Business

Fidelity Bank gets Highest Corporate Governance Rating on Stock Market

Published

8 months ago

May 29, 2024

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

idelity Bank Plc complies with the highest corporate governance standards as the leading commercial bank adheres promptly to all full disclosure requirements and global best practices.

Fidelity Bank is awarded CG+, the highest rank under the Corporate Governance Rating System (CGRS), which screens quoted companies against prescribed best practices and standards.

A review of the latest compliance report showed that Fidelity Bank sustains its highest-ranking rating of CG+, with shareholders and market pundits commending the high corporate standards of the bank.

Head, Listings Regulation Department, NGX Regulation (NGXRegco), Mr. Godstime Iwenekhai, explained that the CGRS was designed to strengthen the governance structures of listed companies and provide a valid basis for discerning investors to differentiate between listed companies on the basis of their compliance with acceptable standards of corporate governance.

“In our view, corporate governance promotes ethical business practices, transparency and fair competition,” Iwenekhai said.

He pointed out that the special character combination “CG+” underlined compliance with best practices and highest corporate governance standards, which entitle the rated companies to special privileges at the stock market.

Corporate governance compliance at the stock market includes prompt submission of detailed operational results from period to period as required by the market rules, full disclosures of all material and regulated information and accurate rendition of reports and accounts.

Also, compliance includes ensuring that the company’s shares are not encumbered in a way that impinges on free float or number of shares available to the general investing public for efficient price discovery, compliance with all investor-protection safeguards in communication with shareholders and organizing statutory meetings as required among others.

The Nigerian Exchange (NGX) noted that compliance tracker was aimed at maintaining market integrity and protecting the investors, noting that listed companies are required to adhere to high disclosure standards.

“Financial information which is periodic disclosure and on-going material events disclosure should be released to NGX in a timely manner to enable it efficiently perform its function of maintaining an orderly market,” NGX stated, referencing some of the criteria for its corporate governance rating.

Market experts and shareholders agreed that corporate governance compliance is a major factor in deciding on investing in a public and the safety of such investment.

Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said corporate governance compliance rating is “extremely important” as it indicates to the investing public the quality of compliance of a company to listing requirements.

“As you know, stock prices are driven primarily by available information and the NGX has a minimum level of disclosure expected of quoted companies. This disclosure helps the public make qualitative decisions as to the state or performance of the companies they are seeking to invest in. These markers are therefore the initial indicators as to whether the companies are meeting their disclosures and other regulatory obligations or not,” Amolegbe, a former president of Chartered Institute of Stockbrokers (CIS), said.

Managing Director, APT Securities & Funds, Mallam Garba Kurfi, said the corporate governance rating “shows the extent companies are in compliance with corporate governance”.

“High rating means very good in doing right thing timely while low rating discourages foreign investors from investing in such companies,” Kurfi, a leading market operator and member of the board of Securities and Exchange Commission (SEC), said.

Managing Director, HighCap Securities, Mr David Adonri, noted that “CG+ means excellent corporate governance rating”.

“When a company is organised and uphold good corporate governance, the benefit to stakeholders is maximized,” Adonri said.

Investors said its high corporate governance was one of the compelling reasons they chose to invest in Fidelity Bank.

President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar said Fidelity Bank has a very good corporate governance structure that reassures investors of the safety of their investments.

According to him, while the bank has good succession plan, the calibre of the independent non-executive directors on the board gives shareholders strong confidence of the kind of board oversight they will be expecting.

National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, said Fidelity Bank’s impressive performance over the years had been built on good corporate governance.

“My appeal to the board is to continue to imbibe good corporate governance in order to sustain this growth,” Igbrude said.

National Coordinator, Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, said Fidelity Bank has created a “very excellent impression” in the minds of shareholders.

According to her, the bank has continually showcased exemplary leadership with continuous impressive results, with successive growths over the past five years.

“Fidelity Bank is a very good bank that shareholders are very happy with their investments and we have never regretted buying into Fidelity Bank,” Bakare said.

National Coordinator, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie said good corporate governance was the cornerstone of Fidelity Bank’s sustained growth and impressive returns over the years.

“Fidelity Bank remains one of the best stocks that investors should look forward to invest in for better returns. I’m very optimistic of the bank’s healthy strong assets. With its good corporate governance and excellent customers’ service, there is every reason to hope for more promising future,” Okezie said.

The NGX tags defaulting companies for poor corporate governance and also applies various monetary and non-monetary sanctions, including fines ranging between N100,000 to N100 million, partial or full suspension of trading, naming and shaming with a red alert tag and compulsory delisting in extreme cases.

