By Editor

Caption:
L- R:
Deputy Head, Commercial Banking (Personal Banking and Mortgages), Access Bank UK, Tolulope Ajibade; Unit Head, SME Banking, Product Team, Access Bank, Oyebode Omotoye; Programme Manager, Sustainability, Access Holdings, Esther Graham; Head, Marketing and Communications, Access Bank Ghana, Eric Frimpong; Head, Sustainability, Access Holdings, Ayodeji Lawal; Board Chair, Access Bank Ghana, Ama Sarpong Bawuah; Country Managing Director, Access Bank Ghana, Pearl Nkrumah; Country Managing Director, Access Bank Zambia, Dr. Iheanyi Nwogu; Deputy Head, Commercial Banking (Corporates), Access Bank UK, Ginika Onyechi, after winning 15 awards at the Euromoney Awards for Excellence in London, United Kingdom.

Access Bank Plc has won 16 honours at the Euromoney Awards for Excellence 2026, reinforcing its position as one of Africa’s leading financial institutions and highlighting its growing influence in global banking.

The awards recognise the bank’s achievements in customer experience, sustainable finance, SME banking, digital banking, corporate responsibility and overall market leadership across several African countries.

Widely regarded as one of the banking industry’s most prestigious honours, the Euromoney Awards for Excellence celebrate institutions that demonstrate outstanding performance in innovation, governance, customer service, strategic execution and long-term value creation.

Access Bank’s 2026 recognitions include awards for corporate responsibility in Angola, Botswana and Nigeria; digital banking in Cameroon; customer experience in the Democratic Republic of Congo and Kenya through the National Bank of Kenya; SME banking in Ghana, Nigeria and Zambia; sustainable finance and ESG leadership in Rwanda and Zambia; and Best Bank awards in The Gambia, Sierra Leone and Zambia.

The awards reflect the bank’s continued investment in digital transformation, financial inclusion, sustainability, customer-focused services and support for small and medium-sized enterprises across its markets.

They also underscore the strength of Access Bank’s governance, risk management and operational model as it expands its presence across Africa while strengthening international banking corridors that facilitate trade and investment.

Commenting on the achievement, Managing Director and Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, described the recognition as a testament to the confidence of customers, the commitment of employees and the bank’s long-term strategic direction.

“These awards are a tribute to the trust our customers place in us, the dedication of our employees and the strength of the communities and markets we serve. More importantly, they affirm that our commitment to innovation, customer excellence, sustainability and responsible growth continues to deliver meaningful impact at scale,” he said.

Ogbonna added that the honours validate years of disciplined execution and demonstrate that African financial institutions can compete successfully on the global stage.

He said the bank remains committed to raising industry standards by delivering innovative financial solutions, creating long-term value for stakeholders and supporting Africa’s economic transformation.

According to the bank, the recognition translates into improved banking experiences for customers through enhanced digital services, stronger security, greater international connectivity and expanded access to financial products.

For investors, regulators, correspondent banks and development finance institutions, the awards further reinforce Access Bank’s growing scale, resilience and credibility within the global financial services industry.

By Olamide Akintunde

Nigeria’s pension funds have emerged as the cornerstone investors in the successful ₦20.69 billion Series II issuance of the FCMB-TLG Private Debt Fund, reinforcing growing institutional confidence in private debt as a source of long-term financing for mid-sized businesses.

The Series II offer, launched by FCMB Asset Management Limited (FCMBAM) and TLG Capital, raised ₦20.69 billion against a target of ₦20 billion under the Fund’s ₦100 billion issuance programme, representing an oversubscription of 3.43percent.

The offer attracted 22 investors, including 12 Pension Fund Administrators (PFAs), with pension funds accounting for 78percent of the capital raised. The remaining investments came from high-net-worth individuals, corporate investors and FCMBAM, which contributed 3percent of the offer in line with regulatory requirements.

The latest fundraising builds on the success of the Fund’s inaugural ₦10 billion Series I issuance in September 2024, which was oversubscribed by 4.3percent.

FCMBAM said the outcome reflects increasing investor confidence in private debt as an asset class and in the Fund’s governance framework.

The FCMB-TLG Private Debt Fund, Nigeria’s first naira-denominated private debt fund, was launched in 2024 to provide long-term local currency financing to mid-sized businesses operating in key sectors, including agriculture, clean energy, education, healthcare, technology, and transport and logistics.

According to the Fund managers, all Series I capital was deployed within 12 months to finance nine companies across its target sectors.

Since inception, the Fund has distributed ₦3.46 billion to investors, representing a cumulative dividend yield of 33.22% as of March 31.

The proceeds from the Series II issuance will be invested in carefully selected private debt opportunities, providing long-term financing to businesses aligned with the United Nations Sustainable Development Goals (SDGs).

