News

Crisis: Fear in Rivers as seven-day Budget ultimatum expires

Published

4 months ago

July 15, 2024

Tension in Rivers State, as the 7-day ultimatum by the Amaewhule-led House of Assembly for Governor Siminalayi Fubara to resubmit the 2024 budget expires this week.

The ultimatum, issued on July 8, will expire today if weekends are counted, or on Wednesday if they are excluded.

The Assembly’s order came after a motion by Dumle Maol, the Chairman of the House Committee on Judiciary.

Maol, who is also the Deputy Speaker of the Pro-Nyesom Wike Assembly, urged the House to formally notify the governor to present the budget in light of a recent court ruling, which they believe affirmed their membership and validated Amaewhule’s leadership.

The re-presentation of the budget was a key element of the presidential peace pact in December, aimed at resolving the political crisis in the South-South state.

Previously, Governor Fubara had submitted the ₦800bn budget to the Assembly led by Edison Ehie who now serves as the Governor’s Chief of Staff.

The budget, which was passed and signed into law, is still being implemented, suggesting that the peace agreement has faltered.

Last week, Governor Fubara announced that his administration is already preparing the 2025 budget, indicating that the demand for the re-presentation of the 2024 budget is unrealistic.

The crisis in Rivers State, which began about eight months ago, has continued to evolve.

It started with a fire at the State House of Assembly in October, followed by an attempted impeachment of Fubara, massive resignations from the executive cabinet, and unrest over local government administration. This phase culminated in a failed attack on the Presidential Hotel.

With the deadline for the 2024 budget presentation set for this week, the political climate in the state appears tense, as the assembly and the governor navigate the ongoing crisis.

Meanwhile, Chijioke Ihunwo, a pro-Fubara politician from the same community as Amaewhule, has dismissed the 7-day ultimatum on the governor as laughable.

Ihunwo, who was appointed by the governor as the Caretaker Committee Chairman of Obio/Akpor Local Government Area, urged Amaewhule to accept his fate as a former assembly member, after defecting from the Peoples Democratic Party to the All Progressives Congress.

He encouraged the people of Ikwerre Ethnic Nationality, comprising Port Harcourt, Obio/Akpor, Ikwerre, and Emohua Local Government Areas, to continue supporting the Governor under the leadership of former Senator John Azuta-Mbata.

The politician, who was criticised for appointing 100 aides last week, said the decision which other CTC Chairmen are also implementing is aimed at bringing local government administration closer to the grassroots.

He announced that more appointments would be made in the coming days, to demonstrate that the Fubara-led government is inclusive.

News

Access Holdings Reports ₦41.1trn Total Assets, ₦3.4trn Gross Revenue In Q3

Published

27 mins ago

November 5, 2024

Gloria Ikibah

By Gloria Ikibah

Access Holdings Plc has reported its unaudited results for the third quarter ended September 30, 2024, as the financial results reveals the group’s continued growth momentum, emphasising resilience and sustainable performance as it works to deliver good returns for its shareholders.

Gross revenue for the nine-month period rose by 114.5% year-on-year, climbing from ₦1.6 trillion in 2023 to ₦3.4 trillion in 2024. Interest income, a major driver of this growth, represented 70% of gross revenue at ₦2.4 trillion, while non-interest income contributed ₦1.0 trillion, marking an 87.2% increase due to higher transaction volumes on digital channels and other alternative platforms. Despite inflationary pressures, the cost-to-income ratio remained stable at 60.8%, while profit before tax saw an 89.6% rise to ₦558.2 billion, and profit after tax rose 82.8% to ₦457.7 billion. This robust performance translated to an annualised return on equity of 22.2%, with earnings per share up to ₦12.40.

Access Holdings reported significant gains in Q3 2024, driven by strong performance across its banking and non-banking subsidiaries, including Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers. The Group’s total assets surged to ₦41.1 trillion, up by 54.0% year-to-date, while shareholders’ equity grew by 51.0% to ₦3.3 trillion. Customer deposits saw an impressive rise of 45.4%, increasing from ₦15.3 trillion in December 2023 to ₦22.3 trillion by Q3 2024, while gross loans and advances grew 56.2%, reaching ₦13.9 trillion.

Access Bank continued its strong performance, with both interest and non-interest income contributing significantly to gross earnings. Subsidiaries in the UK and across Africa performed particularly well, delivering 54.8% of the Banking Group’s profit before tax, an increase of 185.8% year-on-year. The Group remains committed to expanding its footprint by offering tailored banking solutions in each region, enhancing customer experience, and advancing cross-border banking capabilities.

The non-banking subsidiaries of Access Holdings also delivered consistent growth. Access ARM Pensions, following a merger with ARM Pensions, now oversees ₦3.1 trillion in assets under management. Hydrogen Payments processed ₦27.5 trillion in transactions, growing its operating profit by 516% year-on-year to ₦5.7 billion. Access Insurance Brokers, still in its first year of operations, posted a gross written premium of ₦8.3 billion and a profit before tax of ₦641 million. New entrant, Oxygen X Finance, the group’s digital lending subsidiary, reported ₦2.1 billion in operating income and a profit before tax of ₦412 million.

