Shareholders Pledges Overwhelming Support For Access Holdings Plc N351 billion Right Offer

Shareholders in the domestic economy on Tuesday, pledged their support to ensure the success to the going Access Holdings Plc N351 billion capital raising through a rights issue.

The Shareholders who spoke during the Facts Behind the Rights Issue Presentation by Access Holdings Plc, at the NGX, said their support is burn-out of positive growth trajectory of the HoldCo since it’s inception on the local bourse.

Amongst the shareholder leaders who spoke today includes; Sir Sunny Nwosu, Mr. Boniface Okezie, Mrs Bisi Bakare and Alhaji Kabiru Tambari.

According to them, the HoldCo coming to the market is well time, noting that, the consistency in dividend payment is big plus to the organization coupled with the Midas touch of the management in turning a small organization which started as Bank into a behemoth.

However, they solicited that, the shareholders being the one who provided the seed capital should be rewarded by way of increase in the payment of dividends from 30 kobo to 50kobo interim dividend.

Access Holdings’ Rights Issue offers 17,772,612,811 ordinary shares of N0.50 each at N19.75 per share.

The offer, which opened for subscription on Monday, July 8, will close on Wednesday, August 14, 2024.

The lender said that it’s now focused on positioning itself among the top financial institutions in Africa.

“A subset of the group’s capital raising programme aiming to generate up to US$1.5 billion, the Rights Issue is designed to strengthen the Group’s financial footing and support ongoing working capital needs, including organic growth funding for its banking and non-banking subsidiaries.

Speaking earlier, the Chairman Access Holdings Plc, Mr. Aigboje Aig-Imoukhuede, said the offer for subscription will further expand the group’s growth strategies and financial strength.

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“The commencement of the Rights Issue subscription is an important step in our growth strategy and capital-raising plans, reinforcing our financial strength and accelerating our strategic ambitions. However, this execution is more than a capital raise; it is a pivotal process that will propel us towards our goal of becoming one of the top 5 financial institutions in Africa by 2027.

“We are confident that this exercise will solidify our position as a market leader and drive sustainable growth for years to come.

He further emphasised that, the Rights Issue marks the beginning of several financial initiatives aimed at supporting the institution’s comprehensive expansion strategy.

Roosevelt Ogbonna, managing director of Access Banking Plc, hinted of intention to expand to the US as part of its expansion programme in the near future, as Nigerian Exchange Group (NGX) and shareholders expect the Institution’s rights issue to be oversubscribed.

“I believe the success of this offer to be oversubscribed is a done deal,” said, Umaru Kwairanga, group chairman, NGX Group, adding, “Access Holdings I believe is a future case study for the best business schools in the world on how to build a world class bank in a very short period and keep it going.

Ahonsi Unuigbe, Chairman of NGX, highlighted that despite current economic challenges, the Nigerian Exchange Limited acknowledges Access Holdings’ concerted efforts. These efforts have notably bolstered the capital adequacy ratio of its flagship subsidiary, Access Bank, demonstrating robust capital buffers compliant with Basel III standards. This foundation is crucial for withstanding economic shocks, ensuring business continuity, and fostering investor confidence. The evolution of Access Bank into Access Holdings reflects a journey marked by vision, leadership, and strategic growth.

According to him, when the bank was acquired over 20 years ago, the mandate was clear to grow the bank from this position at the largest bank to the top 10 within five years.

Photo Caption:

L-R: Morounke Olufemi, Group Chief Financial Officer, Access Holdings Plc; Temi Popoola, Group CEO, Nigerian Exchange Group (NGX Group); Bolaji Agbede, Acting Group Managing Director /Chief Executive Officer, Access Holdings Plc; Umaru Kwairanga, Group Chairman, NGX Group; Aigboje Aig-Imoukhuede, Chairman, Access Holdings Plc; Ahonsi Unuigbe, Chairman, Nigerian Exchange Limited; and Roosevelt Ogbonna, Group Managing Director/CEO, Access Bank Plc, during the Facts Behind the Rights Issue Presentation by Access Holdings Plc, at the NGX on Tuesday in Lagos.

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