He said giving approval to qualified private laboratories would reduce the waiting period for suspected COVID-19 cases.

The billionaire who made this known in a statement on Wednesday in Lagos State, said that “There are currently five government laboratories equipped to handle all the testing in Nigeria.

“However, we have many more quality ones that can do it, but are not yet approved by the government to do so,” he added.

The statement also noted that Dangote and the Managing Director, Access Bank Group, Herbert Wigwe, are spearheading a coalition of private sector organisations to support governments’ ongoing efforts at tackling the coronavirus menace.

Giving details of the coalition, Dangote said, “The coalition is working with Lagos State Government to erect fully-equipped medical tents that will serve as training, testing, isolation and treatment centres.

“We are also providing an additional facility on Victoria Island, Lagos. In addition, we will be bringing in experts from around the world to provide technical and training support.

“COVID-19 affects us all and threatens our collective health – economic, social, psychological and physical wellbeing; hence, the urgent need to work together to beat this common enemy.

“The task ahead is daunting and bigger than any one organisation. To win this battle, it is critical we all come together as one,” Dangote added.

He disclosed that work had begun to ensure the facilities were completed in good time to serve the growing need of the population.

The statement said the initiative, which is called the Coalition Against Coronavirus, “will enhance the erection of fully-equipped medical tents to house patients and serve as training, testing, isolation and treatment centres”.

COCAVID, led by Dangote Industries Ltd and Access Bank Group in collaboration with Zenith Bank, Guaranty Trust Bank, MTN, ITB and others, “is tasked with mobilising the private sector through leadership and resources in creating public awareness, and directing support for private and public healthcare institutions”.

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Herbert Wigwe, Chief Executive Officer, Access Bank, gave the advice on Thursday in Lagos during the Africa FinTech Foundry (AFF) Disrupt 2019 conference, powered by Access Bank.

The theme of the conference is ”Digital Gold Rush: Building a Sustainable Tech-Economy”.

“Leveraging such technology as artificial intelligence and utilising data analytics is imperative if banks and Fintechs are to remain competitive.

“Today, becoming an intelligent bank is not an option, it is a necessity, as technology is redefining the way banks operate,” Wigwe said.

He said that AI, Big Data, Cloud Computing, Virtual Reality, robotics, Cryptocurrency – all brought enormous opportunities for banks to significantly improve the way customers’ access and manage finances.

According to him, with automation technology, banks and Fintechs are able to grant credit in seconds.

He said that a manual review of 12,000 documents used to take 360,000 hours, but today, this could be done in seconds using AI.

The chief executive officer said that blockchain could be used to execute smart contracts, eliminating manual costs of transactions.

He said that robotics technology was used to serve customers in banks, and there was so much that could be done with data, as big data analytics helped an intelligent bank understand its customers.

Wigwe said that from a business perspective, and with the benefit of hindsight, traditional banking environment did not provide opportunities for scalability.

He said most years, it was business as usual, as banking processes were manual and in-branch, creating the need for brick and mortar branches with their expensive overheads, and in the case of Nigeria, low level of financial inclusion.

“Technology has changed everything. Not only is this continuing, the rate of development and evolution is speeding up exponentially.

“Technology-driven financial institutions will disrupt traditionally-run banks by taking advantage of any inherent weaknesses in their business models.

“They will do this by offering better value propositions to their customers.

“Today, it is our task to brainstorm these weaknesses and uncover opportunities in our current business models that technology will help us solve.

“Today is a gathering of the best technology brains ready to re-define the future of intelligent banks and Fintechs and create new disruptions for our industry,” Wigwe said.

Segun Adeniyi, Head of AFF, said that the evolution of technology and the 4th Industrial Revolution were about opportunities.

Adeniyi said that it was about using the power of technology to harness the opportunities that was available in Africa.

“We aim to help innovators harness the power of their innovations, give them platforms to test and go to market.

“We provide them with unparalleled access to global financial, technology, business and investor partner networks,” he said.

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Herbert Wigwe, the bank’s the Chief Executive Officer, said this at a news conference by Access Bank Plc and Diamond Bank Plc on details of the proposed merger of the banks in Lagos.

Wigwe said Access Bank had already finalised terms and obtained regulatory approvals for a Tier II capital issuance to raise 250 million dollars in January 2019.

Tier 11 Capital is designed as supplementary capital, composed of items such as revaluation reserves, undisclosed reserves, hybrid instruments and subordinated term debt.

Wigwe said the bank had also obtained “No Objection” from the Central Bank of Nigeria (CBN) to undertake a Rights Issue to raise up to N75 billion in the first half of 2019.

Wigwe said shareholder approvals and other regulatory approvals to that effect would be obtained before the commencement of the offer.

He noted that the fund raising exercise would accelerate the capital management plan to support retail growth, previously set out in the bank’s five-year strategy.

Wigwe said the bigger entity was ready to absorb the staff of Diamond Bank at the completion of the deal by end of June 2019 without any disengagement.

According to him, the decision will enable Access Bank to leverage the best talents of both institutions to create a leading banking franchise in Nigeria.

