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Goddy Egene with steady growth in financial performance, rapid expansion and drive, Access Bank Plc is moving to dominate and deliver better value to all stakeholders
When Access Bank Plc merged with Diamond Bank Plc in 2019, it was in line with its vision “to be the world’s most respected African bank.” After the merging Access Bank became one of Africa’s largest retail banks by retail customer base. With over 900,000 shareholders (including several Nigerian and International Institutional Investors), the bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 12 years and going by its latest financial performance and strategies, Access Bank Plc is on its way to dominate the African continent in the very near term.
Access Bank: Leveraging debt recovery for sustainable growth Oluwatomisin Amokeoja
Access Bank Group Plc’s audited result showed an improvement in the non-performing loans (NPL) ratio. NPL improved from 5.80 per cent in 2019 to 4.30 per cent in 2020. The lower ratio reflected successful approach to loan recovery adopted by the Group which is fast gaining the reputation as Nigeria’s toughest loan recovery machine. The bank’s new investments in technology and rising commitment to Africa trade through the African Continental Free Trade Agreement (AfCFTA) scheme are lookouts to drive its new growth phase, writes GROUP BUSINESS EDITOR, SIMEON EBULU.
For banks and other financial institutions, creating quality loans is one way of staying in business. It not only guarantees sustainable profitability, it also ensures growth of the businesses it supports.
By Goddy Egene
Shareholders have advised the Securities and Exchange Commission (SEC), the Nigerian Exchange Regulation Limited (NGX REGCO), and other regulators in the financial sector to strengthen their disclosure requirements for quoted companies.
The shareholders said this following recent revelation by the Central Bank of Nigeria (CBN) that First Bank Nigeria Limited, which is a subsidiary of FBN Holdings Plc, had been enjoying forbearance since 2016. And this forbearance was not disclosed in the audited financial statements submitted to the NGX REGCO.
Speaking to THISDAY, the National Coordinator, Pragmatic Shareholders Association of Nigeria (PSAN), Mrs. Bisi Bakare, said it was shocking to know that FBN Holdings, which is one of the leading firms listed on the stock exchange, had been submitting its annual reports without disclosing the forbearance it had been enjoying from CBN.
Vanguard News
Access Bank shareholders okay N19.55bn dividend
On
By Peter Egwuatu
The shareholders of Access Bank Plc have unanimously endorsed the N19.55 billion, representing 80 kobo per share final dividend proposed by its board of directors for the financial year ended December 31, 2020.
The shareholders at the Annual General Meeting, AGM, held last weekend in Lagos, streamed live, commended the bank for its performance despite the impact of coronavirus, COVID-19, pandemic.
Reflecting on the bank’s performance, Sir Sunny Nwosu, leader of the Independent Shareholders Association of Nigeria, who represented the shareholders’ group said: “Given the expansion drive, the bank is really aiming to play a leading role on the African continent. That is a good development that leads to better returns to shareholders and other stakeholders going forward.’’