Access Bank, Airtel Nigeria Unveil Mobile Money Platform

Access Bank Plc and Airtel Nigeria Limited have gone into a partnership to introduce a mobile money service known as Access Money.

The service allows customers to perform simple, secure and instant financial transactions using their mobile phones.

With the service, customers on the mobile network can send and receive money, make deposits and withdrawals, pay their utility bills and buy airtime for their lines.

In addition, it provides the ability for customers to receive money through agents nationwide or through cardless withdrawals from any Access Bank ATM machine.

Speaking at the launch of the product in Lagos yesterday, Group Managing Director of Access Bank, Mr. Herbert Wigwe said:

Court: Access Bank’s £654m London Judgment against Akingbola Not Enforceable in Nigeria

A Federal High Court in Lagos on Monday held that the judgment of a London court ordering the former Managing Director of the defunct Intercontinental Bank, Erastus Akingbola, to pay Access Bank £654 million (N212.2 billion) is not enforceable in Nigeria.

Justice Chukwujeku Aneke, who made the order, dismissed an application filed to that effect by Access Bank.

A Lagos High Court in Igbosere had also rejected a similar application filed by Access Bank. The order of the Lagos High Court had prompted Access Bank to approach the Federal High Court.

The High Court of Justice, Queens Bench in London, had on August 1, 2012, ordered Akingbola to pay Access Bank £654 million over some fraudulent transactions

Access Bank falls 8.2 percent after stock freeze lifted

Shares in Nigeria’s Access Bank fell 8.2 percent on Thursday after the Nigerian Stock Exchange (NSE) lifted a week old price freeze on the stocks, pending a proposed shareholder vote on its N68 billion rights issue on October 13.

The Nigerian Stock Exchange froze the bank’s shares last week after it said it planned to raise fresh capital of about 68 billion nigerian naira ($415.95 million) in a rights issue, but Access applied to have the freeze lifted because the information on the issue was

Aig-Imoukhuede Becomes NSE President

The Council of the Nigerian Stock Exchange (NSE) yesterday appointed former Group Managing Director/Chief Executive Officer of Access Bank Plc, Mr.  Aigboje Aig-Imoukhuede, the president of  the exchange. His appointed made after the 53rd annual general meeting (AGM) of NSE in Lagos, followed the decision of Alhaji Aliko Dangote to step down as the president of the Nigerian bourse.

Although Dangote’s tenure ought to expire next year, he decided to step down to pursue his business expansion across Nigeria and Africa.

Consequently, Aig-Imoukhuede, who was the first vice-president was elected to take over the leadership of the exchange. Mr. Abimbola Ogunbanjo and Mr. Abubakar Mamoud were also elected first vice and second vice presidents respectively.

Speaking on the future of the NSE without him on the council, Dangote said

Wigwe Seeks Banks’ Collaboration to Tackle Fraud

The Group Managing Director/Chief Executive Officer, Access Bank Plc, Mr. Herbert Wigwe has called for greater collaboration among deposit money banks in the country in order to tackle the rising incidence of fraud in the sector.

Wigwe stated this in an address presented at a stakeholders’ workshop anti-fraud and compliance tagged: “Combating fraud and money laundering –the need for collaboration amongst stakeholders,” organised by the bank in Lagos yesterday.

The workshop was part of events lined up to mark the bank’s compliance and anti-fraud awareness week.

According to the Access Bank boss, banking and financial services play a vital role in any economy.  They spawn growth, create investment opportunities, facilitate the creation of jobs and generally drive economies, he pointed out.

However, he stressed that the sector is susceptible to

Access Bank plans N70bn rights issue

There are indications that Access Bank Plc is planning to raise its capital by way of rights issue.

Reuters reported that Access Bank has been meeting with domestic investors over the past week to gauge interest in a possible rights issue of 60-70 billion naira ($369-$431 million) by the fourth quarter, a fund manager and a banking source with knowledge of the roadshow, had said.

Access Bank , which raised a $400 million in Eurobond in June, wants to bolster its core capital, the fund manager who attended the meetings in Lagos told Reuters, declining to be named. Access Bank was also discussing with investors in Abuja.

An official from Access Bank declined to comment. Banks in Africa’s biggest economy have been

Access Bank meeting investors over possible share sale

Access Bank has been meeting with domestic investors over the past week to gauge interest in a possible rights issue of 60-70 billion naira ($369-$431 million) by the fourth quarter, a fund manager and a banking source with knowledge of the roadshow, said on Thursday.

The lender, which raised a $400 million in Eurobond in June, wants to bolster its core capital, the fund manager who attended the meetings in Lagos told Reuters, declining to be named. Access Bank was also discussing with investors in Abuja.

An official from Access Bank declined to comment.

Banks in Africa’s biggest economy have been boosting their capital levels in recent months, as the industry this year adopts new

Access Bank steps up to ‘A+’ in Agusto & Co credit ratings

Agusto & Co has upgraded the credit rating of Access Bank plc from “A” to “A+” with a stable outlook.

Access Bank plc achieved the “A+” by actualising a good liquidity position, satisfactory capitalisation, as well as improved risk management framework which had a positive impact on asset quality, according to Agusto & Co.

While reacting to the rating, Herbert Wigwe, group managing director Access Bank plc, said,