Business

Access Bank to Host Pioneering Africa Trade Conference in Cape Town

Published

6 days ago

January 29, 2025

august24admin

Access Bank to Host Pioneering Africa Trade Conference in Cape Town

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Bank PLC is set to host its first-ever Africa Trade Conference (ATC), a landmark event focused on advancing Africa’s economic transformation under the theme, ‘Empowering Africa Through Trade, Innovation, and Sustainable Growth’. Scheduled for March 12, 2025, in Cape Town, South Africa, the conference is poised to bring together the most influential voices in trade, finance, and policy to address the future of commerce across the continent.

With Africa’s trade finance gap estimated at $81 billion annually, the conference aims to tackle the systemic challenges hindering trade, particularly for SMEs and domestic firms. By fostering collaboration among key stakeholders, the Conference will explore innovative solutions, sustainable trade practices, and strategies for expanding African economies into global value chains.

Roosevelt Ogbonna, Group Managing Director/Chief Executive Officer, Access Bank PLC, emphasised the importance of the Africa Trade Conference, in addressing these pressing issues. “The Africa Trade Conference represents a crucial step in redefining Africa’s trade potential. By creating platforms for dialogue, innovation, and actionable solutions, Access Bank is enabling African businesses to connect and thrive in the global economy.”

Access Bank’s presence across 24 countries globally, including 16 in Africa, provides a unique advantage in facilitating inter- and intra-African trade. The Bank’s growing network positions it as a key player in addressing trade complexities and promoting inclusive growth across the continent.

Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank, highlighted the broader vision of the forum, saying, “The Africa Trade Conference is a platform to not only address Africa’s trade challenges, but to champion the continent’s opportunities. Through strategic partnerships, tailored financial solutions, built on the ethos of sustainability, we are paving the way for Africa’s businesses to take their place on the global stage.”

This flagship event will convene a distinguished line-up of seasoned speakers, and top executives from leading international banks, Development Finance Institutions (DFIs), and captains of industry in Africa.

The ATC will also shine a spotlight on the transformative potential of the Africa Continental Free Trade Area (AfCFTA), which aims to reduce trade barriers, enhance infrastructure, and integrate African economies into global trade networks.

Furthermore, the event will explore critical themes shaping the continent’s economic future, including the transformative role of digitisation and innovation in global trade, solutions for overcoming trade barriers to enhance market access, as well as sustainable trade practices and innovative financing models, thereby providing a comprehensive roadmap for advancing Africa’s position in global commerce. Please visit https://africatradeconference.accessbankplc.com/ for more information.

Business

Union Bank Rewards 360 Customers with N21 Million in First Save and Win Palli Promo 4 Draw

Published

6 days ago

January 29, 2025

august24admin

Union Bank Rewards 360 Customers with N21 Million in First Save and Win Palli Promo 4 Draw

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Union Bank, Nigeria’s leading financial institution, has kicked off its Save and Win Palli Promo 4campaign on a high note following the announcement of its first set of winners in its inaugural monthly draws.

The first live draw of this season, which took place at the Bank’s Head Office in Marina, Lagos, rewarded 60 customers with ₦100,000 each. Additionally, 300 other winners went home with ₦50,000 worth of gift vouchers during the inaugural live draw, which was conducted transparently and digitally under the supervision of relevant regulatory bodies. The winners cut across the nation.

Speaking at the first monthly draw, Gloria Omereonye, Union Bank’s Area Business Executive for Lagos Island 1, stated, “Union Bank is always dedicated to rewarding customers for their loyalty and financial discipline.

We are pleased that our promo has continued to achieve its noble goals of providing succour to our customers through our gifts and rewards, especially in these economically trying times, while facilitating a sustainable savings culture for future goals and objectives.”

Save & Win Palli Promo is a nationwide campaign designed to reward both new and existing customers with cash prizes. Season 4, which began in December 2024 and runs until May 2025, offers customers the opportunity to win ₦131 million in cash prizes, Motorcycles, Tricycles, Fuel Vouchers, and a star prize of ₦5 million, which will be handed out to three lucky winners at the grand finale.

Open to new and existing customers, the Save and Win Palli Promo requires participants to save a minimum of ₦10,000 and perform a minimum of five transactions monthly to qualify for draws. Monthly winners can receive ₦100,000, while quarterly draws will reward lucky savers with Motorcycles, Tricycles, and other exciting prizes.

