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.

The Nigerian naira recorded a gain of 0.66% on the parallel market, often referred to as the black market, following the commencement of a new foreign exchange (FX) rule by the Central Bank of Nigeria (CBN) on Monday, July 1.

The naira was quoted at N1,510 per dollar on the black market, improving from the N1,520 quoted on Friday.

This data, gathered from street traders and various online data platforms, highlights a positive response to the CBN’s latest policy change.

One street trader attributed the naira’s gain to a reduction in dollar demand by end-users, coupled with an improved supply of the currency.

“We saw less frantic buying of dollars today, which helped the naira to strengthen. But it’s hard to say if this trend will hold,” he commented.

The recent policy shift by the CBN involves the discontinuation of its Price Verification System (PVS) Portal, a move effective from July 1, 2024.

The PVS Portal was initially launched to ensure that the prices of goods and services for foreign exchange transactions were accurately verified, preventing over-invoicing and under-invoicing, and thereby promoting fair pricing in Nigeria’s import and export activities.

In a circular issued by W.J. Kanya, acting director of the Trade & Exchange Department, the CBN referenced the previous circular dated August 17, 2023, which had announced the “Go-Live” of the PVS Portal.

The new directive stipulates that all applications for Form ‘M’ will no longer require a price verification report from the PVS Portal, effectively streamlining the process for authorized dealer banks and the general public.

This policy change aims to reduce the procedural burdens associated with foreign exchange transactions, potentially leading to a more efficient and fluid market.

Stakeholders in the banking and finance sectors are advised to take note of these changes and adjust their procedures accordingly.

The immediate impact of this policy shift has been a welcome relief for the naira, which has been under significant pressure in recent months.

However, experts and market participants are adopting a wait-and-see approach to determine if these gains can be sustained over the longer term.

“The CBN’s decision to scrap the PVS Portal could indeed simplify the forex transaction process, but we need to see consistent policy implementation and supportive measures to ensure these gains are not just temporary,” noted a financial analyst.

As the new system takes effect, further guidance and updates from the CBN are anticipated.

The financial community is closely monitoring the situation, hopeful that this move will contribute to greater stability and resilience in the Nigerian foreign exchange market.