He said the combined bank would be led by Access Bank’s current CEO, Herbert Wigwe and retain the Access Bank name.

“The merger will form a leading Tier 1 Nigerian bank and the largest bank in Africa by number of customers, spanning three continents, 12 countries and 29 million clients.

“It brings together treasury, risk management and corporate banking expertise with strong retail and digital banking capabilities to create a financial institution operating across the full suite of products for all customer segments.

“The transaction is to be concluded via Scheme of Merger following Access Bank and Diamond Bank Court Ordered Meetings expected in March 2019 to approve terms,” he said.

He added that the merger, subject to shareholder approvals, the Securities and Exchange Commisisom, CBN, and Pension Commission regulatory approvals and as well as Federal High Court sanction, would be concluded before end of first quarter of 2019.

He said Diamond Bank would benefit from Access Bank’s strong culture of risk and capital management expertise and a clear strategy for sustainable growth.

Wigwe stated that Access Bank would take advantage of Diamond Bank’s unparalleled retail banking expertise and strong digital offering.

“Together, the two companies would create one of Nigeria’s leading banks, with 29 million customers, including more than 13 million mobile customers, as well as 3,100 ATMs and around 32,000 PoS terminals,” he said.

Wigwe explained that Access Bank had a strong track record in mergers and acquisition in Nigerian banking and had previously demonstrated its integration capabilities in the successful acquisition and subsequent absorption of six institutions in the past 15 years.

Also speaking, Uzoma Dozie, Diamond Bank Chief Executive Officer, said the merger was positive for all the bank’s stakeholders, including customers, employees, and shareholders.

“In particular, customers will benefit significantly through the unrivalled combination of the best of Diamond Bank’s retail and digital leadership with the size of Access Bank’s balance sheet, corporate name and geographical reach.

“In reaching this decision, the shared passion for leveraging Nigeria’s youthful and entrepreneurial talent, and a commitment to better outcomes through financial inclusion have convinced us that this is the right combination.

“I believe that the combination of two strong and admired brands, with shared values and complementary strengths, will be a strong force for positive change in the Nigerian and African retail landscape.

“As a result, this merger creates significant potential for sustainable long-term growth which stands to benefit customers, employees and shareholders alike,” Dozie said.

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According to the rating agency, “Access Bank’s IDRs are driven by the Bank’s intrinsiccreditworthiness as defined by its Viability Rating (VR)”. This, it stated, was a reflection of Access’ Bank’s solid financial metrics, which are stronger than most Nigerian banks.

Access Bank’s asset quality metrics is said to compare especially well with its immediate peers, as “the Bank’s stock of non-performing loans has remained under control, comprising 2.6% of gross loans at end September 2017, the lowest of all large Nigerian banks.”

The rating agency regards Access Bank’s resilient asset quality as a reflection of the bank’s good corporate banking franchise and good management stability, which includes a robust risk management framework.

In addition, Fitch noted that refinancing of the Bank’s Eurobond in 2016 eased thebank’s foreign currency liquidity position. “Access Bank’s National Ratings are a reflection of its relative credit worthiness to the best credits in Nigeria.”

Speaking on the ratings upgrade, the Group Managing Director/CEO, Herbert Wigwe, said, “The rating is a reflection of our strategic intent to adopt best global practices inall aspects of our business. We have grown over the years to become a formidable force within the financial markets in which we play, with an aim to becoming the most respected African Bank”.

“As we embark on our next five – year cyclical growth strategy, we remain focused onestablishing robust risk management and compliance frameworks, and seeking innovative ways to continually eschew sustainable banking ethos,” he stated.

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In the audited financial results released to the Nigerian Stock Exchange (NSE) on Monday, the Bank reported strong sustainable growth across all its four business lines despite a weak and volatile macro-economic backdrop.

During the period, the Group posted total revenue of N381.3 billion and profit before tax of N90.3 billion, accounting₦ ₦for 13% and 20% increase respectively over the same period in 2015.

Specifically, key drivers of the growth include a 20 basis points margin expansion onthe back of a 32% year-on-year growth in net interest income of N139.1 billion. Non-₦interest income accounted for 49% of growth in operating income of N272.6 billion₦ compared to N234.8 billion in 2015. ₦

Commenting on the results, Herbert Wigwe, Group Managing Director/CEO, said, “The full year 2016 results demonstrate the effective execution of our strategy underpinned by a robust risk management framework. With strong business fundamentals, our position in the top tier was further consolidated in the industry.”

According to him, Access Bank’s robust and proactive risk management practices and focus on high quality corporates ensured that the Bank maintained an NPL ratio of2.1%; well below the industry average, whilst retaining a healthy balance sheet growth.

Prudential ratios remained strong and well above the regulatory limits with capital adequacy and liquidity ratios of 21.2% and 43.6%, respectively, consequently allowing the necessary headroom for growth.

“We remain cautiously optimistic about the macroeconomic environment in 2017, nonetheless, our objective of delivering sustainable shareholder value remains unchanged.

“We will also continue to maintain our proactive and disciplined risk management practices and leadership in sustainability initiatives, whilst positioningourselves strategically to take the lead in the markets we play,” Wigwe noted.

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