Mohammed Shosanya

The Central Bank of Nigeria (CBN),has warned against fraudulent claims of SWIFT Code, threatening to report any unsubstantiated allegations to law enforcement for proper investigations.

Mrs. Hakama Sidi Ali  Acting Director, Corporate Communications, in a statement stated that recently, the CBN has been inundated with claims by private entities, individuals, law firms and government agencies that foreign currency funds allegedly transferred to them by foreign entities have yet to be credited to their accounts with Nigerian banks.

The statement said in some instances,the claimants alleged that the funds were withheld by either the beneficiary bank in Nigeria or the CBN and requested the assistance of the Bank towards releasing the funds to them.

According to the statement,the requests are usually supported with fake documents such as SWIFT MT103, SWIFT Ack copy, etc.

It added:”It has become imperative to state that the SWIFT ack copy and SWIFT MT103 that these claimants usually attach as evidence of remittance to beneficiary banks in Nigeria are not reliable.

“The SWIFT messages are always not traceable on the SWIFT platform, and the funds have not been received to enable their application to the beneficiary’s account.

“In a situation where a fund transfer beneficiary’s receiving bank claims non-receipt of funds remitted by the foreign entity (sending customer), instead of escalating such issue to CBN or Law Enforcement Agencies, the standard practice is for the sending customer to contact the sending bank to send a tracer to trace where the fund is hanging and recall it.

“For the avoidance of doubt, we wish to state emphatically that the CBN neither provides correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private business entities.

“Consequently, petitioners’ claim that the alleged expected inflows for onward credit into the accounts of private business entities are trapped in the CBN is not only spurious but deceitful.

“The general public is therefore advised to be careful with such unauthentic SWIFT messages and documents containing spurious claims of non-application of substantial foreign currency funds allegedly transferred into the beneficiary’s account.

“The CBN will not hesitate to report any bank customer making unsubstantiated and illegitimate claims to law enforcement agencies for investigation and prosecution. Please be guided accordingly”.

     Mohammed Shosanya

Access Bank Plc has hosted the French Week 2024 Business Forum at its headquarters in Lagos,affirming its commitment to bolstering trade relations between Nigeria and France.

The event,which commenced the annual French Week celebration,highlighted Access Bank’s dedication to fostering bilateral business collaborations and creating a platform for growth, trust, and innovation in the France-Nigeria economic space.

According to a statement,the Business Forum attracted high-profile dignitaries, including Ambassador of France to Nigeria, Consul General of France in Lagos, President of the Franco-Nigeria Chamber of Commerce and Industry, and Chairman of Access Holdings Plc.

Commissioner for Commerce, Cooperatives,Trade, and Investment in Lagos, as well as the Technical Adviser to the President on Foreign Direct Investment,conveyed the federal government’s full support for advancing cross-border partnerships with France, appreciating Access Bank’s leadership in organising such impactful forums.

Speaking,Mr. Laurent Favier,the Consul General of France, acknowledged Access Bank’s growing presence in France, further underscoring the bank’s pivotal role in facilitating trade between the two nations.

He lauded Access Bank for championing France-Nigeria economic relations by establishing both a strong footprint in Paris and a dedicated French Desk in Nigeria to facilitate seamless business transactions.

Aigboje Aig-Imoukhuede,Chairman of Access Holdings PLC, who also serves as President of the France-Nigeria Business Council, emphasised the council’s role in supporting economic policies that enhance the business environment for both nations.

“The France-Nigeria Business Council seeks to play a crucial role in supporting our government, businesses, and citizens to create a more enabling, uplifting, and secure environment for cross-border businesses,” he stated.

During the first panel discussion, Roosevelt Ogbonna, CEO of Access Bank Nigeria, highlighted the bank’s efforts in supporting African presence in global markets.

He said:“Access Bank is dedicated to giving Africa a voice on the international stage, helping local businesses scale through better access to information, credit, and capital. Our presence in Paris not only strengthens Nigeria’s influence, but also facilitates investments that align with the ongoing economic transformations on the African continent.”

In his closing remarks, HE Marc Fonbaustier, the Ambassador of France emphasized the significance of the forum as a platform to elevate Nigeria-France trade and investments. “Events like this provide a rare opportunity to enhance our bilateral economic relationship, strengthening existing trade and investment channels and fostering new partnerships.”

