Access Holdings, the parent company of Nigeria’s largest bank, Access Bank, has announced its intention to conduct a fully digital N365bn rights issue to bolster its capital base and support future growth initiatives in the financial sector. The company aims to raise funds through equity, quasi-equity, and debt issuances, with a target of up to $1.5bn in total capital.
At the second Annual General Meeting of the Holdco, chairman Aigboje Aig-Imoukhuede highlighted the significant role of digital technology in the upcoming capital-raising exercise.
Aig-Imoukhuede emphasized the transformative impact of digital technology on the bank’s fundraising strategy, citing the shift towards a more accessible and efficient process for shareholders. He noted the evolution from traditional methods of fundraising to leveraging digital platforms for streamlined investor participation.
Reflecting on past fundraising efforts, Aig-Imoukhuede recalled the successful capital raising in 2004 and expressed confidence in the company’s ability to navigate the current capital raise with enhanced digital capabilities.
Encouraging shareholder participation, Aig-Imoukhuede underscored the inclusive nature of the rights issue, urging both large and minority shareholders to engage in the capital-raising venture. He emphasized the company’s commitment to maintaining strong relationships with its shareholders and ensuring broad participation in the upcoming fundraising initiative.
Discussing the utilization of the proceeds from the rights issue, Group Chief Executive Officer of Access Holdings, Bolaji Agbede, outlined the allocation of funds to meet regulatory requirements and support operational needs of the banking subsidiary.
Agbede highlighted the importance of a robust capital plan in navigating economic challenges and outlined plans to allocate a portion of the proceeds to non-banking subsidiaries for strategic growth initiatives.