News

Just in: EFCC’ reportedly detains ex-gov of Delta, Okowa

Published

9 hours ago

November 4, 2024

The Economic and Financial Crimes Commission, EFCC, has taken a former Delta State Governor, Senator Ifeanyi Okowa, into custody in Port Harcourt, Rivers State over alleged misappropriation/embezzlement of billions of naira belonging to the state during his tenure.

A source familiar with the matter made the disclosure asking to not be identified.

Details shortly…

News

Multiple Accidents Involving Four Vehicles On 3rd Mainland Bridge +Video

Published

51 seconds ago

November 5, 2024

Kayode Sanni-Arewa

Multiple accident involving four vehicles was reported at Ilaje on 3rd Mainland Bridge on Monday, November 4, 2024.

No life was lost in the accident according to the video posted on x.com by LASTMA officials.

“There’s a report of a multiple accident involving 4 vehicles at Ilaje on 3rd Mainland Bridge inward Adeniji.

Backlog now at Iyana-Oworo. Men of The Nigeria Police are on ground and effort is on to evacuate then to the side of the road to ease better movement towards Adeniji. Officers are on ground managing the traffic accordingly.”

WATCH THE VIDEO: https://x.com/WAJU73/status/1853424263727915308

News

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

Published

1 hour 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

2 hours 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.