Nigerian financial services giant Access Holdings, led by seasoned banker and business executive Aigboje Aig-Imoukhuede, has received shareholder approval for a N2.12 trillion ($1.71 billion) capital raise, marking a significant step towards its ambitious global expansion plan.

The endorsement at the company’s Annual General Meeting (AGM) paves the way for a multi-tranche, multi-currency, and multi-instrument capital raise program. The proceeds, totaling N1.755 trillion ($1.42 billion) and N365 billion ($295.3 million), will fuel the group’s global aspirations and bolster its ability to achieve its 2027 strategic objectives.

Shifting gears for consolidation and efficiency

Access Holdings outlined its future strategy, which will transition into a consolidation and efficiency phase starting in the second half of 2024. This aligns with the group’s five-year plan designed to expedite its long-term goals.

The company has already made significant progress in 2024, securing four strategic deals, including acquisitions in Kenya, Uganda, and Zambia, alongside a Nigerian insurance brokerage firm. Additionally, regulatory approval for a new consumer lending subsidiary in Nigeria underscores Access Holdings’ commitment to diversified growth.

Renewed leadership and unwavering commitment

Access Holdings shareholders received renewed assurances on sustainable growth and value creation at the annual general meeting (AGM). Chairman Aigboje Aig-Imoukhuede, alongside newly appointed non-executive directors Olusegun Ogbonnewo and Ojinika Olaghere, addressed the gathering.

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Aig-Imoukhuede’s return to the helm, following the passing of banking titan Herbert Wigwe, was met with widespread support. Shareholders acknowledged his key role in the bank’s prior growth trajectory.

Unanimous backing for the capital raise program underscored investor confidence in Access Holdings’ strategic direction. Proceeds from the rights issue will be used to strengthen working capital and fuel organic growth across the group’s banking and non-banking arms.

Echoing CBN’s call for recapitalization

In a post-meeting interaction, Aigboje Aig-Imoukhuede reaffirmed the group’s commitment to industry recapitalization and delivering consistent returns to shareholders. He emphasized the importance of strengthening capital buffers in the face of currency devaluation and market volatility, echoing the Central Bank of Nigeria’s (CBN) recent calls for recapitalization.

The significant increase in Access Holdings’ issued share capital, from N17.77 billion ($14.36 million) to N26.659 billion ($21.55 million), reflects the company’s proactive approach to fortifying its financial position and underwriting its expansion initiatives.

Aigboje Aig-Imoukhuede: Leading the charge

Aigboje Aig-Imoukhuede, a titan in both business and philanthropy, remains at the helm of Access Holdings as it steers toward becoming a global financial force.

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Access Holdings’ stellar 2023 financial performance serves as a springboard for its global ambitions. Group profit surged an impressive 307 percent year-on-year to a record N619.32 billion ($451.7 million), compared to N152.2 billion ($111 million) in 2022.

This growth, achieved under the prior leadership of the late Herbert Wigwe, was driven by the group’s total comprehensive income, which skyrocketed to N1.031 trillion ($752 million) from N233.3 billion ($170.17 million) the year before.

Meanwhile, Aigboje Aig-Imoukhuede, continues its impressive financial streak into the first quarter of 2024, recording a staggering 121.85-percent year-on-year surge in profit to N159.29 billion ($113.09 million).

This demonstrates its unwavering commitment to sustained growth and profitability.

This record Q1 financial performance follows a record-breaking 2023 that solidified Access Holdings’ position as a dominant force in Africa’s financial services industry. The group’s Q1 2024 results, released recently, paint a picture of robust financial health across key metrics.

The triple-digit surge in the group’s profit was driven by a substantial uptick in both its interest and non-interest incomes, in addition to a significant increase of 129.3 percent in gross earnings from N 424.92 billion ($305.28 million) to N974.24 billion ($699.94 million).

Leadership and strategic focus drive growth

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Access Holdings, a pan-African financial powerhouse has continued its strategic expansion across Africa’s financial landscape, boasting a presence in 12 African nations and venturing into European markets. The conglomerate operates as a holding company for various financial entities, encompassing banking, asset management, payments, pensions, and insurance.

The group functions as a holding company for a diverse range of financial entities, including banking, asset management, payments, pensions, and insurance. This diversified structure finds renewed support with the return of Aigboje Aig-Imoukhuede, a business and philanthropic leader, to the helm following the passing of banking titan Herbert Wigwe.

