In a move to fuel ambitious growth plans, Access Holdings Plc, Nigeria’s financial giant, secured unanimous shareholder approval for a capital raising program valued at a staggering $1.5 billion.
This capital injection will be achieved through a combination of issuing bonds or shares, offering investors various options for participation. Additionally, shareholders endorsed a N365 billion rights issue, allowing existing shareholders to purchase new shares at a discounted price.
The company also announced the appointment of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as Non-Executive Directors. Aig-Imoukhuede’s return as Chairman was particularly well-received by shareholders, who lauded his past success in transforming Access Bank into the nation’s leading lender.
Shareholders expressed confidence in Aig-Imoukhuede’s leadership, citing his instrumental role in driving growth during the 2004 banking industry recapitalization overseen by the Central Bank of Nigeria.
Reflecting the company’s strong financial performance, shareholders also approved a final dividend payout of N1.80 per N0.50 ordinary share for the 2023 financial year, marking a significant 28% increase compared to the previous year.
The capital raised will serve multiple purposes. It will bolster Access Holdings’ financial strength, enhance the liquidity of its subsidiaries, and unlock resources for organic growth initiatives across both banking and non-banking arms. This strategic move positions Access Holdings to capitalize on emerging opportunities within the dynamic Nigerian financial landscape.
The unanimous shareholder approval signifies a strong vote of confidence in Access Holdings’ leadership and future prospects. Aig-Imoukhuede’s return as Chairman, coupled with a robust financial performance and a well-defined capital raising plan, positions Access Holdings for continued success in the years to come.
