Reengineering in Access Bank Plc
1.0 INTRODUCTION
Access Bank Plc is on the company carrying on the business of commercial banking in Nigeria.
Access Bank Plc has its registered corporate head office at Plot 1665 Oyin Jolayemi Street Victoria Island Lagos. Access bank Plc was in- corporated as a private limited liability company on February 8, 1989, to undertake the business of commercial banking and commercial operations started on May 11, 1989. The bank converted to a public limited liability company on March 24, 1989 and was subsequently listed on the Nigeria Stock Exchange on November 18, 1998 at an initial offer price of 70kobo per share. The bank was issued a universal banking license by the Central bank of Nigeria on February 5,2001. The Central Bank of Nigeria (CBN) prescribed a minimum capital base of N25billion for all banks in Nigeria with effect from December 31, 2005. To achieve the N25 billion capital directive, the bank combined its business with those of Capital Bank International and Marina International bank Limited. The Combination was approved by the CBN and the High Court of Justice on the 7 October 2005 and 11 October 2005 respectively.
The authorized share capital of the Bank are:
- N9 Billion - Ordinary shares of 50k each
- N1 Billion - Preference shares of 50k each
The percentage shareholding structure of the bank is as follows:
- Nigeria citizens - 89.77%
- United Alliance limited - 5.61%
- Staff Investment scheme - 4.62% 100%
The main principal activities of the bank includes, provision of money market activities, retail banking, granting of loans and advances, equipment leasing, corporate finance and foreign exchange operations.
The bank has a very strong management team headed by a professional banker from guaranty Trust bank Aiggboje Aig- Imoughude MD/CEO and Herbert Wigwe a seasoned banker who took over the affairs of the bank in 2004 and transformed the old ailing Access bank (due to bad debts and poor credit decision) from a loss position to
Access Bank Plc is on the company carrying on the business of commercial banking in Nigeria.
Access Bank Plc has its registered corporate head office at Plot 1665 Oyin Jolayemi Street Victoria Island Lagos. Access bank Plc was in- corporated as a private limited liability company on February 8, 1989, to undertake the business of commercial banking and commercial operations started on May 11, 1989. The bank converted to a public limited liability company on March 24, 1989 and was subsequently listed on the Nigeria Stock Exchange on November 18, 1998 at an initial offer price of 70kobo per share. The bank was issued a universal banking license by the Central bank of Nigeria on February 5,2001. The Central Bank of Nigeria (CBN) prescribed a minimum capital base of N25billion for all banks in Nigeria with effect from December 31, 2005. To achieve the N25 billion capital directive, the bank combined its business with those of Capital Bank International and Marina International bank Limited. The Combination was approved by the CBN and the High Court of Justice on the 7 October 2005 and 11 October 2005 respectively.
The authorized share capital of the Bank are:
- N9 Billion - Ordinary shares of 50k each
- N1 Billion - Preference shares of 50k each
The percentage shareholding structure of the bank is as follows:
- Nigeria citizens - 89.77%
- United Alliance limited - 5.61%
- Staff Investment scheme - 4.62% 100%
The main principal activities of the bank includes, provision of money market activities, retail banking, granting of loans and advances, equipment leasing, corporate finance and foreign exchange operations.
The bank has a very strong management team headed by a professional banker from guaranty Trust bank Aiggboje Aig- Imoughude MD/CEO and Herbert Wigwe a seasoned banker who took over the affairs of the bank in 2004 and transformed the old ailing Access bank (due to bad debts and poor credit decision) from a loss position to