Access Holdings’ N351bn Right Issue aims further expansion

Access Holdings Plc has disclosed that with the ongoing N351 billion right issue from existing shareholders on the Nigerian Exchange Limited (NGX), it would further expand its operations targeting to become Africa’s Gateway to the World, Most Respected African Bank and World’s First Truly African Bank.

At the Fact Behind the Offer presentation at the NGX on Tuesday, Access Holdings reaffirmed to its shareholders and investing community that the ongoing right issuance is a continuation of the financial institution’s story, while recalling that over the years, Access Holdings have kept to its promises of becoming the top one bank in the country.

On Monday, July 8, Access Holdings, which opened for subscription its Rights Issue, offering 17,772,612,811 ordinary shares of N0.50 each at N19.75 per share.  The Offer will be issued on the basis of one (1) new ordinary share for every two (2) existing ordinary shares held as of June 7, 2024.

Speaking to the capital market community, Aig-Imoukhuede Aig-Imoukhuede said that the rights issue is a precursor to a number of other financings that management would be doing to support consolidated expansion process.

“Since 2002, our shareholders have stood with us thick and thin. We could have had all types of offerings to the benefit of all other investing public but we said no.” The first step will be the step that we took in 2002 with people like you, and I know that you will stand with us again. Please take up your rights.
While urging shareholders to participate actively in the ongoing rights Issue, Aig-Imoukhuede reaffirmed to the shareholders that board and management of the Pan African financial institution is committed to strengthening ties with shareholders and enhancing value creation, noting that additional capital will enable it to maximise emerging opportunities and deliver long-term value to its shareholders.

In his presentation, the Group Managing Director/CEO, Access Bank Plc, Mr. Roosevelt Ogbonna stated that the target of the group is for its bank subsidiary to become the world’s first truly Africa’s global bank in the financial services sector.

Ogbonna stated that the bank intended to power trade and payment across the continent and become a platform that connects the African continent and catalyses capital and business, noting that the group is focusing on continents that are profitable for the banks from an economic point of view, which is led by Southern Africa, followed by East Africa, West Africa and Central Africa.

Looking ahead, the MD/CEO stated that the group would build several ecosystems that would operate on its platform, such as the mobility and housing ecosystem.

“We are very excited as to what the future holds. The Bank would be the core of the financial services Holdings that we are building and we will also create significant value for our larger stakeholders, ” he said.

Earlier in his opening remarks, Chairman, NGX Group Plc, Dr Umaru Kwairanga stated that in just two decades, Aigboje Aig-Imoukhuede and late Herbert Wigwe had transformed a struggling bank into the biggest financial institution service in Nigeria and one of the biggest in Africa, while noting that the management of Access Holdings over the years have focused on first-class human resources, processes and services, stressing that the Group has ensured consistency for such a large conglomerate from top-to-bottom.

“Ordinarily, I will say Access Holdings does not have to broadcast why its offer is a good buy given heavy rewards that average investors have enjoyed over the years in the form of regular dividends, and capital appreciation,” Kwairanga said.

Speaking also, the Chairman, NGX Limited, Mr. Ahonsi Unuigbe, said, “Despite prevailing economic headwinds, the NGX recognizes the concerted efforts of the Board and Management of Access Holdings in enhancing the capital adequacy ratio of its flagship subsidiary, Access Bank.

”Ensuring an adequate capital buffer that complies with Basel III, sufficient to withstand economic shocks and ensure business continuity, is crucial. Most importantly, these efforts play a significant role in restoring investors’ confidence,” he said.

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