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Tag: Access Holdings

  • Access Holdings to fast-track global expansion as shareholders okay N2.12tr capital raising

    Access Holdings to fast-track global expansion as shareholders okay N2.12tr capital raising

    • ‘N365b rights issue’ll be oversubscribed’
    • Recapitalisation good for banks, says Aig-Imoukhuede

    Access Holdings Plc will enter a new phase of its global expansion strategy in the second half of this year as Nigeria’s largest financial services group embarks on an ambitious N2.12 trillion capital raising programme.

    At the Annual General Meeting (AGM) at the weekend in Lagos, shareholders of Access Holdings mandated the company to raise $1.5 billion and N365 billion in a multi-tranche, multi-currency and multi-instrument capital raiser.

    Access Holdings stated that its global expansion strategy will enter the consolidation and efficiency phase from second half of 2024, aligning with its five-year plan to accelerate the attainment of its 2027 strategic objectives.

    The group has so far this year struck four deals, including acquisition deals in Kenya, Uganda, Zambia and a Nigerian insurance brokerage firm and a regulatory approval for a new Nigerian, consumer lending subsidiary.

    Access Holdings stated that it remained focused on driving sustainable growth, and delivering value to its shareholders as it continues to build a globally connected community and ecosystem, inspired by Africa, for the world.

    Shareholders at the meeting ratified the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as non-executive directors while commending the return of Aig-Imoukhuede as the chairman of Access Holdings.

    Shareholders recalled Aig-Imoukhuede’s rich history of success with the bank citing his role in driving the bank’s growth during the 2004 recapitalisation of the banking industry.

    Shareholders were unanimous in their support for the new capital raising with an assurance to participate in the rights issue, which is allotted shareholders.

    The net proceeds of the rights issue would be used to support working capital, including organic growth funding for its banking and other non-banking subsidiaries.

    Chairman, Access Holdings Plc, Mr Aigboje Aig-Imoukhuede, in a  chat with reporters after the meeting, said the group is focused on two major issues of banking sector recapitalisation and continuous good returns on investment to shareholders.

    He said the new banking recapitalisation is a “sensible prudential regulation” necessary to ensure that banks are in good position.

    “I think on the issue of recapitalisation, first of all as a group, Access Holdings wholeheartedly endorses the recapitalisation signal by the CBN.

    “Banks, particularly after period of significant devaluation of the domestic currency, volatility in the exchange and interest rates regime are always encouraged to build up the capital buffers to ensure that whatever adverse effect within their balance sheet is a result of these dynamism changes in the environment will not affect their going concern.

    “So, we endorsed the policy by CBN and it is good and sensible prudential regulation. It is not the first time CBN has come up with such policy. In 2004, when Access Bank had about N3 billion capital and it was increased to N25 billion.

    “Between 2004 and 2007, when I was the Chief Executive Officer, our team raised $2 billion common equity capital and, therefore, if come 2024, Access Bank, much older, wiser, stronger, larger and significantly respected by the capital market with over 800,000 shareholders, raising $300 milliion in capital is not much a challenge,” Aig-Imoukhuede said.

    Underlining the reasons for its diverse capital raising, Aig-Imoukhuede said the group believes in ensuing that shareholders of all categories have opportunities to continue with the group in its journey.

    He said the group also has a very unique relationship with capital markets in Nigeria and international, thus the focus of its capital raising.

    Acting Chief Executive Officer, Access Holdings Plc, Bolaji Agbede, said the group would build on its impressive performance in the first quarter to deliver another remarkable performance for 2024.

    Read Also: Recapitalisation: Access Holdings to raise $1.5b to boost operations

    She pointed out that the performance of the group illustrated the success of its strategy, assuring that the company would continue to leverage emerging opportunities to drive growths.

    President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, said with the enthusiasm shown by shareholders and the track records of the group, the rights issue would be oversubscribed.

    He said shareholders may demand for more than their initial allotments because of their experience with the group and expectations that Access Holdings will continue to be an industry leader in the post-recapitalisation period.

    According to him, while the recapitalisation may alter the dynamics of the banking industry, post-recapitalisation banks would be in better positions to deliver higher returns and play bigger roles in the emerging economy.

