society_admin, Author at SocietyGazette.com

The Access Bank (UK) Limited to Acquire Mauritius-based AfrAsia Bank Limited

Access Holdings PLC (“Access Holdings”) today announces that its banking group’s, subsidiary, The Access Bank UK Limited (“the Access UK”) has entered into a binding agreement to acquire a majority equity stake in AfrAsia Bank Limited (“AfrAsia Bank”), the Republic of Mauritius’ third largest bank by total assets.

Mauritius, renowned for its robust financial services sector which contributes 13.4% to its Gross Domestic Product, provides Access UK with a solid foundation to expand its operations in the high-growth personal and corporate banking segments. Furthermore, Access Bank will utilise Mauritius as a strategic hub for trade finance and regional connectivity, thereby enhancing its capacity to facilitate cross-border transactions across Africa and beyond.

The transaction represents a transformational step forward for the Access UK and the overall Access Holdings’ banking franchise. At the end of its fiscal year ended June 30, 2024, AfrAsia Bank recorded Total Assets of more than US$5.7 billion and Net Profit After Tax of US$152.4 million.

Commenting on the acquisition, Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc and the CEO of the Banking Group said:

“This acquisition marks a pivotal moment in our African growth strategy, reinforcing our position as a leading Pan-African financial institution. Mauritius offers immense potential as an international financial hub, and through AfrAsia Bank, we are excited to unlock new opportunities to drive trade, support businesses, and foster economic inclusion across the region as we continue our mission to be the World’s Most Respected African Bank.”

Jamie Simmonds, Managing Director of the Access Bank UK added:

“With a strong balance sheet and a well-established brand in Mauritius, AfrAsia Bank provides us with a sustainable platform to scale and achieve long-term profitability. The deal aligns with our strategy to diversify and future-proof our earnings; and offer bespoke solutions enabling our clients to access global markets with ease.”

The Access Bank UK remains focused on fostering sustainable growth and delivering innovative financial solutions that empower businesses and individuals, while advancing intra- and inter-African trade, unlocking opportunities, and contributing to its economic transformation. Access Bank UK remains committed to providing innovative financial solutions and fostering trade relations between Africa and the rest of the world.

The parties would be working in the coming months to complete the acquisition and would continue to make the required disclosures.

Breaking: Lawmakers Pass Vote Of Confidence In Obasa

…as Speaker turns 52

Members of the Lagos State House of Assembly on Monday passed a vote of confidence on Speaker Mudashiru Ajayi Obasa saying they remain satisfied with his leadership of the House.

The vote of confidence on the Speaker coincided with his 52nd birthday as the lawmakers eulogised him for uplifting the country’s democracy through laws that impact positively on the people.

“I rise this afternoon to move a motion that a vote of confidence be passed on the Rt. Hon. (Dr) Mudashiru Ajayi Obasa to continue the good work that he has always done, especially in this 10th Assembly.

“It is good to note that every decision the Speaker has taken in the House has been with the full consent of his fellow lawmakers. He consults the members and gets their opinions,” Majorit Leader Noheem Adams raised during plenary presided over by Deputy Speaker Mojisola Lasbat Meranda.

Hon. Adams said his motion, seconded by Hon. Sa’ad Olumoh (Ajeromi-Ifelodun I), followed a wide consultation.

Deputy Majority Leader Adedamola Richard Kasunmu, while supporting the motion, added: “We have absolute confidence in his leadership and there is no better way to show this than to pass a vote of confidence on the Speaker.”

As part of the birthday celebration, the lawmakers praised the Speaker for his influential leadership.

“I celebrate my Speaker and note his impactful leadership. On behalf of my constituents in Eti-Osa, I wish him a happy birthday,” Hon. Gbolahan Yishawu (Eti-Osa 2) said.

On his part, Hon. Nureni Akinsanya commended Dr. Obasa for his loyalty to whatever he believes in.

“No matter the circumstances, Obasa stands by you. I pray to Almighty Allah to grant him more wisdom and to bless him and his family. May he have no cause for regret in life. I wish him all the best,” he remarked.

Hon. Aro Moshood, who conveyed his birthday wishes, acknowledged Speaker Obasa’s instrumental role in shaping Lagos and Nigeria as well as his dedication to public service.

Other lawmakers joined in extending their congratulations, wishing the Speaker long life filled with greater achievements.

The House commemorated the occasion by showcasing a clip of Speaker Obasa’s significant contributions to major laws passed in the Assembly.

