Access Holdings Plc Embraces US$1.5 Billion Capital Initiative and Celebrates Aig-Imoukhuede’s Chairmanship

iexclusivenews – In a landmark decision, the shareholders of Access Holdings Plc, during their 2nd Annual General Meeting on April 19, 2024, have given their unanimous endorsement to a significant capital raising strategy.

This ambitious plan aims to secure up to US$1.5 billion and includes a targeted Rights Issue to generate N365 billion. The capital infusion is earmarked for bolstering the working capital of the Group’s banking and ancillary non-banking entities, fueling their organic growth trajectory.

Unwavering Confidence in Proven Leadership

The shareholders’ assembly also confirmed the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as Non-Executive Directors.

The reappointment of Aig-Imoukhuede as Chairman was met with acclaim, as shareholders reminisced about his transformative impact on the institution. Under his previous tenure,

Access Holdings soared to become Nigeria’s premier lender by market capitalization, a feat achieved in partnership with Herbert Wigwe during the pivotal 2004 banking industry recapitalization led by the Central Bank of Nigeria and its then-Governor, Prof. Charles Soludo.

“Aigboje Aig-Imoukhuede’s return as Chairman is a harbinger of strategic growth and success,” expressed Chief Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria.

“His leadership prowess, particularly evident during the CBN’s recapitalization era, where he navigated Access Bank to a remarkable $2 billion capital raise, assures us of his capability to guide us towards our Capital Raise and Rights Issue aspirations.”

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Financial Milestones and Dividend Declaration

Reflecting on the Group’s robust financial health, shareholders approved a final dividend payout of N1.80 kobo per N0.50 Kobo share for the fiscal year 2023, marking a 28% increase from the previous year.

The fiscal year ending December 31, 2023, was a period of exceptional financial performance for Access Holdings, with a pre-tax profit surge of 335% to N729 billion.

Gross earnings witnessed an 87% increase to N2.59 trillion, and the profit after tax soared by 306% to N619.32 billion.

Strategic Expansion and Future Outlook

As 2024 progresses, Access Holdings is set to embark on the consolidation and efficiency phase of its global expansion strategy.

This phase is a critical component of the Group’s five-year roadmap, propelling it towards the strategic goals set for 2027.ith a steadfast commitment to sustainable growth and shareholder value,

Access Holdings continues to forge a globally connected community, drawing inspiration from Africa to make a mark on the world stage