Customers who save in multiples of ₦10,000 will increase their chances of winning.

New customers can join the promo by downloading the UnionMobile app to open an account or visiting any Union Bank branch.

Existing customers can reactivate accounts by calling the 24-hour Contact Centre at 07007007000 or visiting a branch.

Business

Access Bank Clinches THISDAY’s ‘Global Bank of the Year’ Award, Aig-Imoukhuede is Named ‘Titan of the Year’

Published

7 days ago

January 28, 2025

august24admin

Access Bank Clinches THISDAY’s ‘Global Bank of the Year’ Award, Aig-Imoukhuede is Named ‘Titan of the Year’

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Bank PLC (‘the Bank’), the flagship subsidiary of Access Holdings PLC (‘the Company’), has been honoured with the prestigious THISDAY Global Bank of the Year award for 2024, recognising its significant impact on the global banking landscape.

R-L: Roosevelt Ogbonna, Group Managing Director, Access Bank PLC; Tochi Wigwe, Daughter of Herbert Wigwe, former Group CEO, Access Holdings; Maame Saarah Buckman; Aigboje Aig-Imoukhuede, Chairman, Access Holdings PLC; Aigbovbioise Aig-Imoukhuede, Managing Director, Coronation Asset Management Limited, and Funke Aigbovbioise Aig-Imoukhuede, at the THISDAY Awards 2025 where Access Bank won Global Bank of the Year award and Aig-Imoukhuede was named Titan of the Year, in Lagos… Monday night

In addition, Aigboje Aig-Imoukhuede, Chairman of Access Holdings, received the distinguished THISDAY Titan of the Year award for his exceptional contributions to the banking sector in 2024.

At THISDAY Awards 2025, Access Bank emerged victorious, surpassing African Export-Import (AFREXIM) Bank and United Bank for Africa (UBA) to claim the coveted title. The prestigious award ceremony, held at Eko Hotels & Suites in Victoria Island, Lagos, marked the 30th anniversary of THISDAY Newspapers and the 12th anniversary of Arise News Channel, with the theme, “When the Going Gets Tough… The Tough Get Rewarded.”

THISDAY Newspapers highlighted Access Bank’s nomination, praising its strategic leadership, rapid expansion, and unwavering commitment to innovation and sustainability. The bank’s leadership in digital banking was also recognised, with Access Bank receiving multiple accolades, including the 2024 Digital Jurist Award for Best Digital Bank.

In addition to its achievements in digital banking, Access Bank has demonstrated a strong commitment to environmental, social, and governance (ESG) principles, earning the 2024 Euromoney Award for Best Bank for ESG in Nigeria and Ghana.
With an expanding international presence in the United Kingdom, Ghana, United Arabs Emirates, China, and several African nations, Access Bank continues to solidify its position as a major global banking player.

Lagos State Governor, Babajide Sanwo-Olu (left) and Aigboje Aig-Imoukhuede, Chairman, Access Holdings PLC, exchanging pleasantries at the THISDAY Awards 2025 where Access Bank won Global Bank of the Year award and Aig-Imoukhuede was named Titan of the Year, in Lagos… Monday night

The bank’s innovative approach is further evidenced by its cutting-edge technological initiatives, including Facepay, Access Closa, the AccessMore mobile app, and Africa Fintech Foundry—further establishing Access Bank as a leader in technological advancements, and underscoring its deserving recognition as Global Bank of the Year.

During his acceptance speech, Access Bank’s Managing Director and CEO, Roosevelt Ogbonna, expressed his gratitude to the public, THISDAY Newspapers, and Arise Media Group for the recognition. He remarked, “This award represents 30 years of hard work of doing things differently, and of building on the legacy of industry giants like Aigboje Aig-Imoukhuede and Herbert Wigwe. We are deeply grateful to our board, management, customers, and stakeholders, who have continuously supported us. This award is for you, and we accept it in your honour.”

In a similar vein, Aigboje Aig-Imoukhuede, along with 11 other influential leaders, was recognised with the THISDAY Titan of the Year award for 2024. Reflecting on his journey, Aig-Imoukhuede shared, “In 1991, Prince Obaigbena and I first met as customer and banker. He told me that anyone fortunate enough to manage his account would one day become a managing director of a bank, and I am thankful that God fulfilled that vision. It is an incredible honour to stand with such esteemed colleagues.”

The star-studded event, which brought together dignitaries from both the private and public sectors, celebrated excellence, innovation, and leadership across industries and the political landscape.