Following the successful launch of the French Week 2024 Business Forum, Access Bank reaffirms its commitment to positioning Nigeria as a key player in the international business landscape, promoting shared economic growth and sustainable partnerships that benefit both nations.

       Mohammed Shosanya

Access Holdings Plc,Thursday announced that its banking group’s, subsidiary, The Access Bank UK Limited 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.

Besides,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,Olakunle Aderinokun,Head, Media and Public Relations,Access Holdings Plc said in a statement.

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.

Speaking 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, the statement added.

     Mohammed Shosanya

The Access Bank UK Limited has announced the official opening of its Hong Kong branch .

The expansion represents a key milestone in the bank’s global growth strategy and underscores our commitment to serving clients in the Asia-Pacific region, a statement said on Friday.

According to the statement,the launch of the Hong Kong branch establishes The Access Bank UK Limited as the first West African bank to enter the territory, a groundbreaking move to facilitate and accelerate trade flows between Asia and Africa. .

The bank said,through its presence in Hong Kong, The Access Bank UK Limited will capitalise on the expanding economic partnership between Asia and Africa, supporting the increasing flow of trade between these regions.

The statement quoted that opening the branch in Hong Kong is a pivotal step in our international expansion. As the first West African bank to establish a presence here, it signifies a major achievement.

Speaking at the ceremony,Ambassador Oludare E. Folowosele, Consul General of the Consulate General of The Federal Republic of Nigeria, said, “I am delighted to celebrate today the opening of a Restricted Licence Bank in Hong Kong in the name of The Access Bank UK Limited. This is a huge milestone in the development of trade flows between Asia and Africa as the first West African banking group to attain this status. This also aligns perfectly well onto the Belt and Road initiatives between China and Africa where we see growing potentials for business flows between the two countries.”

Jamie Simmonds, Founding Chief Executive Officer & Managing Director of The Access Bank UK Limited, expressed his commitment for this strategic initiative.

He said:”In recent years, Asia has emerged as Africa’s largest trading region driven by programs like the Belt and Road Initiative. In 2023, China-Africa trade reached an all-time high of USD 282.1 billion, reflecting a 1.5% year-on-year growth. As Asia-Africa economic relations enter a new phase, the timing of our Hong Kong branch launch is ideal to meet the financing and banking needs of our clients in these expanding markets.”

Ernest Law, Managing Director & Chief Executive of The Access Bank UK Limited – Hong Kong Branch, commented, “We are delighted to establish the Hong Kong branch as a key element of The Access Bank UK Limited’s ongoing growth and international expansion strategy. This new branch will enable us to engage more closely with our clients in Hong Kong and strengthen our capacity to provide tailored financial solutions across the region.”

The Access Bank UK Limited – Hong Kong Branch, headed by Ernest Law, will focus on international trade finance and commercial banking. The Hong Kong branch is expected to initially employ circa 25 people however this will grow with controlled expansion over time.

Mohammed Shosanya

Access Bank Plc has been named 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.

Speaking 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.

Mohammed Shosanya

Access Holdings Plc, one of Africa’s financial institutions,has announced its unaudited results for the third quarter ended September 30, 2024.

Its 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,the bank said in a statement on Sunday.

Interest income,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.

According to the statement,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.

It 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 ₦3.1trillion 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.

Access Holdings remains focused on enhancing profitability through diversified revenue streams across all markets.

The group is 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.

Mohammed Shosanya

Access Bank Plc,has reinforced its dedication to the fight against illicit drug trafficking and money laundering, committing to a closer partnership with the National Drug Law Enforcement Agency (NDLEA).

The bank made this commitment at the formal decoration of its Group Chief Executive Officer/Managing Director, Roosevelt Ogbonna, and Group Chief Conduct and Compliance Officer, Femi Jaiyeola, as partners in the War Against Drug Abuse (WADA) by representatives of NDLEA at Access Bank’s headquarters in Lagos,a statement said.

Speaking at the event,Abraham Aziegbe, Group Head of Retail Operations, who represented Roosevelt Ogbonna, Managing Director of Access Bank PLC, reaffirmed the Bank’s strong stance against financial crimes that enable illicit drug trafficking and drug abuse.

