Connect with us

News

Access Bank Targets Top 20 Position in UK, $1bn Profit by 2027

Published

on

 
By Gloria Ikibah 
 
Access Bank, sub-Saharan Africa’s largest bank by customer base, has shared insights about ambitious plans to position its UK subsidiary, Access Bank UK, among the top 20 banks in the United Kingdom, targeting an annual profit of $1 billion by 2027. 
 
Managing Director/Chief Executive Officer of Access Bank, Roosevelt Ogbonna, disclosed this during the “Facts Behind the Rights Issue” presentation held at the Nigerian Exchange (NGX) office in Lagos.
 
Ogbonna emphasised that this projection underscores Access Bank’s commitment to becoming a global banking leader, focusing on expansive growth and robust financial performance.
 
“We are positioning ourselves to be one of the most respected banks globally. Our focus is on superior service across all the continents and countries we are operational in, and by 2027, we aim to be one of the top five African banks, powering trade across the continent and providing superior services to our customers,” Ogbonna stated.
 
The CEO further highlighted that Access Bank’s customer base is expected to grow to 125 million by 2027, further cementing its market leadership. This ambitious growth plan is part of the broader strategy to drive organic growth through strategic acquisitions, partnerships with international banks, and substantial investments in infrastructure and technology.
 
The insights were shared as part of discussions around Access Holdings’ ongoing Rights Issue, which aims to raise up to US$1.5 billion to strengthen its financial position and support its growth ambitions. The rights issue offers 17,772,612,811 ordinary shares at N19.75 per share and will close on August 14, 2024.
 
The Fact Behind the Rights Issue was attended by the stockbrokers, shareholders, NGX management, Access Holdings’ executive and management, the media, amongst others. The shareholders gave their vote of confidence in Access Holdings and Access Bank, and  particularly, the Rights Issue.   
 
National Coordinator, Pragmatic Shareholders Association of Nigeria, Bisi Bakare noted, “Since Access Bank first started trading on the stock exchange at N0.65, we shareholders have witnessed its incredible growth and accrued immense value, with the stock now trading at N19.35 as of June 9.
 
“Access Holdings can be confident that as the consolidation phase of the Group’s expansion fully takes shape and the brand’s profitability continues to increase, those of us who have been on this journey from the beginning are not about to jump off now. We fully back the capitalisation plans, starting with the Rights Issue, and are excited for the future that lies ahead for Access Holdings”.
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Rupture In PDP Governors’ Forum deepens

Published

on

By Ojomah Austin.

 

The evolving fall-out, which comes barely days to the contentious National Executive Committee (NEC) of PDP, followed a back and forth between the Federal Capital Territory (FCT) Minister, Nyesom Wike and the Governors forum, who declared support for Rivers State governor, Siminalayi Fubara to be made leader of the party in the state.

After a meeting with some members of the party’s National Working Committee (NWC) in Bauchi on Wednesday, Governor Mohammed, said “According to our party’s constitution, any leadership vacancy should be filled by someone from the region where it originated,” stressing that Damagum would be replaced soon considering that he hails from North East and not the North Central.

Advertisement

Same day, Makinde, during the groundbreaking of the upgrading of Ladoke Akintola Airport, Ibadan, to an international airport, which was attended by another set of NWC members, led by Damagum, said he would support whatever decision the Damagum-led NWC would take to reposition the party.

Damagum, who is considered a close ally of Nyesom Wike, the Federal Capital Territory (FCT) Minister, was appointed acting national chairman after the removal of Iyorchia Ayu in June 2023.

Meanwhile, the Board of Trustees (BoT) of the PDP led by Senator Adolph Wabara, met with members of the National Assembly caucus in Abuja.

The close door meeting comes barely hours after the BoT met with Wike in Abuja.

Advertisement

While Wabara refused to comment on the essence of the meeting with the lawmakers, it was noticed that most of the lawmakers didn’t honour the invitation.

Continue Reading

News

Tears As Man Takes Own Life Over Tinubu’s Govt Hardship

Published

on

By Mario Deepromoter

Sad development in Marika village, Kiyawa Local Government, Jigawa, where a 40-year-old man, Jibrin Adamu, committed suicide by hanging himself.

According to eyewitnesses, Adamu’s lifeless body was discovered in a classroom at Miftahul Khairat Islamiyya and Primary School Gurdiba on Thursday.

Police spokesperson DSP Lawan Shiisu Adam confirmed the incident, stating that preliminary investigations revealed Adamu had struggled with mental health issues.

Advertisement

“Police received a report on Thursday that at about 1830hrs, a tragic incident was reported at the Command headquarters that one Jibrin Adamu ‘m’ age 40yrs of Jigawar Maroka village, Kiyawa LGA has committed suicide by hanging himself over the ceiling at Islamiyya school,” the Police spokesperson told Daily Post.

The Jigawa State Commissioner of Police, CP AT Abdullahi, has instructed officers to conduct a thorough investigation into the incident.

Continue Reading

News

Just in: Dangote Petrol Now Available at N765.99 Per Litre

Published

on

By Mario Deepromoter

11plc, Total Energies, AA Rano, and other marketers have begun lifting Dangote Petrol through Nigerian National Company (NNPC) Trading Limited for N765.99 to retail outlets nationwide.

Findings showed some petroleum marketers who were able to complete their payment process on the NNPC trading payment portal commenced the lifting of petrol earlier this week under the existing agreement between marketers and the refinery.

Tunji Oyebanji, managing director, 11Plc confirmed to BusinessDay on Thursday evening that some marketers have started lifting the products at N765.99 from Dangote Refinery through NNPC who remain the sole off-taker of product.

Advertisement

“We were among the first marketers to complete the payment on the NNPC portal. We have no direct arrangement with the refinery,” Oyebanji said.

It was gathered that NNPC Retail, 11plc, Total Energies, A.A Rano are among the marketers that have picked up products from the refinery.

He added, “We don’t know the contractual financial arrangement between NNPC and the refinery but what I can confirm is we are buying at N765.99 from NNPC to lift Dangote petrol”.

Efforts to get the Independent Petroleum Marketers Association of Nigeria (IPMAN) to confirm if its members have picked up products at the Dangote Refinery proved abortive at the time of writing this report.

Advertisement

See also Nigeria’s Petrol Landing Cost Revealed
Adedapo Segun, executive vice-president, downstream at NNPC said marketers cannot purchase petrol directly from the refinery because the product is still sold at a subsidised rate.

“That is the same thing happening with Dangote. I said earlier that Dangote is a company and it is going to sell at market price,” he told Journalists.

According to Segun, “The market value of PMS is still higher than what N766 or N765 or N799 that NNPC is selling.

“The situation has not changed there. So, NNPC’s off-taking is only because the others would not buy at the price Dangote will be willing to sell, which is reasonable.

Advertisement

“As soon as the price allows for it, you will see the marketers go to Dangote and buy.”

Continue Reading

Trending

Copyright © 2024 Naija Blitz News