Shareholders Endorse Access Holdings’ Capital Raising Strategies

• Hail Aig-Imoukhuede’s return as HoldCo chairman

BY CHINYERE OBIORA, LAGOS – Shareholders of Access Holdings Plc have endorsed the Group’s plan to establish a capital-raising programme of up to $1.5 billion as part of the company’s financial portfolio growth plans going forward.

The Shareholders’ support came during the Group’s 2nd Annual General Meeting (AGM) held over the weekend in Lagos where they also approved a final dividend of N1.80 for the 2023 financial year,

This is as they also backed the initiative to raise about N365 billion, specifically, through a Rights Issue of ordinary shares to its shareholders with the management explaining that the proceeds of the Rights Issue would be used to support ongoing working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.

One of the meeting’s highlights was the ratification of the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as Non-Executive Directors.

A statement on recent developments within the company stated thus; “The appointment of Aig-Imoukhuede as the Chairman of Access Holdings was commended by the shareholders, who pointed to his rich history of success with the institution, having transformed it into Nigeria’s biggest lender by market value alongside Mr Herbert Wigwe.

“Aigboje’s leadership was instrumental in driving the institution’s growth during the 2004 recapitalisation of the banking industry led by the Central Bank of Nigeria (CBN) under the leadership of its former Governor, Professor Charles Soludo.

“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”.

Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, who spoke on behalf of other shareholders, said during his tenure as Chief Executive Officer, particularly during the recapitalisation directive by the CBN, he, Aig-Imoukhuede, 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.”

Meanwhile, in line with the Group’s strong financial performance, the payment of a final dividend of N1.80 kobo per every N0.50 Kobo ordinary share for the 2023 financial year was approved, marking a 28 percent improvement from the corresponding period in 2022.

Importantly, the Group’s full-year results for the period ending December 31, 2023, showed an impressive 335 percent increase in pre-tax profit to N729 billion from N167.68 billion in 2022, just as it also experienced an 87 percent surge in gross earnings to N2.59 trillion from N1.39 trillion in 2022 and reported a remarkable 306 percent growth in profit after tax to N619.32 billion, from N152.20 billion in 2022.

The statement further stated that commencing in the second half of 2024, Access Holdings’ global expansion strategy will enter the consolidation and efficiency phase, aligning with its five-year plan to accelerate the attainment of its 2027 strategic objectives.

It added that the Group remains focused on driving sustainable growth, and delivering value to its shareholders as well as continuing in its building of a globally connected community and ecosystem, inspired by Africa, for the world.