Access Holdings Plc yesterday explained that it decided on a rights issue as a commitment to the bond between the group and its shareholders.
Aigboje Aig-Imoukhuede, Chairman, Access Holdings Plc, said shareholders’ value was at the core of the group’s business vision and the group decided shareholders who had endured to build the group to its enviable status should reap the benefits.
At the “Facts Behind the Rights Issue” session at the Nigerian Exchange (NGX) yesterday, Aig-Imoukhuede said the group is moving to a new phase of its phenomenal growth where shareholders would reap bountiful returns on their investments.
Access Holdings is offering 17.772 billion ordinary shares of 50 kobo each to existing shareholders at N19.75 per share. The offer opened on Monday, July 08, 2024.
Aig-Imoukhuede urged shareholders to pick their rights as they stand to gain more.
According to him, the additional capital will enable the group to maximise emerging opportunities and deliver long-term value to shareholders.
He said the group is committed to strengthening ties with shareholders and enhance value creation.
Roosevelt Ogbonna Managing Director, Access Bank, said Access Bank UK is well positioned to become one of the top 20 banks, generating profit of about $1 billion annually.
He said the bank’s presence in this sophisticated market has continued to positions it strategically in the areas of facilitating and enhancing cross-border trade across the globe.
According to him, its resolve to providing innovative financial solution has played a vital role in supporting businesses and investors involved in international trade over the years.
He noted that the bank is currently in its consolidation phase to add value to shareholders investment, having invested heavily in new markets, skills and infrastructure, technology over the last 10 years.
“All our earnings is in the UK dollarised. So it means every time there is a devaluation, our UK business continues to grow, so we have created a natural hedge. Going forward, our consolidation with shareholders will be to show what we have built over the years.
Our international business is competing with other foreign banks in capitalisation. The institution has indeed delivered in all its commitment from 2002,” Ogbonna said.
Group Chairman, Nigerian Exchange Group (NGX Group) Plc, Alhaji Umaru Kwairanga said that Access Holdings in just two decades has transformed into the biggest financial services institution in Nigeria and one of the biggest in the African continent.
Chairman, Nigerian Exchange (NGX), Ahonsi Unuigbe said the recent directive on recapitalisation issued by the CBN aims to strengthen the financial stability and resilience of banks.
He assured that the NGX is committed to supporting banks, including Access Holdings, in their capital-raising efforts.
“By providing a robust and efficient platform for capital formation, NGX facilitates the mobilization of resources necessary for banks to meet this regulatory requirement and sustain growth,” Ahonsi said.
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