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Access Bank Grows Profit to N71.4bn, Pays 40k Final Dividend

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Access Bank
  • Access Bank Grows Profit to N71.4bn, Pays 40k Final Dividend

Access Bank Plc yesterday announced its financial results for the year ended December 31, 2016, declaring a profit after tax (PAT) of N71.4 billion.

According to the audited financial results released to the Nigerian Stock Exchange (NSE) yesterday, Access Bank Plc recorded revenue of N381.3 billion, showing an increase of 13 per cent above the N337.4 billion in 2015. Net interest income rose by 32 per cent from N105.4 billion to N139.1 billion, while non-interest income grew marginally by 3.5 per cent to N134 billion, from N129 billion the previous year.

Credit impairment charges stood at N22 billion, up by 54.3 per cent from N14.2 billion, while operation expenses rose by 10.1 per cent to N160.35 billion, from N145.6 billion.

Profit before tax (PBT) grew by 20.4 per cent to N90.3 billion, from N75.0 billion, just as the bank ended the year with a PAT of N71.4 billion, up 8.5 per cent from N65.9 billion in 2015.

Access Bank grew its deposits to 2.256 trillion, showing an increase of 28.8 per cent from N1.756 trillion, just as loans and advances rose to N1.855 trillion, from N1.409 trillion.

Shareholders are to receive a final dividend of 40 Kobo per share bringing the total dividend for the year to 65 Kobo per share.

Commenting on the results, Group Managing Director/Chief Executive Officer, Herbert Wigwe said: “The full year 2016 results demonstrate the effective execution of our strategy underpinned by a robust risk management framework. With strong business fundamentals, our position in the top tier was further consolidated in the industry.”

He noted that Access Bank’s robust and proactive risk management practices and focus on high quality corporates ensured that the bank maintained an non-performing loan (NPL) ratio of 2.1 per cent, well below the industry average, whilst retaining a healthy balance sheet growth. Prudential ratios remained strong and well above the regulatory limits with capital adequacy and liquidity ratios of 21.2 per cent and 43.6 per cent, respectively, consequently allowing the necessary headroom for growth.

Wigwe said: “We remain cautiously optimistic about the macroeconomic environment in 2017, nonetheless, our objective of delivering sustainable shareholder value remains unchanged. We will also continue to maintain our proactive and disciplined risk management practices and leadership in sustainability initiatives, whilst positioning ourselves strategically to take the lead in the markets we play.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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AIICO Refutes Claims of Non-Remittance of Pension Assets to PTAD

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AIICO Insurance Plc has refuted claims of non-remittance of pension assets to the Pension Transitional Arrangement Directorate (PTAD).

This was disclosed recently in a statement by Segun Olalandu, the Head, Strategic Marketing and Communications Department.

It stated: “The attention of the Management of AIICO Insurance Plc. has been drawn to a recent report in the media on allegations of non-remittance of pension assets to the Pension Transitional Arrangement Directorate (PTAD).

“AIICO Insurance Plc. hereby wishes to inform the public that all pension assets due for remittance have been duly transferred to PTAD since the year 2017, in full compliance with the directive. Both parties are presently engaged in a reconciliation exercise to conclude the process. We implore the public to disregard any information that may suggest otherwise as there is no basis to that effect.”

Mr. Segun assured that AIICO Insurance Plc. remains a responsible corporate citizen of Nigeria and will continue to engage the best practice in all its business activities and operations in line with extant laws and regulatory provisions guiding its practice.

AIICO Insurance is a leading composite insurer in Nigeria with a record of serving our customers that dates back over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance, and investment management services as a means to create and protect wealth for individuals, families, and corporate customers.

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2021 Maltina Teacher Of The Year Contest Begins

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The Nigerian Brewery Plc, on Tuesday in Lagos, announced the commencement of entries for the 2021 edition of the Maltina Teacher of the Year competition.

