Access Bank CEO to resign in 2013
The Managing Director of Access Bank Plc, Mr. Aigboje Aig-Imoukhuede, said he will resign as the head of the bank before December 31, 2013.
Speaking at the Annual General Meeting of the bank in Lagos, Aig-Imoukhuede said his absence will not create any vacuum and would not affect the bank negatively, because the bank is endowed with individuals capable of driving the growth and progress of the bank.
He disclosed that succession and leadership is not an issue with the bank, adding that at the appropriate time, the most qualified individual will take over when he steps down.
He maintained that the bank will continually focus on strengthening its operations and ensuring a sustainable future in the years ahead.
He said, “They say that the reward for success is even more hard work. Year 2012 will see us leverage our culture of excellence, leadership and customer focus to achieve market leading levels of operating efficiency as well as deliver outstanding customer service to million of customers.
“We are further strengthening our vision, mission and values to reflect a bank that is focused on creating a sustainable future. Sustainability gives us a noble purpose for being and will ensure that we maintain the necessary emotional connection with our customers, employees and host communities. Sustainability we believe, will lead us to our goal of being Africa’s most respected bank.”
Aig-Imoukhuede said the bank is focused on moving forward, with proper attention given to strong risk management.
According to him, the bank’s journey of transformation has been remarkable in many respects, especially with its recent transformation from a low industry ranking to become one of the big four banks by 2011.
He said, “The chevrons in our logo signpost our continuous progress and denote an organization that is focused on moving forward, albeit with painstaking attention and strong risk management.”
At the Annual General Meeting, shareholders lauded the bank’s financial performance and approved its 30 kobo dividend declaration for the 2011 financial year.
The bank, in its 2011 financial statement, announced gross earnings of N138.9 billion, rising by 52.5 per cent from N91.1 per cent recorded in 2010; profit before tax stood at N20.3 billion, rising by 25.3 per cent from N16.2 billion in 2010, while profit after tax rose by 50.5 per cent from N11.1 billion in 2010 to N16.7 billion in the year under review.
Its shareholders’ funds grew by 12.3 per cent to N197 billion from N175.4 billion in 2010; customer deposits grew by 126.4 per cent from N486.9 billion in 2010 to N1.1 trillion; loan and advances appreciated by 28.5 per cent to N552.4 billion from N429.8 billion in 2010, while total assets rose by 103.1 per cent to N1.635 trillion from N804.8 billion in 2010.