The Securities and Exchange Commission (SEC) and the Nigerian Exchange Group Plc (NGX Group) have reaffirmed their dedication to the comprehensive digitisation of the capital market, in line with the transformation strategy set out in the revised Capital Market Masterplan.

The announcement came during a press briefing and stakeholder engagement session held at the Nigerian Exchange Group House in Lagos on Wednesday, 26 June 2024.

Both organisations detailed their collaborative efforts to develop a digital solution aimed at transforming the primary market equity capital-raising process, with a focus on public offers and rights issues.

It was gathered that subject to the SEC’s approval, this innovative platform represents a significant advancement in digitising the capital raising process for Issuers.

Stakeholders are expected to benefit from enhanced efficiency, streamlined due diligence capabilities, ease of use and accessibility, faster information dissemination, and seamless compliance with regulatory requirements, among other features.

Director-General of SEC, Dr. Emomotimi Agama, stated, “I would like to commend NGX Group and all partners on this development. This digital transformation initiative is a testament to our shared commitment to fostering an innovative, efficient, and reliable capital market, embedded in the Capital Market Masterplan.

“By leveraging technology, we can attract the younger generation of investors, enhance regulatory oversight and create a world-class market. This digitisation will play a crucial role in setting a new standard for capital raising in Nigeria and enable the capital market support the achievement of the US$1 trillion economy target of the current administration.”

On his part, Group Managing Director/Chief Executive Officer of NGX Group, Temi Popoola, emphasised the platform’s significance.

In his words, “This platform marks a pivotal moment in the evolution of the Nigerian capital market. With the support of the regulator and our stakeholders, we have developed an end-to-end digitised market infrastructure platform for distributing financial products, in this case public offers and rights issues. I can assure the investing public that robust payment systems, comprehensive Know Your Customer protocols, and strong fraud and risk management measures are fully integrated, also ensuring standard capital market intermediation is upheld without compromise.”

The digital platform aims to boost retail participation in the capital market, promote financial inclusion, and further deepen the pool of available capital. As banks seek to meet their updated minimum capital requirements through the primary markets, the SEC and the NGX Group have pledged to ensure an end-to-end streamlined process to assist banks and other issuers in achieving their business goals.

The collaborative effort between the SEC and the NGX Group marks a significant step forward in the modernisation of Nigeria’s capital market infrastructure, promising to enhance efficiency, transparency, and accessibility for all market participants.

Access Bank Ghana Plc held its 16th Annual General Meeting (AGM) at its head office, marking a year of exceptional performance and growth.

The Board Chairperson of Access Bank (Ghana) Plc, Ama S. Bawuah, presented the financial statements, highlighting the Bank’s impressive performance despite the challenging macroeconomic environment.

Access Bank Ghana’s total assets grew to 22.3 percent, from GHS 10.057 billion to GHS 12.30 billion, while operating income increased by 40 per cent from GHS1.150 billion to GHS 1.613 billion. The Bank’s Loans and Advances rose by 42.81 percent.

Bawuah said, “In 2023, Ghana’s economy was characterised by macroeconomic instability, escalating inflation, and dwindling investor confidence stemming from both domestic imbalances and external pressures. Against the backdrop of global and national economic uncertainties, I am pleased to share that your bank successfully applied valuable insights and industry best practices to achieve substantial growth across key areas in the past year.

“These achievements underscore our steadfast dedication to navigating challenges and fostering sustainable growth, reaffirming our pledge to serve you with excellence and integrity.” Access Bank’s commitment to expansion, innovation, and customer convenience was also showcased, with the implementation of several digital products and services such as the virtual relationship management (VRM) tool to augment customer service support.

The Bank also established priority desks to cater to a specific demographic and facilitate the smooth running of business in those areas. These include the Chinese, German, Lebanese, French, and Turkish desks.

Managing Director, Access Bank Ghana Plc, Olumide Olatunji, reiterated the Bank’s resilience and stability.

“Despite the prevailing uncertainties, Access Bank maintained a robust performance across key financial metrics, a testament to our prudent financial management and unwavering dedication to our mission.

“We observed substantial growth in deposits, surging from GHS7.399 billion to GHS9.130 billion, marking a notable 23 percent increase,” Olatunji said.

He added that the Bank achieved a remarkable turnaround by resuming tax remittances to the government. This reversal from a negative contribution of GHS102 million to an impressive 509 percent increase to GHS419 million underscores our commitment to fiscal responsibility and sustained growth.

Concurrently, shareholders’ funds experienced substantial growth, from GHS1.014 billion to GHS1.403 billion, attributed to the transformative strategies implemented in the Bank’s business management practice.

Olatunji thanked shareholders for their support and emphasised the Bank’s commitment to excellence and customer satisfaction.

“We are proud of our achievements and recognise the trust our customers and shareholders have placed in us. We will continue to innovate, expand our reach, and support Ghana’s economic growth,” he noted.

The General Secretary of the shareholders, Sampson Ashong, praised the Bank’s performance and initiatives citing its resilience and growth potential.

In his words, “I am thoroughly impressed with the bank’s commitment to sustainability initiatives and employee capacity building. The dedication to creating a positive impact on the environment and society, while investing in the growth and development of their staff is truly commendable. This is evidence that Access Bank is not just focused on financial returns, but also on making a positive difference in the world.”

Consequently, the shareholders approved all resolutions on the agenda, which included among other things, also saw the re-election of the members of the Board of Directors and one retirement.

The event was a celebration of the Bank’s dedication to its stakeholders and its contribution to Ghana’s financial landscape. As Access Bank Ghana continues to grow and expand its operations, it remains committed to promoting financial inclusion and supporting the country’s economic development.

Since 2009, Access Bank Ghana has demonstrated a strong commitment to sustainable business practices driving profitable, sustainable growth that is environmentally responsible and socially relevant.

These have contributed to the Bank being recognised with various awards in 2023. These include the 2023 Best Bank by Euromoney Awards, Best Retail Bank by Global Brands Awards, Best Digital Bank in Ghana by Digital Banker Africa Awards; and Best SME Banking and Best Bank for CSR by Euromoney Awards.

Retail Supermarkets Nigeria Limited, the operator of Shoprite Mall, has announced the closure of its Wuse Zone 5 outlet in Abuja, effective June 30, 2024.

In a statement signed by CEO Dr. Folakemi Fadahunsi, the company cited Nigeria’s challenging business environment as the primary reason for the closure.

The statement reads “After a thorough evaluation of the store’s financial situation and the current business climate, we have decided to close our Wuse store in Novare Wuse Central Mall. We believe this is the best course of action for our organization’s long-term growth.”

The company also informed vendors that their services would no longer be required at the Novare Wuse Central Mall and assured them that financial records would be reviewed over the next 60 days to settle any outstanding balances.

It stated “Effective June 30, 2024, our company will no longer operate in Wuse, Abuja, and we will no longer require your services for the Novare Wuse Central Mall Store. Please note that all existing service contracts will also terminate for the store.

“If your services are specifically tied to the Novare Wuse Central Mall Store and if there is an outstanding balance between our companies, we will carefully review our accounting records over the next 60 days. We will then promptly contact you to confirm the amount owed and discuss a suitable payment schedule,