Business

Access Holdings Completes Recapitalisation, Exceed targets by 20%

Published

2 years ago

December 25, 2024

407 Views

Access Bank Plc says it has raised N351 billion through rights issue to boost its capital base above the regulatory threshold as it embarks on an expansion plan, according to Bloomberg.

In the report on Wednesday, Bloomberg quoted Access Bank to have said its share capital — at N600 billion — is now 20 percent above the minimum required for banks with an international licence.

Access Bank said the fresh capital inflow has received regulatory approvals from both the Central Bank of Nigeria (CBN) and the Securities Exchange Commission (SEC).

The publication added that the fundraising will help Access Bank to accelerate its expansion into new markets including Morocco, Egypt and the United States (US) and double the share of assets outside Nigeria by 2027.

The rights offer is part of Access Bank’s plan to raise $1.5 billion to help meet its recapitalisation target.

On March 28, CBN announced a recapitalisation exercise for financial institutions, increasing the minimum capital requirements for commercial, merchant and non-interest banks.

CBN adjusted the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were pegged at N200 billion and N50 billion, respectively.

All banks are required to meet the minimum capital requirement within 24 months, from April 1 and March 31, 2026.

Business

NPA initiate trucks movement code to ease traffic at Lagos ports

The initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Published

2 days ago

July 30, 2026

OCHEFA

41 Views

The Nigerian Ports Authority (NPA) has introduced a movement code to streamline the movement of empty containers into seaport terminals and reduce traffic congestion caused by container trucks along the Apapa and Tin Can Island port corridors.

The Guardian reported that under the new policy, the movement code will serve as a unique identifier generated by a holding bay for every empty container uploaded to the Electronic Call-Up (ETO) platform.

The code must correspond with the details captured on the ETO system before trucks are granted access to port terminals.

In a notice issued to stakeholders, the NPA said the movement code has become a mandatory requirement for completing the truck-container matching process.

Truck drivers are required to obtain the code from designated holding bays before proceeding to the ports.

According to the authority, the initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Business

Okonjo-Iweala lauds Cardoso for stabilising Nigeria’s monetary environment

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Published

2 days ago

July 30, 2026

OCHEFA

51 Views

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has commended the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, for stabilising Nigeria’s monetary environment.

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Speaking at the forum, Okonjo-Iweala commended Cardoso on the work that he and his team have done on currency and monetary policy stabilisation.

However, she emphasised that Nigeria must sustain broader macroeconomic reforms.

“Nigerians have to feel the dividends of reform in the real economy,” she added.

The forum brought together policymakers, business leaders and development partners to discuss strategies for strengthening Africa’s resilience amid growing global economic uncertainty.

Business

Naira Exchange Rates Thursday, July 30 : Black Market, CBN, Commercial Bank

Sterling Bank publishes both a buy rate and a sell rate for USD, GBP, EUR, and ZAR. The buy rate is what Sterling Bank will pay you when you exchange foreign currency for Naira. The sell rate is what you will pay when buying foreign currency from Sterling Bank at its branches.