Shareholders of Access Holdings Plc converged at the company’s 2nd annual general meeting to endorse its ambitious plans for a substantial capital raise.
With unanimous backing, shareholders enthusiastically embraced Access Holdings’ proposal to raise up to $1.5 billion, marking a significant milestone in the company’s growth trajectory.
The centerpiece of the capital-raising initiative is a landmark N365 billion rights issue, designed to bolster Access Holdings’ financial position and fuel strategic investments. Shareholders enthusiastically welcomed this historic rights issue, recognizing its potential to enhance the group’s liquidity. They also identified its ability to facilitate growth across its diverse portfolio of subsidiaries, spanning both banking and non-banking entities.
Access Holdings emphasized that the capital raised through the rights issue will be strategically allocated to support the ongoing working capital requirements of its subsidiaries, ensuring sustained operational efficiency and resilience in the face of dynamic market conditions. This proactive approach to capital management underscores Access Holdings’ commitment to long-term value creation and sustainable growth.
In addition to endorsing the capital-raising plans, shareholders ratified the appointments of three distinguished individuals to serve as non-executive directors on the group’s board.
The Appointments of Aigboje Aig-Imoukhuede
The appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere were met with overwhelming approval, reflecting the confidence of shareholders in the leadership and governance of Access Holdings.
Of particular note was the appointment of Aigboje Aig-Imoukhuede as Chairman of Access Holdings, a decision met with enthusiastic endorsement from shareholders. Recognizing Aig-Imoukhuede’s instrumental role in establishing Access Holdings as Nigeria’s leading lender by market value, alongside the late Herbert Wigwe, shareholders expressed confidence in his ability to steer the company towards new heights of success.
Aig-Imoukhuede’s remarkable leadership was particularly showcased during the 2004 recapitalisation of Nigeria’s banking sector, masterminded by the CBN under the stewardship of Charles Soludo.
Amidst the dynamic period of transformation and competition in Nigeria’s financial industry, Aig-Imoukhuede’s decisive leadership proved pivotal in steering the institution and positioning it as a market leader.
This demonstration of strategic acumen, combined with his long-standing ties to the institution, makes the new chairman a formidable leader, poised to steer Access Holdings through its ambitious expansion plans.
Sunny Nwosu, chairman emeritus of the Independent Shareholders Association of Nigeria (ISAN), expressed confidence in Aig-Imoukhuede’s new role and impact moving the company forward.
“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.”
Sunny Nwosu
Amongst other developments at the AGM, Access Holdings’ shareholders were presented with a pleasing dividend pay-out proposal, as the group’s robust financial performance was reflected in a 28 per cent increase in dividend per ordinary share, from N1.40 kobo in 2022 to N1.80 kobo in 2023.
With a vision firmly rooted in sustainable growth and value creation for its shareholders, Access Holdings Group has established a global presence spanning an impressive 600 branches and service outlets across three continents, 21 countries, and 60 million customers, reinforcing its position as a powerhouse in the global financial landscape.
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