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By Chinwendu Obienyi
With Nigeria’s banking sector expected to commence the adoption of Basel III, the board and management of Access Corporation has said it is looking at ways to strengthen its capital base and become well equipped to compete with its peers in other jurisdictions.
Its Group Managing Director, Herbert Wigwe, stated this at a Closing Gong Ceremony at the Nigerian Exchange Limited (NGX) trading floor in commemoration of the transition to a new structure, Access Holdings Plc, in Lagos on Thursday.
While recalling that the NGX formerly, Nigerian Stock Exchange (NSE), had been the platform the company went to when the Central Bank of Nigeria (CBN) increased capital from N2 billion to N25 billion, Wigwe noted that since the listing of the bank on the Nigerian bourse, the company had grown steadily and witnessed the greatest merger in the country.
He added that corporate governance has been the key to the company’s growth, while adding that the company will always be transparent in all its dealings with market stakeholders.
Wigwe said, “As we look at things that has to do with accumulation of fees which comes from straight retail activity, you can see the full force of that 45 million customers growing beginning to manifest. Obviously, there has been some elevated cost in terms of our operating cost, this comes from the cost of living businesses in the country and the part that we have the largest network in the country but I think that the important thing is that the numbers are showing.