    Founder, Independent Shareholders Association of Nigeria (ISAN), Chief Sunny Nwosu said shareholders were thrilled with Aig-Imoukhuede’s return citing his proven track record, experience, and strategic insights.

    He said the new chairman is the ideal leader to further drive Access Holdings towards meeting its lofty targets.

    “During his tenure as CEO, particularly during the recapitalisation directive by the CBN, he steered Access Bank to raise an impressive $2 billion 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,” Nwosu said.

    At the meeting, shareholders increased the issued share capital of the company from N17.773 billion of 35.545 billion ordinary shares of 50 Kobo each to N26.659 billion of 53.318 billion ordinary shares of 50 kobo each by the creation of additional 17.773 billion ordinary shares of 50 Kobo, ranking pari-passu with the existing ordinary shares of the company.

    The meeting also approved a resolution empowering the board to establish a capital raising programme of up to $1.5 billion or its equivalent, through the issuance of ordinary shares, preference shares, Alternative Tier 1, convertible and/or non-convertible notes, bonds or any other instruments, whether by way of a public offering, private placement, rights issue, book building process or any other method or combination of methods, in such tranches, series or proportions and at such dates, coupon or interest rates within such maturity periods and upon such terms and conditions as may be determined by the board subject to obtaining the requisite regulatory approvals.

    Shareholders mandated the company to raise capital of up to N365 billion by way of a rights issue on such terms and conditions and on such dates as may be determined by the directors, subject to obtaining the approvals of the relevant regulatory authorities.

    As part of the capital raising process, the meeting approved that any shares not taken by existing shareholders within the period stipulated under the rights issue may be offered for sale to other interested shareholders of the company on such terms and conditions as may be determined by the directors subject to the approvals of the relevant regulatory authorities.

    Shareholders approved the payment of total dividend of N74.65 billion for the 2023 business year, representing a dividend per share of N2.10. This included a final dividend of N63.98 billion or N1.80 per share, in addition to interim dividend of N10.66 billion or 30 kobo per share.

    Audited report and accounts of Access Holdings for the year ended December 31, 2023 showed that gross earnings grew by 87 per cent from N1.388 trillion in 2022 to N2.595 trillion in 2023. The top-line was driven by interest income of N1.65 trillion, the highest within the industry. Profit before tax leapt by 334.8 per cent to N729 billion in 2023 as against N167.68 billion in 2022. While income tax expense jumped by 642 per cent from N14.78 billion to N109.68 billion, net profit after tax grew by 306.9 per cent from N152.20 billion in 2022 to N619.32 billion in 2023. Operating profit had closed 2023 at N1.43 trillion, the highest within the industry. Basic earnings per share thus rose by 288.1 per cent from N4.44 in 2022 to N17.23 in 2023.

    The company’s balance sheet also showed double-digit growths across key parameters. Total assets rose by 77.9 per cent from N14.998 trillion in 2022 to N26.689 trillion in 2023. Total deposits had grown by 75.5 per cent from N11.26 trillion to N19.76 trillion. Customers deposit particularly rose by 65.6 per cent from N9.25 trillion to N15.32 trillion. On the same breath, loan and advances to customers increased from N5.10 trillion in 2022 to N8.04 trillion in 2023. Shareholders’ funds grew by 77.5 per cent to N2.19 trillion in 2023 as against N1.23 trillion in 2022.

  • Recapitalisation: Access Holdings to raise $1.5b to boost operations

    Recapitalisation: Access Holdings to raise $1.5b to boost operations

    Access Holdings Plc yesterday unveiled its plan to raise $1.5 billion additional capital to boost its capital base.

    New details of the capital-raising plan was announced less than 24 hours after the Central Bank of Nigeria (CBN) directed banks to shore up their capital base.

    The apex bank directed that commercial banks with international operations move their capital base from N50 billion to N500 billion; commercial banks with national operations, raise their capital base from N25 billion to N200 billion while regional banks raise their capital base from N10 billion to N50 billion.

    The capital raising exercise has 24-month deadline.

    Access Bank, which falls within lenders with international operations, said its capital-raising programme was meant to enhance the group’s financial strength through the issuance of various financial instruments such as ordinary shares, preference shares, Alternative Tier 1 capital, convertible and/or non-convertible debt, bonds or other capital and/or funding instruments.

