Access Bank Dismisses Fake News Links With Crypto Platform

Access Bank Dismisses Fake News Links With Crypto Platform

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Contrary to an unverified online rumor, Access Bank Plc has not issued any cryptocurrency products or opened any Bitcoin banks.

Management of the Bank issued a statement denying any involvement with the information published on a bogus website.

The article shows the photographs of the Managing Director, Mr. Roosevelt Ogbonna, illicitly downloaded from Access Bank’s social media pages and then manipulated to fit the misleading narrative being promoted in the bogus article.

“The quotes also attributed to Mr. Ogbonna in the contrived interview are also completely false”, the disclaimer reads.

“For the record, at no time did Mr. Ogbonna grant any interview on the subject of a Bitcoin bank or made any comment on cryptocurrency business. Access Bank continues to maintain its absolute commitment to excellent practices in accordance with the laws of Nigeria.”

The statement said the bank is cooperating with the authorities to investigate the source of the fake news to ensure the perpetrators are brought to justice.

“The board, management, and staff remain committed to transparency, outstanding corporate governance, and the promotion of global best practices for the good of our customers and all stakeholders,” it added.

The fake news occurred when the bank is poised to record a significant performance in its year-end result.

This newspaper reported that Nigeria’s largest company by assets, Access Holdings Plc, led the pack with the highest interest income of N497.47 billion in nine months ending September 30, 2022, among the esteemed Tier-1 players in the banking sector. The foremost financial service institution also came top in revenue from e-banking among the peers in the league of Tier-1 banks, which are United Bank for Africa (UBA) Plc, Zenith Bank Plc, FBN Holdings Plc, and GTCO Plc.

Data compiled by THEWILL from their financial statements for the period show that Access Holdings grew its interest income by 25.9 percent from N395.13 billion in nine months of 2021 to the current level of N497.47 billion. The rising numbers which are also reflected in the e-banking fees saw revenue from this window rise by 9.5 percent from N45.08 billion in the corresponding period to N49.39 billion. The marginal increase, notwithstanding, placed Access Holdings above its peers in the distinguished club.

Access Holdings has maintained a rising trajectory in credit expansion apparently in compliance with the 65 percent loan deposit ratio (LDR) policy of the Central Bank of Nigeria (CBN). The company is also ahead of its Tier-1 peers with N4.62 trillion loan and advances to customers in nine months ending September 30, 2022 – and 11 percent increase from N4.16 trillion as of December 31, 2021. Its Customer deposit also tops the league of Tier-1 banks: N8.18 trillion from N6.95 trillion in FY 2021.