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Access Bank Grows Q3 Profit to N72bn  

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Access Bank Plc has announced an impressive profit of N72 billion for the nine months ended 30 September 2016 based on enhanced business efficiency as a result of the effective execution of its long-term strategy.

The Bank’s Profit Before Tax (PBT) showed an increase of 19% from N60.4 billion recorded during the same period in 2015. Profit After Tax (PAT) grew by similar margin from N48.1 billion in 2015 to N57.1 billion in 2016.

Access BankGroup’s unaudited nine-monthresults released to the Nigerian Stock Exchange (NSE) on Friday also showed Gross Earnings of N274.5 billion, up 7% from N257.6 billion in the corresponding period of 2015. The growth in gross earnings was driven by 17% increase in interest income on the back of continued growth in the Bank’s core business.

Similarly, the Bank posted 12% growth in operating income to N199.3 billion from N178.1 billion in 2015. Customer Deposits grew 25% to ₦2.10trillion from ₦1.68 trillion in December 2015.

Access Bank’s Capital Adequacy Ratio (CAR) remained solid at 19% as at September 2016, well above the regulatory minimum.

Commenting on the result, Group Managing Director/CEO, Herbert Wigwe said, “Access Bank’s performance in the first three quarters of this year remained strong and consistent, reflecting a stable business with the capacity to deliver sustainable returns, particularly during a period underlined by significant macro headwinds.” According to him, the Group maintained stable asset quality, recording NPL and Cost of Risk Ratios (CRR) of 2.1% and 0.9%, respectively.

“Our capital and liquidity position remained adequately above regulatory levels, as we continued to implement a disciplined capital plan, ensuring sufficient levels of profit retention to support our growth. In addition to capital enhancement, the recently concluded $300 million senior unsecured debt issue allows us optimise and enhance our foreign currency funding capacity whilst strengthening our balance sheet,” Wigwe added.

The Bank’s asset quality ratios also improved as the percentage of Non-Performing Loans (NPL) to total gross loans stood at 2.1% compared to 1.7% in December 2015. The NPL Coverage Ratio remained strong at 209.5% in the period, compared with 216.4% as at December 2015.

 

Further analysis of the result indicated that Cost to Income Ratio (CIR) improved 190bps y/y to 57.7 % in the nine months of 2016 on the back of strong income growth during the period. Total Assetsstood at N3.39 trillion, up 31% compared to N2.59 trillion in December 2015.

“We remain committed to our cost containment plan, as we strive to balance operational efficiency with earnings growth in a constrained environment.The Bank will remain resilient in the achievement of its strategic imperatives; maximizing our strong market position and solid capital base, while leveraging digital innovation to improve service touchpoints as we sharpen our retail play with emphasis on cheaper funding sources,” Wigwe noted.

 

Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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BUA Group Donates Headquarters to NWDC, Boosts Tinubu’s Regional Development Agenda

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BUA Group Donates Headquarters to NWDC, Boosts Tinubu’s Regional Development Agenda

BUA Group Donates Headquarters to NWDC, Boosts Tinubu’s Regional Development Agenda

 

In a bold gesture of private-sector support for regional growth, BUA Group has officially handed over a fully equipped multipurpose building to the newly created North-West Development Commission (NWDC) to serve as its temporary headquarters in Kano State.

The handover ceremony, held at the facility on Court Road, Kano, drew prominent figures from the public and private sectors, including Commission officials, community leaders, and BUA representatives.

Speaking on behalf of the Founder and Executive Chairman of BUA Group, Abdul Samad Rabiu, his son Khalifa Abdul Samad Rabiu described the gesture as a practical show of BUA’s commitment to inclusive national development.

“At BUA, we believe inclusive development starts with providing institutions the tools to succeed,” Khalifa said. “This donation by my father is more than just bricks and mortar—it’s about laying a foundation for people-centred growth in support of President Bola Tinubu’s Renewed Hope Agenda.”

Chairman of the North-West Development Commission, Alhaji Lawal Sama’ila Abdullahi, hailed the donation as “strategic and timely,” adding that it would help the Commission hit the ground running in its mandate to accelerate infrastructure and economic growth across the North-West.

“This support from BUA is not just generous—it is strategic. It gives us the necessary momentum as we commence the Commission’s work to transform lives and unlock the immense potential of the North-West,” he said.

The donation complements an earlier ₦3 billion land parcel provided by the Kano State Government for the Commission’s permanent headquarters, underscoring a growing coalition of support for the NWDC.

With this move, BUA Group continues to champion public-private collaboration as a critical driver of sustainable development in Nigeria.

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Elite 18 global golfers honours Aare Adetola Emmanuelking with Nigeria’s first ever Noble Golfer award

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Elite 18 global golfers honours Aare Adetola Emmanuelking with Nigeria’s first ever Noble Golfer award

In a landmark celebration of sportsmanship, leadership, and vision, Aare Adetola Emmanuelking, the esteemed Chairman and Chief Executive Officer of Adron Homes and Properties, has been honored with Nigeria’s inaugural Noble Golfer Award. This prestigious accolade was conferred upon him by the renowned Elite 18 Global Golfers during a high-profile event that brought together key figures from the sports, real estate, and business sectors.

The Noble Golfer Award recognizes individuals who have shown steadfast dedication to advancing the game of golf and promoting sports culture in their communities. Aare Emmanuelking’s nomination exemplifies his exceptional commitment to enriching the golfing landscape in Nigeria, alongside his broader initiatives aimed at fostering sports development across the nation.

