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Access Bank Wins Euromoney Awards For Excellence 2024

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By Gloria Ikibah 
 
Access Bank has won Nigeria’s Best Bank and Ghana’s Best Bank at the Euromoney Awards for Excellence 2024, highlighting the Bank’s outstanding performance and commitment to sustainable practices across its operations in Africa.
 
Naijablitznews.com reports that in the last two decades, Access Bank has consistently demonstrated its ability to innovate and provide tailored solutions that meet the needs of its diverse clientele, and has also shown leadership in Environmental, Social, and Governance (ESG) practices, serving as one of the continent’s leading lights in sustainable finance. 
 
Managing Director/Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, speaking on the awards, said: “This recognition by Euromoney doesn’t just acknowledge our achievements, it also reflects our future aspirations as a Bank. 
 
“At Access, we are driven by a purpose to not only meet the financial needs of our customers, but also to make a lasting positive impact on the communities we serve. These awards motivate us to continue leading the way in responsible banking practices across Africa.”
 
“Last year, Access Bank Nigeria received Euromoney’s ‘Market Leader’ rating, across the areas of Corporate Banking, CSR, Digital Solutions, ESG, and SME Banking. Similarly, Access Bank Ghana was rated ‘Market Leader’ in CSR, affirming its strong impact in the local communities”.
 
Also speaking on the awards, Managing Director of Access Bank Ghana, Olumide Olatunji said, “Our commitment to sustainability is integral to everything we do at Access Bank Ghana. Whether it’s through our support for grassroots sports, such as our partnership with the Ghana Football Association’s Division One League, or our environmental initiatives like planting over 20,000 seedlings across the country and the ‘A Sandal More for a Better Tomorrow’ campaign, we are dedicated to enriching lives and building resilient communities.”
 
The Euromoney Awards for Excellence is widely recognised as the definitive annual awards programme for the global banking industry. For over 30 years, Euromoney has celebrated banks and bankers who demonstrate differentiation and innovation, setting the industry benchmark for excellence. This year, Access Bank’s achievements have been acknowledged, reaffirming its leadership in the financial sector.
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FEC approves ₦47.9tn 2025 budget

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By Kayode Sanni-Arewa

The Federal Executive Council, FEC, has approved a proposed national budget of ₦47.9 trillion for the 2025 fiscal year.

Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on Thursday while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu.

This was part of the Medium-Term Expenditures Framework, MTEF, for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007.

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“And equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded.

“The budget size that was approved for presentation to the National Assembly in the MTEP is ₦47.9 trillion, with new borrowings of ₦9.2 trillion to finance the budget deficit in 2025,” Bagudu said.

“We need to sustain the market deregulation, commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend the relevant sections of the petroleum industry act 2021 to address the significant risk to Federation.

“The Federal Executive Council approved the Medium Term Expenditure Framework and the physical strategy paper, and it will be submitted to the National Assembly.

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“This is in addition to bills that are already at the National Assembly, the economic stabilization bills and tax reform bills, which we believe we will have a very, very strong growth in 2025.”

During the meeting, the FEC approved its submission to the National Assembly as required by the 2007 Fiscal Responsibility Act.

The framework projected a gross domestic product (GDP) growth rate of 4.6 percent, an exchange rate of $75 to the naira, and oil production of 2.06 million barrels per day. [Channels TV]

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Nigeria to get 6,000 power generation by December-Power Minister vows

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By Kayode Sanni-Arewa

The Minister of Power, Adebayo Adelabu, has expressed his unwavering optimism that the government will successfully meet its ambitious target of generating 6,000 megawatts of electricity by December 2024, despite the numerous challenges currently affecting the power sector.

The Special Adviser on Strategic Communication and Media Relations, Bolaji Tunji, conveyed this assurance at the fourth edition of the Power Correspondents Association of Nigeria’s annual workshop, themed “Ending the Talk, Moving the Action,” held on Thursday in Abuja.

Nigeria’s power generation currently ranges between 3,500 and 4,000 MW for a population of approximately 200 million people. For instance, on Thursday, the country’s power generation was 3,556.38 MW as of 8 am.

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Earlier this year, Adelabu pledged that power generation in Nigeria would reach 6,000 MW by the end of the year, citing improvements in the sector over the past year.

However, the frequent collapse of the nation’s electricity grid and the vandalisation of towers have raised concerns about the stability of the Nigerian Electricity Supply Industry and its ability to achieve the target.

In his goodwill address, the Special Adviser emphasised that the minister’s primary focus remains on achieving the goal of increasing generation and ensuring its efficient distribution to consumers.

Tunji said, “The minister aims to achieve what seems to be an intractable goal—improving generation and ensuring that what is generated reaches the final consumers. There are challenges, but they are surmountable.

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“The minister has promised that by December this year, we will reach 6,000 megawatts; yes, we still hope to get there.

“We are confident that we will get there, but we are aware of the current issues with grid collapse. Efforts are being made to resolve these problems. Day and night, teams are being dispatched to address the various issues, and we remain hopeful that we will achieve the 6,000 MW target by December.”

The Director of Renewable Energy, Sunday Owolabi, also reiterated that the government is committed to ensuring 24-hour power supply for Nigerians.

Owolabi, another representative of the minister, stressed that the government’s policies are focused on resolving the challenges facing the country’s electricity transmission, distribution, and generation sub-sectors.

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“We are fully committed to transforming the country’s power sector. We are focused on ensuring that our policies are practical and sustainable. We are resolute in ensuring power supply for every Nigerian.

“The government remains fully committed to transforming Nigeria’s power sector through meaningful and actionable reforms.

“We are focused on ensuring that our policies are not only visionary but also practical, impactful, and sustainable. From the ongoing efforts to address infrastructure gaps, enhance power generation, and improve transmission networks, to vital reforms in distribution and the full implementation of the electricity market, we are resolute in our mission to improve power supply for every Nigerian.”

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Just in: Wike sends FCDA Executive Director on indefinite suspension

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By Kayode Sanni-Arewa

Minister of the Federal Capital Territory, Nyesom Wike has suspended the Executive Secretary, Federal Capital Development Authority (FCDA), Engr. Shehu Hadi Ahmad indefinitely.

According to a statement on Thursday, by Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory (FCT), the suspension of Engr Hadi Ahmad is with immediate effect.

The suspended Executive Secretary has consequently been directed to hand over to the Director of Engineering Services, in the FCDA.

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Meanwhile, Nyesom Wike has revealed that President Bola Tinubu ordered the construction of houses for judges in Abuja.

The former Rivers State governor said the project is part of the government’s plan to provide secure housing for judges and strengthen the judiciary’s independence.

Speaking during a media chat on Wednesday, the former Rivers Governor clarified that the housing project is not his personal initiative.

Wike explained that the housing scheme was included in the 2024 budget, approved by the National Assembly, and is not his personal decision.

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He added that judges currently live in rented homes, which could make them vulnerable.

He compared this to similar projects he carried out as Rivers State governor and expressed surprise at the criticism, especially from legal professionals.

Wike insisted the project is lawful and should be welcomed as a step in the right direction.

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