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    “The Programme may be executed through a variety of methods including public offerings, private placements, rights issues, book building processes, or a combination thereof. The specifics regarding the tranches, series, proportions, dates, pricing, tenor, and other terms and conditions that may be associated, will be determined by the Board of Directors, contingent upon securing the necessary regulatory approvals,” the bank said.

    Drawing from the Programme, the Group expects to raise up to N365,000,000,000.00 (Three Hundred and Sixty-Five Billion Naira) specifically via a Rights Issue of ordinary shares. The proceeds of the proposed Rights Issue would be used to support ongoing working capital needs including organic growth funding for its banking and other non-banking subsidiaries.

    The plans for the Programme were disclosed in the Group’s Notice of the 2nd Annual General Meeting holding on April 19, 2024 which was published on the Nigerian Exchange portal on March 27, 2024.

    Bank recapitalisation will boost capital market – Izunaso

    Senate Committee on Capital Market and Institutions Chairman Osita Izunaso yesterday threw his weight behind the CBN in its bank recapitalization programme, describing it as an effective means of creating a safer, sound and stable banking system.

    The move, Izunaso said in Abuja, would also go a long way in strengthening the country’s financial system in general.

    The new Capital requirement, according to him, is justified by the negative impact of naira depreciation on the capital base of banks over the years, especially following the recent unification of exchange rates.

    He said the adoption of tiered minimum capital requirements in respect of international, national and regional authorization was a better option than the uniform capital base of N25 billion which came into effect under the 2005 banking recapitalisation exercise.

    “In view of the strong link between the money and capital markets in Nigeria with most banks quoted on the Nigerian Exchange, I have no doubt that the successful implementation of this exercise will have salutary impact on the capital market,” he said.

    He hailed the CBN for the emphasis placed on injection of fresh capital for the purpose of meeting the minimum capital requirements as opposed to mere reliance on revenue reserves by the banks.

    He added: “Against the backdrop of the requirement to use only paid-up share capital and share premium for recapitalisation purposes, it is expected that most of the banks will approach the stock market to raise additional funds either through an offer for subscription or rights issue.

     “This has the potential to deepen the market, increase equities market capitalization as well as serve as a veritable source of Foreign Direct Investment with positive multiplier effects on the economy.”

    But he warned that to neutralise  the  unique risks that could arise from the new recapitalization exercise, especially when banks opt for the private placement route, the CBN should ”intensify efforts to ensure that laundered funds are not used to recapitalise the banks and that only fit and proper persons end up as significant shareholders.”

    “This risk is minimised when banks go through the stock market which offers a screening layer in addition to that carried out by the CBN,” Izunaso said.

    How banks can raise fresh capital

    Reacting to the new recapitalization programme yesterday, Olaoluwa Badmus, a stockbroker, said most of the tier one banks of the 24 remaining could generate fresh capital through a combination of measures such as right issue, private placement as the case may be.

    Badmus noted that banks have the option to raise capital either through public offers or by incorporating foreign debt into their financial portfolios.

    “Certainly, some of the options open to banks include going for public offers to raise funds in the capital market while smaller banks will contend with mergers and acquisition,” he said.

    Echoing similar sentiments, Ejiro Etaghene, an economist said banks may also opt for subscription, right issues, and private placement to raise fresh capital outlay as stipulated by the apex bank.

    Besides, Eatghene said banks could raise capital by issuing bonds.

    “Bonds are essentially loans made by investors to the issuer. Investors purchase bonds, receive interest payments over a set period, and then receive their principal back at maturity while initial public offering is the first public offering of a company’s stock on a stock exchange.”

     Olayemi Cardoso, the CBN governor on Thursday announced minimum capital requirements for Nigerian banks requiring international, national, and regional banks to maintain minimum share capital of N500 billion, N200 billion, and N50 billion, respectively.

    The minimum capital refers to the amount of money a bank needs to have on hand to function safely and absorb potential losses. This new requirement specifies that only a bank’s paid-up capital (the portion of its shares that investors have paid for) and share premium (the additional amount shareholders pay above the face value of a share) will be considered towards meeting this minimum.

    Among the tier-one banks listed, the United Bank of Africa is set to raise the largest sum, amounting to N384.19 billion, to fulfil the new CBN recapitalisation requirement. Currently, it possesses N115.82 billion in share capital plus premium.

