Adron Homes Extends Easter Greetings to Christian Community
By Adeyemi Obadimu Veron
Adron Homes, a leading real estate developer, is extending heartfelt greetings to the Christian community as they celebrate Easter, a time of faith, hope, and renewal.
As we gather in the light of Easter’s dawn, Adron Homes acknowledges the profound message of hope that this sacred season represents. To our cherished Adron Homes family of Christian faith around the globe, we wish for this Easter to resonate deeply within your hearts.
Easter stands as a testament to the unyielding power of faith, serving as a beacon of light in times of darkness and a promise of renewal in moments of despair. It is a time for us to rejoice in the triumph of Christ’s resurrection and find comfort in the promise of eternal life and divine grace.
As we commemorate this joyous occasion, Adron Homes encourages reflection on the lessons of love, forgiveness, and redemption that Easter embodies. We urge everyone to strive to embody these virtues in their daily lives, fostering a sense of unity, compassion, and goodwill towards all.
On behalf of Adron Homes, we extend our warmest wishes to the Christian community and their loved ones this Easter season. May the blessings of peace, joy, and prosperity be abundant in your lives, and may the spirit of Easter inspire you to live with faith, hope, and love.
Wishing you all a happy and blessed Easter from the entire team at Adron Homes. May God bless you abundantly.
Rekhiat Momoh: Rise of an Amazon in the Power Sector
In a sector that has not always made space for women, Rekhiat Momoh, the newly appointed Acting CEO of Eko Electricity Distribution Plc (EKEDC), has fearlessly taken up a conspicuous space for herself. A self-driven professional who comes across as an enviable Amazon and achiever in an area and era where everyone seems to understate the role and worth of a driven woman, those who know Rekhiat say she exemplifies a modern yet timeless construct of femininity that manifests as a blend of relentless and noble pursuits.
For the past three decades, Rekhiat has worked her way up in the power sector and served the EKEDC in various capacities, most recently as the Chief Commercial Officer (CCO).According to a statement announcing her new appointment, “Mrs Momoh has been in the power sector for more than 31 meritorious years. She has risen through the ranks in the power sector from the days of NEPA, PHCN, and now Eko Disco, receiving several excellence awards, commendations, and medals.
“A marketer by training, she has an MBA from the Lagos State University. She is a fellow of several organisations including the Nigeria Institute of Management, the National Institute of Marketing of Nigeria, and several others. She has attended several local and international leadership and management courses and training programmes.” The board further expressed confidence in her ability to perform in her new role effectively and take the company to greater heights.
The Edo State native will oversee Eko Disco’s operations, drive strategic initiatives, service improvements, and stakeholder engagement initiatives within the company through her deep industry knowledge and strategic vision, and ensure the company continues to deliver reliable and efficient power distribution services to its customers.
Indeed, Rekhiat brings extensive experience and exceptional leadership capabilities to her new role. Many described her as a proven team player, change agent, and thought leader in the power distribution space. Her colleagues unanimously said she is the ideal choice to lead EKEDC into the future as her focus on empowering teams, driving continuous improvement, and forging strong partnerships with stakeholders has positioned the company as a frontrunner in the Nigerian power sector.Her appointment further comes at a pivotal time as EKEDC seeks to ramp up productivity and enhance power distribution across its coverage areas.
Born on 7th March 1967, Rekhiat hails from Etsako West Local Government Area of Edo State. She attended Auchi Polytechnic where she obtained OND Business Administration and HND Marketing in 1991 and went on to bag an MBA (Marketing) at the University of Lagos. Without a doubt, the power and pull of Rekhiat’s rise in the power sector will make space for a new generation of young women willing to interrogate their fears and achieve greatness.
Olatunji Oke is the publisher, Lagos Indicator, Nigeria Indicator, and Africa Indicator
Access Holdings Plc Reports Strong FY2023 Financial Performance, Grows PBT by 335%, Earnings to N2.59 Trillion
Access Holdings Plc (“The Group”) has announced its audited Consolidated and Separate Financial Statements for the year ended December 31, 2023. In the year under review, the Group recorded a robust growth in its Profits Before Tax, posting a healthy N729 billion, representing 335% year-on-year (YoY) increase from 2022.
