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WE WON’T TAKE OVER YOUR DUTIES-ABIODUN TELLS TRANSPORT UNIONS

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          The Ogun State Governor, Prince Dapo Abiodun has assured transport unions in the State that the Road Transport Union Committee recently set up was not an attempt to take over their functions, rather an avenue to ensure sanity and stability in the sector.

          Prince Abiodun who made this known in his office, while inaugurating the Committee, said that it was imperative to maintain law and order in various transport unions, adding that government would intensify efforts on infrastructural development, particularly on roads.

          “Let me assure stakeholders in the transport sector that this exercise is not to take over their functions, it is an approach to ensure more sanity and stability, which will in turn bring in more dividends to the unions and the generality of the good people of the State”, he said.

          The Governor, who noted that it was pertinent for his administration not to allow any form of vacuum in the management of transport unions, said the suspension of all activities of road transport unions in the state therefore became necessary and a 13- man committee was put in place to oversee their activities.

          The Committee has Barrister Sunday Olufemi Adeniyi as chairman, Engr. Tunji Akinosi, as secretary, other are; Hon. Kunle Adeyemi, Hon. Afolabi Afuape, Mr. Aremu Babatunde, Hon. Olaitan Asekun, Mr. Jokotola Taofeek Kashimawo, Hon. Kunle Mudashiru, Hon. Sule Abass, Hon. Razaq Adetokunbo Mr. Lekan Oguntayo, Hon. Yaya Fadipe and Hon. Kayode Fabuyi.

          The Governor enjoined members of the Committee to chart a road map for the development of road transport sector, adding that he expects a workable recommendations that would assist his administration in aiding development of the transport sector and the socio-economic development of the state.

          In his remark, the Chairman of the road transport committee, Barrister Sunday Olufemi Adeniyi, noted that the committee would ensure that the unions are well organized and all their activities are in tandem with the law, maintaining that the road transport unions in the State were not dissolved.

          Meanwhile, Prince Dapo has urged the committee on the 2019 Hajj to hit the ground running, so as to ensure a remarkable improvement in the Hajj programme, urging the Committee to build a good working relationship with Civil Servants in the board, so that pilgrims from the State could enjoy spiritually uplifting Hajj.

          The committee has Imam Mufutau Majekodunmi as chairman, other members are; Alhaji Abdulgafar Orunsolu, Imam Rufai Sile, Alhaji Misbau Salako, Alhaji Tijani Hassan Ishola, Alhaji Tunde Oladunjoye, Dr.(Mrs) Raheemat Oloyede, Hon. Kamaru Oduntan, Alhaji Bisola Aliu, while Alhaji Abdulyekin Arimiyau Parakoyi would be the Amirul-Hajj.

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Access Holdings: Imprints of a Thriving Banking Powerhouse

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Access Holdings: Imprints of a Thriving Banking Powerhouse, By Bolaji Israel

Access Holdings has continued to evolve and reinforce its corporate stature as a formidable force in Nigeria’s financial sector, demonstrating capacity for relentless growth, resilience and ambition through strategic expansion and innovative approaches. The entity owes its significant bulk to the Access Bank Group, supported by other allied services firms.

Also known as Access Corporation, the group has grown over the last 35 years to emerge as Nigeria’s largest financial holding company, offering services such as commercial banking, lending, payment, insurance, and asset management.

Though Access started off as a corporate bank, it swiftly expanded into personal and business banking in 2012, solidifying its role as a well rounded financial solutions provider.

In his memoir, ‘Leaving the Tarmac: Buying a Bank in Africa, ‘ Aigboje Aig-Imoukhuede detailed how himself and his partner, Herbert Wigwe walked the delicate path of buying Access Bank and never looked back since.

The bank’s acquisition in March 2022 by the maverick duo of Aig-Imoukhuede and Wigwe, which changed its entire growth, profit and branding trajectory as well as its merger with Diamond Bank in 2019 which shot up its customer base to over 42 million, granting it a status of the largest bank in Africa by customer base and the largest in Nigeria by assets, form a part of its remarkable and turnaround milestone.

With a keen focus on digitisation-driven growth and customer satisfaction, it has not only solidified its status in Nigeria but has also set its sights on becoming a formidable player in the international banking arena.

The group’s growth and expansion drive has been marked by a series of strategic acquisitions and mergers aimed at enhancing its market presence and delivering value to customers. In 2021, Access Bank acquired African Banking Corporation (ABC Holdings), a move that significantly bolstered its operations in Southern Africa. This acquisition allowed Access Bank to enter markets such as Botswana, Mozambique, and Zambia, thereby enhancing its regional footprint and customer base.

