The plan by the Access Holdings Plc to establish a capital raising programme of up to $1.5 billion has been endorsed by the shareholders.

They also agreed to the subset initiative to raise up to N365 billion, specifically through a Rights Issue of ordinary shares to its shareholders.

The shareholders gave the nod at the second Annual General Meeting (AGM) of the Holdings held in Lagos on Friday, April 19, 2024.

The proceeds of the rights issue would be used to support ongoing working capital needs, including organic growth funding for the group’s banking and other non-banking subsidiaries.

The shareholders also ratified the appointments of Mr. Aigboje Aig-Imoukhuede, Mr. Olusegun Ogbonnewo, and Mr. Ojinika Olaghere as non-executive directors of the holdings.

They lauded the appointment of Aig-Imoukhuede as the Chairman of Access Holdings, noting his rich history of success with the institution, having transformed it into Nigeria’s biggest lender by market value alongside the late CEO, Dr. Herbert Wigwe.

Aigboje’s leadership was instrumental in driving the institution’s growth during the 2004 recapitalisation of the banking industry led by the Central Bank of Nigeria (CBN) under the leadership of its former Governor, Prof. Charles Soludo.

Chief Sunny Nwosu, Chairman, Independent Shareholders Association of Nigeria (ISAN), said the shareholders were thrilled with Aig-Imoukhuede’s return to the role of Chairman.

Nwosu said Aig-Imoukhuede’s proven track record, experience, and strategic insights position him as the ideal leader to steer Access Holdings towards meeting its lofty targets.

Bank capitalization: Access Holdings plans raising $1.5bn

“During his tenure as CEO, particularly during the recapitalisation directive by the CBN, Aig-Imoukhuede steered Access Bank to raise an impressive $2 billion in capital.

“This demonstrates his capacity to, once again, lead Access Holdings towards successfully achieving the objectives of our planned capital raise and rights issue targets,” he added.

In line with the Group’s strong financial performance, the shareholders approved payment of a final dividend of N1.80 per every 50k ordinary share for the 2023 financial year, representing 28 per cent improvement from the corresponding period in 2022.

The group’s full-year results for the period ended December 31, 2023, showcased an impressive 335 per cent increase in pre-tax profit to N729 billion from N167.68 billion in 2022.

The group also experienced an 87 per cent surge in gross earnings to N2.59 trillion from N1.39 trillion in 2022 and reported a remarkable 306 per cent growth in profit after tax to N619.32 billion, from N152.20 billion in 2022.

Speaking at the AGM, Ms Bolaji Agbede, Acting CEO, Access Holdings, said that having recorded an impressive performance in the first quarter of the year, Access Holdings’ global expansion strategy would in the second quarter of the year enter the consolidation and efficiency phase.

Agbede said this aligns with its five-year plan to accelerate the attainment of its 2027 strategic objectives.

The Group remains focused on driving sustainable growth and delivering value to its shareholders, even as it continues to build a globally connected community and ecosystem, inspired by Africa, for the world.

The Star