Access Holdings shareholders  vote confidence in N351bn rights issue

Business a.m.

L-R: Morounke Olufemi, group chief financial officer, Access Holdings Plc; Temi Popoola, group CEO, NGX Group; Bolaji Agbede, acting group managing director /CEO, 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 in Lagos, recently

Shareholders of Access Holdings PLC have demonstrated their unwavering faith in the company’s strategy for growth, expressing strong support for the ongoing N351 billion rights issue at a recent event held at the Nigerian Exchange (NGX) office in Lagos.

The event, titled “Facts Behind the Rights Issue”, provided shareholders with a thorough understanding of the rationale behind the rights issue and the company’s strategic direction.

The shareholders praised Access Holdings for its history of success, noting that the company’s impressive track record and its consistent dividend payments have strengthened their trust in the company’s leadership.

Speaking on behalf  of the Pragmatic Shareholders Association of Nigeria, Bisi Bakare, the national coordinator of the association, stated, “Since Access Bank first started trading on the stock exchange at N0.65, we

shareholders have witnessed its incredible growth and accrued immense value, with

the stock now trading at N19.35 as of June 9.” 

“Be confident that as the consolidation phase of the Group’s expansion fully takes shape and the brand’s profitability continues to increase, those of us who have been on this journey from the beginning are not about to jump off now. We fully back the capitalisation plans, starting with the Rights Issue, and are excited for the future that lies ahead for Access Holdings.”

This position expressed by this group of shareholders, represented by Bakare, was corroborated by four other groups of shareholders.

Speaking at the event, Aigboje Aig-Imoukhuede, chairman, Access Holdings, expressed confidence in the success of the rights issue, emphasising that it would propel Access Holdings towards its goal of becoming one of the top five financial institutions in Africa by 2027. 

The rights issue, offering 17,772,612,811 ordinary shares at N19.75 per share, is the first part of a capital raising programme expected to raise up to $1.5 billion. The funds will be used to strengthen the company’s financial position, support working capital needs, and drive organic growth in its banking and non-banking subsidiaries.

“We are grateful for the solid support of our shareholders,” said Aig-Imoukhuede.

“Since Access Bank was recapitalised in 2002, we have consistently kept all promises made to the investing public and actualised all the cyclical milestones we set out to achieve. I have unwavering confidence in the management of the group, led by Bolaji Agbede and Roosevelt Ogbonna, to see through on targets we have for the current five-year strategic cycle. As we progress towards 2027, we are committed to delivering

exceptional value to our shareholders and solidifying our position as a leading global financial institution,” he added.

Roosevelt Ogbonna, chief executive officer, Access Bank, highlighted the company’s commitment to becoming a global banking leader. He noted that the bank aims to grow its customer base to 125 million by 2027 and establish itself as one of the top five banks globally.

“Our journey from a handful of branches to a global presence showcases our dedication to sustainable growth.

“By 2027, we aim to be one of the top five African banks, powering trade across the continent and providing superior services to our customers,” Ogbonna said.

The Access Holdings PLC Rights Issue, which is valued at N351 billion, was made available to shareholders and potential investors on July 8th, with a closing date of August 14th, 2024.

The company,  therefore, urged shareholders and potential investors to actively participate in the offer by taking up their rights, stressing the significant opportunities that the rights issue presents in terms of investment potential and company growth.