Access Holdings’ Gross Earnings also surged by 87% YoY to N2.59 trillion, up from N1.38 trillion in 2022. This remarkable growth was primarily driven by a 100% increase in interest income and a 67.9% growth in non-interest income. The Group’s Net Interest Income also demonstrated strong performance, soaring by 93.5% YoY to N695.4 billion, compared to N359.6 billion in the previous year. The yield on earning assets also rose remarkably from 9.2% in 2022 to 12.8%.
Access Holdings’ Loans & Advances expanded by 60.5% YoY to N8.9 trillion, accompanied by an improvement in the Non-Performing Loan Ratio, which decreased to 2.8% from 3.2% in 2022. The Group closed the year with N2.18 trillion in Shareholders’ Funds, marking a significant 77.5% growth from N1.23 trillion in FY 2022.
Commenting on the performance, Bolaji Agbede, Acting Group Chief Executive Officer, Access Holdings Plc, said:
“The Group’s strong performance in 2023 reflects our commitment to delivering value to our shareholders and stakeholders amidst challenging operating environments. The significant growth in our earnings is a testament to the resilience, strategic focus, and efficiency of our team, and reflects the diversity of our offering across banking, pension, insurance, and payments driven by robust risk management, best-in-class corporate governance, and cutting-edge technology. As we look ahead, we remain committed to driving sustainable growth, consolidating our footprint, and accelerating the attainment of our 2027 strategic objectives.”
Access Holdings’ regulatory ratios strengthened in 2023 as Capital Adequacy Ratios for the Group, and its flagship subsidiary, Access Bank, stood at 19.01% and 21.09%, respectively. The Liquidity Ratio remained robust at 51.8%, well above the regulatory threshold.
Roosevelt Ogbonna, Managing Director/CEO, Access Bank remarked on the Bank’s accomplishments, saying: “As we reflect on the results of 2023, characterised by robust growth, strategic acquisitions, and expansion into key trade hubs, I am excited about the prospects for Access Bank. Our relentless focus on customer-centricity, digital innovation, and operational excellence has positioned us strongly to capitalise on emerging opportunities. As we enter the consolidation and efficiency phase of our Africa and international expansion strategy, we remain committed to driving sustainable growth, enhancing shareholder value, and delivering exceptional banking experiences to our customers across Africa and beyond.”
Access Holdings’ other subsidiaries also posted strong results, as Access Pensions Limited recorded a 75% growth in gross revenues, amounting to N12.3 billion, while Hydrogen Payment services posted an operating income of N2.1 billion and a PBT of N161 million.
Access Holdings Plc acquired Megatech Insurance Brokers Ltd. (now known as Access Insurance Brokers Ltd.) and successfully completed a US$300million capital injection into Access Banking Group, which acquired several entities including Finibanco Angola S.A., and select Standard Chartered Bank operations in Africa.
Access Bank’s UK subsidiary also opened a branch in Paris and received regulatory approval to commence operations in Hong Kong.
The Group has proposed a final dividend of N1.80 kobo per share for the 2023 financial year, bringing the total dividend payment to N2.10 kobo per share with a total value of N74.6 billion.
Reiterating his confidence in the organisation’s resilience, Aigboje Aig-Imoukhuede, Chairman, Access Holdings, said: “As we navigate this transformative period, we remain confident in the leadership of the Group to continue this upward trend and set the standard for financial service groups in the continent. Access Holdings has a rich history of excellence, and we will continue to deliver unparalleled value to our stakeholders.”
Commencing in the second half of 2024, the Group’s Africa and international expansion strategy will enter the consolidation and efficiency phase, aligning with the institution’s five-year plan to accelerate the attainment of its 2027 strategic objectives.
This is even as the group urged the president to use this occasion to ponder on the challenges confronting the country and evolve active ways to resolve them.
The President of NASRE, Femi Oyewale who, on behalf of the association, joined esteemed members of the general public to celebrate this significant milestone in the life of a distinguished leader, acknowledging President Tinubu’s dedication to public service and unwavering commitment to the progress and development of Nigeria.
According to him, “on this auspicious occasion, NASRE acknowledges President Tinubu’s notable achievements and contributions to the socio-economic advancement of our great nation. However, amidst the celebrations, we urge President Tinubu and his administration to redouble their efforts to further revamp the economy and prioritise our dear country’s security.
