Managing Director of Access Bank, Mr. Roosevelt Ogbonna has reaffirmed the bank’s commitment to prioritizing and enhancing shareholders’ value, urging them to participate actively in its ongoing N351.02 billion rights issue.
Ogbonna made this statement during Access Holdings Plc’s Facts Behind the Rights Issue Presentation, held recently on the Nigerian Exchange.
The group is currently undertaking a capital raising initiative of N351 billion through a rights issue to existing shareholders. As part of this rights issue, 17.772 billion ordinary shares are being offered at N19.75 per share.
He said the bank’s presence in the UK has continued to position it strategically in the areas of facilitating and enhancing cross-border trade across the globe.
“We have delivered solid financial results, demonstrating the effectiveness of our strategies and our ability to adapt to changing market conditions. Our focus remains on driving profitability and delivering value to our shareholders.”
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.
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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 dollars. So, 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 capitalisation. The institution has indeed delivered in all its commitment from 2002,” he added.
Meanwhile, chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede urged shareholders to participate actively in the ongoing rights Issue.
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Imokhuede said the additional capital would 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.
“The reality is this: the reason we conducted a rights issue is because it would be unfortunate if, after supporting us through the highs and lows, through the times of investing, through the sweat, and tears, you missed out just as this money-making machine is about to start generating profits. Don’t make that mistake,” he said.
With its clear vision and strategic priorities, Access Bank is set to remain a key player in Nigeria’s banking industry, delivering consistent value to its shareholders and contributing to the broader economy.
Chairman, of NGX, Ahonsi Unuigbe said the recent directive on recapitalization issued by the CBN aims to strengthen the financial stability and resilience of banks, saying 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 mobilization of resources necessary for banks to meet this regulatory requirement and sustain growth.”