Access Holding Plc has said that it will continue to focus on shareholders’ value, as it urged shareholders to participate actively in its ongoing N351.02 billion right issue.
The Holding Company stated this at its Facts Behind the Rights Issue Presentation held yesterday on the Nigerian Exchange.
The company said that its wholly owned subsidiary, Access Bank UK is well positioned to become one of the top 20 banks, generating profit of about $1 billion annually.
The bank is embarking on a capital raising of N351 billion by way of a rights issue to existing shareholders. Under the rights issue, 17.772 billion ordinary shares will be offered at N19.75 per share.
The chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede urged shareholders to participate actively in the ongoing rights Issue.
Imokhuede said the additional capital will enable it to maximise emerging opportunities and deliver long-term value to its shareholders, adding that the bank is committed to strengthening ties with shareholders and enhancing value creation.
Managing director of Access Bank, Roosevelt Ogbonna said the bank’s presence in this sophisticated market has continued to position it strategically in the areas of facilitating and enhancing cross-border trade across the globe.
According to him, its resolve to provide innovative financial solutions has played a vital role in supporting businesses and investors involved in international trade over the years.
He noted that the bank is currently in its consolidation phase to add value to shareholders investment, having invested heavily in new markets, skills and infrastructure, technology over the last 10 years.
“All our earnings are in the UK dollarised. So it means every time there is a devaluation, our UK business continues to grow, so we have created a natural hedge. Going forward, our consolidation with shareholders will be to show what we have built over the years. Our international business is competing with other foreign banks in capitalistion. The institution has indeed delivered in all its commitment from 2002,” he added.
The group chairman, NGX Group, Umaru Kwairanga stated that Access Holdings in just two decades has transformed into the biggest financial services institution in Nigeria and one of the biggest in the African continent.
Chairman, NGX, Ahonsi Unuigbe said the recent directive on recapitalisation issued by the CBN aims to strengthen the financial stability and resilience of banks, stating that “in response to this directive, NGX is committed to supporting banks, including Access, in their capital-raising efforts.
“By providing a robust and efficient platform for capital formation, NGX facilitates the mobilisation of resources necessary for banks to meet this regulatory requirement and sustain growth.”
