Access Holdings’ Shareholders Support Capital Raising Plan, Aig- Imoukhuede’s Return As Chairman

THE shareholders of Access Holdings Plc have backed the group’s plan to establish a capital raising programme of US$ 1.5b as well as the subset initiative to raise up to N365b, specifically, through a Rights Issue of ordinary shares to its shareholders. They gave the backing at the 2nd Annual General Meeting ( AGM) held on Friday, hoping that the proceeds of the Rights Issue would be used to support on- going working capital needs, including organic growth funding for its banking and other nonbanking subsidiaries.

Also, the shareholders ratified the appointments of Aigbojeaig- Imoukhuede, Olusegun Ogbonnewo, and Ojinikaolaghere as Non- Executive Directors.

The appointment of AigImoukhuede as the Chairman of Access Holdings was praised by the shareholders, who pointed to his rich history of success with the institution, having transformed it into Nigeria’s biggest lender by market value alongside Herbert W i g w e . A i g - Imoukhuede’s leadership was instrumental in drivingthe 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 Aigbojeaig- 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 histenure as CEO, particularly during the recapitalisation directive by the CBN, he steered Access Bank to raise an impressive $ 2b 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,” said Chief Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria ( ISAN). In line with the group’s strong 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 per cent improvement from the corresponding period in 2022.