![\"\"](\"https:\/\/panoramanews.com.ng\/wp-content\/uploads\/2024\/07\/DSC_3109-768x358-1-300x140.webp\")
<\/p>\n<\/p>\n
L-R: Ms Morounke Olufemi, Group Chief Financial Officer, Access Holdings Plc, Mr Temi Popoola, Group CEO, NGX Group, Ms Bolaji Agbede, Acting Group Managing Director \/Chief Executive Officer, Access Holdings Plc, Alhaji Umaru Kwairanga, Group Chairman, NGX Group, Mr Aigboje Aig-Imoukhuede, Chairman, Access Holdings Plc, Mr Ahonsi Unuigbe, Chairman, NGX and Roosevelt Ogbonna, Group Managing Director\/CEO, Access Bank Plc, during the Facts Behind the Rights Issue Presentation by Access Holdings Plc, at the NGX on Tuesday in Lagos.<\/p>\n
Access Holdings Plc on Tuesday encouraged its shareholders to participate in the group\u2019s rights issue offer, aiming to strengthen its bond with them.<\/span><\/p>\n Mr Aigboje Aig-Imoukhuede, Chairman of Access Holdings, stated this at the group\u2019s \u201cFacts Behind The Rights Issue\u201d presentation to the capital market community at the Nigerian Exchange Ltd. (NGX) in Lagos.<\/span><\/p>\n The News Agency of Nigeria (NAN) reports that Access Holdings opened its rights issue offer on Monday with 17.77 billion ordinary shares of N0.50 each for N19.75 per share, to close on Aug. 14.<\/span><\/p>\n This translates to a capital raise of N351 billion, following approval from the Securities and Exchange Commission (SEC).<\/span><\/p>\n The offer is issued based on one new ordinary share for every two existing ordinary shares held as of June 7.<\/span><\/p>\n Aig-Imoukhuede said: \u201cWe did a rights issue and a rights issue alone to signal to the world that our pact with our shareholders can never be broken.<\/span><\/p>\n \u201cSince 2002, our shareholders have stood with us through thick and thin.<\/span><\/p>\n \u201cWe could have had all types of offerings to benefit the investing public, but we said no.<\/span><\/p>\n \u201cThe first step will be the step that we took in 2002 with people like you, and I know that you will stand with us again. Please take up your rights.\u201d<\/span><\/p>\n He noted that the rights issue, though a financial exercise, was a continuation of the Access Bank story.<\/span><\/p>\n The chairman tagged the theme of the holdings\u2019 capital market raise as \u201cpromises kept,\u201d noting that the group had kept its promises to the investing public over the years.<\/span><\/p>\n Aig-Imoukhuede lauded the NGX for providing a platform that enables entrepreneurs, dreamers, visionaries and institutions to connect with shareholders or investors based on their understanding of the strategy.<\/span><\/p>\n He stated that the facts behind the figures were to ensure that issuers do not just tell a story of numbers, but also explain what is behind them, which is more important than the numbers.<\/span><\/p>\n In his presentation, Mr Roosevelt Ogbonna, Managing Director of Access Bank Plc, said that the group\u2019s target was for its bank subsidiary to become \u201cthe world\u2019s first truly African global bank in the financial services sector.\u201d<\/span><\/p>\n Ogbonna stated that the bank intends to power trade and payment across the continent and become a platform that connects the African continent, catalysing capital and business.<\/span><\/p>\n He noted that the group was focusing on continents that were profitable for the bank from an economic point of view, led by Southern Africa, followed by East Africa, West Africa, and Central Africa.<\/span><\/p>\n According to him, Access Holdings was built on very strong governance, with a Board that has guided the narrative and engagement between the financial institution and its stakeholders.<\/span><\/p>\n Looking ahead, the managing director stated that the group would build several ecosystems that would operate on its platform, such as the mobility and housing ecosystems.<\/span><\/p>\n \u201cWe are very excited about what the future holds.<\/span><\/p>\n \u201cThe bank will be the core of the financial services Holdings that we are building, and we will also create significant value for our larger stakeholders,\u201d he said.<\/span><\/p>\n In his address, the Chairman of NGX Group Plc, Dr Umaru Kwairanga, recognised the efforts of Aig-Imoukhuede and the late Herbert Wigwe in transforming a struggling bank into the biggest financial institution in Nigeria and one of the biggest in Africa in just two decades.<\/span><\/p>\n Kwairanga stated that Access Holdings had focused on first-class human resources, processes, and services while ensuring consistency for such a large conglomerate from top to bottom.<\/span><\/p>\n \u201cOrdinarily, I would say Access Holdings does not have to broadcast why its offer is a good buy given the heavy rewards that average investors have enjoyed over the years in the form of regular dividends and capital appreciation.<\/span><\/p>\n On our part at the Exchange, we are committed to doing all that is necessary to ensure that all issuances like Access Holdings\u2019, both wholesale and retail, have a seamless and efficient interface during this recapitalisation period,\u201d he said.<\/span><\/p>\n The chairman expressed optimism about a bright future for the group while charging shareholders to partake in the rights issue.<\/span><\/p>\n In his remark, the Chairman of NGX, Mr Ahonsi Unuigbe, said, \u201cDespite prevailing economic headwinds, the NGX recognises the concerted efforts of the Board and Management of Access Holdings in enhancing the capital adequacy ratio of its flagship subsidiary, Access Bank.\u201d<\/span><\/p>\n Unuigbe noted that ensuring an adequate capital buffer that complies with Basel III, sufficient to withstand economic shocks and ensure business continuity, was crucial.<\/span><\/p>\n He said, \u201cMost importantly, these efforts play a significant role in restoring investors\u2019 confidence.<\/span><\/p>\n \u201cThe story of Access Bank is one of the most acclaimed in the industry and is frequently cited in case studies at reputable institutions worldwide.\u201d<\/span><\/p>\n NAN also report that the lead issuing house for Access Holdings\u2019 rights ussue is Chapel Hill Denham Advisory Ltd., while Atlas Registrars Ltd. will serve as the Registrars to the offer. (NAN)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" L-R: Ms Morounke Olufemi, Group Chief Financial Officer, Access Holdings Plc, Mr Temi Popoola, Group CEO, NGX Group, Ms Bolaji…<\/p>\n","protected":false},"author":1,"featured_media":776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[241,264,263],"class_list":["post-775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","category-news","tag-access-holdings","tag-aigboje-aig-imoukhuede","tag-dr-umaru-kwairanga"],"yoast_head":"\n