Looking ahead, Access Holdings remains focused on enhancing profitability through diversified revenue streams across all markets. The group is deeply committed to advancing sustainability, embedding environmental, social, and governance principles into its operations to foster positive community impact. Through ongoing investments in employee development, Access Holdings is building a culture of innovation and excellence, further positioning the group as a driver of long-term value for its shareholders.

News

Digital Excellence: Access Bank Clinches Best Digital, Best Website Awards

Published

47 mins ago

November 5, 2024

Gloria Ikibah

By Gloria Ikibah

Access Bank Plc has won the 2024 Best “Digital Award Winner” in the Commercial Banks Category at the Digital Jurist Awards, organized by Phillips Consulting (pcl.).

The Bank also secured the “Best Website Award”, achieving an impressive score of 201 points for its engaging and user-friendly digital experience. Access Bank’s cumulative score of 380 points reflects its excellence across digital touchpoints, including its website, web portal, mobile app, and social media.

Commenting on the recognition, Amaechi Okobi, Chief Communications Officer of Access Holdings PLC, said, “We are honoured to receive the Best Digital and Best Website Awards at this year’s Digital Jurist Awards.

“At Access, our focus on digital innovation is driven by our commitment to deliver seamless, secure, and customer-centric solutions across all touchpoints.

“This recognition validates our ongoing efforts to enhance our digital platforms, making financial services more accessible and efficient for our customers. We thank Phillips Consulting for recognising our efforts and will continue to raise the bar in digital excellence.”

Phillips Consulting has long served as a development partner to Nigerian financial institutions and other organisations with an online presence. Leveraging its proprietary Digital Jurist platform, the firm has conducted assessments of digital touchpoints in various sectors, from financial services and insurance to telecommunications and government agencies, over the past 17 years.

Originally established as Web Jurist®, the platform was reimagined as Digital Jurist to assess new and diversified digital channels in the evolving digital economy. Digital Jurist’s evaluation framework examines a range of factors, including user experience, accessibility, performance, functionality, security, customer service, support, marketing, and content engagement across digital platforms.

These awards reinforce Access Bank’s leadership in digital banking, adding to recent accolades including 2024 Best Digital Bank and Best Mobile Banking App by World Finance, Best Mobile Banking App and Best Digital Bank by The Digital Banker Awards, and Best Digital Banking Initiative at the Global Retail Banking Innovation Awards 2024.

News

Govt official arrested for 400 s3xtapes with president’s sister, ministers’ wives, others

Published

5 hours ago

November 4, 2024

Kayode Sanni-Arewa

By Kayode Kayode Sanni-Arewa

The Director General of the National Financial Investigation Agency (ANIF) in Equatorial Guinea, Baltasar Engonga, has been arrested for allegedly recording over 400 sextapes of women, including the sister of the country’s president.

The sextapes were recovered from Engonga’s house and office following a raid by ANIF officials who carried out the operation in a fraud investigation against the 54-year-old economist.

The ANIF officials were said to have come across several CDs that later showed Engonga’s sexcapades with different married women.

The videos, according to a local media platform, Ahora EG, include encounters with high-profile individuals, including Engonga’s brother’s wife, his cousin, the sister of the President of Equatorial Guinea, the Director General of Police’s wife, and about 20 of the country’s ministers’ wives, among others.

The video discovered in his office was said to have been recorded with consent and has since been leaked online.

In a report by a local media platform, Ahora EG, since last October, Engonga has been involved in a sexual scandal unprecedented in the history of Equatorial Guinea.

Ahora EG stated: “The most striking thing is that some scenes took place in his work office, including moments in which he is seen sleeping with a woman next to the National Flag. Based on this sexual scandal, the Executive has stated that the measure is a direct response to the acts that have affected the image of the country.

“With these new measures, the Government hopes to establish a clear precedent on the expected conduct of public officials in order to create a more respectful work environment in the public and private administration of Equatorial Guinea. For days now, erotic videos have been circulating on social media featuring Baltasar EBANG ENGONGA, better known as ‘Bello’.

“Baltasar EBANG ENGONGA is said to have filmed these scenes with the consent of the women themselves, which exonerates him from a possible crime of violation of integrity. In the videos, he is seen having unprotected sex with several women, including those married to powerful and well-known people in the country, but also with the most “diva and influential” single women in Equatorial Guinea. Some scenes take place in hotel rooms, houses, even in the protagonist’s office at the Ministry of Finance,” it added.

Speaking on the viral sextapes, the Attorney General of Equatorial Guinea, Nzang Nguema, said although the videos suggest that the women involved were not forced to participate, the law does not consider consensual sexual relations to be a crime, unless coercion or violence is proven.

“The possibility of a contagious disease being spread through these sexual interactions makes the situation even more critical,” Nguema added.

Reacting to the development on Monday, the Vice President of Equatorial Guinea, Nguema Mangue, said Engonga’s behaviours violated the country’s Code of Conduct and the Public Ethics Law.