Obasa @52: Photos As Lagos Speaker Celebrates With School Kids

– warns students against social vices
– Aminat Alege, victim of shot teargas canister, gets N5m

The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, on Friday celebrated with children from various schools in the State as part of activities to mark his 52nd birthday which comes up on November 11.

Dr. Obasa, who gifted brilliant pupils from across the 20 local government areas of Lagos and students in the six districts of the state with cash rewards, urged the children to abstain from social vices as such could redirect their purposes in life.

At the event which was held at the Oyewole Primary School, Agege, the Speaker said he loves celebrating his birthday with school children as a way to motivate them and make them serious with their studies.

“We want you to develop that confidence, that dream that you will become something tomorrow. This was my school. As a child, I never thought that I would be where I am today.

“Therefore, you must be hardworking. It does not matter the name of your school, what matters is your ability and how much you can put into your study. So start reading now.

“I was in class three when I finished preparing the processes for WAEC exams. I can display my result and how I passed at one sitting. You don’t have to feel oppressed because you’re not in a private school. That’s why we are always here to encourage you and make you see that you’re truly our future.

“You can be better than us but you must make sure you are serious with your education. I want a situation where in the future, you would remember today and also find yourself in positions to inspire others.

“Please, I beg you. Never give in to crime. For the girls, do not be corrupted or influenced negatively. Don’t be enticed with money. Be upright and adopt morality,” the Speaker advised.

AMINAT ALEGE: 12-YEAR-OLD STUDENT SHOT IN EYE GETS N5M

One of the highlights of the event was the award of N5 million to Aminat Alege, the student who was mistakenly hit in the eye by a teargas canister shot by a policeman on February 9, 2024.

The money was contributed by the members of the Lagos State House of Assembly as part of efforts to help the victim’s family mitigate the educational challenge she may have faced since the incident.

Speaking on behalf of his colleagues during the presentation of a cheque to Aminat’s parents, Hon. Gbolahan Yishawu, (Eti-Osa II), said Speaker Obasa had been disturbed since the incident happened to the student of the Adams Yakubu Memorial school Agege.

He said the lawmakers decided to assist after watching Aminat’s parents appeal for assistance from the public.

“There was a programme where the parents cried out for assistance. So we at the Lagos State House of Assembly have contributed the sum of N5 million. We have also offered a scholarship for the young lady so that she can continue her education,” he said.

The lawmakers further donated 15 computer sets to three schools, Oyewole Primary School, Thomas Aquinas school and Royal Apple School.

2 STUDENTS WIN SCHOLARSHIPS

For winning in a current affairs question-and-answer session, two students at the event won scholarships by the chairman of Orile-Agege Local Council Development Area, Babatunde Johnson.

Ishola Moyinoluwa of Ikeja Junior High School and Isiaka Bashar Ayomiposi of Eko Junior College were among the students who participated in the competition.

While Moyinoluwa came first, Ayomiposi came second during the competition.

Commending Obasa, Mr. Johnson, noted God’s mercies on the Speaker who he described as “a leader that has paid his dues.”

The Majority Leader of the House, Hon. Noheem Adams, said Obasa had become a pride to the people of Agege because of the massive infrastructural development the Speaker has attracted to the area.

Speaking for the educational sector, Tutor-General Adekanye Oladele, commended the Speaker for always uplifting education in the state.

She promised that the students would continue to make the state proud.

GTBank Customer Complaints to Disappearing Deposits, Deduction Issues, and the Silent MD

Customers of Guaranty Trust Bank (GTBank) have expressed growing frustration over unresolved issues, including disappearing deposits and unauthorized deductions. Many Nigerians are also voicing their concerns about the bank’s lack of communication, with customers facing difficulties accessing their funds and receiving little to no response from bank representatives.

GTBank’s Silence and Customer Service Challenges

Since Mariam Olusanya assumed the role of Managing Director (MD) in 2021, GTBank has maintained a notably quiet stance when it comes to addressing customer complaints. In fact, Olusanya has not made any public appearances or issued any official statements during her tenure. This lack of communication has left many customers feeling neglected and confused.

Industry experts have suggested that Olusanya’s silence could be attributed to the overbearing presence of Segun Agbaje, the Group CEO, who continues to dominate public events and media coverage, often overshadowing the MD. Despite Olusanya being regarded as highly capable, rumors indicate that Agbaje’s leadership style may be pushing her out of the spotlight.

