Access Bank Appoints New Director As Profit Significantly Drops

Access Bank has appointed Hassan Usman, the former Managing Director and Chief Executive Officer of Aso Savings and Loans Plc. Prior to his appointment, Usman is the founder and Chief Executive Officer of New Frontier Development Limited, a statement released by Access Bank showed.

Access Bank appointed Usman as an Independent Non-Executive Director of the bank after Central Bank of Nigeria (CBN) gave approval. While commenting on Usman's appointment, the Chairman of the Bank, Ajoritsedere Awosika, said, "We are very delighted to be joined by Mr. Hassan M. T. Usman, a leader with a rich blend of academic, entrepreneurial and public sector experiences which are all relevant to the needs of our Board.

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"As we embark on the next phase of our enterprise transformation, we continue to strengthen the diversity of our board. We are strongly convinced that he will no doubt add significant value to our quest to become Africa's Gateway to the World” Awosika said in the statement seen by AllNews.

What You Need To Know About Usman

Career path: Prior to Usman's appointment at Access Bank, he was an Executive Director at Abuja Investment and Property Development Company Limited. Usman was at various times the Deputy Director and Head of Petrochemicals and Gas Unit; Transport Sector Reform Team as well as the Deputy Director Telecoms Reform, Team Lead and Head NITEL Privatisation at the Bureau of Public Enterprises.

Usman also worked with Central Bank of Nigeria, Arthur Andersen and CitiBank Nigeria, Access Bank stated. He had also served as a member of the Board of Directors of the Nigeria Sovereign Investment Authority, Nigeria Mortgage Refinance Company and Council of  The Nigerian Stock Exchange.

He is also the Founder and Chairman of the Board of Trustees of the Al-Qalam (Pen) Foundation, a Not-for-Profit Organisation that provides educational opportunities to disadvantaged children.

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Access Bank Half Year Performance Disappointing, As Profit Drops Significantly

Access Bank released its first half 2020 financial result. AllNews gathered that the Profit before tax for Access Bank Group grew to NGN74.3 billion in the first six months of 2020, from the NGN72.9 billion it reported for the same period in 2019. However, the Company reported a significant decline in its Profit before tax, as it recorded NGN49 billion in 2020 first half, lower than the NGN56.8 billion it recorded in the 2019 first half.

Access Bank Group's Profit for the period nosedived, declining to NGN61 billion in the half-year of 2020, failing to surpass the NGN61.8 billion it recorded last year's first half. The company's profit for the period under review dropped significantly from NGN49.2 billion of 2019 first half to NGN42.5 billion in 2020 half year.