Olufemi: Access rights issue reflects 5-year strategic plans
Morounke Olufemi, the Group Chief Financial Officer at Access Holdings believes the 19 naira 75 kobo pricing for its rights issue was carefully thought-out, bearing in mind the sentiments of investors to banking stocks. In a chat with CNBC Africa, Olufemi says the timing reflects the banks strategic planning.
Wed, 03 Jul 2024 12:32:00 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Carefully considered pricing of 19 naira 75 kobo reflects current sentiments towards banking stocks in Nigeria and addresses shareholder concerns.
- The rights issue aligns with Access Holdings' five-year strategic plan and coincides with the Central Bank of Nigeria's recapitalization exercise, showcasing proactive planning.
- Access Holdings aims to swiftly execute the rights issue to meet regulatory requirements and continue delivering value to shareholders, positioning the bank as a leader in achieving adequate recapitalization.
Access Holdings recently announced a rights issue priced at 19 naira 75 kobo, a move carefully thought out by the Group Chief Financial Officer, Morounke Olufemi. In a chat with CNBC Africa, Olufemi highlighted the strategic planning behind the pricing, considering the current sentiment towards banking stocks in Nigeria. According to Olufemi, the pricing reflects the depressions seen in banking stocks and aims to address the concerns of shareholders. The CFO emphasized that the bank's five-year strategic plan coincided with the announcement of the rights issue, aligning with the Central Bank of Nigeria's recapitalization exercise. While some may speculate about prior knowledge of the CBN's plans, Olufemi clarified that the timing was not influenced by insider information. The bank aims to swiftly execute the rights issue to meet regulatory requirements and continue focusing on delivering value to shareholders. Access Holdings is poised to be among the first banks to achieve adequate recapitalization, demonstrating a commitment to meeting regulatory standards and ensuring operational efficiency.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.