“As editors representing various media outlets across Nigeria, we are acutely aware of the challenges facing our nation. We must collectively work towards addressing these challenges and creating an environment conducive to sustainable growth and development.
While apprlauding steps taken so far to address forex volatility and the formation of Economic Team as well as re-opening of borders to ease suffering of the masses, he said, solutions such as Tax waivers for Businesses, especially, SMEs; addressing epileptic power supply; construction of and embarking on palliatives on major Federal roads that are in bad state; harmonisation and cordiality of fiscal and monetary policies for maximum economic impacts; tackling insecurity, escalating food price and so on should be prioritised.
“We call upon President Tinubu to leverage his wealth of experience and leadership prowess to implement pragmatic policies that will stimulate economic growth, create job opportunities, and alleviate poverty.
“Additionally, we urge his administration to intensify efforts to ensure all Nigerians’ safety and security, safeguarding lives and property across the nation”, he said.
He, however, pointed out that as stakeholders in the Nigerian project, NASRE pledges its unwavering support to President Tinubu’s administration in its quest to build a prosperous and secure nation for present and future generations.
“Together, let us forge ahead with renewed determination and resilience, towards a brighter and more prosperous future for all Nigerians.
“Once again, we extend our warmest felicitations to President Bola Ahmed Tinubu on his 72nd birthday, wishing him good health, happiness, and continued success in all his endeavours”, he said.
$87m Theft Case: Abayomi Oluwasesan, Wife Re-arrested, Remanded In Prison As Court Demands Stringent Bail Conditions
Abayomi Segun Oluwasesan who allegedly committed the heinous crime of defrauding the leading global crypto space known as Afriq Arbitrage System has been Re-arrested alongside his wife and arraigned in Federal High court, Jabi in Abuja.
Abayomi and his wife were tracked to an estate in Lagos and brought back to Abuja on Sunday, March 24th, 2024 over the lingering financial scam to the tune of 87 million dollar and criminal activities he perpetrated against AAS and the CEO, Jesam Micheal.
The arraignment of Abayomi by the IG of police at the Federal High Court in Abuja witnessed a significant development on Thursday, March 28th, 2024, as the case involving the alleged theft of 87 million dollar by Abayomi OluwaSesan charged by the Inspector General of Police, Kayode Egbetokun, proceeded with significant deliberations.
The accused individuals were charged for purportedly accessing millions of subscribers’ investments at the Afriq Arbitrage Company’s online trading platform until October 9th, 2023.
In the courtroom presided over by Justice Ms. Idris, both parties, including the defendants’ lawyer and the complainant lawyer Sidi Abdulrasheed, were present alongside individuals whose investments were affected by the alleged fraud at the Afriq Arbitrage Company.
During the session,the defendants’ lawyer appealed for bail on behalf of Abayomi OluwaSesan citing their prolonged detention and promising their availability for trial if granted bail. However, the complainant lawyer, Sidi Abdulrasheed, opposed the bail request, highlighting previous instances where the defendants had allegedly fled after being granted bail.
Upon hearing arguments from both sides, Justice Ms. Idris urged the parties to come to a consensus before he delivers his ruling.
He emphasised the importance of punctuality and adherence to court proceedings if bail were to be granted to the defendants.
After a brief recess, court proceedings resumed at 2:38 pm, with Justice Ms. Idris adjourning the case until April 18th, 2024. The judge mandated that the suspects remain in police custody until the specified date unless they meet stringent bail conditions.
These conditions include providing two sureties each with 500 million Naira, owning property in Maitama, and also two directors in the federal civil service. Additionally, the sureties must deposit the title documents of their properties in court.
Justice Ms. Idris said the hearing will be April 29th and May 2nd 2024.
He reassured those present in the courtroom, including individuals affected by the case, of a fair and timely judgement. He affirmed his commitment to ensuring that the matter is resolved within the year, providing closure to those impacted by the alleged financial misconduct.
Speaking to Jesam Micheal the CEO of Afriq Arbitrage Company’s (AAC) after the court proceedings, he said he is Satisfied by the proceedings of the trial judge.
