In a move set to bolster infrastructure development across Lagos State, FirstBank of Nigeria Limited has expressed its commitment to partnering with the state government.

This collaboration aims to drive key projects that will enhance power infrastructure, create employment opportunities, and boost economic growth.

The commitment was made by the Managing Director and Chief Executive Officer of FirstBank, Olusegun Alebiosu, during a courtesy visit to the Lagos State Governor, Babajide Sanwo-Olu, on Tuesday.

Alebiosu, who was recently confirmed as the substantive MD/CEO of FirstBank in late June, led a management team to the Governor’s office to discuss the potential partnership.

“Power infrastructure is crucial, especially because Lagos State is a model for other states in Nigeria,” Alebiosu remarked. “We are keen to see the framework that the Lagos State Government will establish, alongside various private investors, to launch significant power projects aimed at reducing production costs. FirstBank is committed to supporting these initiatives to ensure Lagos State reaps the benefits, including increased employment opportunities and enhanced tax revenue generation.”

Alebiosu highlighted several special projects already underway by the Lagos State Government and emphasized FirstBank’s dedication to continuing its support.

He expressed optimism that these projects would not only benefit Lagos but also contribute to the broader Nigerian economy.

In response, Governor Sanwo-Olu expressed his appreciation for FirstBank’s longstanding partnership with the state.

He reaffirmed his administration’s commitment to maintaining mutually beneficial relationships with financial institutions, particularly FirstBank.

“We have a special space for FirstBank because of our historically productive relationship,” Sanwo-Olu said.

“Over the years, our banking relationship with FirstBank has created significant economic value and movement. We will continue to nurture this relationship by giving the bank its rightful place and ensuring that FirstBank receives a substantial portion of our business.”

The Governor underscored the importance of such partnerships in meeting the needs and aspirations of Lagos residents.

He highlighted that sustained collaboration with FirstBank would be pivotal in achieving the state’s infrastructure and economic goals.

The discussions between the FirstBank team and the Lagos State Government come at a time when the state is focusing on extensive infrastructure projects to support its growing population and economic activities.

The partnership with FirstBank is expected to accelerate the completion of these projects, particularly in the power sector, which is critical for industrial growth and overall development.

As FirstBank and Lagos State forge ahead with this new partnership, both parties are optimistic about the positive impact it will have on the state’s infrastructure landscape and its residents’ quality of life.

This collaboration marks a significant step towards a more robust and sustainable economic future for Lagos State.

Access Holdings Plc is set to open its highly anticipated N350 billion rights issue to existing shareholders on Monday, July 8, 2024.

The strategic move was announced during a signing ceremony held at the corporate head office in Lagos on Tuesday, and it marks a significant milestone in the company’s ambitious growth plan.

At the ceremony, the Group Managing Director of Access Holdings, Mrs. Bolaji Agbeje, explained the importance of this rights issue for the company’s future.

“Our success is rooted in our resolute dedication to excellence, our strategic vision, market research, resilience, and ability to adapt to the ever-evolving financial landscape,” she stated.

“This rights issue will create real value for all and position the group for sustained growth for the future.”

The rights issue, priced at N19.75 per share, is offered on the basis of one new share for every two shares held as of June 7, 2024.

With 17,772,612,811 new ordinary shares available, Access Holdings aims to raise significant capital to support its strategic objectives outlined in the 2023-2027 plan.

Mrs. Agbeje emphasized the crucial role of shareholders in realizing the company’s vision.

She said “Indeed, the realisation of this vision requires the full backing of our valued shareholders. It is your support that ensures we optimize the emerging opportunities in the ecosystem and create long-term value.”

The funds raised will be instrumental in meeting the new N500 billion capital base mandated for top commercial banks in Nigeria, as per the Central Bank of Nigeria’s circular issued in April 2024. The deadline for recapitalization is set for March 31, 2026.

Mr. Aigboje Aig-Imoukhuede, Chairman of Access Holdings, said “This is the second rights issue by Access Corporation, the first being in 2002. Today, we are here for another significant corporate action in the life of the Access ecosystem. This is the first time we are bringing to the market an Access Bank financial instrument without Herbert being present, but his spirit and vision are very much a part of this offer.”

Aig-Imoukhuede noted that the capital raising steps were planned independently of the Central Bank’s announcement.

This, he said ” speaks to our strategic intent and enables early compliance with the Central Bank’s overall recapitalization of our sector. The proceeds will support our ambition to fly the Access Bank flag across Africa and beyond.”

Roosevelt Ogbonna, Managing Director of Access Bank, said “Every time we have been put to that test, we have passed in flying colours. The truth is that it is an opportunity for us to bind together as a board and, more importantly, as a stakeholder group.”

The funds raised will not only bolster the bank’s core operations but also support its non-banking ventures in pension and fintech sectors, reinforcing Access Holdings’ position as a leading financial services group in Africa.

In a bid to stabilize the foreign exchange market and ensure efficient management of excess foreign currency, the Central Bank of Nigeria (CBN) has introduced new guidelines for Deposit Money Banks (DMBs) regarding the deposit of foreign currency notes.

The directive, detailed in a circular issued by the Director of Currency Operations, Mohammed Solaja, was published on the CBN’s website on Friday.

Under the new regulations, each bank is permitted a maximum daily deposit of $10 million in USD 100 and USD 50 notes. These deposits can only be made at the CBN branches in Abuja and Lagos.

For smaller denominations, such as $20 notes and below, the maximum daily deposit is set at $1 million.

The circular, referenced as COD/DIR/INT/CIR/001/016, specifies that DMBs must notify the CBN in writing of their intention to make such deposits at least three working days in advance.

This measure aims to facilitate proper planning and efficient handling of foreign currency deposits.

“To deepen the foreign exchange market, boost liquidity, and attain convergence in the exchange rates of the parallel and official markets, the Central Bank of Nigeria (CBN) has approved that DMBs may deposit their excess foreign currency notes with Lagos and Abuja branches of the bank,” the circular stated.

“The approval is a response to the increasing demand by DMBs to deposit their forex cash with CBN for onward credit to their offshore accounts with correspondent banks.”

The CBN’s move comes amid growing concerns over the volatility of the naira and the need for more robust management of foreign currency reserves.

By capping daily deposits and requiring advance notification, the CBN aims to better monitor and control the inflow of foreign currency into the banking system.

Industry analysts have welcomed the new guidelines, noting that they could help reduce pressure on the naira and contribute to a more stable foreign exchange market.

However, some have also expressed concerns about the potential impact on banks’ operational efficiency, especially for those handling large volumes of foreign currency transactions.

The new rules are part of broader efforts by the CBN to enhance liquidity and achieve exchange rate stability.

The central bank has been implementing various measures to address the challenges in the foreign exchange market, including interventions in the forex market and policy adjustments to attract foreign investment.