Assets surge under new leadership

Under Aig-Imoukhuede’s leadership, Access Holdings is poised to become a global financial force. Total assets expanded by 22.04 percent, from N26.69 trillion ($19.18 billion) as of Dec. 31, 2023 to N32.57 trillion ($23.41 billion) by March 31, 2024.

Shareholders’ equity and retained earnings also rose, climbing from N2.19 trillion ($1.57 billion) and N715.13 billion ($513.90 million) to N2.55 trillion ($1.83 billion) and N884.94 billion ($635.83 million) respectively during the same period.

Credit: billionaires.africa

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– Insiders accuse her of betraying spouse who brought her from Ibadan to Lagos

There is a great likelihood that Dr Tinuade Sanda is currently battling a severe form of emotional trauma. If you ask her, she would tell you that the scariest aspect of being sacked from her exalted position as the Managing Director/Chief Executive Officer (MD/CEO) of the Eko Electricity Distribution Company (EKEDC), is her sudden fall into disrepute and her lack of moral and emotional support at the homefront.

For this, she has herself to blame. Tinuade deserted her home and ended her marriage at the cusp of the ascent of her career ladder. Insiders revealed that she brazenly called it quits with her husband, Sola Sanda, and moved out of their matrimonial home with the kids, into a posh residence in Ikoyi.

Thus as her ordeal persists, she has no shoulders to cry on and no one to wipe her tears. And this revealed sources very close to her, has aggravated the emotional strain that she has been experiencing since she became embroiled in the high-wired powerplay that cost her, her job.

Of course, nobody would take Tinuade for a heartbreaker. Not even her former husband and sweetheart, Sola Sanda. Until she dumped him, like a bad habit, Sola embraced romantic visions of him and Tinuade till death do them part. But this was a hollow fantasy, he would find.

While he nursed dreams of everlasting love with Tinuade, the latter neutered shoots of any such love blooming between them.

Tinuade’s definition of love was rooted in a floundering and false addiction to her whims and passion for living in the moment. Little wonder she had no qualms about breaking her husband’s heart.

Tinuade’s betrayal of her husband, Sola, was her rite of passage to the top of her career, it would seem. Indeed, betrayal is a nasty disease caused by a chronic deficiency of gratitude. By the time she would dump him, Tinuade conveniently forgot how he brought her from Ibadan, Oyo State, to Lagos, so that she may enjoy better career opportunities and a robust lease of life.

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No sooner did Tinuade chance on her breakthrough than she dumped Sola. After dumping him, she took their children along with her and moved to Ikoyi in Lagos.

Left to Tinuade, she had a wonderful life ahead of her and she wouldn’t be hindered by the demands and responsibilities of marriage.

Her ex-husband, Sola Sanda, on his part, wasn’t a greenhorn in the marital enterprise. He simply loved and trusted Tinuade too much.

But to his chagrin, she repaid his love with betrayal and their marriage wilted like a severed tree trunk.

Soon after he brought his wife to Lagos, their marriage hit the rocks.

However, at their separation, he avoided rancour of any sort. He shunned the urge to lash out and trade allegations with her. Sola saw no reason to fight for a marriage in which trust had become a scarce commodity. Thus, when Tinuade moved out of their matrimonial home with their children to resettle elsewhere in highbrow Ikoyi, Sola struggled to keep his cool and maintain a stoic silence. Even though he was heartbroken, he accepted his reality of a broken home and sour love.

Mr Sanda simply maintained a stiff upper lip, counted his losses and moved on.

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Looking back now, it would seem that he left her to karma’s judgment.

Sources close to the estranged couple argued that Tinuade’s recent travails may be her comeuppance for betraying her husband, Sola, whose love she treated with scorn as soon as she experienced a breakthrough in her career.

Until her removal as the Managing Director and Chief Executive Officer (MD/CEO) of the Eko Electricity Distribution Company (EKEDC), Marina, Lagos, she carried on like a lioness who deemed the boardroom as her jungle. Thus she roared at will, threatening the peace of both the old and young in her orbit.

However, unlike the feral cat, Tinuade neither lived nor worked in a jungle. She wasn’t a lioness either. She was simply a parlour pet of the powers that be, who mistook herself to be a wild cat.

