Access Bank shareholders fault NSE on audit committee chairmanship

March 30, 2017 Cynthia Charles BANKING
Access Bank CEO, Herbert Wigwe marks Father’s Day
Herbert Wigwe, Access Bank MD

Shareholders of Access Bank Plc, yesterday, faulted the Nigerian Stock Exchange, NSE, requirement that audit committee chairman must be accountants and that they must append their professional number on financial reports. The shareholders approved all resolutions, including the final dividend translating to 65 kobo per share, totalling N11.571 billion for the financial year ended December 31, 2016.

Speaking at the meeting on behalf of their shareholder groups, Chief Timothy Adesinya, Sir Sunny Nwosu and Mr. Boniface Okezie, said their associations will resist every attempt by the NSE to impose things that they have challenged legally and won.

They noted that the Financial Reporting Council, FRC, that started the issue has suspended the implementation following the exit of its former boss, Jim Obazee, and threatened to ask companies quoted on the Exchange to seek delisting if the NSE persisted with the directives.

The shareholders commended the board and management of Access Bank for the performance during the year under review, saying “We appreciate the 65 kobo dividend per share and the progressive financial indicators given the difficult operating environment the bank operated upon.”

Responding, the Managing Director/ Chief Executive Officer, Access Bank Plc, Mr. Herbert Wigwe commended the shareholders for the support and confidence in the management and Board.

He said, “the worsening macroeconomic environment spurred various regulatory responses aimed at ensuring price stability. The Single Treasury Account, TSA, removed a lot of money from the system and it affected us. Nevertheless, we surmounted this as you could see from our financial indices.”

Commennting on Etisalat exposure he said, “We took good business risk. It is N40 billion loan, and as of today, Etisalat is meeting their credit obligation in terms of interest and principal.”

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About Cynthia Charles 570 Articles
She is a prolific writer and has special interest on writing about business and opportunities. She can be contacted via cynthiaadigwe@financialwatchngr.com
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