Access Holdings Plc receives shareholders’ approval to undertake N365bn capital raise

Shareholders of Access Holdings Plc,  a leading multinational financial services group, on Friday unanimously approved the group’s plan to establish a capital raising programme through which it hopes to raise up to N365 billion via a rights issue.

The approval came at the group’s 2nd Annual General Meeting (AGM), which held on Friday at the Balmoral Hall, Federal Palace Hotel, in Lagos.

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.

The shareholders also used the occasion to ratify the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as non-executive directors.

The appointment of Aig-Imoukhuede as the chairman of Access Holdings Plc was cheered by the shareholders, who pointed to his history of success with the institution, having transformed it into Nigeria’s biggest lender by market value alongside late 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, Prof. Charles Soludo, shareholders said.

“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 toward 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 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,” said Chief Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN).

In line with the Group’s 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% improvement from the corresponding period in 2022.

The Group’s full-year results for the period ending December 31, 2023, showed a 335% increase in pre-tax profit to N729 billion from N167.68 billion in 2022.

The Group also experienced an 87% surge in gross earnings to N2.59 trillion, from N1.39 trillion in 2022, and reported a 306% growth in profit after tax to N619.32 billion, from N152.20 billion in 2022.