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Access Holdings’ Shareholders Unanimously Back Capital Raising Plan, Hail Aig-Imoukhuede’s Return as Chairman…
Access Holdings’ Shareholders Unanimously Back Capital Raising Plan, Hail Aig-Imoukhuede’s Return as Chairman…
Access Holdings Plc recently held its 2nd Annual General Meeting (AGM) on Friday, April 19, 2024, where the shareholders showed unanimous support for the group’s proposed capital raising program. This initiative aims to raise up to US$1.5 billion, with a subset plan to secure up to N365 billion through a rights issue of ordinary shares to its shareholders. The funds generated from this rights issue will be allocated towards sustaining ongoing working capital requirements, including funding for organic growth within its banking and non-banking subsidiaries.
Furthermore, the shareholders also ratified the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as non-executive directors. Aigboje Aig-Imoukhuede’s appointment as Chairman of Access Holdings was met with praise from the shareholders, acknowledging his past successes in leading the institution to become Nigeria’s largest lender by market value alongside Herbert Wigwe. Aig-Imoukhuede’s leadership was critical in propelling the institution’s growth during the 2004 banking industry recapitalization initiative launched by the Central Bank of Nigeria (CBN) under former Governor Prof. Charles Soludo.
Chief Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN), expressed enthusiasm about Aigboje Aig-Imoukhuede’s return as Chairman, citing his proven track record, experience, and strategic acumen as qualities that make him well-suited to guide Access Holdings towards achieving its ambitious objectives. Nwosu highlighted Aig-Imoukhuede’s past achievements as CEO, particularly his role in steering Access Bank to raise $2 billion in capital during the CBN’s recapitalization directive, as evidence of his capability to lead Access Holdings to success in the planned capital raise and rights issue endeavors.
In a testament to the group’s robust financial performance, shareholders approved the payment of a final dividend of N1.80 kobo per every N0.50 kobo ordinary share for the 2023 financial year, representing a 28% increase from the previous year. The Group’s full-year results for the period ending December 31, 2023, showcased impressive growth, including a 335% increase in pre-tax profit to N729 billion from N167.68 billion in 2022, an 87% surge in gross earnings to N2.59 trillion from N1.39 trillion in 2022, and a remarkable 306% growth in profit after tax to N619.32 billion from N152.20 billion in 2022.
Looking ahead, Access Holdings is set to embark on a global expansion strategy in the second half of 2024, transitioning into the consolidation and efficiency phase in alignment with its five-year plan to accelerate the achievement of its 2027 strategic objectives. The Group remains steadfast in its commitment to driving sustainable growth, creating value for its shareholders, and fostering a globally connected community and ecosystem inspired by Africa for the world.
