At the 2nd Annual General Meeting (AGM) of Access Holdings Plc, which took place on Friday in Lagos, the company’s shareholders approved the plan to launch a capital raising programme with a maximum value of $1.5 billion, in addition to the subset initiative to raise up to N365 billion through a rights issue.
 Its banking and other non-banking companies’ organic growth funding, as well as continuing working capital needs, would be supported by the proceeds of the rights offer.
The non-executive director appointments of Olusegun Ogbonnewo, Ojinika Olaghere, and Aigboje Aig-Imoukhuede were also approved by the shareholders.
The shareholders applauded the selection of Aig-Imoukhuede as chairman of Access Holdings, citing his track record of success with the company, having worked with the late Herbert Wigwe to turn it into Nigeria’s largest lender by market value.
According to shareholders, Aigboje’s leadership played a crucial role in propelling the institution’s expansion during the 2004 banking industry recapitalization initiative spearheaded by the Central Bank of Nigeria (CBN) and its previous Governor, Prof. Charles Soludo.
What the shareholders said
“We are overjoyed that Aigboje Aig-Imoukhuede is rejoining us as Chairman. His expertise, accomplishments, and strategic insights make him the perfect leader to guide Access Holdings towards achieving its ambitious goals.”
The Independent Shareholders Association of Nigeria (ISAN) Chairman Emeritus Chief Sunny Nwosu stated, “During his tenure as CEO, particularly during the recapitalization directive by the CBN, he steered Access Bank to raise an impressive $2 billion in the 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.”
A final dividend payment of N1.80 kobo per every N0.50 Kobo ordinary share for the 2023 financial year was approved in accordance with the Group’s financial performance, which represents a 28% improvement over the similar period in 2022.
According to the Group’s full-year results, pre-tax profit increased by 335% to N729 billion from N167.68 billion in 2022 to December 31, 2023.
The Group also announced a 306% increase in profit after taxes to N619.32 billion from N152.20 billion in 2022 and an 87% increase in gross earnings to N2.59 trillion from N1.39 trillion in 2022.
One of the biggest financial firms in Nigeria, Access Holdings, intends to raise N365 billion (three hundred and sixty-five billion naira) through a rights issue, according to a previous story published in The News Chronicles.
Additionally, the company is looking to raise up to $1.5 billion in total capital through the issue of debt, quasi-equity, and equity.
It is anticipated that this calculated action would strengthen the bank’s capital basis, enabling it to sustain its current growth trajectory and grasp new opportunities within the financial industry.
The Nigerian Exchange Group (NGX) was used to distribute a notification about the impending Annual General Meeting, which included information about the intended capital raising.
