Access Holdings shareholders support the capital raise plan and the return of AIG-Imoukhuede as CEO

Shareholders of Access Holdings Plc have endorsed the group’s plan to establish a $1.5 billion capital raising program as well as a sub-setting initiative to raise capital to N365b, particularly through the issuance of ordinary shares with subscription rights to shareholders.

They provided support at the second annual general meeting (AGM) held on Friday, hoping that the proceeds from the rights issue would be used to cover ongoing working capital needs, including financing organic growth for banking and other non-banking subsidiaries. .

Shareholders also approved the appointments of AigbojeAig-Imoukhuede, Olusegun Ogbonnewo and OjinikaOlaghere as non-executive directors.

The appointment of Aig-Imoukhuede as chairman of Access Holdings was praised by shareholders who noted his extensive track record of success at the institution, which saw it grow, along with Herbert Wigwe, into Nigeria’s largest lender by market value. Aig’s leadership was instrumental in driving institutional development during the 2004 recapitalization of the banking sector under the leadership of the Central Bank of Nigeria (CBN) under its former governor, Prof. Charles Soludo.

“We are thrilled to have AigbojeAig-Imoukhuede back as president. His proven track record, experience and strategic insights position him as the ideal leader to lead Access Holdings towards achieving its lofty goals. During his tenure as CEO, particularly during the period of the CBN recapitalization directive, he led Access Bank to raise an impressive $2 billion in capital, demonstrating his ability to once again lead Access Holdings towards successfully achieving the objectives of the planned capital raise and rights issue objectives,” said Chief Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN).

Following the group’s strong financial performance, a final dividend of N1.80 kobo has been approved for each N0.50 Kobo ordinary share for the 2023 financial year, representing an improvement of 28% compared to the same period in 2022.

The group’s full-year performance for the period ending December 31, 2023 showed an impressive 335% increase in pre-tax profits to N729b from N167.68b in 2022. The group also recorded an 87% increase in gross profits to N2 0.59trn from N1 .39 trn in 2022 and recorded a remarkable 306 percent increase in profit after tax to N619.32b from N152.20b in 2022.

From the second half of 2024, Access Holdings’ global expansion strategy will enter a phase of consolidation and efficiency, in line with a five-year plan aimed at accelerating the achievement of its strategic goals for 2027. The Group remains focused on driving sustainable growth and delivering value to its shareholders, even as it continues to build a globally connected, African-inspired community and ecosystem for the world.