Money market
Customer deposits in Access Holdings grow to N12.5trn in H1, as earnings soar to N940.3bn

Customer deposits in Access Holdings have grown to N12.5trillion in the first half of 2023.
This was disclosed in its audited consolidated and separate financial statements for the period ended June 30, 2023.
The Group reported robust gross earnings of N940.3billion, reflecting an impressive year-on-year (y/y) growth of 58.9percent. This substantial surge in gross earnings was driven by a combination of 63percent growth in interest income and 51.9percent increase in non-interest income.
Access Holdings Plc delivered a profit before tax (PBT) and profit after tax (PAT) figure of N167.6billion and N135.4billion, translating into a 71.4percent y/y and 52.6percent y/y growth respectively.
The results at the Nigerian Exchange Group (NGX) which showed a set of impressive performance highlights affirmed Access Holdings Plc steadfast commitment and prominent industry standing in delivering sustainable returns to stakeholders.
Access Holdings Plc proposed an interim dividend of 30 kobo per share payable to shareholders whose names appear on the register of members as at close of business on Thursday October 5, while the dividend will be paid electronically on October 19.
In a demonstration of the trust and confidence reposed in the institution by its customers, Access Holdings also witnessed a significant 35percent year-to-date growth in customer deposits, concluding the half-year at a commendable N12.5trillion. This growth was inclusive of all business segments, firmly solidifying the Group’s stature as the largest financial institution in Nigeria by total assets.
Access Holdings’ synergies across its business verticals yielded remarkable results, as the company experienced a 39percent y/y increase in total assets and a 40.6percent year-on-year rise in shareholders’ funds. As of the mid-year point in 2023, total assets and shareholders’ funds stood at N20.9trillion and N1.7trillion, respectively.
These striking figures underscore the efficacy of the Group’s strategic approach and its ability to generate value from a diversified business portfolio, spanning banking, asset management, and payment services, operational in twenty countries across four continents.
“Our growth plans for the African continent remains firm and clear, driven by the strong long term growth prospects and trade opportunities seen across many of the countries,” said Group Chief Executive Officer, Access Holdings Plc, Herbert Wigwe.
“Continuing with our 5-year cyclical strategy, our primary objective remains to transform Access Holdings Plc into a leading financial and ecosystem player, fostering opportunities for shared prosperity among all stakeholders,” Wigwe added.
The Group’s pensions business surpassed the N1trillion in Assets Under Management (AUM) milestone, thereby ranking as the 4th largest PFA by AUM and the 2nd largest by the number of registered retirement savings accounts (RSAs).
Furthermore, its payments vertical, Hydrogen, processed over N3trillion in transactions, achieving a 407percent month-on-month growth in point of sale (POS) transactions and 99percent system uptime on account switching within the period.
Despite operating in a high inflationary environment, Access Holdings improved its cost-to-income ratio (CIR) by 4.9percent y/y, accomplished through prudent adjustments in personnel costs, effective management of regulatory fees, and continued investments in technology to enhance cost efficiency and improve the overall user experience.
In terms of regulatory ratios, the Group displayed a robust liquidity position and capital adequacy, surpassing regulatory thresholds with a liquidity ratio (LR) of 50percent and a capital adequacy ratio (CAR) of 19.1percent.
Money market
FMDQ Exchange records 6.75% MoM decrease in secondary market turnover

By Sodiq Adelakun
In October, FMDQ Exchange reported a total secondary market turnover of N21.70 trillion, a decrease of 6.75 percent (N1.57 trillion) from the previous month and an increase of 60.27 percent (N8.16 trillion) from the same period last year.
The Spot and Derivatives Market contributed N20.48 trillion and N1.22 trillion respectively to the total turnover.
The Spot FX Market turnover was $4.66 billion (N3.66 trillion), a decrease of 14.96 percent ($0.82 billion) from September 2023.
Further, the US Dollar appreciated against the Naira in the FX market, with the exchange rate ($/N) increasing by 5.34percent ($/N40.41) to close at an average of $/N797.43 in October 2023 from $/N757.02 recorded in September 2023, trading within a range of $/N741.85 – $/N993.82.
Similarly, in the Derivatives Market, total turnover in the FX Market segment was $1.55billion (N1.22trillion), representing a MoM decrease of 39.27percent ($1billion) from September 2023 figures.
Money market
Naira’s floating exchange rate brings uncertainty for investment banking in Nigeria — Ex-AIHN president

