Business
Interconnect debts: NCC seeks stakeholder input to develop stronger dispute resolution mechanisms
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In a reaction to unending tussles emanating from interconnect debts owed, the Nigerian Communications Commission (NCC) has sought the input of stakeholders in developing stronger mechanisms to resolve disputes.
At a public inquiry which began on May 21, 2024, the NCC is considering amendments to the Telecommunications Networks Interconnect Regulations, Guidelines on Procedure for Granting Approval to Disconnect Telecommunications Operators, and Guidelines for Dispute Resolution.
The Commission is plying this route in line with the diplomatic approach of the new Executive Vice Chairman, Aminu Maida who wants to stir the agency to achieve regulatory excellence and build a robust communications sector that supports the Nigerian economy.
Speaking, Maida, emphasised the significance of the public inquiry in ensuring transparency and inclusivity in the regulatory process.
According to him, “These regulatory instruments play a vital role in shaping our communications landscape and it is essential that we visit and refine them to address emerging challenges, trends and opportunities. The instruments that we considered during the course of this public inquiry are vital in ensuring the communications sector meets the demand of the ever-evolving digital age.
“The first Regulatory instrument in our agenda today is Telecommunications Networks Interconnect Regulations. As we all know, interconnection plays a vital role in enabling seamless communication between two different networks, and facilitating the growth of the communications industry in Nigeria. This review is crucial to keep pace with technological advancement, foster competition, protect consumer interest, align with international standards and improve regulatory efficiency in the industry.”
Likewise, Ag. Head Legal & Regulatory Services of NCC, Mrs. Chizua Whyte, said the commission recognises the need for swift adaptation of regulatory instruments to keep pace with the evolving communications industry and emerging technologies.
Whyte emphasised the importance of collaboration with stakeholders in driving significant advancements in the sector.
She noted that the commission values the contributions of stakeholders and looks forward to working together to shape a strong and dynamic industry.
In her words, “As the communications industry evolves with emerging technologies, our regulatory instruments must adapt swiftly. The Commission’s collaborative efforts with stakeholders have driven significant advancements and will continue to propel the sector forward.
“This Public Inquiry underscores our commitment to regulatory excellence and to building a robust communications sector that supports the Nigerian economy. We value your contributions and look forward to shaping a strong, dynamic industry together.”
Business
Access Bank Ghana posts impressive growth in income, assets
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Access Bank Ghana Plc held its 16th Annual General Meeting (AGM) at its head office, marking a year of exceptional performance and growth. The Board Chairperson of Access Bank (Ghana) Plc, Ms. Ama S. Bawuah, presented the financial statements, highlighting the Bank’s impressive performance despite the challenging macroeconomic environment.
Access Bank Ghana’s total assets grew to 22.3 per cent, from GHS 10.057 billion to GHS 12.30 billion, while operating income increased by 40 per cent from GHS1.150 billion to GHS 1.613 billion. The Bank’s Loans and Advances rose by 42.81 per cent.
Ms. Bawuah said, “In 2023, Ghana’s economy was characterised by macroeconomic instability, escalating inflation, and dwindling investor confidence stemming from both domestic imbalances and external pressures. Against the backdrop of global and national economic uncertainties, I am pleased to share that your bank successfully applied valuable insights and industry best practices to achieve substantial growth across key areas in the past year.”
“These achievements underscore our steadfast dedication to navigating challenges and fostering sustainable growth, reaffirming our pledge to serve you with excellence and integrity,” Bawuah added.
Access Bank’s commitment to expansion, innovation, and customer convenience was also showcased, with the implementation of several digital products and services such as the virtual relationship management (VRM) tool to augment customer service support. The Bank also established priority desks to cater to a specific demographic and facilitate the smooth running of business in those areas. These include the Chinese, German, Lebanese, French, and Turkish desks.
Olumide Olatunji, Managing Director, Access Bank Ghana Plc, reiterated the Bank’s resilience and stability. “Despite the prevailing uncertainties, Access Bank maintained a robust performance across key financial metrics, a testament to our prudent financial management and unwavering dedication to our mission. We observed substantial growth in deposits, surging from GHS7.399 billion to GHS9.130 billion, marking a notable 23 per cent increase.”
He added that the Bank achieved a remarkable turnaround by resuming tax remittances to the government. This reversal from a negative contribution of GHS102 million to an impressive 509 per cent increase to GHS419 million underscores our commitment to fiscal responsibility and sustained growth. Concurrently, shareholders’ funds experienced substantial growth, from GHS1.014 billion to GHS1.403 billion, attributed to the transformative strategies implemented in the Bank’s business management practice.
Olatunji thanked shareholders for their support and emphasised the Bank’s commitment to excellence and customer satisfaction. “We are proud of our achievements and recognise the trust our customers and shareholders have placed in us. We will continue to innovate, expand our reach, and support Ghana’s economic growth,” he noted.
Mr. Sampson Ashong, the General Secretary of the shareholders praised the Bank’s performance and initiatives citing its resilience and growth potential. “I am thoroughly impressed with the bank’s commitment to sustainability initiatives and employee capacity building. The dedication to creating a positive impact on the environment and society, while investing in the growth and development of their staff is truly commendable. This is evidence that Access Bank is not just focused on financial returns, but also on making a positive difference in the world,” he said.
Shareholders approved all resolutions on the agenda, which included among other things, also saw the re-election of the members of the Board of Directors and one retirement.
The event was a celebration of the Bank’s dedication to its stakeholders and its contribution to Ghana’s financial landscape. As Access Bank Ghana continues to grow and expand its operations, it remains committed to promoting financial inclusion and supporting the country’s economic development.
Since 2009, Access Bank Ghana has demonstrated a strong commitment to sustainable business practices driving profitable, sustainable growth that is environmentally responsible and socially relevant. These have contributed to the Bank being recognised with various awards in 2023. These include the 2023 Best Bank by Euromoney Awards, Best Retail Bank by Global Brands Awards, Best Digital Bank in Ghana by Digital Banker Africa Awards; and Best SME Banking and Best Bank for CSR by Euromoney Awards.
Business
SEC issues guideline on banking sector recapitalisation in Nigeria
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The Securities and Exchange Commission has issued its Framework on Banking Sector Capitalisation Programme, 2024.
The framework was released on the commission’s website on Friday.
This comes following the Central Bank of Nigeria March’s announcement of fresh minimum capital requirements for all banks in Nigeria to achieve a $1 trillion economy.
Accordingly, the SEC’s framework serves as a comprehensive guide for Banks/Holding Companies and market participants to navigate the recapitalisation program effectively.
Consequently, the SEC said it would charge banks N1,000,000 million as a penalty for an application returned for being incomplete.
“This framework outlines the guidelines and procedures banks are required to follow to raise capital through rights issuance, private placements, or other approved methods during the 2024-2026 recapitalisation period.Residents bemoan flooding in Benue
“Where an application is returned for being incomplete – a penalty of N1,000,000 and a re-filing fee of N100,000 shall apply. This fee is payable by the Issuing House without recourse to the Issuer or the Issue proceeds”, the statement partly reads.
Business
Fidelity Bank opens N127.1bn combined rights, public offer to investors
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