The Acting Group Managing Director of Access Holdings, Mrs Bolaji Agbeje says the company’s decision to raise fresh capital is in line with its strategic vision to adapt to current financial ‘landscape’ in the country.
On April 19, 2024, the shareholders of the holding company at a meeting in Lagos, unanimously backed its plan to raise fresh capital to the tune of $1.5 billion around N351 billion ( using the current naira exchange rate to the American Dollar) through a Rights Issue of ordinary shares to its shareholders.
The meeting followed the Central Bank of Nigeria’s March 31, 2024 order to commercial banks in the country to recapitalise.
The apex bank said tier one commercial banks must raise their working capital to N500 billion.
The Olayemi Cardoso-led CBN said Nigeria’s top deposit money banks must ensure that they beat the recapitalization deadline of March, 31, 2026.
Analysts insists that Access Corps has taken the right steps in compliance with the regulator’s directive, unfazed by the current economic headwinds in the country.
The GMD made the remark in Lagos on Tuesday during the signing of its 17,772,612,811 ordinary share rights issue to existing shareholders.
The ceremony is expected to take place on Monday, July 8, 2024 on the floor of the Nigerian Exchange, NGX, according to information provided by the company.
Agbeje said, “Our success is rooted in our resolute dedication to excellence, our strategic vision, market research, resilience, and ability to adapt to the ever evolving financial landscape.
“With his ceremony, we are taking a bold step in our vision to build a connected community and ecosystem inspired by Africa for the world..”
“Indeed, the realisation of this vision requires the full backing of our valued shareholders. It is your support thaensures that we optimise the emerging opportunities in the ecosystem and create long term value.
“The rights issue, which is a key component of our 2023-2027 strategic plan, is opened to existing shareholders at N19.75 per share.
And offered on the basis of one for two shares held as at Friday, June 7, 2024. We are confident that this offer will be well received by the shareholders,” she said.
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