Rights Issue: Access Bank Commends Local Investors’ Participation | Independent Newspapers Limited
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Rights Issue: Access Bank Commends Local Investors’ Participation

Posted: Sep 9, 2015 at 12:00 am   /   by   /   comments (0)

Stories by Bamidele Ogunwusi,

Lagos

Access Bank has applauded its local investors for actively taking part in the recently completed Rights Issue of which the bank raised N41.7 billion.

Oscar Onyema, CEO, NSE

Oscar Onyema, CEO, NSE

Roosevelt Ogbonna, an Executive Director of the bank, said the bank was satisfied with the participation of the local investors and promised that the bank will always continue to keep the momentum of playing big in the sector.

His words: “The Rights Issue has been completed and we have listed new shares on the floor of The Nigerian Stock Exchange. We are grateful to the strong participation of the local investors.

“We went to the market to raise N52.6 billion but series of impediments like Boko Haram menace, 2014 elections and other sundry issues, which were prevalent at the time, prevented the investment community from actively participating in the Rights Issue.”

He added that the entire N41.7 billion raised was by local investors as only N129 million came through foreign investors. This, he said, shows the confidence the local investors has for the bank.

“We were dogged and clear at what we were doing despite the harsh economic, social and security condition of the company at the time of the Rights Issue. We were excited at the closure of the Rights Issue because it was an opportunity for us to raise more capital. Capital gives us further impetus to engage the market and even raise more money,” he added.

Speaking on the bank’s half year financial result released last week where the bank posted impressive results, Ogbonna attributed it to the commitment of the bank’s management and board just as he commended the staff for joining hands with the management towards building a strong brand.

“We are one of the three banks in the country that has so far submitted audited financial results at half year. Most companies do submit unaudited results in half year but we have taking it as a point of duty to provide audited results,” he added.

Going forward, Ogbonna said aside the fact that the bank offered an interim dividend of 25 kobo, it is assuring its investors that the bank is not yet where it should be and that the investors should continue to repose confidence in the bank for better performance going forward.

In his contribution at the media parley, Victor Etuokwu, Executive Director, Personal Banking, informed that the bank has concluded plans to recognise women entrepreneurs in the country who have contributed significantly to the development of the country.

He said the bank will in December, at its conference; give awards to women in four categories, namely; W-Entrepreneur of the year, Young Professional of the Year, Seasoned Professional of the Year and Amazon of the Year.

Aside this, the bank, he said, is planning to unveil a book titled “Power of 100”, a book that will showcase the activities of 100 women who have helped shaped Nigeria.

He then called on Nigerians to nominate women for the awards and the book.