In addition to its African ventures, Access Holding has been eyeing opportunities in Europe and Asia. Recent announcements highlight the bank’s interest in potential partnerships and acquisitions that could facilitate its entry into these lucrative markets. The bank’s management has stated, “We are committed to diversifying our operations and exploring new markets that align with our growth strategy.”

The results of the expansion efforts have been promising. For the year ending 2023, Access Holding reported a staggering 300 percent growth in profit after tax to N612.4 billion, from N204.1 billion in 2022. This represents the largest profit ever recorded by the company, under the leadership of its late co-founder, Herbert Wigwe.

It revenue soared by 80% to N2.6 trillion, from N1.4 trillion in 2022 while assets rose by 78% to N26.7 trillion, from N14.99 trillion in 2022, marking a significant growth trajectory that positions Access Holding as one of Nigeria’s largest and most influential banks.

Leading Force in Financial Sector

Access Holding’s influence in the financial sector extends beyond its impressive growth metrics. The bank has taken on a leading role in advocating for financial inclusion and economic empowerment across Nigeria and Africa. Through various initiatives, Access Holdings is committed to providing access to banking services for underserved populations, thereby contributing to the broader goal of economic development.

The bank’s emphasis on technology and innovation has positioned it as a leader in the digital banking space, setting benchmarks for other financial institutions to follow. By continuously enhancing its service offerings and embracing new technologies, Access Holding is shaping the future of banking in Nigeria and beyond.

Innovations and Technological Advancements

Access has prioritized innovation as a cornerstone of its growth strategy. Over the past two years, the bank has invested heavily in upgrading its technology infrastructure to provide customers with seamless and efficient banking experiences. The launch of a robust digital banking platform is a clear testament to this commitment. The improved platform allows customers to perform a wide range of transactions, from fund transfers to bill payments, all from the convenience of their mobile devices.

The bank’s mobile banking app has also seen significant upgrades, incorporating features such as biometric authentication, personalized financial insights, and enhanced security protocols. These innovations have resulted in a marked increase in user engagement, with over 10 million active users reported in 2024.

Moreover, Access has revitalized its Point of Sale (POS) services to cater to the growing demand for cashless transactions. The bank has deployed thousands of POS terminals across Nigeria, facilitating secure and efficient payment solutions for businesses and consumers alike.

Leadership and Succession

The unfortunate demise of Dr Herbert Wigwe, CFR, the Company’s founding Group Chief Executive Officer and former Group Managing Director of its flagship subsidiary, Access Bank Plc on Friday, February 9, 2024, in a helicopter accident in the United States of America, would have constituted a permanent clog for any company without a formidable structure.

Access Holdings has however been able to rise above the dark moment and steadied the ship with the return of Aigboje Aig-Imoukhuede as Chairman and emergence of Bolaji Agbede as GCEO. The swift realignment is a clear testament to the group’s ability to deftly manage succession.

Growth Outlook and Ambition

Access growth results and targets highlight its ambitious nature. The banking group aims to achieve a market capitalization of ₦10 trillion by 2025, with plans to expand its customer base to over 50 million across its operational territories. This ambition is supported by strategic partnerships and potential mergers, not only within Nigeria but globally.

Analysts have noted that Access Holdings is well-positioned to capitalise on the growing demand for financial services across Africa and beyond. With a solid foundation and an eye on expansion, the bank is poised to become a leading financial institution on the global stage.

The landscape of mergers and acquisitions in the banking sector has been vibrant, and Access Holdings is keen on exploring potential opportunities. In Nigeria, the banking industry has witnessed a wave of consolidation, with several banks seeking to enhance their market positions through strategic mergers. Access has expressed interest in potential acquisitions that align with its growth strategy, particularly in the areas of technology and customer service.

Globally, the banking group is also exploring partnerships that can facilitate its entry into new markets. The management has indicated that Access Holding is open to collaborating with fintech companies and other financial institutions that can complement its service offerings and enhance customer value.

Awards and Commendations

Access Corp’s commitment to excellence and innovation has earned it numerous accolades over the past year. The bank was recognized as the “Best Bank in Nigeria” at the Global Finance Awards, a prestigious honour that underscores its leadership position in the industry. Additionally, the bank received the “Most Innovative Bank” award at the African Banking Awards, highlighting its commitment to embracing technology and improving customer experiences.

These awards reflect a solid dedication to maintaining high standards of service and its ability to adapt to the rapidly changing financial landscape.