    Ecobank Transnational Inc., a tier-two bank with international authorization, requires the smallest amount to be raised. It currently holds N353.51 billion in share capital plus premium, with N146.48 billion left to meet CBN regulations.

    First Bank requires N248.66bn, Zenith N229.25bn, Gtbank N361.81bn and UBA N384.18bn to meet the apex bank’s N500 billion new capital base requirement.

  • Access Holdings expands loans by 60% to N8.9tr

    Access Holdings expands loans by 60% to N8.9tr

    Access Holdings Plc has announced its audited Consolidated and Separate Financial Statements for the year ended December 31, 2023.

     In the year under review, the Group Loans & Advances expanded by 60.5 per cent year-on-year to N8.9 trillion, accompanied by an improvement in the Non-Performing Loan Ratio, which decreased to 2.8 per cent from 3.2 per cent in 2022.

    The Group closed the year with N2.18 trillion in Shareholders’ Funds, marking a significant 77.5 per cent growth from N1.23 trillion in the 2022 financial year. It also recorded a robust growth in its Profits Before Tax, posting a healthy N729 billion, representing 335 per cent year-on-year (YoY) increase from 2022.

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    Access Holdings’ Gross Earnings also surged by 87 per cent YoY to N2.59 trillion, up from N1.38 trillion in 2022. This remarkable growth was primarily driven by a 100 per cent increase in interest income and a 67.9 per cent growth in non-interest income.

    The Group’s Net Interest Income also demonstrated strong performance, soaring by 93.5 per cent YoY to N695.4 billion, compared to N359.6 billion in the previous year. The yield on earning assets also rose remarkably from 9.2 per cent in 2022 to 12.8 per cent.

  • Access Holdings launches N2.3tr new capital raising plan

    Access Holdings launches N2.3tr new capital raising plan

    • Profit rises by 335% to N729b

    Access Holdings Plc is launching a new capital raising exercise to raise about N2.3 trillion in a preemptive move to consolidate the group’s position as one of Africa’s leading financial services groups.

    The capital raising plan was unveiled yesterday as the group released its audited results and accounts for the 2023 business year, showing 334.8 per cent in pre-tax profit to N729 billion.

    In regulatory filings at the Nigerian Exchange (NGX), the board of Access Holdings stated that it would seek approval of the shareholders to raise $1.5 billion and N365 billion in both foreign-denominated and naira-denominated issuances. Shareholders are scheduled to meet at the group’s annual general meeting on April 19, 2024, in Lagos.

    The naira appreciated yesterday by 6.4 per cent to N1, 300.43 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

    According to the board, shareholders are expected to increase the issued share capital of the company from N17.773 billion of 35.545 billion ordinary shares of 50 Kobo each to N26.659 billion of 53.318 billion ordinary shares of 50 kobo each by the creation of additional 17.773 billion ordinary shares of 50 Kobo, ranking pari-passu with the existing ordinary shares of the company.

    The meeting is expected to also approve the election of Mr. Aigboje Aig-Imoukhuede as a non-executive director. Aig-Imoukhuede, the pioneer chief executive of Access Bank Plc, was recently appointed as the chairman of Access Holdings Plc.

    The meeting will consider and approve a resolution empowering the board to establish a capital raising programme of up to $1.5 billion or its equivalent, through the issuance of ordinary shares, preference shares, Alternative Tier 1, convertible and/or non-convertible notes, bonds or any other instruments, whether by way of a public offering, private placement, rights issue, book building process or any other method or combination of methods, in such tranches, series or proportions and at such dates, coupon or interest rates within such maturity periods and upon such terms and conditions as may be determined by the board subject to obtaining the requisite regulatory approvals.

    Also, shareholders are expected to mandate the company to raise capital of up to N365 billion by way of a rights issue on such terms and conditions and on such dates as may be determined by the directors, subject to obtaining the approvals of the relevant regulatory authorities.

    Read Also: Coronation Group, Access Holdings, others explore remittances

    As part of the capital raising process, any shares not taken by existing shareholders within the period stipulated under the rights issue may be offered for sale to other interested shareholders of the company on such terms and conditions as may be determined by the directors subject to the approvals of the relevant regulatory authorities.

