Access Holdings’ shareholders endorse $1.5bn capital raising drive with unanimous backing

• Applaud Aig-Imoukhuede’s homecoming as chairman to drive financial success

Onome Amuge

Access Holdings Plc shareholders turned out in full force at the company’s 2nd annual general meeting, showering the group with an overwhelming vote of confidence in its ambitious plans to raise up to $1.5 billion in capital.

The shareholders not only backed the company’s $1.5 billion capital-raising plan but also welcomed a landmark N365 billion rights issue, specifically intended to bolster the group’s financial position and drive strategic investments.

According to Access Holdings,the capital raised through the rights issue will fortify liquidity, with a significant portion dedicated to supporting the ongoing working capital requirements of its subsidiaries, including banking and non-banking entities.

In addition to approving the group’s historic capital raising plans, the shareholders overwhelmingly ratified the appointments of three prominent individual including Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere,to serve as non-executive directors on the group’s board.

Aig-Imoukhuede’s appointment as chairman of Access Holdings was greeted with enthusiastic approval. Citing Aig-Imoukhuede’s instrumental role in steering the institution to become Nigeria’s leading lender by market value alongside the late Herbert Wigwe, shareholders expressed confidence in his abilities to lead Access Holdings to new heights of success.

Aig-Imoukhuede’s remarkable leadership was particularly showcased during the 2004 recapitalisation of Nigeria’s banking sector, masterminded by the CBN under the stewardship of Charles Soludo. Amidst the dynamic period of transformation and competition in Nigeria’s financial industry, Aig-Imoukhuede’s decisive leadership proved pivotal in steering the institution through the sea change, positioning it as a market leader. This demonstration of strategic acumen, combined with his long-standing ties to the institution, makes the new chairman a formidable leader, poised to steer Access Holdings through its ambitious expansion plans.

Sunny Nwosu, chairman emeritus of the Independent Shareholders Association of Nigeria (ISAN), expressed confidence in Aig-Imoukhuede’s new role and impact moving the company forward. 

Nwosu stated: “We are thrilled with Aigboje Aig-Imoukhuede’s return to the role of Chairman. His proven track record, experience, and strategic insights position him as the ideal leader

to steer Access Holdings towards meeting its lofty targets. 

During his tenure as CEO,particularly during the recapitalisation directive by the CBN, he steered Access Bank to raise an impressive $2 billion in capital, and this demonstrates his capacity to, once again, lead Access Holdings towards successfully achieving the objectives of our planned Capital Raise and Rights Issue targets.” 

Amongst other developments at the AGM, Access Holdings’ shareholders were presented with a pleasing dividend pay-out proposal, as the group’s robust financial performance was reflected in a 28 per cent increase in dividend per ordinary share, from N1.40 kobo in 2022 to N1.80 kobo in 2023.

Notably, Access Holdings Group recorded a historic set of full-year results for the period ending December 31, 2023, with a remarkable 335 per cent increase in pre-tax profit to N729 billion, towering above the previous year’s N167.68 billion. The group’s financial might was further demonstrated by a 87 per cent jump in gross earnings to N2.59 trillion, eclipsing the previous year’s N1.39 trillion.

Access Holdings has entered a new phase in its global expansion strategy, transitioning from its initial growth-focused approach to a phase of consolidation and efficiency, as the group strives to accomplish its ambitious objectives for 2027 within a five-year timeframe.

With a vision firmly rooted in sustainable growth and value creation for its shareholders, Access Holdings Group has established a global presence spanning an impressive 600 branches and service outlets across three continents, 21 countries, and 60 million customers, reinforcing its position as a powerhouse in the global financial landscape.

The group, with its ambitious plans for expansion, also demonstrated unwavering commitment to fostering a globally connected community and ecosystem that unlocks the limitless potential of Africa and engages with the world, reaffirming its dedication to building a forward-thinking and innovative brand that inspires the global community while bringing value to its shareholders.