The Fund managers said the investments have already enabled portfolio companies to expand food processing, manufacture medical consumables locally, improve clean energy access, digitise essential goods distribution and increase exports, with the new capital expected to expand these efforts.

Chief Executive Officer of FCMB Asset Management Limited, James Ilori, said the strong participation by pension funds validates the firm’s strategy of mobilising domestic institutional capital to finance Nigerian businesses.

“When we launched Nigeria’s first naira-denominated private debt fund, our objective was to demonstrate that domestic institutional capital could be responsibly channelled into mid-sized businesses while delivering competitive returns. The fact that pension funds contributed more than three-quarters of this raise shows that confidence in the model continues to grow,” he said.

Chief Executive Officer of TLG Capital, Zain Latif, described the oversubscribed issuance as evidence that local pension assets are becoming a sustainable source of funding for the real economy.

He noted that the 78percent contribution from pension funds was more significant than the overall amount raised, saying it demonstrates that domestic institutional investors are increasingly supporting Nigerian businesses through local currency financing.

FCMB Asset Management manages more than ₦540 billion in assets and is the investment management subsidiary of FCMB Group Plc, while London-based TLG Capital has invested across 25 African countries and raised more than $350 million since its establishment.

By Editor

Nearly a decade after allegations of budget padding shook Nigeria’s National Assembly, another appropriation controversy has reignited debate over the integrity of the country’s public finance management system. Although the two cases differ in nature, together they raise important questions about the strength of Nigeria’s budget verification, oversight and accountability mechanisms.

In 2016, Hon. Abdulmumin Jibrin, then Chairman of the House of Representatives Committee on Appropriation, accused the leadership of the House of inserting projects worth more than ₦30 billion into the national budget outside the established legislative process. The allegations sparked a major political crisis, led to Jibrin’s suspension from the House, and intensified public scrutiny of how projects are introduced into Nigeria’s annual Appropriation Act.

Almost 10 years later, attention has shifted to a separate controversy involving allegations that a non-existent government agency—the Presidential Foreign Intervention Promotion Council—was allocated about ₦1.3 billion in the 2026 national budget. The Presidency has publicly disowned the organisation, while anti-corruption authorities have opened investigations into allegations that forged documents were used to facilitate its operations.

Although one case centred on legislative appropriations and the other involves allegations of fraud and document forgery, both have renewed concerns about weaknesses in the systems designed to safeguard public expenditure.

The common thread running through both controversies is the apparent vulnerability of Nigeria’s budget process to manipulation when verification and institutional controls are weak.

In the 2016 case, the debate focused on whether projects could be introduced into the budget without adequate transparency or scrutiny during legislative consideration.

The more recent allegations raise different but equally significant questions: How could an organisation allegedly lacking legal status appear in budget documents? Were existing verification procedures sufficient? Which institutions were responsible for validating the existence and legal basis of entities receiving public funds?

These questions extend beyond individual actors to the broader effectiveness of Nigeria’s public financial management architecture.

The controversies have also highlighted several longstanding governance challenges.

One is the verification of ministries, departments and agencies eligible for budgetary allocations. Effective public finance management requires clear legal documentation, robust inter-agency coordination and reliable institutional records before any organisation receives public funding.

Another concern is documentation and authentication. If allegations of forged government documents are substantiated through investigations, they would point to weaknesses in document verification and administrative controls across multiple public institutions.

Oversight also remains a recurring issue. The executive prepares the budget, the National Assembly reviews and approves it, while oversight institutions are expected to ensure that only legitimate and properly authorised expenditures receive funding. Questions arising from both controversies suggest that these safeguards require further strengthening.

Nigeria continues to finance significant portions of its annual expenditure through borrowing. Any inefficient allocation of public resources increases fiscal pressure and reduces funds available for infrastructure, healthcare, education and other priority sectors.

For investors, development partners and credit rating agencies, budget credibility is an important indicator of institutional quality. Strong public finance systems improve confidence in fiscal policy, while repeated controversies can raise concerns about governance, accountability and policy implementation.

Successive administrations have introduced reforms aimed at improving budget transparency and public financial management. Digital procurement systems, the Treasury Single Account, integrated financial management platforms and greater public access to budget information have strengthened aspects of fiscal governance.

However, recent controversies suggest that institutional reforms must be accompanied by stronger verification procedures, better coordination among government agencies, improved documentation standards and more rigorous legislative oversight.

The broader lesson from both episodes is that the credibility of Nigeria’s budget depends not only on how resources are allocated but also on the integrity of the institutions responsible for approving, verifying and monitoring public expenditure.

Whether the current investigation ultimately confirms or disproves the allegations surrounding the alleged fake agency, the episode has already reinforced the importance of stronger institutional safeguards. Building a budget process that is transparent, rules-based and resistant to manipulation will be essential to strengthening public confidence, improving fiscal discipline and enhancing Nigeria’s investment climate.