    Key extracts of the audited report and accounts of Access Holdings for the year ended December 31, 2023 showed that gross earnings grew by 87 per cent from N1.388 trillion in 2022 to N2.595 trillion in 2023. Profit before tax leapt by 334.8 per cent to N729 billion in 2023 as against N167.68 billion in 2022. While income tax expense jumped by 642 per cent from N14.78 billion to N109.68 billion, net profit after tax grew by 306.9 per cent from N152.20 billion in 2022 to N619.32 billion in 2023.

    The board of the bank has recommended payment of total dividend of N74.65 billion for the 2023 business year, representing a dividend per share of N2.10. A final dividend of N63.98 billion or N1.80 per share will be paid, in addition to interim dividend of N10.66 billion or 30 kobo per share.

    The company’s balance sheet also showed double-digit growths across key parameters. Total assets rose by 77.9 per cent from N14.998 trillion in 2022 to N26.689 trillion in 2023. Total deposits had grown by 75.5 per cent from N11.26 trillion to N19.76 trillion. Shareholders’ funds grew by 77.5 per cent to N2.19 trillion in 2023 as against N1.23 trillion in 2022.

  • Coronation Group, Access Holdings, others explore remittances

    Coronation Group, Access Holdings, others explore remittances

    A transformative collaboration aimed at broadening access to remittances across Africa has been forged among Coronation Group, Access Holdings Plc, Safaricom Plc and M-PESA Africa have come together in a strategic alliance dedicated to propelling financial inclusion and nurturing economic prosperity for millions across the continent.

    The parties aim to explore solutions that will provide a remittance corridor between East and West Africa, connecting some of the continent’s largest economies.

    The collaboration will see the convergence of Access Holdings’ robust Pan-African banking infrastructure, spanning 14 African countries, with Coronation Group’s comprehensive array of technology-infused financial services offerings in West Africa, coupled with M-PESA and Safaricom.

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    M-PESA is the continent’s leading mobile money and digital payments service, connecting more than 60 million customers and 5 million businesses across 8 countries and processing more than $1 billion a day in transaction value. Safaricom is Kenya’s leading telecommunications, ICT and financial services provider with more than 32 million of its customers using M-PESA services every month.

    Chairman of Access Holdings and Coronation Group, Aigboje Aig-Imoukhuede, emphasised the ethos of empowerment that forms the foundation of this collaboration. “We stand at the threshold of an extraordinary journey, one poised to shape the financial landscape of Africa.

  • Access Holdings appoints pioneer GMD Aig-Imoukhuede chairman

    Access Holdings appoints pioneer GMD Aig-Imoukhuede chairman

    • ‘Shared vision which Wigwe gave everything for will be realised’

    The board of Access Holdings Plc yesterday announced the appointment of Mr. Aigboje Aig-Imoukhuede as its chairman. Aig-Imoukhuede replaced Mr. Abubakar Jimoh, the erstwhile chairman of the holdco who remains on the board as an independent non-executive director.

    In a regulatory filing at the Nigerian Exchange (NGX), Access Holdings stated that the decision to invite Aig-Imoukhuede as the chairman of the board came on the heels of extensive consultations with key stakeholders, in response to the untimely death of immediate past Group Chief Executive Officer of Access Holdings, Dr. Herbert Wigwe.

     Aig-Imoukhuede had laid a solid foundation for Access Bank’s success as Group Chief Executive Officer between 2002 and 2013 ably supported by his partner and deputy, the late Wigwe, who later succeeded him.

    Read Also: Access Holdings boosts growth with markets expansion

    In his new role as non-executive chairman, Aig-Imoukhuede will collaborate with the board of directors to oversee strategy and provide guidance to the executive management team.

    The board noted that Aig-Imoukhuede’s return was not only a testament to his unwavering dedication to Access Group but also a clear demonstration of the Board’s confidence in his ability to lead the group to new heights.

    According to the board, the decision to bring back Aig-Imoukhuede reflects the board’s commitment to its core values and determination to build upon the strong foundation, he jointly established with Wigwe.

    The board noted that with Aig-Imoukhuede’s return, Access Holdings aims to leverage his extensive experience, industry knowledge, and exceptional leadership skills to consolidate on the growth and accomplishments recorded under Wigwe’s leadership.

