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Access Bank Posts Gross Earnings Of N764.7bn For 2020, Extends African Footprint — MD

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Access Bank Plc has declared gross earnings of N764.7 billion for the financial year ended Dec. 31. 2020, in spite of the challenging economic and regulatory landscape.

The bank said, in a statement on Friday, that the gross earnings represented an increase of 15 per cent, when compared with the N666.75 billion it reported in the 2019 financial year.

Profits before tax stood at N125.9 billion in contrast with N115.38 billion achieved in the comparative period of 2019, the statement said.

The bank recorded consistent growth in its retail banking business, reporting a 5.8 million growth in customer sign-on during the year, through its financial inclusion efforts.

It said that this increase in customer base led to a retail revenue of N177.2 billion or a 64.4 per cent increase from the 2019 figures of N107.8 billion.

Customer deposits also grew by 31 per cent to N5.59 trillion in December 2020, with savings account deposits standing at N1.31 trillion, the bank also reported, just as net loans and advances also grew by 18 per cent to N3.61 trillion as against the 2019 figures of N3.06 trillion.

The statement quoted the bank’s Group Managing Director, Mr Herbert Wigwe, as saying that the performance was a testament to the effectiveness of its strategy and capacity to generate sustainable revenue.

“The strategic actions that the bank has taken, over the past 12 months, evidenced a strong focus on retail banking and financial inclusion, an African expansion strategy and a drive for scale for sustainable value creation.

“In 2020, Access Bank proudly opened its doors for business in Kenya and Mozambique, further extending our footprints across the African Continent.

“Access Bank Zambia also concluded the acquisition of Cavmont Bank Limited in January 2021, and the Group recently announced the approval, by relevant regulatory authorities, for the acquisition of Grobank Limited, creating an inroad into the South African market, in realisation of the Group’s strategic ambitions.

“In view of the opportunities that exist in the market, we will be transitioning to a holding company structure (Holdco),” Wigwe said, adding that an Approval-in-Principle had already been granted by the Central Bank of Nigeria for the restructuring.

According to him, the HoldCo would comprise four subsidiaries in order to tap into the market opportunities available in the consumer lending market, electronic payments industry and retail insurance market.

“Going into the fourth year of our five-year cyclical strategy, our focus remains on consolidating our retail momentum and expanding our African footprint in a sustainable manner,” Wigwe said. (NAN)

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Power Minister bags exemplary leadership award

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BY AKUDORO GLORIA

 

The Minister of Power, Chief Adebayo Adelabu has bagged an “Exemplary Leadership in Public Service Award” and for ensuring a robust transformation and revitalization of Nigeria’s power sector.

The award presented by the Nigerian NewsDirect Newspaper during the celebration of its 14-year anniversary at the weekend was received by the Special Adviser to the Minister on Strategic Communications and Media Relations, Hon. Bolaji Tunji.

The event which took place at the Grand Ballroom of the Oriental Hotel, Lagos State was attended by dignitaries from government representatives, industry and private sector stakeholders.

The organizers of the award emphasized that its decision was informed by the assessment of a joint committee comprising of our editorial board, NELGA committee members, 14th anniversary committee members and a survey among Nigerians.

“Following the findings submitted, the management acknowledged the strides recorded by you in ensuring a robust transformation and revitalization of Nigeria’s power sector.

“Notably, under your leadership, the nation’s power generation surged to 5,500 megawatts with more than 40 per cent of Nigerians now enjoying 20 hours of power supply daily.

“You have also demonstrated wisdom in handling stakeholders and the legacy problems that have affected the sector. One of such instances is the settlement ofN205 billion from the NI .3 trillion debt owed Generation Companies (Gencos) to raise the level of liquidity in the power sector.

“Another instance is the bold leadership in also ensuring a transparent tariff plan where Nigerians pay exactly for what they consume with the Band stratification has eased the burdens on many SMIEs. It is on this precedence that we are bestowing on you this prestigious aforementioned award”, the media organization said.

Responding, the Minister who spoke through his media assured Nigerians of a more vibrant and responsive approach to electricity supply.

He said the power ministry under his watch is dedicated to making electricity supply available to the served, unserved and underserved communities as efforts are being intensified to ensure the availability of alternative source of electricity to millions of Nigerians through the Rural Electrification Agency (REA), an agency under the ministry.

The minister extolled the role the media has played in ensuring that government officials were put on their toes in ensuring that the dividends of democracy were delivered to Nigerians under the Renewed Hope Agenda of President Bola Ahmed Tinubu.