GTBank’s Corporate Communication Breakdown

The silence from the bank’s leadership has extended to its customer service department, with many customers complaining about poor service and lack of transparency. Reports from GTBank account holders describe a snobbish attitude from the bank’s staff, who have failed to resolve critical issues such as missing funds and frivolous account deductions.

In addition, GTBank has been accused of misleading customers about the status of their system upgrade, assuring clients that the process was nearing completion, while many customers still report their savings being trapped weeks after the supposed improvements began.

Public Outrage and Calls for Regulatory Intervention

The absence of a clear statement from Mariam Olusanya and the overall communication failure from GTBank has led to widespread public outcry. Customers have taken to social media and online forums to share their experiences, calling on the Central Bank of Nigeria (CBN) and the Federal Competition and Consumer Protection Commission (FCCPC) to investigate the bank’s handling of customer funds and complaints.

With no sign of action from the bank’s leadership, customers are urging regulatory bodies to intervene and ensure consumer protection and accountability in the banking sector.

Conclusion: GTBank’s Growing Reputation for Customer Service Issues

In summary, GTBank is facing mounting dissatisfaction from customers due to poor customer service, disappearing deposits, and questionable deductions. The bank’s leadership, particularly Mariam Olusanya, has remained silent, which has only added to the frustration. As the situation worsens, many Nigerians are calling for stronger oversight from the CBN and the FCCPC to protect consumers and restore trust in the financial institution

First Bank Recapitalization: How Boardroom Conflicts and Declining Customer Trust may Affect

First Bank of Nigeria Limited and its parent company, FBN Holdings, are facing scrutiny as Nigerians question why the bank is yet to announce the much-anticipated recapitalization plan. This comes at a time when other banks are actively engaging investors in a dynamic stock market.

Historically, First Bank has been a cornerstone of the Nigerian banking sector, known for producing several Central Bank Governors and maintaining strong liquidity. However, recent developments suggest that the bank’s leadership may be struggling to uphold its prestigious reputation.

Boardroom Conflicts and Management Issues

Since 2021, First Bank has grappled with significant boardroom conflicts that have polarized the organization. The dismissal of then-Managing Director Dr. Adesola Adeduntan by the bank’s board, in conjunction with FBN Holdings, was overturned by the Central Bank of Nigeria (CBN), which deemed the board’s actions illegal. This reinstatement led to a restructuring of both boards, highlighting the ongoing power struggles within the institution.

The conflict escalated with billionaire Femi Otedola acquiring a 13.16% stake in First Bank, positioning himself as the largest shareholder. This power struggle delayed the Financial Group’s Annual General Meeting (AGM), as shareholders aligned with ousted chairman Oba Otudeko sought legal intervention. Although the court dismissed their case, the AGM is now set for November 12, where a proposed N350 billion capital raise will be discussed.

Eroding Customer Trust Amid Fraud Allegations

Customer trust in First Bank is at an all-time low due to several fraud allegations. Notably, former employee Adesuwa Ezenwa accused Oba Otudeko of facilitating approximately N12 billion in unsecured loans to companies he had significant stakes in, misrepresented as loans to Stallion Group of Companies. Ezenwa, dismissed in 2016 and currently contesting her termination in court, claims she was unfairly blamed for approving these loans while senior executives were not penalized. She is seeking damages for her dismissal and alleges complicity among high-ranking officials, with losses amounting to over N15 billion.

In a shocking turn of events, reports emerged of a massive internal fraud scheme involving around $29 million. This led to the termination of approximately 100 employees who failed to detect or report the crime. The mastermind, branch manager Tijani Muiz Adeyinka, exploited weaknesses in the bank’s oversight mechanisms over two years, raising serious concerns about First Bank’s internal controls.

Looking Ahead

As First Bank navigates these turbulent waters, it is crucial for the institution to address these internal issues and restore customer confidence. The upcoming AGM and proposed capital raise are pivotal steps in the bank’s efforts to stabilize and revitalize its standing in the Nigerian banking sector.

For more updates on First Bank and the Nigerian banking industry, stay tuned.

Access Holdings Reaffirms Commitment to Driving Inter-, Intra-African Trade

• Banking subsidiary targets November for African Trade Conference

Access Holdings Plc, the parent company of Access Bank Plc, has announced a series of initiatives aimed at empowering small businesses across Africa and enhancing intra-African trade. During a recent media roundtable, the leadership team, including Acting GCEO Ms. Bolaji Agbede, and Group Managing Director/CEO, Roosevelt Ogbonna, shared insights on the company’s strategic priorities for the coming years.

