Caption: Access Bank CEO, Aigboje Aig-Imoukhuede
The Group Managing Director/Chief Executive Officer (CEO), Access Bank Plc, Mr. Aigboje Aig-Imoukhuede, has said that he would step down as the helmsman of the bank by December 2013.
Aig-Imoukhuede disclosed this while addressing shareholders at the bank’s 2011 annual general meeting held in Lagos last Friday.
However, THISDAY learnt that the decision by the Access Bank boss could be in line with the Central Bank of Nigeria’s (CBN) tenure limit for bank CEOs. The banking sector watchdog, had in 2010, issued a guideline to commercial banks, limiting the tenure of CEOs to 10 years.
But addressing the shareholders, Aig-Imoukhuede said: “But what I will ask is that in the same way that the robust nature of our succession arrangement has given you comfort, and that comfort has played out in the kind of success the team continues to record, please ensure that business continues to go as normal. The board will give information on this as required.”
Meanwhile, Access Bank posted gross earnings of N138.949 billion for the year ended December 31, 2011, up from N91.142 billion recorded in 2010. The bank’s profit after tax rose by 50 per cent per cent from N11.068 billion in 2010 to N16.708 billion in 2011.
The shareholders approved the 50 kobo dividend (final dividend of 30 kobo for the end of year and an interim dividend of 20 kobo) that was declared by the bank.
Commenting on the results, the President of Renaissance Shareholders Association, Mr. Olufemi Timothy, said:“Access Bank Plc’s account we are considering today is very fantastic in the sense that it is an improvement over last year’s results. We all know what the financial system in the economy looks like, and we should be able to appreciate the fact that a bank like this can still pay 50 kobo dividend to shareholders.”
On his part, the President, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, described the bank’s full year results as “excellent.”
“They did very well despite the fact that the contributions from its acquisition of former Intercontinental Bank have not started reflecting in its financial statement. That is expected to come in by the end of 2012. But we know that Access Bank did not make any mistake in venturing into such an acquisition. Going forward, the management should ensure that it increases its lending to the real sector,” Okezie advised.