Access Holdings’ shareholders pledge overwhelming support for Rights Issue

Admin I Wednesday, July 10, 2024

 

LAGOS, Nigeria – Shareholders of Access Holdings PLC have expressed overwhelming confidence in the company’s growth strategy and pledged their support for the ongoing N351 billion rights issue. This, they did, at the recent “Facts Behind the Rights Issue” presentation held at the Nigerian Exchange (NGX) office in Lagos.

The shareholders praised Access Holdings for its impressive track record and consistent dividend payments, which have reinforced their trust in the company’s leadership. 

“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,” remarked Bisi Bakare, National Coordinator, Pragmatic Shareholders Association of Nigeria.

“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, also 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 US$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,” Ogbonna said. “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.”

The Rights Issue offer opened on July 8 and will close on August 14, 2024. Shareholders and potential investors are encouraged to participate actively by taking up their rights.