“This award is dedicated to all Nigerians who have stood by the ministry in the various reforms being undertaken to ensure regular electricity supply for businesses and households in the country. This will spur and propel us to do more in delivering the mandate of President Bola Ahmed Tinubu’s transformation agenda in the power sector.

“The media has been very critical in this drive and we want to say here that we are more dedicated in this agenda and vision of the President in making electricity available both on and off grid to Nigerians,” the Minister said.

He also called on Nigerians to key into the reform programs being undertaken by President Tinubu, in ensuring that the nation is taken out of its present economic and social predicaments.

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3,270 Nigerians became American citizens through military service in four years – US

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By Myke Uzendu, Abuja with Agency Reports.

 

Nigeria has been ranked fourth among the countries whose citizens were granted U.S. citizenship through military naturalization between 2020 and 2024.

 

This information was revealed by the U.S. Citizenship and Immigration Services (USCIS) recently.

 

 

According to USCIS data, 3,270 Nigerian-born service members were granted U.S. citizenship during this period, placing Nigeria behind only the Philippines (5,630), Jamaica (5,420), and Mexico (3,670).

 

 

“Service members born in the Philippines, Jamaica, Mexico, Nigeria, and Ghana — the top five countries of birth among those naturalized — comprised over 38% of the naturalizations since FY 2020,” the USCIS report stated. “The next five countries of birth — Haiti, China, Cameroon, Vietnam, and South Korea — comprised an additional 16% of military naturalizations from FY 2020 to FY 2024.”

 

The data also showed a steady increase in the number of Nigerian service members gaining U.S. citizenship over the last five years. The number rose from 340 in 2020 to 630 in 2021, 680 in 2022, 690 in 2023, and 930 in 2024.

 

The Army accounted for the largest share of military naturalizations, with 60% of all naturalizations during this period, followed by the Navy (20.4%), Air Force (10.6%), and Marine Corps (6.6%).

 

“Service members from the Army (including National Guard and Reserves) comprised almost two-thirds (60%) of all military naturalizations from FY 2020 to FY 2024. Service members from the Coast Guard comprised less than 1%. The Navy accounted for 20.4%, the Air Force for 10.6%, and the Marine Corps for 6.6%,” the report noted.

 

Additionally, half of all service members who naturalized were between the ages of 22 and 30, with a median age of 27. “More than 17% were 21 and under, while almost 5% were older than 40,” the USCIS data indicated.

 

The report also highlighted a gender disparity, noting that men made up 73% of all service members naturalized between FY 2020 and FY 2024, though the proportion of female service members has gradually increased over the years.

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Canada’s Prime Minister Trudeau, survives third no-confidence vote

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Canadian Prime Minister Justin Trudeau’s government yesterday, survived a third vote of no confidence in as many months, brought by his main Tory rival.

 

The minority Liberal government got the support of the New Democratic Party (NDP), a small leftist faction once aligned with the ruling Liberals, to defeat the motion 180-152.

 

The text of the proposition echoed NDP leader Jagmeet Singh’s own past criticisms of Trudeau since breaking off their partnership in late August, calling him “too weak, too selfish.”

 

Neither Singh nor Trudeau were present during the voting exercise.

 

The House of Commons has been deadlocked most of this fall session by an unprecedented two-month filibuster by the Conservatives.

 

But Speaker Greg Fergus, in a rare move, ordered a short break in the deadlock to allow for this and other possible confidence votes, and for lawmakers to vote on a key spending measure.

 

MPs are scheduled to vote Tuesday on the spending package, which includes funds for social services, disaster relief and support for Ukraine.

 

With a 20-point lead in polls, Conservative leader Pierre Poilievre has been itching for an election call since the NDP tore up its coalition agreement with the Liberals.

 

But the NDP and other opposition parties, whose support is needed to bring down the Liberals, have so far refused to side with the Conservatives.

 

Two no-confidence votes brought by the Tories in September and October failed when the NDP and the separatist Bloc Quebecois backed the Liberals.

 

In Canada’s Westminster parliamentary system, a ruling party must hold the confidence of the House of Commons, which means maintaining support from a majority of members.

 

The Liberals currently have 153 seats, versus 119 for the Conservatives, 33 for the Bloc Quebecois, and the NDP’s 25.

 

Trudeau came into power in 2015 and has managed to hold on through two elections in 2019 and 2021.

 

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