Access Holdings shareholders approve $1.5bn capital raise programme

Access Holdings, a leading financial institution, is set to embark on a massive capital raising programme after shareholders approved a $1.5 billion capital raise and a 365-billion-naira rights issue. Bolaji Agbede, the Acting Group CEO of Access Holdings, expressed his excitement about the growth of the bank, stating that they have seen significant increases in earnings and contributions from international and African banking subsidiaries. Agbede highlighted the success of non-banking subsidiaries as well, painting a positive picture of the bank's overall performance in the past year. The approval of the capital raising program and the rights issue is a critical step for Access Holdings in supporting their expansion plans and meeting the CBN capital requirements. Agbede emphasized the importance of having adequate capital to seize opportunities in the marketplace and drive growth. The resolutions passed at the shareholders' meeting pave the way for a strong financial future for Access Holdings. Access Holdings also celebrated the success of its subsidiaries, with Hydrogen, the payment business, breaking even in its first year of operation. Acquisitions of FGPL and Sigma further bolstered the non-banking business, which is expected to contribute significantly to the overall growth of the company in the coming years. Shareholders can look forward to a dividend payout, with the company announcing a final dividend of one Naira, 80 Kobo per share. This decision reflects Access Holdings' commitment to providing value to its shareholders. The choice to opt for a rights issue instead of a public offer demonstrates the bank's focus on empowering existing shareholders to benefit from the organization's success. Moving forward, Access Bank is poised for continued growth and success, with a solid financial strategy in place to support its ambitious expansion plans across Africa and beyond.