“Our commitment to fostering economic growth in Africa is well established,” said Agbede. “We believe that by supporting small businesses, we can create lasting economic value and drive meaningful change across the continent.”

Ogbonna outlined the strategic priorities for 2023–2027, which focus on infrastructure investments, retail banking, and small business empowerment. “We aim to provide an enabling environment for small businesses to access new markets on the continent,” he stated. To facilitate this, Access Bank will host a trade conference in November, designed to connect small businesses and stimulate intra-African trade.

The bank’s commitment to infrastructure investment is evident, with 61 new branches opened in Nigeria this year alone, despite challenging economic conditions. “This expansion showcases our dedication to enhancing retail banking and improving customer access to financial services,” Ogbonna added. Furthermore, the bank is in the process of establishing fully digitalised branches, known as ‘branches of the future,’ which will leverage advanced technology to increase financial access for underserved communities.

Access Holdings is also focused on enhancing regional trade dynamics. By fostering partnerships and collaborations among small businesses, the company aims to create a robust network that supports economic development across Africa. “We are committed to building a sustainable ecosystem that empowers businesses and drives growth,” Ogbonna emphasised.

As Access Holdings continues to expand its footprint across the continent, it remains dedicated to its mission of creating lasting economic value for Africa and empowering businesses that can drive meaningful change.

Wema Bank Releases Q3 2024 Unaudited Results… Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth

Wema Bank Nigeria (“Wema” or “the Bank”)) has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.

Wema Bank’s balance sheet remained well structured with total assets growing by 38% to

₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.

The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to

₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023:

₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).

Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.

The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.

Adron Homes Lead the Charge for Breast Cancer Awareness with Annual Screening Initiative

Adron Homes and Properties, a leading real estate company, reaffirms its dedication to corporate social responsibility (CSR) through its fourth annual Breast Cancer Awareness and Screening Initiative, led by Vice Chairman, Olori Aderonke Emmanuelking.

Held at the company’s head office in Omole, Lagos, in partnership with Pink Clinic, the event commemorated World Breast Cancer Month 2024. The program offered free screenings, educational workshops, and preventive health guidance to hundreds of attendees, empowering them to prioritize their health

Opening the event, Olori Aderonke Emmanuelking shared a message of solidarity for those affected by breast cancer, highlighting the importance of community support. “Today, we remember all breast cancer warriors — those who have bravely fought, the survivors who inspire hope, and families who provide vital support,” she said.

With the theme, “No One Should Face Breast Cancer Alone,” this year’s initiative underscores Adron Homes’ commitment to adding value and supporting society through impactful CSR projects. By addressing breast cancer awareness and access to healthcare, Adron Homes is dedicated to making a meaningful difference in the communities it serves.

Dr. Linda Keku, Chief Medical Director (CMD) of Pink Clinic, expressed her gratitude to Adron Homes and Vice Chairman Olori Aderonke Emmanuelking, commending them for their ongoing humanitarian support. “This campaign represents a crucial step in raising awareness. Breast cancer affects both men and women, and early detection is key. If anyone notices changes in their body, it’s important to consult a doctor for prompt screening,” Dr. Keku advised.

The initiative also featured a Walk Against Breast Cancer to show solidarity and raise funds for cancer research. Dr. Keku and her dedicated team conducted free screenings and provided expert consultations, ensuring that all participants received personalized attention and care. This partnership with Pink Clinic, an enduring part of Adron Homes’ CSR efforts, highlights the company’s commitment to bridging healthcare access for all.

Workshops offered guidance on self-examination techniques, healthy lifestyle choices, and cancer prevention strategies, further empowering attendees to take proactive steps in their wellness journeys. Adron Homes believes that initiatives like these make a lasting impact, supporting both awareness and early detection as essential components of cancer prevention.

Olori Aderonke Emmanuelking emphasized the importance of a balanced lifestyle, encouraging participants to avoid foods known to trigger cancer and to perform regular self-examinations. Adron Homes’ CSR commitment, in partnership with Pink Clinic, reflects its dedication to making a positive, lasting impact on the health and quality of life within Nigerian communities.

