NIGERIAN TRIBUNE - Banking and Finance

Shareholders laud First Bank’s results Odidison Omamkhanlen, Lagos - updated: Monday 25-08-2008 Jacob Ajekigbe, MD, First BankShareholders of First Bank Plc across the country have commended the management of the bank for the impressive results recorded in its year ended 31st March 2008. Speaking at the bank’s yearly general meeting in Abuja last week, the President, Association of the Advancement of the Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, said the results showed that the bank was truly the first in the nation’s banking industry, urging the in-coming Managing Director, Sanusi Lamido, to follow the footsteps of the Jacob Ajekigbe – led management. While pledging the support of the shareholders to the management of the bank, he enjoined the bank to fully explore new areas of business potentials in order to maintain its leadership in the industry. Also speaking, the National Coordinator, Corporate Investors Forum (CIF), Mr. Taiwo Oderinde, stated that the entire shareholders were impressed with the strong financials posted by the bank, adding that the dividends and bonus issue were manifestations that the management has the interests of the shareholders at heart. While acknowledging that there was fierce competition in the industry, he advised the managements of the bank to continue to build on its successes. On her part, the Secretary, Zonal Shareholders Association, Mrs Thorpe Oludewa, acknowledged the efforts of the bank at poverty alleviation through its recent mass employment, urging other banks to emulate the succession plan of the bank which is devoid of tension and rancor. She pledged the support and cooperation of all shareholders to the management of the bank. In his response, the outgoing Managing Director/Chief Executive, Jacob Moyo Ajekigbe, who was attending the last annual general meeting as the CEO, commended all stakeholders of the bank for their support during his tenure, urging them to extend same to the in-coming CEO. He noted that the impressive results were propelled by the bank’s strong brand, stressing that the future was bright for the bank. Detail of the financial results showed that the bank posted a Profit Before Tax (PBT) of N47. 69 billion, representing 84.5 per cent increase over N25.85 billion recorded in the preceding year. The bank’s Profit After Tax (PAT) also increased by 77.1 per cent from N20.64 billion in 2007 to N36.54 billion in 2008. Other results showed that the bank’s total balance sheet plus contingent liabilities grew by 65.8 per cent from N1.26trillion in the preceding year to close at N2.08 trillion in the review period. The shareholders’ funds grew by 325.3 per cent to close at N355.63 billion compared with N83.63 billion in the previous year. The bank’s gross earnings also showed a similar trend, increasing by 70.4 per cent to N155.29 billion during the 2008 financial year compared to the N91.16 billion recorded in the preceding year.

Access Bank to commence operations in UK Odidison Omankhanlen, Lagos Aigboje Aig-Imoukhuede, MD, Access BankACCESS Bank Plc has recorded yet another major milestone in its global expansion drive following its licensing and authorisation by the Financial Services Authorities (FSA) to operate a full service banking subsidiary in the United Kingdom. The Access Bank (UK) Ltd has its head office at No 1, Cornhill, London, overlooking the Bank of England. The Bank’s Mayfair office is well located at 53, Davies Street, London. The new U.K subsidiary will offer a full range of banking services which include corporate banking, personal banking, treasury and trade finance. Mr. Aigboje Aig – Imoukhuede, Chairman of The Access Bank UK and Group Chief Executive of Access Bank Plc, commented that “Our commencement of business within the European union will perfectly complement our ongoing expansion across Africa and provide a platform for us to actualise our vision of attaining world – class status” Consistent with its growing reputation as Africa’s Bank of Best Practice, the bank has assembled a high calibre Board of Directors, comprising of well respected and experienced international bankers, accountants and legal experts. The seven-man board includes two independent directors: Messrs. Derek Ross and Tim Wade. Their appointment attests to the bank’s readiness to operate at the highest standards of corporate governance; as both individuals are accomplished professionals with enviable track records. Derek Ross is a retired partner of Deloitte, a chartered accountant and corporate treasurer. He is also on the boards of several other blue chip companies in the UK and chairs the Risk and Audit Committee of Access Bank UK. Tim Wade is a fellow of the Institute of Taxation of Australia and a member of Australian ACA; he has experience in retail banking with bias towards the bancassurance model and exposure to corporate banking. Mr. Herbert Wigwe, Group Deputy Managing Director of Access Bank Plc, is the fourth non – executive director of the bank. Mr. Jamie Simmonds, the Managing Director/CEO of the Access Bank (UK) Ltd, brings on board over 31 years banking experience, with specialist knowledge of banking operations, credit control, retail and commercial Banking, having worked at NatWest, Royal Bank of Scotland and Coutts, the well respected private bank. He is a Certified Financial Adviser, an alumnus of the Harvard Business School Executive Management Development Programme and an associate member of the Chartered Institute of Bankers. He is ably assisted by a team of highly experienced and dedicated executives. Recently, Access Bank was ranked 359th by The Banker Magazine in its rating of top global 1000 banks. This attests to the bank’s gradual emergence as a global financial brand and financial powerhouse on the African continent.
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Shareholders laud First Bank’s results

Access Bank to commence operations in UK