Nigeria News (Standard)
Access Holdings Chairman Shifts Focus to Shareholder Value After Years of Expansion in Lagos
Aigboje Aig-Imoukhuede says group will prioritise sustainable returns for investors following rapid growth across African markets
Aigboje Aig-Imoukhuede says group will prioritise sustainable returns for investors following rapid growth across African markets
Access Holdings Plc has announced a strategic shift towards delivering greater value to its shareholders, signalling the end of an aggressive expansion phase that saw the group become one of Nigeria’s largest financial institutions. This development was disclosed by Chairman Aigboje Aig-Imoukhuede during a post-annual general meeting press briefing held in Lagos on Tuesday.
Addressing journalists after the event, Aig-Imoukhuede stated that Access Holdings had largely achieved its goal of building a strong presence in the banking sector, and would now concentrate efforts on translating this scale into consistent returns for investors. He explained that the company’s previous strategy focused on strengthening operations and seeking growth opportunities to keep ahead of industry trends.
According to Aig-Imoukhuede, “We started with an ambition to create an organisation that is much bigger than any other organisation or financial institution in Nigeria.” He said Access Holdings had made significant progress over the years and was now entering a new phase centred on value creation for shareholders. The move comes as Nigerian banks face increased scrutiny from investors seeking improved dividend payouts amid fluctuating naira exchange rates and broader economic uncertainty.
Industry observers note that Access Holdings’ pivot could set a precedent for other Nigerian lenders that have aggressively expanded across Africa in recent years. The banking sector has seen consolidation and cross-border mergers as institutions seek new revenue streams beyond Nigeria’s saturated market. However, stakeholders have urged banks to focus more on shareholder returns and operational efficiency.
With this renewed focus, Access Holdings is expected to intensify efforts towards cost optimisation, product innovation and improving investor confidence. The company has not released specific targets or figures but indicated that detailed plans would be communicated in subsequent investor briefings.
Nigeria News (Standard)
Senate Orders Arrest of Ex-NNPC Boss Mele Kyari Over ₦210trn Audit Query
Lawmakers reject plea for delay as Kyari fails to appear over allegations of unaccounted funds between 2017 and 2023
Lawmakers reject plea for delay as Kyari fails to appear over allegations of unaccounted funds between 2017 and 2023
The Senate Committee on Public Accounts, sitting in Abuja, has ordered the arrest of former Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, after he failed to honour multiple invitations regarding alleged unaccounted funds totalling ₦210 trillion from 2017 to 2023. The decision was reached on Wednesday after Kyari’s repeated absence from committee hearings investigating queries raised by the Office of the Auditor-General of the Federation on NNPCL’s financial records.
Proceedings at the National Assembly saw senators debating how to proceed, with Saliu Mustapha (Kwara Central) and Tony Nwoye (Anambra North) urging colleagues to grant Kyari another opportunity, citing reports that he was receiving medical treatment in Germany. However, other committee members insisted that the investigation could not be stalled further, noting that no formal medical documentation had been provided to justify his absence.
The probe follows concerns over discrepancies flagged by federal auditors, which have drawn public attention given Nigeria’s reliance on oil sector revenue amid economic challenges. Former Chief Financial Officer of NNPCL, Umar Ajiya Isa, appeared before the committee and dismissed claims that funds were missing, describing the ₦210 trillion figure as misleading relative to actual company earnings for the period under review.
Deputy Chairman Peter Nwaebonyi (Ebonyi North) said it was “the ninth time this committee is meeting” on queries against NNPCL. He warned that further delay would undermine the credibility of Senate oversight functions. Senator Abdul Ningi (Bauchi Central) argued that only documented excuses should be accepted, while Senator Victor Umeh (Anambra Central) formally moved for Kyari’s arrest. Senator Adams Oshiomhole (Edo North) backed enforcement action, stating that “the law must be effective when it catches the lion, not only when it catches the rabbit.”
Following a voice vote, Committee Chairman Ibrahim Dankwambo (Gombe North) ruled that a warrant be issued for Kyari’s arrest and production before the panel. The Senate is expected to continue its probe into NNPCL’s finances as lawmakers seek answers on audit concerns highlighted by federal authorities.