See also Peacemaker…Fashola brokers farcical peace between Aliko Dangote and Gov. Amosun
Tinuade was recently booted out of her high office as a consequence of high-wired politics and power play that took place over several months.

Although there has been some vigorous pushback by her supporters, Tinuade, who has openly challenged her removal and dismissed it as unacceptable may be in for a tough and acrimonious battle to reclaim her spot.

If Tinuade has learned any lesson now, it must be that conceit is the ugliest armour a woman could wear. While the world saw her as a tiresome magpie, she looked down on the world, her husband included, thinking how ugly and despicable they all were.

There is no gainsaying vanity corrupted Tinuade’s soul, like a taint of vice inhabiting her blood and frail spirit. Not a few people wonder how she manages to sleep at night and live at peace with herself even as she ignores her children’s need for a father figure in their lives.

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Tinuade’s vanity is unprecedented, according to very close sources to her. She simply chooses to live for herself and spares no expense in giving herself a treat. Now her love for selfish treats has led to a searing trial.

Source: TheCapital

The Board of Eko Electricity Distribution Company has removed Dr. Tinuade Sanda from her position as Managing Director/Chief Executive Officer

In a letter signed by the company’s Chairman, Dere Otubu and seen by Nairametrics, the company explained that the decision was due to a directive from the industry regulator, NERC.

“We have received a directive from NERC stating that all staff working for the utility must be employed directly by the utility, bound by applicable service conditions that are applicable to the employees of the utility, and paid through the utility’s payroll.
The Disco is obligated to comply with these directives due to the powers of NERC as stipulated in the Electricity Act 2023. In compliance with the aforementioned directive, all seconded staff from WPG Ltd are being released by Eko Electricity Distribution Plc and returned to WPG Ltd.

Accordingly, you are hereby relieved of your role, office, and position at Eko Electricity Distribution Plc effectively immediately, and returned to your employer, WPG Ltd.”
Nairametrics also obtained a copy of the letter from NERC titled ‘Alleged Ghost Workers In Eko Electricity Distribution Company – Call For Investigation’, wherein it instructed the distribution company to “ensure all existing WPG secondees involved in the loss of revenue to EKEDC in this matter are withdrawn back to WPG,” indicating that all WPG staff seconded to Eko DisCo should be removed.

WPG is the core investor in Eko DisCo.

By Arabinrin Aderonke Ogunleye-Bello

Zacch Adedeji’s emergence as the Executive Chairman of the Federal Inland Revenue Service (FIRS) marks a turning point in Nigeria’s tax administration, he came on board with extensive experience, knowledge, and influential networks to steer the organization towards unprecedented success. Following a remarkable track record in financial management and strategic planning, Adedeji has embarked on a mission to revolutionize tax administration in Nigeria.

The recent strategic management retreat convened by FIRS is a testament to Adedeji’s commitment to change. This wasn’t just a meeting; it was a platform for reimagining tax administration in Nigeria. The retreat served as a platform to chart a new course for FIRS, transitioning it from its traditional role to a dynamic, customer-centric institution equipped to meet the demands of the modern tax landscape.

Adedeji’s mantra is clear: taxpayers come first. He is determined to streamline processes, embrace technology, and provide clear guidance to taxpayers at every step of the way. By making tax collection more accessible and understandable, he is ensuring a culture of compliance and cooperation.

FIRS has set high goals and plans under his leadership, aiming to collect a staggering N19.4 trillion in taxes this year. To realize this goal, he has assembled a team of high-caliber professionals, endowed with technical expertise and a shared commitment to excellence. This team is tasked with implementing approaches to revenue collection, leveraging advanced technologies, and data-driven insights to optimize tax compliance and minimize revenue leakages.

Adedeji is not afraid to shake things up. He’s pushing for an “emergency fiscal bill” to be presented to the National Assembly, providing much-needed clarity on the government’s fiscal direction. This move demonstrates Adedeji’s commitment to creating a more stable and supportive environment for businesses to thrive.

FIRS has extended a lifeline to taxpayers by granting full relief on accumulated penalties and interests for outstanding tax liabilities. This gesture, reflective of President Bola Tinubu’s commitment to supporting businesses, will alleviate the financial burden on taxpayers and foster a more conducive environment for tax compliance.