Zanzibar to host next Trace Awards in February 2025

Zanzibar to host next Trace Awards in February 2025… Celebrating Africa’s and Its Diaspora’s Top Music Talents

Trace, the leading Afro-Urban music and culture platform, proudly announces the
Trace Awards and Summit, 2025 edition, set to take place in Zanzibar, at the Mora
5* Resort, from February 24-26, 2025.
Building on the tremendous success of the last Trace Awards edition, which captivated over
500 million fans worldwide, this prestigious event will not only celebrate Africa’s top artists
but also spotlight the rich cultural stories that shape their artistry.
Over the past three years, Afro-centric music has steadily dominated global charts, spanning
genres like Afrobeat, Amapiano, Dancehall, Afro-pop, Zouk, Kizomba, Genge, Coupé Décalé,
Bongo Flava, Gospel, Hip Hop, Kompa, R&B, and Rumba. The Trace Awards stand as the
premier event, created in Africa for Africa and the world, recognizing and honoring the talents
that have driven this remarkable global success such as Burna Boy, Fally Ipupa, Davido, Tyla,
Rema, Wizkid, Diamond Platnumz, Nomcebo, Didi B, Yemi Alade, Ayra Starr and so many
more.
Event Details:
• Summit: February 24-25, 2025
• Awards: February 26, 2025
• Venue: The Mora 5* Luxury Resort, Zanzibar, Tanzania
The Trace Summit will be a dynamic hub for creative discussions, empowerment, and
networking, featuring panels, keynotes, and masterclasses on African creative industries,
technology, branding, and more. The event offers a unique platform for artists, managers,
DJs, producers, promoters, investors, lawyers, governments, brands, and industry
stakeholders from Africa and its diaspora to connect and exchange knowledge.
The Trace Awards will transform Zanzibar into a vibrant epicenter of music, culture, and
innovation. Hosted at the luxurious Mora Zanzibar resort, the Awards will showcase 28
categories of the most popular African music genres and artists, with live broadcasts in over
200 countries in English, French, and Portuguese. The event will air across 25 Trace African
and international channels, as well as more than 50 terrestrial, satellite, and streaming
partners, reaching an estimated audience of at least 500 million fans. The list of nominees will
be revealed on December 4th 2024. The public vote for the winners will start on the 18th
December 2024.

FirstBank Joins Partnership for Carbon Accounting Financials, Reinforces its Commitment to Climate Action

As part of its commitment to sustainable finance and taking active steps towards reducing its carbon footprint, FirstBank has joined the Partnership for Carbon Accounting Financials (PCAF) to promote sustainable finance, combat climate change and advance sustainable socioeconomic development for the just transition.

PCAF is a collaboration between financial institutions worldwide to enable harmonised assessments and disclosures of greenhouse gas (GHG) emissions from loans and investments. With more than 530 financial institutions from six continents, the group is rapidly expanding in North America, Latin America, Europe, Africa and Asia-Pacific.

Joining PCAF aligns with FirstBank’s broader climate agenda, reinforcing its efforts to contribute meaningfully to global climate goals. By adopting PCAF’s globally recognised standards, FirstBank aims to enhance transparency in carbon accounting and reporting, integrate climate risk into its lending and investment decision-making, and support Nigeria’s transition to a low-carbon economy. This initiative complements FirstBank’s ongoing work on environmental, social, and governance (ESG) issues, underscoring its dedication to responsible banking practices.

PCAF will provide FirstBank with a standardised methodology and framework to measure and report the Bank’s GHG emissions and climate-related risks. By joining PCAF, the Bank’s capability in understanding and managing its exposure to climate risks and liabilities (physical and transition risks) will be enhanced. This will enable the Bank to make informed decisions and take proactive measures to mitigate these risks while leveraging on the opportunities for growth.

Dylan Hauser, regional lead For PCAF Africa said “We congratulate FirstBank on becoming a signatory of PCAF. We are absolutely delighted to have FirstBank on board sharing our commitment to driving positive change and reducing carbon footprints in the region through transparent and accountable practices.”

According to Patrick Akhidenor, Chief Risk Officer, FirstBank, “Joining PCAF is a significant milestone in our sustainability journey. It is not only a demonstration of our commitment to combatting climate change but also a step towards ensuring that we, as a financial institution, are accountable for the carbon emissions our activities finance. We are excited to collaborate with other global institutions in driving meaningful climate action”.

By joining forces with PCAF, FirstBank is poised to champion transparency and accountability in impact of the financial sector’s activities on climate change.