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Access Holdings’ Shareholders Unanimously Back Capital Raising Plan, Hail Aig-imoukhuede’s Return As Chairman | Citizen NewsNG

ByCitizen NewsNG

Apr 19, 2024




The shareholders of Access Holdings Plc (“Access Holdings” or “the Group”) at the 2nd Annual General Meeting (AGM) held on Friday,
April 19, 2024, unanimously backed the Group’s plan to establish a capital-raising
programme of up to US$1.5 billion as well as the subset initiative to raise up to N365
billion, specifically, through a Rights Issue of ordinary shares to its shareholders.

The proceeds of the Rights Issue would be used to support ongoing working capital
needs, including organic growth funding for its banking and other non-banking
The shareholders also ratified the appointments of Aigboje Aig-Imoukhuede, Olusegun
Ogbonnewo, and Ojinika Olaghere as Non-Executive Directors.
The appointment of Aig-Imoukhuede as the Chairman of Access Holdings was praised
by the shareholders, who pointed to his rich history of success with the institution,
having transformed it into Nigeria's biggest lender by market value alongside 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.

“We are thrilled with Aigboje Aig-Imoukhuede's return to the role of Chairman. His
proven track record, experience, and strategic insights position him as the ideal leader
to steer Access Holdings towards meeting its lofty targets. During his tenure as CEO,
particularly during the recapitalisation directive by the CBN, he steered Access Bank to
raise an impressive $2 billion in capital, and this demonstrates his capacity to, once
again, lead Access Holdings towards successfully achieving the objectives of our
planned Capital Raise and Rights Issue targets,” said Chief Sunny Nwosu, Chairman
Emeritus of the Independent Shareholders Association of Nigeria (ISAN).

In line with the Group’s strong financial performance, the payment of a final dividend of
N1.80 kobo per every N0.50 Kobo ordinary share for the 2023 financial year was
approved, marking a 28 per cent improvement from the corresponding period in 2022.
The Group's full-year results for the period ending 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.

Commencing in the second half of 2024, Access Holdings’ global expansion strategy
will enter the consolidation and efficiency phase, aligning 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.

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