“We are grateful to the NDLEA for this recognition, and as one of Africa’s leading financial institutions, we acknowledge our responsibility in ensuring our financial systems are not used to facilitate illicit activities. This is why our compliance framework is strategically designed to detect and deter illicit financial activities. We will continue to work closely with the NDLEA and other law enforcement agencies to ensure that drug traffickers and their associates cannot exploit the financial sector. This partnership is critical to our shared goal of strengthening national security,” Aziegbe stated.

The statement quoted that the ceremony was chaired by Dr. Ibrahim Abdul, Deputy Commander General of Narcotics and Director of Assets and Financial Investigation at NDLEA, who praised Access Bank’s proactive stance in fighting money laundering and supporting enforcement actions.

Also present at the ceremony were Omolade Fagboyegbe, Deputy Commander General of Narcotics and Director of Seaport Operations and Marine Services,  along with senior officials from Access Bank including Omobola Faleye, Group Head, Internal Audit;  Robert Imowo, Group Head of Corporate Counsel, and Daniel Patrick, Unit Head, Regulatory Compliance.

Mohammed Shosanya

Access Holdings Plc (‘Access Holdings’),has has obtained a provisional licence from the Bank of Namibia to establish a commercial bank in Namibia.

The company’s Secretary, Sunday Ekwochi, announced on Monday,in a note investing public and the Nigerian Exchange Limitef

Commenting on the development, Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, said the expansion represents an important milestone towards establishing a railroad in Namibia for intra-African trade within the Southern African region, Africa, and the rest of the world.

He said:”It cements our commitment to building a robust Southern African banking network to deliver shared prosperity and advance financial inclusion thereby empowering many to achieve their dreams.

“Our entry into the Namibian market also represents a pivotal step in our broader ambition to build a strong global franchise and will unlock new opportunities for businesses and individuals alike. We look forward to partnering with local stakeholders to drive innovation, empower communities, and contribute meaningfully to the prosperity of the region.

“We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value to our shareholders, customers, and wider stakeholder groups”

According to the note,Access Bank’s operations in Namibia is expected to stimulate the local economy and strengthen its position as a leading regional player.

With existing operations in Southern Africa – Angola, Botswana, Mozambique, South Africa, and Zambia – the Bank is well-positioned to offer stakeholders seamless access to diverse opportunities for expansion and collaboration across the region.

The Bank  said it will be working in the coming months to fulfil the conditions precedent to the grant of final licence and will keep the market informed.

Mohammed Shosanya

Access Holdings Plc,has announced a donation of over ₦1 billion to assist with relief and recovery efforts in Maiduguri, through its banking vertical – Access Bank Plc.

The announcement was made during a visit of the Group’s delegates, led by Bolaji Agbede, Acting Group Chief Executive Officer, to the Borno State Government House in Maiduguri,a statement said on Friday.

The donation, which comes in response to the devastating floods that have severely impacted the region, is aimed at providing both immediate and long-term respite.

According to the statement,Access Holdings’ contribution will be allocated as ₦500 million in cash to support the state government’s on-the-ground response efforts, ₦500 million for the restoration of critical infrastructure damaged by the flood, as well as essential food supplies to ensure the most vulnerable receive care.

Speaking at the meeting, Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, reaffirmed the Group’s commitment to supporting the people of Borno, restating a pledge to impact lives of communities where the institution operates,the statement quoted.

“At Access Holdings, we believe in positively impacting the communities we serve, not only as a financial institution, but as a family that cares deeply for its people. We recognise the resilience of the people of Borno, and we are committed to providing the support necessary to overcome this difficult time.

“This donation is not merely about the funding; it is about offering immediate succour to families and individuals, who have been affected, while also contributing to local economic resurgence and long-term resilience through the restoration of essential infrastructure,” said Agbede.

Governor Babagana Zulum,who received the Access Holdings delegation, expressed appreciation for the donation and the company’s swift response to the crisis.

“We are moved by the generosity and commitment shown by Access Holdings and Access Bank during this critical time. This donation of ₦1 billion is appreciated during this challenging time and will be judiciously utilised to impact the lives of all those who have been affected by the incident.

“The restoration of our hospitals and essential services will strengthen our resilience, while the food relief will provide immediate comfort to families and individuals in distress. Truly, this support speaks to the importance of cooperation between the government, and the private sector in improving the lives of our local communities,” said Zulum.