Source: https://punchng.com/senate-orders-arrest-of-ex-nnpc-boss-kyari-over-n210tn-query/
Nigeria News (Standard)
EFCC Chair Olukoyede Reveals Governorship Aspirants Spent ₦30bn on Primaries in Kwara
Anti-graft agency plans drone deployment for 2027 polls as high campaign spending sparks corruption concerns
Anti-graft agency plans drone deployment for 2027 polls as high campaign spending sparks corruption concerns
The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has disclosed that some governorship aspirants in Nigeria spent between ₦20 billion and ₦30 billion during party primaries ahead of the 2027 elections. Olukoyede made this revelation on Wednesday while delivering a lecture at the University of Ilorin, Kwara State.
Speaking at the inaugural guest speakers’ series organised by the Centre for Peace and Strategic Studies, Olukoyede warned that such high expenditure poses a direct threat to Nigeria’s democracy and encourages corruption among public officials. He noted that many politicians who invest vast sums in their campaigns are likely to divert public funds once in office, as they try to recoup their financial outlay.
Olukoyede stressed that the commercialisation of votes undermines good governance by compromising the political recruitment process. “Leaders who buy their way into office are more likely to focus on recovering their investments rather than serving the public interest,” he said. The EFCC chairman also highlighted that his agency has already made several arrests and secured convictions related to vote-buying and electoral offences, including politicians, electoral officials, and other individuals involved.
He further cautioned that impunity in electoral processes could destabilise Nigeria’s democratic system. According to Olukoyede, there must be no sacred cows in enforcing electoral laws if credible elections are to be achieved. He announced that the EFCC is set to deploy drones and other technological tools during the 2027 general elections to improve monitoring of polling units and curb financial inducements.
Olukoyede called on political parties and all stakeholders to commit themselves to transparent election practices. As Nigeria prepares for the next election cycle, his remarks have reignited debate about campaign finance regulation and its impact on governance.
Source: https://punchng.com/2027-gov-aspirants-spent-n30bn-on-primaries-efcc-chair/
Nigeria News (Standard)
RMAFC Chairman Urges Abuja Stakeholders to Safeguard Taxpayers in Revenue Reforms
Dr Mohammed Shehu says transparency and fairness must guide ongoing tax changes as Joint Revenue Board visits FCT commission
Dr Mohammed Shehu says transparency and fairness must guide ongoing tax changes as Joint Revenue Board visits FCT commission
The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr Mohammed Shehu, has called for ongoing tax and revenue reforms to prioritise the protection of taxpayers while ensuring fair revenue allocation across Nigeria’s tiers of government. Shehu made this statement in Abuja on Wednesday during a courtesy visit by the Executive Secretary of the Joint Revenue Board, Mr Olusegun Adesokan, and his delegation.
According to a release from RMAFC’s Head of Information and Public Relations, Maryam Yusuf, Shehu reaffirmed the commission’s commitment to promoting transparency, fairness, accountability and collaboration within Nigeria’s revenue administration system. He stressed that robust cooperation among agencies responsible for revenue generation was vital to achieving the objectives of current fiscal reforms.
The visit comes as federal and state governments push for policy harmonisation in Nigeria’s complex tax regime. Many Nigerians have expressed concerns about aspects of new tax measures, including electronic transfer levies and procedures for tax refunds. Shehu noted that continuous dialogue and technical engagement would be necessary to ensure public trust in the evolving system. “We must work together to ensure that ongoing revenue reforms protect the interests of taxpayers while guaranteeing equitable revenue allocation across all levels of government,” he said.
Shehu added that RMAFC would keep supporting government initiatives aimed at strengthening revenue generation provided there is strict compliance with existing laws. He highlighted that stakeholder engagement and institutional collaboration remain essential for successful reform implementation. On electronic transfer taxes and other controversial measures, he emphasised that “continuous dialogue” is needed for fairness and efficiency.
Adesokan, representing state-level revenue authorities under the Joint Revenue Board, stated that their visit was meant to deepen collaboration with RMAFC towards effective rollout of new policies. He stressed that improved coordination among all institutions was crucial if Nigeria is to achieve significant gains in revenue collection and fiscal efficiency within the next five to six years. The opposition could not be immediately reached for comment regarding concerns about potential taxpayer burden under new reforms.
Source: https://punchng.com/tax-reforms-must-protect-taxpayers-rmafc/
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Senate Orders Arrest of Ex-NNPC Boss Mele Kyari Over ₦210trn Audit Query
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