Maravi

Access Bank shareholders dismiss recent Africa rating

Access Bank shareholders dismiss recent Africa rating
Written by Chiwoyu Sinyangwe and Nchima Nchito Jr
Friday, July 17, 2009 5:10:03 AM

SHAREHOLDERS of Access Bank Group, one of Nigeria's 24 commercial banks have described the recent rating by a foreign firm of financial institutions in Africa's most populous country as not reflecting the true position of the sector.

Chairman of the South-west zone of shareholders of Access Bank Aderemi Oyepeju said during the 20th Annual General Meeting that the rating was sending a wrong signal to international investors. Oyepeju urged the Central Bank of Nigeria to take appropriate steps to set the records straight.

"I condemned on behalf of Nigerian shareholders that rating done by the foreign firm totally. It does not in any way reflect the position of things. Looking at the records of most financial institutions, most banks are making steady progress in spite of the current global financial meltdown,'' he said.

Another shareholder Sunny Nwosu said: "The rating is nothing but pure de-marketing, giving the fact that many of Nigerian banks of recent have expanded their branches offshore, declaring dividends while profit earning per share is also on the upswing."

In a recent report, a foreign firm that was not immediately mentioned classified most Nigerian banks as weak, with only four described as ‘fairly strong’.

The report has created ripples in the banking sector and triggered panic withdrawals by some account holders.

Meanwhile, Access Bank UK limited has emerged winner of the Treasury Today Adam Smith award for best Practice and Innovation.

According to a press release, the award was to recognize outstanding achievement in solutions that have been implemented within the Corporate Treasury environment.

"We are delighted to have won such a prestigious award against such strong competition. It is especially pleasing given that we are in the relatively early stages of our development and it is a real acknowledgment of the hard work and effort that has gone in so far to enable us to offer a broad range of products and personal service to our clients," said Jamie Simmonds, chief executive officer of Access Bank UK Limited.

Labels: ACCESS BANK

posted by MrK @ 4:09 AM