ADRON HOMES BOSS, AARE ADETOLA EMMANUELKING ADVOCATES FOR CONSOLIDATION BEFORE TRANSFORMATION AS LAGOS REDAN CHAIRMANSHIP ASPIRANT PAID COURTESY VISIT
Aare Adetola Emmanuel-King, The Executive Chairman Adron Homes, advocates for Consolidation first before Transformation as he declares his support for Dr Segun Oshundairo, The Aspiring REDAN Chairman For Lagos Chapter(Real Estate Developers Association of Nigeria)
He stated his full fledged support during an exclusive interview with the REDAN Chairman Aspirant, Dr Segun Oshundairo, the CEO of Arcview Investment Limited. During the Aspirant’s visit, Aare Adetola admonished him on steps to take to ensure that his tenure birth policies that would revolutionize the Real Estate Industry. He urged the Aspirant to embark on Intense Media publicity and collaborative advocacy efforts to influence government policies and decisions affecting the Real Estate Industry.
During this Meeting, The Aspirant talked about his Manifesto which he would implement once he emerges the Chairman. He declared the following Intentions:
– Create a Developers Mortgage Plan. With this, he would be collaborating with the government to create a plan that would ensure that developers can buy affordable estate from the government which would facilitate their ability to create reasonable and affordable houses for the masses.
– Establish an Advisory Board for REDAN. He stated that he would create an Advisory Committee that would consist of 7 stakeholders to advise and train members of the group every quarter on the right policies and procedures to implement.
– Open up lands in rural Areas and convert them to Mega cities. He revealed his intention to collaborate with the government in order to open up lands in Ofada, Papalantoro and environs as well as create affordable real estate in such areas.
– Rebrand and Publicize REDAN: The Aspirant stated that under his tenure, REDAN would have a new look, which would include a new logo, better policies as well as increased visibility .
Aare Adetola EmmanuelKing, In addition to advising the Aspiring Chairman on Strategic Media Publicity for REDAN, also implored him to pay attention to increasing the number of members in the group as well as present comprehensive strategies poised to shape the future landscape of real estate in the country.
He Admonished and stated that “There can’t be a greater Lagos without REDAN” He further advised the Aspirant on the need for a Universal market price of Landed Properties for Real Estate Developers in Lagos State when purchasing from the government. Also, this would foster and aid the creation of affordable housing for the good people of Lagos State and Nigerians at large.
The interview session concluded on a positive note in which Dr Segun Oshundairo expressed his enthusiasm and appreciation for the collaboration between REDAN and the CEO of Adron Homes. The Interview Session laid the foundation for future partnership opportunities aimed at driving positive change within the real estate industry. Dr Segun reiterated that once elected, he would set up a board of trustees that would consist of veterans and real estate pillars to serve as an advisory board for the pressure group.
Coronation Group, Access Holdings Plc, Safaricom and M-PESA Africa Partner to Explore Remittances
A transformative collaboration aimed at broadening access to remittances across Africa has been forged among Coronation Group, Access Holdings Plc, Safaricom Plc and M-PESA Africa (the parties) as the parties come together in a strategic alliance dedicated to propelling financial inclusion and nurturing economic prosperity for millions across the continent.
The parties aim to explore solutions that will provide a remittance corridor between East and West Africa, connecting some of the continent’s largest economies.
The collaboration will see the convergence of Access Holdings’ robust Pan-African banking infrastructure, spanning 14 African countries, with Coronation Group’s comprehensive array of technology-infused financial services offerings in West Africa, coupled with M-PESA and Safaricom. M-PESA is the continent’s leading mobile money and digital payments service, connecting more than 60 million customers and 5 million businesses across 8 countries and processing more than $1 billion a day in transaction value. Safaricom is Kenya’s leading telecommunications, ICT and financial services provider with more than 32 million of its customers using M-PESA services every month.
Aigboje Aig-Imoukhuede, Chairman of Access Holdings and Coronation Group, emphasised the ethos of empowerment that forms the foundation of this collaboration. “We stand at the threshold of an extraordinary journey, one poised to shape the financial landscape of Africa. This partnership encompasses more than a convergence of capabilities; it signifies the fusion of collective expertise, resources, and an unwavering commitment to drive financial inclusion, empowering millions throughout Africa. Through collaborative innovation, shared vision, and resolute determination, we are primed to unlock unprecedented opportunities, transform lives, and make an indelible imprint on Africa’s trajectory,” Mr. Aig-Imoukhuede added.