    Jimoh said Aig-Imoukhuede’s appointment to the board and subsequent election as chairman was a landmark development for Access Holdings.

  • Access Holdings boosts growth with markets expansion

    Access Holdings boosts growth with markets expansion

    Access Holdings’ expansion from various parts of Nigeria into Angola, Botswana, Cameroon, the Democratic Republic of Congo, Gambia, Ghana, Guinea, Kenya, Mozambique, Rwanda, Sierra Leone, South Africa, Tanzania, and Zambia was to drive growth.

    In a statement, the company said it strategically ventured into new territories, bringing its expertise, resources, and innovative solutions to areas with immense growth potential. Its foray into South Africa marked a significant milestone, as Access Holdings became a pioneer in extending its footprint beyond its home base.This strategic move exemplifies the company’s vision to be a pan-African force, contributing to economic development across borders.

    Access Holdings has expanded its physical presence and engaged with local economies, forging partnerships and collaborations that stimulate growth.

    Through its subsidiaries, the institution has played a pivotal role in sectors ranging from finance and banking to agriculture, technology, and healthcare, bringing diverse opportunities to the communities it serves.

    In countries where Access Holdings has established a presence, the institution has become a driving force for job creation and entrepreneurship. Access Holdings has sown the seeds of sustainable economic development by supporting small and medium enterprises (SMEs), investing in local businesses, and providing financial solutions tailored to the needs of each market.

    Read Also: Access Holdings rebounds as equities gain N980b

    The company’s ability to adapt its business model to the unique dynamics of each African market sets it apart. Access Holdings recognises that Africa is not a monolithic entity but a collection of diverse economies with distinct challenges and opportunities. Through its expansion strategy, the institution tailors its approach to address the specific needs of each region, contributing to a more inclusive and holistic development across the continent.

    Access Holdings’ commitment to responsible business practices is evident in its expansion efforts. The institution actively engages with local communities, embracing cultural diversity and incorporating sustainable practices into its operations. This approach fosters positive relationships and ensures that economic development is aligned with the principles of social and environmental responsibility.

    As Access Holdings charts new territories, the institution continues to drive economic growth and development in Africa. Expanding its reach, fostering local partnerships, and contributing to diverse sectors continue to drive positive change and progress across the continent. The diversified holdings company’s strategic expansion initiatives have positioned it as a key player in fostering progress and unlocking opportunities in previously untapped markets. As Access Holding continues its journey of expansion, it is poised to leave a lasting impact, unlocking potential and shaping a brighter future for the diverse nations that make up the vibrant tapestry of Africa.

  • Access Holdings rebounds as equities gain N980b

    Access Holdings rebounds as equities gain N980b

    • Agbede’s appointment boosts confidence

    Access Holdings’ share price rose for the first time this week yesterday as investors increased demand for the shares of the financial services group.

    Access Holdings’ share priced had dropped on Monday on the first trading session after the announcement of the death of its Group Chief Executive Officer, Dr Herbert Wigwe.

    Wigwe, his wife, son and former Group Chairman of Nigerian Exchange Group (NGX Group) Plc, Chief Abimbola Ogunbanjo died in helicopter crash at the weekend in United States of America (USA).

    The market opened to the news of appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer of Access Holdings Plc on the second trading day, with the shares trading flat, an indication that investors were holding back to fully consider the implications of the announcement.

    Access Holdings’ share price rose by 1.29 per cent to N23.60 per share yesterday in what market analysts said was an indication of positive investors’ sentiment on the timely appointment and general stability of the group.

    The gains by Access Holdings, the third most active stock yesterday, and 27 other stocks pushed the equities market to a net capital gain of N980 billion.

    Market analysts noted that while Agbede’s appointment is subject to the approval of the Central Bank of Nigeria (CBN), the timely appointment was in line with extant capital market rules which disallows leadership vacuum in companies quoted on Nigerian Exchange (NGX).

    They said the decision to promptly get a replacement for the bank deceased bank chief was also in line with the company’s succession policy.

    Read Also: NDLEA mourns late Access Holdings CEO Wigwe

    President, Bank Customers Association of Nigeria , Dr. Uju Ogubunka said the company acted rightly, insisting that the appointment of Agbede would boost investors’ confidence in the company.

