During the 2nd Annual General Meeting (AGM) held on Friday in Lagos, shareholders of Access Holdings Plc approved the group’s plan to establish a capital raising programme of up to $1.5 billion, along with a subset initiative to raise up to N365 billion through a rights issue.
Gatekeepers News reports that the proceeds from the rights issue will be utilized to support the company’s ongoing working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.
Shareholders 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 well received by the shareholders, who lauded his successful history with the institution.
Under his leadership, the company grew to become Nigeria’s largest lender by market value, along with late Herbert Wigwe.
Shareholders also praised Aigboje’s leadership, which played a significant role in 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 toward 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 the 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 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% improvement from the corresponding period in 2022.
The Group’s full-year results for the period ending December 31, 2023, showed a 335% increase in pre-tax profit to N729 billion from N167.68 billion in 2022.
The Group also experienced an 87% surge in gross earnings to N2.59 trillion, from N1.39 trillion in 2022, and reported a 306% growth in profit after tax to N619.32 billion, from N152.20 billion in 2022.