Access Holdings trajeectory stands as a testament to what can be achieved through strategic expansion, innovation, and effective leadership. With its aggressive growth strategy, commitment to technological advancement, and dedication to customer satisfaction, it is firmly establishing itself as a thriving banking conglomerate.

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Rite Foods Partners NASRE Foundation to Support Ailing Journalists

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Rite Foods Partners NASRE Foundation to Support Ailing Journalists

*Rite Foods Partners NASRE Foundation to Support Ailing Journalists

 

Rite Foods Limited, a leading indigenous manufacturer in the Food & Beverages sector, has partnered the Noble Association of Social and Resourceful Editors(NASRE) Foundation to provide support for ailing journalists and widows of deceased media practitioners in the country.

 

 

This collaboration comes as part of NASRE’s ongoing efforts to assist journalists facing health challenges across the country, having embarked on three outreach programmes last year.

Rite Foods Partners NASRE Foundation to Support Ailing Journalists

The NASRE team was warmly received on Wednesday, February 5th, 2025, by the management of Rite Foods at its Head Office in Ikeja, Lagos State.

Receiving NASRE team on behalf of the Managing Director of the company, Mr. Saleem Adegunwa, the Head of Corporate Communications and Brand Management , Mr. Ekuma Eze was elated with the visit.

Earlier during the visit, the Public Relations Officer (PRO) of NASRE, Mr. Adeyemi Obadimu had outlined the foundation’s mission and the purpose of the meeting. He revealed the health and financial challenges facing most veteran journalists, who had, during their active years, served the country meritoriously, but are now struggling to survive.

Obadimu highlighted that NASRE’s outreach programme last year was a success, benefiting over 70 individuals, including journalists suffering from partial stroke, widows, and widowers of deceased practitioners . He emphasised the importance of taking care of journalists in need, especially, the veterans who have contributed greatly to the industry.

“Journalism is a thankless job, and as much as we may be appreciated in our bylines, it is crucial that we care for our colleagues who have dedicated their lives to the profession,” said Obadimu.

Butressing his point, the Director, Public Engagement, Mr. Bunmi Obarotimi who represented the President of the association, Mr. Femi Oyewale said: “NASRE’s intends to launch the Foundation officially in this current year and we are proud to have Rite Foods as our partner going forward.”

In his response, Ekuma Eze commended NASRE Foundation for its noble and impactful initiatives, recognising the significant difference it has made in the lives of journalists and their families. He praised the foundation’s efforts in providing assistance to over 70 journalists and their dependents last year. Eze reiterated Rite Foods’ unwavering commitment to supporting initiatives that foster the well-being of the media community.

“At Rite Foods, we are deeply invested in contributing to the development of our society. We understand the importance of health and well-being, especially for those who dedicate their lives to sharing vital information with the public. We believe in the mission of NASRE and are committed to supporting your work in every way possible,” Eze stated.

“This partnership will go beyond just providing financial support; we are dedicated to helping create an ecosystem where journalists can thrive, even in the face of adversity,” he added.

He also spoke about the company’s long-term goals, highlighting Rite Foods’ plan to expand beyond Nigeria and into other African countries. “We have exciting plans for the future,” he added. “Rite Foods is committed to not only strengthening its footprint within Nigeria but also extending our reach to the wider African continent. We believe that our growth will not only benefit our business but also contribute to the national economy, creates job opportunities, and foster the development of the beverage and food sectors.”

Eze emphasised that Rite Foods has been actively involved in national economic development, focusing on reducing unemployment and improving service delivery. As one of the leading manufacturers in the beverage, drinks, and sausages sectors, Rite Foods remains committed to excellence in all its business operations, he said.

Through innovation, quality products, and partnerships like the one with NASRE, the company aims to continue breaking new ground in the industry.

He concluded that, “Our mission at Rite Foods is clear: to improve lives, deliver quality products, and contribute to the economic growth of Nigeria and Africa as a whole. We are proud to partner with organizations like NASRE that share our values of social responsibility and community development.”

The partnership between Rite Foods and NASRE marks a significant step in supporting the health and well-being of journalists, ensuring that those who have dedicated their careers to the industry receive the care and recognition they deserve.

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Nigerian Economy Reacts to Federal Government’s 2025 Budget Increase

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Nigerian Economy Reacts to Federal Government’s 2025 Budget Increase

By Femi Oyewale

 

LAGOS, Nigeria – A wave of reactions has trailed the decision of the Federal Government to increase the 2025 Appropriation Bill from N49.7 trillion to N54.2 trillion, citing additional revenue generated by key government agencies.

