.
 
 
The flooding in some areas has reached unprecedented levels, with Mali seeing the highest rainfall since 1967, and over 1 million people affected in Niger and 1.5 million in Chad. 
 
 
In Nigeria, the northern regions are already facing food shortages due to conflict, insecurity, and inflation, and the failure of a dam near Maiduguri has worsened the situation. So far, around 641,600 people have been displaced, with more rainfall expected. The risk of cholera is also increasing due to the lack of access to proper sanitation in the flood-affected areas.
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FG seeks collective action against river pollution, flooding

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By Francesca Hangeior

The Minister of Water Resources and Sanitation, Prof. Joseph Utsev on Monday called for collective action to protect the country’s water bodies from pollution and flooding.

Utsev made the call during an event to commemorate the 2024 World Rivers Day, with the theme ‘Protect Our Rivers from Pollution’ in Abuja.

Utsev noted the important roles rivers play in the water cycle, economy, ecosystem, and sustainable development.

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“Our rivers are lifelines for communities, ecosystems, and economies across Nigeria, it is our collective responsibility to prevent pollution, flooding, and other threats that endanger these vital resources.

“Protecting our rivers requires a collective effort. Let us all work together to prevent pollution and flooding so that future generations can benefit from these priceless resources”.

He noted that this year’s celebration was subdued due to the devastating floods of Sept. 10, 2024, which caused significant damage in Borno State.

Utsev recalled that the floods claimed lives and destroyed properties, prompting his ministry to assess the Alau Dam to prevent future disasters.

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“As we commemorate World Rivers Day, we also stand in solidarity with the people of Borno State.

“We are working closely with the Nigerian Hydrological Services Agency (NIHSA) to monitor water levels across the country and ensure that such incidents do not reoccur,” he said.

Utsev stressed the importance of flood preparedness, particularly in states along the Benue River, such as Adamawa, Taraba, and Benue.

He urged state governments to remain vigilant, clear drainage channels, and relocate residents from flood-prone areas.

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He also reiterated the Federal Government’s commitment to protect Nigeria’s rivers from pollution, urging stakeholders to view rivers as “living entities” deserving of legal rights and protections.

He called on all Nigerians to safeguard rivers from harmful practices such as waste dumping and overuse.

“We must extend these protections to our watersheds and basins, recognising that clean and healthy rivers are fundamental to our survival,” Utsev added.

Also, Dr Bello Goronyo, his state counterpart, noted the role of rivers and dams in sustaining life and supporting national development.

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He stressed that protecting rivers was crucial for maintaining dam infrastructure, which supports water supply, irrigation, and hydro-power generation.

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UNGA79: Nigeria demands UN Security Council Seat

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By Francesca Hangeior

The Nigerian government has reiterated its demands for the United Nations Security Council seat after contributing to 41 peacekeeping missions and deployment of over 200,000 troops for Global Peace.

The Minister of Defence, Mohammed Badaru, while addressing the 79th United Nations General Assembly, Sunday night, emphasised Nigeria’s longstanding commitment to international peace and security.

He said at the Summit of the Future interactive dialogue 2 with the theme: “Enhancing Multilateralism for International Peace and Security” that “Since our first deployment in the Congo in 1960, Nigeria has contributed to 41 peacekeeping missions globally,” highlighting the deployment of over 200,000 Nigerian troops in UN operations.

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Badaru called for reform of the UN Security Council to ensure Africa is represented with permanent seats, arguing that this would enhance global stability.

According to him, “Nigeria has remained unequivocal in its commitment to international peacebuilding and security, since the first engagement of its troops in the Congo in 1960. To date, Nigeria has contributed to 41 peacekeeping operations worldwide, with over two hundred thousand Nigerian troops serving in UN peacekeeping missions.

“Under the regional and sub-regional cooperation, Nigeria has been involved in peacekeeping operations in field missions in Cote D’Ivoire, Guinea-Bissau, The Gambia, Liberia, Mali, Sudan and Sierra Leone, among others, and has contributed a lot in terms of finance, logistics, troops and civilian experts, making her one of the most significant African troops and police contributors to the United Nations missions.

“It is on this basis that Nigeria continues to call for the reform of the United Nations Security Council to give just representation to Africa permanently for inclusivity and deepening of global peace and security.”

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The Defence Minister stressed the importance of building professional African armies to combat terrorism and urged for operationalizing the African Standby Force.

He also highlighted the need for comprehensive strategies to tackle transnational crime and illegal arms trafficking, particularly in the Sahel region, saying, “We recognize the need for Africa to build strong and professional armies, to, among other things, defeat terrorism.

“Nigeria, calls for the operationalization of the African Standby Force (ASF), and the provision of requisite support and resources to ensure the upgrade, take off and effectiveness of a centre of excellence in Africa on issues of counter-terrorism.

“We reiterate the call to strengthen regional and sub-regional cooperation, build capacities of Member States, promote cooperation and understanding, as well as defuse tensions, and seek peaceful settlement of disputes to resolve conflicts, especially in the Middle East and Ukraine.”

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The Minister reiterated Nigeria’s commitment to combating transnational organised crime. He emphasised the urgent need for comprehensive strategies that include prevention, early detection, protection, and law enforcement to address the rising alliances between bandits and terrorists.

“We must scale up our efforts,” he stated, highlighting the alarming trend of kidnappings for ransom and acts of piracy.

Badaru called on the international community to intensify efforts to control the proliferation of small arms and light weapons in conflict zones, particularly in the Sahel region.

He warned that unrestricted access to illicit arms by non-state actors exacerbates insecurity and instability. “The time for action is now,” he urged, as Nigeria grapples with the complexities of organized crime that threaten regional stability and safety.

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He said: “We must scale up efforts in addressing transnational organized crime and related illegal financial flows through comprehensive strategies, including prevention, early detection, protection and law enforcement, especially in the wake of the emerging alliance between bandits and terrorists, including kidnapping for ransom and acts of piracy.

“We seize this opportunity to urge the international community to renew efforts to stem the tide of small arms and light weapons in conflict, especially within the Sahel region where unfettered access by non-state actors to illicit arms and light weapons continues to foster insecurity and instability.”

Badaru reaffirmed Nigeria’s dedication to supporting UN efforts in combating terrorism and promoting global peace.

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