Aare Emmanuelking is not merely a business leader; he is a pioneer in integrating golf into modern lifestyle experiences. Currently, he is leading the ambitious development of a state-of-the-art golf course in Nigeria a monumental project that aspires to redefine leisure, tourism, and sporting excellence within the country. This golf course aims to provide a premier playing experience while also serving as a social hub for golfing enthusiasts and the community at large.

In a bid to make golf more inclusive and accessible, Aare Emmanuelking has also initiated the construction of advanced golf driving ranges in all Adron Homes Estates across Nigeria. This visionary project is designed to encourage participation in the sport among Nigerians of all ages and backgrounds, fostering wellness, recreation, and community engagement as integral parts of Adron’s residential developments.

At the award presentation, Aare Emmanuelking conveyed his heartfelt gratitude for the recognition, emphasizing his belief in the transformative power of sports as a vehicle for national development and youth empowerment. He remarked, “Golf is not just a game; it exemplifies discipline, a distinct lifestyle, and a pursuit of excellence. Through Adron Homes, we are not merely constructing houses—we are nurturing communities built on the foundations of wellness, unity, and opportunity.”

The Elite 18 Global Golfers commended Aare Emmanuelking’s innovative approach, highlighting how he effectively merges real estate advancements with world-class sports infrastructure. They acknowledged that his efforts have the potential to inspire a new generation of golfers and to position Nigeria as a premier destination for international golfing events.

As Aare Adetola Emmanuelking continues to break new ground in both the real estate and sports development arenas, receiving this award serves as a testament to his lasting influence—not only in the realms of business but also in cultivating a legacy of excellence, one fairway at a time. His contributions are poised to create lasting change, inspiring future generations and fostering a vibrant culture of sport and community in Nigeria.

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WHO IS AFRAID OF FIDELITY BANK -By Udeme Etukeyen

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WHO IS AFRAID OF FIDELITY BANK -By Udeme Etukeyen

Leading up to the recent superlative annual reports showcasing one of the most significant growth experienced by a Nigeria Financial Institution in recent years I was forced to ask “what is Fidelity Bank” doing right?

My banking and financial sector experience got me digging deeper into the statistics of the report-Fidelity Bank recorded a substantial 210.0% growth in PBT, reaching N385.2 billion in FY 2024. Deposits increased by 47.9%, from N4.0 trillion in 2023FY to N5.9 trillion in 2024FY, Gross earnings shooting by 87.7% to N1,043.4 billion which was primarily caused by a 106.9% increase in interest and similar income. Was I impressed? Absolutely

Now to the scary part, they opened the year with a bang implying that 2025 year end results was going to be nothing but spectacular; check this out-Fidelity reported a whooping 167.8% increase in PBT (Profit Before Tax)to N105.8 billion in Q1 2025, compared to N39.5 billion in Q1 2024. Gross earnings from January to April had reached some N315.421 billion signaling a 64.21% increase year-on-year.

These results were nothing short of astonishing and with great hope I sat my team to review our Investment Strategy to accommodate taking up equities in Fidelity and advising our portfolio investors to do same.

We quickly appraised the fundamentals and Key Success Factors to include their focus on the strategic youth economy that the Creative and Digital Transformation sector promises, the banks bullish inroads in MSME promotion and financing, their glowing penchant for Gender inclusion without abandoning the core sectors of Mining, Renewables and other key industries

Then came the dissecting of Leadership, my team of analysts mostly female went on about Fidelity MD being one of the most experienced and affable Amazons in the industry; done this, achieved that and all the entreaties you’d expect from smart ladies who feel mentored from a distance. I didn’t hesitate to draw their attention to the experience of the menfolk within the organization like I had any measurable data to establish that mix…truth remains you can’t but admire the Banks Leadership and strides

A deeper look at the banks expansion globally could reveal a strategic and noiseless acquisition of Union Bank,London and their planned incursion into African and other European financial markets, you just can see that such daring strides and impact would give competition and detractors sleepless nights. Not in an era where sleeping pills are sold strictly by prescription and no thanks to the high cost of medication for peddlers of cheap propaganda

Within barely 30days of announcing such magnificent results little wonder how pundits would cook or spin a narrative to suggest a bank that has announced herself as First Tier with shoulders leveled up with other Banking giants would shudder over a judgement against her customer G.Cappa or even the contribution they would be required to cough out over that said Sagecom saga. With that judgement not going the way of pundits a contemptuous attempt at calculating interest at unclassified rates from an initial N14b to cause an unnecessary scare or negative press on the bank speaks volumes of how we unrepentantly strive to destroy value in our economy.

One would think that interpretation of the judgment and computation of due figures which will understandably come with a payment plan be awaited instead of the usual bad blood generated and envisaged by toddler media characters.

It is not in doubt that the discerning public sees through the cruise and flat falling attempt of dramatic clout chasers ever ready to stain Fidelity’s white apparel which savvy Investors and analysts are filled with bridal admiration

Like Joseph Campbell hinted in his famous quote “The cave you fear to enter holds the treasure you seek.” We cast our treasures and bets on Fidelity Bank as the Nigerian treasure house to beat in the years ahead!

*Udeme Etukeyen is an Abuja based Pan African Investment Advisory Expert*

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