    The All Share Index (ASI)- the value-based common index that tracks all shares quoted on the NGX, rose by 1.76 per cent to close at 103,498.28 points as against its opening index of 101,707.70 points. Aggregate market capitalisation o all quoted equities also rose by N980 billion to close at N56.633 trillion compared with its opening value of N55.653 trillion.

    There were 28 gainers to 25 losers. Unity Bank and Airtel Africa emerged the highest price gainer of 10 per cent each to close at N2.42 and N2,200 respectively. Juli followed with a gain of 9.91 per cent to close at N1.22 per share. FBN Holdings rose by 9.90 per cent to close at N27.20 while Morison Industries appreciated by 9.82 per cent to close at N3.02 per share.

    On the negative side, NCR Nigeria, Thomas Wyatt Nigeria and MeCure Industries led others on the losers’ chart with 10 per cent each to close at N4.32, N2.25 and N9.72 respectively. Meyer followed with a decline of 9.99 per cent to close at N6.22 while BUA Cement shed 9.91 per cent to close at N150 per share.

    The total volume traded rose by 62.19 per cent to 426.861 million units, valued at N12.107 billion, and exchanged in 8,654 deals. Transactions in the shares of FBN Holding led the activity with 54.611 million shares worth N1.479 billion. United Bank for Africa (UBA) followed with account of 47.658 million shares valued at N1.173 billion. Access Holdings traded 46.045 million shares valued at N1.092 billion. Transnational Corporation (Transcorp) traded 30.646 million shares worth N394.903 million while Nigerian Breweries traded 25.488 million shares worth N968.657 million.

  • Access Holdings, HACEY Health Initiative partner

    Access Holdings, HACEY Health Initiative partner

    Access Holdings PLC, the headline sponsors of the Access Bank Lagos City Marathon, has partnered with HACEY Health Initiative and the Nigeria Business Coalition Against AIDS (NiBUCAA) to deepen HIV/AIDS awareness and testing in Lagos.

    The initiative, launched ahead of the highly anticipated 2024 Access Bank Lagos City Marathon scheduled for Saturday, February 10, aims to impact 20,000 individuals with the awareness of best practices to manage their health and wellbeing as well as reduce the spread of the virus. To this end, Access Holdings, through its implementation partners, last week flagged off a health drive that will extend to the Marathon grounds, and see participants benefit from free HIV screening and counselling.

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    Head of Group Sustainability at Access Holdings PLC, Omobolanle Victor-Laniyan, emphasised the company’s commitment, stating, “Our partnership is demonstrative of our dedication to leveraging large-scale events like the Access Bank Lagos City Marathon to drive positive change in our communities. By prioritising HIV/AIDS awareness and testing, we are taking significant steps towards a healthier, informed and more empowered society.”

    Over the previous editions of the Marathon, Access Holdings’ HIV testing and counselling drives have directly benefited over 13,618 individuals. Additionally, the Group and its partners have increased awareness of HIV prevention and safety across different LCDAs in Lagos, reaching over 50,010 people. Through these efforts, 63 reactive patients have received referral care and psychosocial support, while 22,272 condoms and IEC materials have been distributed.

    The 2024 Access Bank Lagos City Marathon, an iconic event celebrating athleticism and community engagement, has put Lagos on the world map. Regarded as the world’s fastest growing road race, the Marathon has become one of the continent’s biggest platforms for cultural exchange, contributing significantly to tourism and as a result, boosting the continent’s economy.

  • Access Holdings loses 6.26%

    Access Holdings loses 6.26%

    Investors on the stock market of the Nigerian Exchange Ltd. (NGX) reacted yesterday to the death of  Herbert Wigwe, group chief executive officer of  Access Holdings, reducing the company’s share price.

    Specifically, shares of Access Holdings, which opened at N24.75 per share, lost 6.26 per cent to close at N23.20 per share.

    However, the corporation led the activity chart in volume with 24.90 million shares that traded at N575.10 million.

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      David Adonri, vice chairman, Highcap Securities Ltd., said the capital market is information -driven.

    According to him, the news of Wigwe’s death is capable enough to affect the price of the company’s equity.

    Adonri,  however,  said, “there is no cause for alarm because Access Holdings is well structured with good corporate governance and security on the ground.”