News

Naira remains defeated despite CBN’s injection of $122.67m, $35.18bn in reserves accretion

Published

4 months ago

July 15, 2024

By Kayode Sanni-Arewa

Despite an increase in foreign reserves to $35.18 billion and the Central Bank of Nigeria’s (CBN) injection of $122.67 million into the market, the naira has experienced a significant depreciation.

On Friday, July 12, the naira closed at N1,563.80 against the US dollar, marking a new low for July.

This depreciation follows a slight appreciation the previous day and comes despite the CBN’s sale of $122.67 million to authorised dealers over two days.

Throughout the week, foreign exchange (FX) turnover fluctuated, peaking at $348.82 million on Thursday but sharply declining by 63.73 percent to $126.50 million on Friday.

The market saw a range of N1,496.46 to N1,586 per dollar, edging closer to the N1,600 mark.

Analysts say these developments underscore ongoing challenges in stabilising the naira amidst economic uncertainties and fluctuating market conditions.

This comes after the CBN governor, Olayemi Cardoso, assured that the naira would experience more stability due to the elimination of distortions and increased stakeholder confidence in the new forex market regime.

Similarly, data from the CBN revealed that Nigeria’s gross reserves rose to $35.18 billion as of July 10, representing a growth of 6.35 percent from the $33.08 billion gross reserve balance as of June 10, 2024.

This is the first time the reserves have crossed the $35 billion mark under the administration of President Bola Tinubu.

According to CBN data, as of May 30, 2023, the reserves were $35.09 billion, about 14 days before the introduction of the FX unification policy in June 2023.

However, when the CBN announced the FX unification policy, the external reserves dropped to $34.66 billion.

TRIBUNE

News

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

Published

51 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

1 hour 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.