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Nigeria’s foreign exchange reserves have also experienced a boost, reaching $34.416 billion, marking the highest in nine months. This surge, closely monitored by tax authorities like Dr. Adedeji, signals a positive development for the Nigerian Economy. With a stronger economy, tax collection will improve, and revenue goals will be met.

The leadership at FIRS now represents a new dawn in Nigerian tax administration. As the management continues its journey towards achieving its revenue targets and fostering economic growth, one thing is clear: with Adedeji at the helm, the future looks bright.

Arabinrin Aderonke, an award-winning investigative journalist and 2016 Finalist, CNN African Journalist Award, currently serves as Technical Media Assistant at the Federal Inland Revenue Services, FIRS

In a world where dreams know no bounds, one shining star emerges to carry the aspirations of countless young girls. Arabinrin Aderonke Ogunleye-Bello, a name that resonates with promise and determination, is a beacon of hope for the Federal Inland Revenue Services, FIRS.

She is a focused and committed individual with sound self-esteem and a sense of identity, a team player with a positive attitude and outlook to life.

Below are the 10 facts to know about Arabinrin Aderonke Ogunleye-Bello

1. Aderonke Ogunleye-Bello, social worker, administrator, gender, and a graduate of peace studies and conflict resolution, with career spanning over 16 years.
2. She is the founder of FAME Foundation www.famefoundationwg.org, an award-winning not-for-profit organization set up to formulate sustainable programs for women and girls in Nigeria. Since its founding, the organization has directly impacted over 10, 000 women and girls and indirectly impacted over 22, 000 Nigerians..
3. She was Sports editor and eventually elevated to the role of managing editor at NAIJ.com (now known as Legit.ng).
4. She served as a Representative of the President-Elect, in the Media and Publicity Sub-Commitee of the Presidential Transition Council that ushered in the current President of Nigeria.
5. She is a fellow of the Global Investigative Journalism Network, New York, where she was selected and sponsored to attend the GIJC conference in Lillehammer, Norway.
6. She was appointed to serve as representative and member of the Federal Government Team on the United Nations Office on Drugs and Crime (UNODC), Line Up Live Up Program (LULU).
7. In 2018, based on her advocacy and passion for women and girls, she was specially invited by FIFA to participate in the Women Football Convention in France.
8. She won the ‘Sports Category’ at Wole Soyinka Investigate Award in 2013; Leadership awards from Rotary and Lions club 2015 and 2016 respectively; humanitarian award from Goodwill ambassador awards 2016.
9. She was a finalist in the 2016 CNN African Journalist Award for her report on sexual abuse of female athletes by male coaches.
10. she singlehandedly led the 2016 African Champions Super Falcons #PayFalcons (a hashtag that trended on Twitter for 2 straight days) protest to the Presidential Villa when allowances were not paid after winning the African Women Championship, they were paid under 48hours.

Jeff Bezos, the founder of Amazon, on Thursday, replaced Bernard Arnault, a French entrepreneur, as the world’s richest person.

According to data from Bloomberg Billionaires Index, Bezos has a net worth of $201 billion.

His net worth rose by $2 billion, from $199 billion on March 20.

The publication said Bezos’ source of wealth is from his e-commerce and cloud computing company, Amazon, as well as investments in media and streaming markets.

Arnault dropped from the top position after a $3 billion decline in his net worth, which fell from $202 billion to $199 billion within 24 hours.

Despite the significant drop in his net worth, Arnault, the owner of Louis Vuitton and Moët Hennessy (LVMH), was ranked second on the list of the richest people in the world.

Arnault is described as an investor and art collector, with an empire of 75 fashion and cosmetics brands, which includes Sephora.

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The French businessman also owns jeweller, Tiffany & Co. after acquiring the company for $16 billion in 2021.

Elon Musk, owner of Tesla, follows the Frenchman closely in third position, with a net worth of $189 billion.

Meanwhile, Mark Zuckerberg, Facebook founder, and Bill Gates, Microsoft founder, with an estimated wealth of $179 billion and $153 billion, respectively, complete the top five.

The current top 10 richest people in the world are:

Jeff Bezos-$201 billion

Bernard Arnault-$199 billion

Elon Musk-$189 billion

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Mark Zuckerberg-$179 billion

Bill Gates-$153 billion

Steve Ballmer-$147 billion

Larry Ellison-$142 billion

Warren Buffett-$138 billion

Larry Page-$135 billion

Sergey Brin-$128 billion

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