Entries for the 7th edition of the competition begin today, Tuesday 20th April to Friday, June 25th, 2021.

Mrs. Shade Morgan, Corporate Affairs Director, Nigerian Breweries Plc, organiser and sponsor of the competition, announced the kick-off at a press conference in Lagos.

Morgan declared that the seven-year-old initiative had continued to impact, motivate teachers, promote the teaching profession and quality learning across the country.

The competition that had been on the Felix Ohiwerei Education Trust Fund, is to identify, showcase and celebrate exemplary teachers in both the public and private secondary schools nationwide.

The 2021 winner of the competition would go home with a trophy and a N6.5million cash prize.

Besides, the winner would also benefit from an all-expense paid capacity development training abroad, while the school represented would equally get a block of six classrooms or computer laboratory depending on the needs of the school.

A breakdown of the winning prize shows that aside from the N500,000 as state champion, the winner also wins N1 million as a national champion and would also be paid N1 million yearly for the next five years provided he or she remains in the teaching profession.

Morgan explained that all participants must be certified by the Teachers Registration Council of Nigeria (TRCN).

According to her, the first and second runner-ups would receive N1 million and N750,000 respectively, in addition to another N500,000 as champions from their respective states, saying that other state champions would go home with N500,000 each.

Since its inception, the Maltina Teacher of the Year initiative has produced six grand winners; Rose Nkemdilim Obi, Anambra (2015), Imoh Essien, Akwa Ibom (2016), Felix Ariguzo, Delta State (2017), Olasunkanmi Opeifa, FCT (2018), Ezem Collins (2019) and Anani Olubunmi Adamawa (2020).

At the hybrid event, Registrar of the Teachers Registration Council of Nigeria (TRCN), Professor Josiah Ajiboye, in his remarks online, lauded NBL through the Felix Ohiwerei Education Trust Fund for sustaining the competition that had promoted excellence and put the names of teachers in Nigeria in the global arena.

Ajiboye described the Maltina Teacher of the Year Competition as a permanent feature in the nation’s education calendar and pledged continued support of TRCN in uplifting the rating of teachers in the country.

In the same vein, the National President of the Nigeria Union of Teachers(NUT), Dr. Idris Nasir, represented by Mr. Segun Raheem, the National Treasurer urged other corporate organisations to take a queue from the NBL initiative that had become a platform for demonstration of excellence by teachers in Nigeria.

Besides, the reigning champion, Anani Oluwabunmi of Concordia College, Jimeta, Yola, Adamawa State, who was part of the briefing online, said the award had added to her confidence and enhanced her rating as a teacher.

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MILO Cereal Launches New Online Campaign, ‘Beast Mode – Activated’

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MILO Cereal has launched its first major marketing campaign for its newly launched Protein cereal, via independent creative communications agency Connecting Plots.

Building on MILO’s brand message of fuelling active kids, the new campaign platform, ‘Beast Mode – Activated’, evolves the master brand’s focus on team sports.

This aims to celebrate how MILO Protein helps active kids unleash their own full potential, take their training to the next level and successfully compete with their peers.

The campaign launched on 16 April and will run across various social channels and online videos.

Connecting Plots creative partner Dave Jansen said the approach to the MILO Protein cereal campaign was about tapping into the teen mindset and being less overt and more authentic.

“Creating advertising that doesn’t feel like a ‘sell’ is the challenge when targeting teens,” Jansen said in a statement.

“We’ve shied away from the polished tropes of traditional, achievement driven sports ads to bring this to life in a way that hopefully gives life to a teenager’s desire to do their best, feel like they are stepping into their future adult self and showing how MILO Protein Cereal can help on that journey.”

Cereal Partners Worldwide’s marketing manager, Keara Deignan, added: “Aussies grew up with MILO cereal, it’s a staple of every Australian pantry.

“However, we’ve seen that as teens start to carve out their own identities, their consumption habits change so this product aims to keep pace with their active on-the-go lifestyle.”

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