Sharing insights into the transformative potential of the collaboration, Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, affirmed, “Our conviction remains steadfast – this collaboration has the power to recalibrate the trajectory of financial services in Africa. By combining our strengths with those of Coronation Group, Safaricom and M-Pesa Africa, we will deliver on our promise of sustainably impacting our stakeholders, empowering individuals, and significantly contributing to the continent’s economic ascension.”
“African countries trade more with nations outside the continent than within themselves. Initiatives such as the African Continental Free Trade Area (AfCFTA) seek to address the lack of intra-continental trade. This partnership with Safaricom, Coronation Group and Access Holdings seeks to explore remittance corridors between East and West Africa bringing alive the AfCFTA spirit,” said Sitoyo Lopokoiyit, MD – M-PESA Africa.
“We will be collaborating with M-PESA Africa, Coronation Group and Access Holdings to explore secure, convenient, and affordable remittance solutions that will connect our customers to opportunities in West Africa. Africa remains an underserved region especially for remittances within the continent making such partnerships crucial in closing the gap,” said Peter Ndegwa, CEO – Safaricom.
The initial phase of the collaboration will concentrate on pivotal markets, including Nigeria, Kenya, Ghana, and Tanzania.
The collaboration is subject to commercial discussions and definitive agreements, internal corporate approvals of the respective parties and relevant legal and regulatory processes. The partners remain steadfast in their adherence to regulatory frameworks and their dedication to establishing an enabling environment that empowers individuals and enterprises alike, fostering significant contributions to Africa’s economic advancement.
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Joining the league of happy property owners with Adron Homes signifies not just ownership, but empowerment and financial security. By standing firm and taking advantage of the opportunities presented, Nigerians can pave the way for a brighter future and a sense of accomplishment.
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+234Art International Fair Opens In Lagos at Ecobank Pan African Centre (EPAC)
Left Mr. Jide Sipe, Head, Marketing and Corporate Communications, Ecobank Nigeria Ltd; Mrs Tola Akerele, Founder, Soto Gallery and curator +234 Art Fair; Mr. Austen Osokpor, Head, Corporate Communications, Ecobank Nigeria and Maeva Sabot, PR Manager, +234 Art Fair at the media briefing to announce the +234 Art Fair sponsored by Ecobank, Africa Finance Corporation and Soto Gallery held on Thursday at Ecobank Pan African Centre, Victoria Island, Lagos
The +234Art Fair, an international art exhibition commenced today in Lagos. The 10-day exhibition which is holding at Ecobank Pan African Centre (EPAC), Victoria Island, Lagos will run till March 31, 2024. The art fair curated by Soto Gallery, in partnership with Ecobank and Africa Finance Corporation (AFC), has over 200 artists with thousands of art works already on display at the venue.
Managing Director/Regional Executive, Ecobank Nigeria, Bolaji Lawal, said: “Specifically, we have invited emerging and ‘un-galleried’ Nigerian Artists to participate in this international art exhibition, as they stand to gain wide reaching exposure that would enhance their works.” “Un-galleried artists” typically refer to artists who don’t have representation or exhibition opportunities through traditional art galleries. These artists usually face challenges in gaining exposure and selling their creative works. The creative industry is an essential driver of economic growth, well-being, and global connectivity. We will continue to invest in the potentials of our young people for a brighter future for Nigeria as a country”.
Speaking on the details of the exhibition, Founder Soto Gallery and Curator +234 Art Fair, Mrs. Tola Akerele, said, “+234Art Fair is a 10-day exhibition starting on Friday 22nd March through the 31st, at the Ecobank Pan African Centre (EPAC) 2,000 sqm exhibition centre. It is expected to attract Nigerians from all walks of life, Africans and non-African residents in Nigeria, top government officials, policy makers, and members of the diplomatic corps and art enthusiasts across the globe.
“The fair is dedicated to nurturing and uplifting the burgeoning art industry in Nigeria by providing a platform to support emerging artists and encourage increased interest in art acquisition, thereby contributing to the growth and prosperity of the local art sector and its international recognition. This maiden edition takes the thematic direction of ‘A New Heritage’ and is designed to serve as a melting pot of artistic creativity from different strata of the society.”