On Wednesday, President Bola Tinubu’s letters to the Senate and House of Representatives, detailing adjustments in the yet-to-be-passed budget, were read on the floors of both chambers. Senate President Godswill Akpabio referred the President’s request to the Senate Committee on Appropriations for urgent consideration, assuring that the budget would be passed before the end of February.

 

Tinubu originally presented a N49.7 trillion budget proposal, themed ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity,’ to the National Assembly in November. The budget is underpinned by projected total revenue of N36.35 trillion, driven by improved non-oil revenue collection, expanded tax enforcement, customs duties, and independent revenues from government-owned enterprises. Oil revenue projections are based on a crude oil benchmark of $75 per barrel, a production target of 2.06 million barrels per day, and an exchange rate of N1,500 per USD.

 

The budget includes significant allocations to critical sectors and aims to maintain a fiscal deficit of N13.39 trillion (3.96 per cent of GDP), which will be financed through domestic and external borrowings as well as innovative public-private partnership arrangements.

Breakdown of Additional Revenue

The budget increment follows the realization of additional revenue from key government agencies: N1.4 trillion from the Federal Inland Revenue Service (FIRS), N1.2 trillion from the Nigeria Customs Service, and N1.8 trillion from other government agencies. The government emphasized that the extra funds would be directed toward strengthening key economic institutions, particularly the Bank of Agriculture and the Bank of Industry. Investments will also be channeled into the solid minerals sector and infrastructure projects to further support economic diversification.

Minister of Budget and Economic Planning, Atiku Bagudu, stated that the adjustment was made after extensive engagements between the executive arm and the National Assembly. “The Senate Committee on Appropriation, Senate Committee on National Planning, and Senate Committee on Finance established that we could generate more revenue by tasking all institutions to increase their contributions,” Bagudu explained.

Mixed Reactions from Economic Experts

Economists and financial analysts have expressed divergent views on the budget expansion.

Renowned economist and sustainability expert Marcel Okeke criticized the adjustment, stating that it was poorly timed. He argued that the changes should have been incorporated into a supplementary budget rather than altering the original budget before its passage.

“The figures that were released in December have already been analyzed and acted upon by global institutions, investors, and analysts,” Okeke stated. “Making last-minute additions portrays a lack of budgetary discipline. It would have been more appropriate to finalize the budget at the right time and introduce necessary changes later via a supplementary budget.”

Chief Economist and Partner at SPM Professionals, Paul Alaje, warned that the increased government spending might derail inflation control efforts. The government is targeting a 15 percent inflation rate in 2025, but Alaje suggested that the expanded budget could stoke inflationary pressures.

“I think it’s straightforward. The government sees additional revenue and believes it can spend more. However, beyond that, there seem to be previously omitted projects that are now being reintroduced into the budget. This level of spending might make the 15 percent inflation target unrealistic,” Alaje cautioned.

Conversely, Tunde Amolegbe, Managing Director of Arthur Steven Asset Management Limited and former president of the Chartered Institute of Stockbrokers, welcomed the development. He asserted that an ambitious budget is essential for infrastructural growth, which is a prerequisite for a productive economy.

“We cannot lift people out of poverty unless we invest in infrastructure. Our budget per capita remains significantly lower than countries with similar demographics. Government spending is crucial in raising the standard of living,” Amolegbe stated. However, he urged fiscal caution, emphasizing that Nigeria must monitor debt-to-revenue and debt-to-GDP ratios to avoid over-leverage.

A leading economist, who spoke on condition of anonymity, criticized the budget increase, suggesting that the widening fiscal deficit—now approaching N16 trillion—could harm the economy.

“With all the borrowing, the government should be looking to reduce the deficit instead of increasing spending. Over the years, we have struggled to meet revenue targets. There is no guarantee we will generate the projected revenue,” the economist stated.

Legislative Support and Next Steps

Despite concerns, the House of Representatives has backed President Tinubu’s proposal, emphasizing that the increase is justified by additional revenue from key government agencies. The budget has been referred to the Committees on Finance and Appropriations for expedited review.

Senate President Godswill Akpabio reassured Nigerians that the budget would be finalized and passed before the end of February, ensuring the government remains on track to implement its 2025 economic plans.

As the legislative process unfolds, the nation remains divided over the implications of the expanded budget. While some see it as an opportunity for enhanced economic growth, others fear it could deepen fiscal instability. The coming weeks will be critical in determining how Nigeria navigates this complex financial landscape.

Nigerian Economy Reacts to Federal Government's 2025 Budget IncreaseNigerian Economy Reacts to Federal Government's 2025 Budget Increase

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