The former President of the Association of Issuing Houses of Nigeria, Ike Chioke, has stated that the currency reforms implemented by the Central Bank of Nigeria have brought about both challenges and opportunities for the investment banking industry.
Chioke made this statement at the Investment Banking Awards Night held in Lagos.
He further mentioned that the floating exchange rate of the naira and the elimination of fuel subsidies have had a significant impact on various sectors of the economy.
“Nigeria is bracing up to the impacts of the new government and they are already making changes to what I will call non-unorthodox policies. These policies had also introduced pain and hardship with the free-floating of the naira and removal of fuel subsidy forcing their weaknesses on various sectors of the economy,” he said.
Chioke added that despite the hiccups in the implementation of these reforms, they have thrown up major opportunities for investment banking.
He urged members to apply their best skills and expertise to make the best of the opportunities.
“As you know, the investment banking industry is a critical one for the Nigerian economy and we represent the best brains and the best expertise in that space,” he said.
Meanwhile, in the Debt Capital Market Category of the award, Chapel Hill Denham Advisory Limited won the Private Company Bond House 2022 Award; Best Commercial Paper House 2022 Award, and Best Bond House 2022 Award while the Best Commercial Paper House 2022 Award went to StanbicIBTC Capital Limited.
In the Equity Capital Markets Category, the Equity Deal of 2022 Award was won by three companies- namely Stanbic IBTC Capital Limited, UCML Capital, and Rand Merchant Bank.
Money market
SMEs contribute 46.31% to Nigeria’s GDP — SMEDAN CEO

The Director General/CEO of SMEDAN, Charles Odili, has highlighted the significant contributions of small and medium enterprises (SMEs) to the Nigerian economy.
According to Odili, SMEs make up 46.31 percent of the national GDP and contribute 6.21 percent to exports. These findings were revealed in the recent nMaSMEs survey, which estimated that there are approximately 39.6 million nMSMEs in Nigeria, employing 62.5 million individuals.
This accounts for a substantial 80.2 percent of the country’s labor force. In another development, 50 rural enterprises in Gombe State are participating in a three-day training program organized by SMEDAN and the Gombe State government.
Speaking at the opening ceremony of the training, in Gombe on Wednesday, the Director General and Chief Executive of SMEDAN, Charles Odili said that the programme was designed to provide an end-to-end business development service to the rural entrepreneurs.
Charlie Odili, who was represented by the Ag. Director of Partnership and Coordination, Prof Adeyinka Fusha, also said that the training was targeted at business owners who were at the bottom of the pyramids as a supportive mechanism to enhance rural entrepreneurship, competitiveness, job creation and financial inclusion.
According to him, “As you may be aware, the Nano, Micro, Small, and Medium Enterprises (nMaSMEs) sub-sector has played an important role in contributing to the economic development of many countries around the world.
“The sub sector accounts for the majority of the enterprises in Nigeria and also accounts for the highest number of jobs created in Nigeria’s economy.”
The DG also said that the training has three components, namely; sensitisation, capacity building and empowerment grant.
While declaring the training open, Gombe State Governor, Muhammadu Inuwa Yahaya, said that the programme was timely, following the economic hardship in the country.
“The programme would contribute to the economic development of the state and the country at large,” the Governor said.
Inuwa Yahaya, who was represented by the Permanent Secretary, General Services, office of the SSG, Alhaji Abdulkadir Adamu, appreciated SMEDAN and reiterated the government’s commitment to work with it for more opportunities for rural businesses.
He also said that the state government had organised an investment summit which attracted many investors into the state, saying, “This may not be unconnected with the business friendly environment of the state.”
In his remarks, Commissioner of Trade, Industry and Tourism, Alhaji Nasiru Mohammed, said that the training would enable the rural enterprise to acquire the needed business techniques as well as empower them with knowledge and skills.
He further said that Governor Inuwa Yahaya had empowered over 2,000 Small and Medium Enterprises in the state and also established 1,000 hectares of land Industrial park to serve as an export processing zone.
He said, “This is a platform that will attract domestic and foreign investors to come and invest.”
He commended SMEDAN for organising the training and also encouraged the participant to be attentive, learn the techniques that will improve their businesses.
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